Symbols / CLMT Stock $34.61 +0.32% Calumet, Inc.

Basic Materials • Specialty Chemicals • United States • NMS
CLMT (Stock) Chart
O: — H: — L: — C: — V: —
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Stock Fundamentals
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Index EQUITY
Sector Basic Materials
Industry Specialty Chemicals
CEO Mr. Louis Todd Borgmann
Exch · Country NMS · United States
Market Cap 3.01B
Enterprise Value 5.58B
Income -33.80M
Sales 4.14B
FCF (ttm) -74.24M
Book/sh -8.44
Cash/sh 1.44
Employees 1,540
Insider 10d —
IPO Jan 26, 2006
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E 101.79
PEG 0.65
P/S 0.73
P/B -4.10
P/C —
EV/EBITDA 24.56
EV/Sales 1.35
Quick Ratio 0.42
Current Ratio 1.02
Debt/Eq —
LT Debt/Eq —
EPS (ttm) -0.39
EPS next Y 0.34
EPS Growth —
Revenue Growth 9.40%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-05-08
Earnings (prior) 2026-02-27
ROA 1.81%
ROE —
ROIC —
Gross Margin 6.33%
Oper. Margin -3.26%
Profit Margin -0.82%
Shs Outstand 87.04M
Shs Float 55.78M
Insider Own 22.65%
Instit Own 50.24%
Short Float 8.30%
Short Ratio 3.91
Short Interest 5.70M
52W High 36.94
vs 52W High -6.31%
52W Low 11.80
vs 52W Low 193.31%
Beta 0.72
Impl. Vol. 1.56%
Rel Volume 0.75
Avg Volume 1.34M
Volume 1.01M
Target (mean) $37.00
Tgt Median $36.00
Tgt Low $25.00
Tgt High $60.00
# Analysts 5
Recom Buy
Prev Close $34.50
Price $34.61
Change 0.32%
About

Calumet, Inc. manufactures, formulates, and markets a slate of specialty branded products and renewable fuels in North America and internationally. It operates through Specialty Products and Solutions; Performance Brands; and Montana/Renewables segments. The Specialty Products and Solutions segment manufactures and markets various solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The Montana/Renewables segment processes geographically advantaged renewable feedstocks into renewable diesel, aviation fuel, and renewable naphtha. This segment also engages in the process of Canadian crude oil into conventional gasoline, diesel, jet fuel, and specialty grades of asphalt. The Performance Brands segment blends, packages, and markets high performance products through Royal Purple, Bel-Ray, and TruFuel brands. It serves wholesale distributors and retail chains. Calumet, Inc. was founded in 1919 and is headquartered in Indianapolis, Indiana.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$37.00
Mean price target
2. Current target
$34.61
Latest analyst target
3. DCF / Fair value
$-15.35
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$34.61
Low
$25.00
High
$60.00
Mean
$37.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-30 main HC Wainwright & Co. Buy → Buy $60
2026-03-12 main Goldman Sachs Buy → Buy $34
2026-01-30 main Goldman Sachs Buy → Buy $24
2025-11-10 reit HC Wainwright & Co. Buy → Buy $33
2025-10-22 main Goldman Sachs Buy → Buy $20
2025-08-12 main UBS Neutral → Neutral $13
2025-05-14 main Wells Fargo Overweight → Overweight $21
2025-05-13 init B of A Securities — → Buy $15
2025-04-30 main Goldman Sachs Buy → Buy $14
2025-04-09 main Wells Fargo Overweight → Overweight $23
2025-03-17 up UBS Sell → Neutral $12
2025-03-05 main Wells Fargo Overweight → Overweight $28
2025-03-03 reit HC Wainwright & Co. Buy → Buy $33
2025-02-12 reit HC Wainwright & Co. Buy → Buy $33
2025-02-04 down UBS Neutral → Sell $15
2025-01-13 main HC Wainwright & Co. Buy → Buy $33
2024-11-11 main TD Cowen Buy → Buy $26
2024-11-11 reit HC Wainwright & Co. Buy → Buy $25
2024-08-12 reit HC Wainwright & Co. Buy → Buy $25
2024-08-12 main TD Cowen Buy → Buy $18
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-01 SAJKOWSKI DANIEL J Director — 3,310 $34.46 $114,063
2026-03-09 MAWER STEPHEN P Director — 27,806 — —
2026-03-09 FLEMING BRUCE A Officer — 20,621 — —
2026-03-09 OBERMEIER SCOTT Officer — 24,090 — —
2026-03-09 BORGMANN LOUIS TODD Chief Executive Officer — 49,974 — —
2026-03-09 MORICAL GREGORY J General Counsel — 15,348 — —
2025-12-17 FLEMING BRUCE A Officer — 50,000 $0.00 $0
2025-12-04 STRAUMINS JENNIFER Director — 5,053 — —
2025-12-04 RAYMOND PAUL C III Director — 5,053 — —
2025-12-04 SCHUMACHER AMY M Director — 5,053 — —
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
4,137.10
-1.25%
4,189.40
+0.20%
4,181.00
-10.78%
4,686.30
Operating Revenue
4,137.10
-1.25%
4,189.40
+0.20%
4,181.00
-10.78%
4,686.30
Cost Of Revenue
3,891.40
-1.70%
3,958.60
+6.15%
3,729.30
-13.96%
4,334.60
Reconciled Cost Of Revenue
3,891.40
-1.70%
3,958.60
+6.15%
3,729.30
-13.96%
4,334.60
Gross Profit
245.70
+6.46%
230.80
-48.90%
451.70
+28.43%
351.70
Operating Expense
191.50
-13.23%
220.70
+21.93%
181.00
-17.39%
219.10
Selling General And Administration
171.70
-14.66%
201.20
+7.08%
187.90
-4.76%
197.30
Selling And Marketing Expense
47.90
-14.00%
55.70
+1.46%
54.90
+1.86%
53.90
General And Administrative Expense
123.80
-14.91%
145.50
+9.40%
133.00
-7.25%
143.40
Other Gand A
123.80
-14.91%
145.50
+9.40%
133.00
-7.25%
143.40
Other Operating Expenses
—
-1.20
+95.77%
-28.40
-450.62%
8.10
Total Expenses
4,082.90
-2.31%
4,179.30
+6.88%
3,910.30
-14.13%
4,553.70
Operating Income
54.20
+436.63%
10.10
-96.27%
270.70
+104.15%
132.60
Total Operating Income As Reported
108.70
+1241.98%
8.10
-96.97%
267.20
+102.58%
131.90
EBITDA
238.20
+44.80%
164.50
-60.66%
418.20
+300.96%
104.30
Normalized EBITDA
222.40
+41.12%
157.60
-62.27%
417.70
+83.12%
228.10
Reconciled Depreciation
148.80
-0.13%
149.00
+1.50%
146.80
+49.34%
98.30
EBIT
89.40
+476.77%
15.50
-94.29%
271.40
+4423.33%
6.00
Total Unusual Items
15.80
+128.99%
6.90
+1280.00%
0.50
+100.40%
-123.80
Total Unusual Items Excluding Goodwill
15.80
+128.99%
6.90
+1280.00%
0.50
+100.40%
-123.80
Special Income Charges
7.10
+395.83%
-2.40
+74.47%
-9.40
+77.67%
-42.10
Other Special Charges
47.40
+11750.00%
0.40
-93.22%
5.90
-85.75%
41.40
Write Off
1.30
-35.00%
2.00
-42.86%
3.50
+400.00%
0.70
Net Income
-33.80
+84.77%
-222.00
-561.54%
48.10
+127.76%
-173.30
Pretax Income
-126.40
+42.86%
-221.20
-545.07%
49.70
+129.25%
-169.90
Net Non Operating Interest Income Expense
-215.80
+8.83%
-236.70
-6.77%
-221.70
-26.04%
-175.90
Interest Expense Non Operating
215.80
-8.83%
236.70
+6.77%
221.70
+26.04%
175.90
Net Interest Income
-215.80
+8.83%
-236.70
-6.77%
-221.70
-26.04%
-175.90
Interest Expense
215.80
-8.83%
236.70
+6.77%
221.70
+26.04%
175.90
Other Income Expense
35.20
+551.85%
5.40
+671.43%
0.70
+100.55%
-126.60
Other Non Operating Income Expenses
19.40
+1393.33%
-1.50
-850.00%
0.20
+107.14%
-2.80
Gain On Sale Of Security
8.70
-6.45%
9.30
-6.06%
9.90
+112.12%
-81.70
Gain On Sale Of Business
55.80
0.00
0.00
—
Tax Provision
-92.60
-11675.00%
0.80
-50.00%
1.60
-52.94%
3.40
Tax Rate For Calcs
0.00
+0.00%
0.00
+556.25%
0.00
-84.76%
0.00
Tax Effect Of Unusual Items
3.32
+128.99%
1.45
+8956.25%
0.02
+100.06%
-26.00
Net Income Including Noncontrolling Interests
-33.80
+84.77%
-222.00
-561.54%
48.10
+127.76%
-173.30
Net Income From Continuing Operation Net Minority Interest
-33.80
+84.77%
-222.00
-561.54%
48.10
+127.76%
-173.30
Net Income From Continuing And Discontinued Operation
-33.80
+84.77%
-222.00
-561.54%
48.10
+127.76%
-173.30
Net Income Continuous Operations
-33.80
+84.77%
-222.00
-561.54%
48.10
+127.76%
-173.30
Minority Interests
—
—
—
6.70
Normalized Income
-46.28
+79.65%
-227.45
-577.68%
47.62
+163.07%
-75.50
Net Income Common Stockholders
-33.80
+84.77%
-222.00
-571.34%
47.10
+127.74%
-169.80
Diluted EPS
—
-2.67
-552.54%
0.59
+128.92%
-2.04
Basic EPS
—
-2.67
-552.54%
0.59
+128.92%
-2.04
Basic Average Shares
—
83.15
+3.84%
80.08
+0.93%
79.34
Diluted Average Shares
—
83.15
+3.84%
80.08
+0.93%
79.34
Diluted NI Availto Com Stockholders
-33.80
+84.77%
-222.00
-571.34%
47.10
+127.74%
-169.80
Other Taxes
19.80
-4.35%
20.70
-3.72%
21.50
+56.93%
13.70
Preferred Stock Dividends
—
—
1.00
+128.57%
-3.50
Line Item Trend 2023-12-31
Total Assets
2,751.30
Current Assets
794.70
Cash Cash Equivalents And Short Term Investments
7.90
Cash And Cash Equivalents
7.90
Cash Financial
—
Receivables
286.20
Accounts Receivable
252.40
Gross Accounts Receivable
253.60
Allowance For Doubtful Accounts Receivable
-1.20
Other Receivables
33.80
Inventory
439.40
Raw Materials
89.20
Work In Process
109.00
Finished Goods
241.20
Prepaid Assets
—
Restricted Cash
—
Hedging Assets Current
9.60
Other Current Assets
51.60
Total Non Current Assets
1,956.60
Net PPE
1,620.70
Gross PPE
2,717.70
Accumulated Depreciation
-1,097.00
Properties
0.00
Land And Improvements
8.90
Buildings And Improvements
40.40
Machinery Furniture Equipment
2,507.10
Construction In Progress
39.50
Other Properties
121.80
Goodwill And Other Intangible Assets
201.50
Goodwill
173.00
Other Intangible Assets
28.50
Other Non Current Assets
134.40
Total Liabilities Net Minority Interest
2,996.00
Current Liabilities
1,112.70
Payables And Accrued Expenses
471.30
Payables
335.50
Accounts Payable
322.00
Current Accrued Expenses
135.80
Employee Benefits
4.20
Total Tax Payable
13.50
Current Debt And Capital Lease Obligation
131.30
Current Debt
55.70
Other Current Borrowings
55.70
Current Capital Lease Obligation
75.60
Other Current Liabilities
510.10
Total Non Current Liabilities Net Minority Interest
1,883.30
Long Term Debt And Capital Lease Obligation
1,868.70
Long Term Debt
1,829.70
Long Term Capital Lease Obligation
39.00
Long Term Provisions
—
Non Current Pension And Other Postretirement Benefit Plans
4.20
Other Non Current Liabilities
10.40
Stockholders Equity
0.00
Common Stock Equity
0.00
Capital Stock
0.00
Common Stock
0.00
Share Issued
79.97
Ordinary Shares Number
79.97
Treasury Shares Number
0.00
Additional Paid In Capital
0.00
Retained Earnings
0.00
Gains Losses Not Affecting Retained Earnings
-7.20
Minority Interest
245.60
Other Equity Adjustments
-7.20
Total Equity Gross Minority Interest
-244.70
Total Capitalization
1,339.40
Working Capital
-318.00
Invested Capital
1,885.40
Total Debt
2,000.00
Net Debt
1,877.50
Capital Lease Obligations
114.60
Net Tangible Assets
-201.50
Tangible Book Value
-201.50
Current Provisions
—
General Partnership Capital
1.30
Interest Payable
48.70
Limited Partnership Capital
-484.40
Other Equity Interest
—
Total Partnership Capital
-490.30
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
108.90
+334.70%
-46.40
-211.41%
-14.90
-114.81%
100.60
Cash Flow From Continuing Operating Activities
108.90
+334.70%
-46.40
-211.41%
-14.90
-114.81%
100.60
Net Income From Continuing Operations
-33.80
+84.77%
-222.00
-561.54%
48.10
+127.76%
-173.30
Depreciation Amortization Depletion
148.80
-0.13%
149.00
+1.50%
146.80
+49.34%
98.30
Depreciation And Amortization
148.80
-0.13%
149.00
+1.50%
146.80
+49.34%
98.30
Other Non Cash Items
8.30
+227.69%
-6.50
+96.21%
-171.50
-186.97%
197.20
Stock Based Compensation
-4.50
-130.82%
14.60
-0.68%
14.70
-15.03%
17.30
Asset Impairment Charge
1.30
-35.00%
2.00
-42.86%
3.50
+400.00%
0.70
Operating Gains Losses
-32.50
-615.87%
6.30
+120.06%
-31.40
-135.97%
87.30
Gain Loss On Investment Securities
-24.10
-508.47%
5.90
+117.88%
-33.00
-171.90%
45.90
Change In Working Capital
21.30
+108.82%
10.20
+140.64%
-25.10
+80.22%
-126.90
Change In Receivables
47.00
+487.50%
8.00
+141.67%
-19.20
-36.17%
-14.10
Changes In Account Receivables
47.00
+487.50%
8.00
+141.67%
-19.20
-36.17%
-14.10
Change In Inventory
14.90
-7.45%
16.10
-35.86%
25.10
+113.18%
-190.50
Change In Prepaid Assets
-2.10
-111.73%
17.90
+169.11%
-25.90
-362.50%
-5.60
Change In Payables And Accrued Expense
-31.20
-2736.36%
-1.10
+89.22%
-10.20
-114.03%
72.70
Change In Accrued Expense
15.30
+1375.00%
-1.20
+33.33%
-1.80
-110.06%
17.90
Change In Payable
-46.50
-46600.00%
0.10
+101.19%
-8.40
-115.33%
54.80
Change In Account Payable
-52.20
-3170.59%
1.70
+113.71%
-12.40
-121.79%
56.90
Change In Other Current Assets
-2.60
+53.57%
-5.60
+45.10%
-10.20
0.00
Change In Other Current Liabilities
-4.70
+81.27%
-25.10
-264.05%
15.30
+44.34%
10.60
Investing Cash Flow
44.10
+157.50%
-76.70
+71.78%
-271.80
+49.29%
-536.00
Cash Flow From Continuing Investing Activities
44.10
+157.50%
-76.70
+71.78%
-271.80
+49.29%
-536.00
Cash From Discontinued Investing Activities
—
—
—
0.00
Net PPE Purchase And Sale
-52.30
+31.81%
-76.70
+71.78%
-271.80
+49.29%
-536.00
Purchase Of PPE
-52.30
+31.81%
-76.70
+71.78%
-271.80
+49.31%
-536.20
Sale Of PPE
—
0.00
0.00
-100.00%
0.20
Capital Expenditure
-52.30
+31.81%
-76.70
+71.78%
-271.80
+49.31%
-536.20
Net Investment Purchase And Sale
-0.50
0.00
0.00
—
Purchase Of Investment
-0.50
0.00
0.00
—
Net Business Purchase And Sale
96.90
0.00
0.00
0.00
Purchase Of Business
—
—
—
0.00
Gain Loss On Sale Of Business
-55.80
0.00
0.00
—
Financing Cash Flow
6.20
-95.98%
154.30
-42.04%
266.20
-23.66%
348.70
Cash Flow From Continuing Financing Activities
6.20
-95.98%
154.30
-42.04%
266.20
-23.66%
348.70
Net Issuance Payments Of Debt
-23.50
-124.05%
97.70
-60.72%
248.70
+188.10%
-282.30
Issuance Of Debt
3,219.80
+13.27%
2,842.70
+9.20%
2,603.20
+28.86%
2,020.10
Repayment Of Debt
-3,243.30
-18.15%
-2,745.00
-16.59%
-2,354.50
-2.26%
-2,302.40
Long Term Debt Issuance
3,219.80
+13.27%
2,842.70
+9.20%
2,603.20
+28.86%
2,020.10
Long Term Debt Payments
-3,243.30
-18.15%
-2,745.00
-16.59%
-2,354.50
-2.26%
-2,302.40
Net Long Term Debt Issuance
-23.50
-124.05%
97.70
-60.72%
248.70
+188.10%
-282.30
Short Term Debt Issuance
—
—
0.00
0.00
Short Term Debt Payments
—
—
—
—
Net Short Term Debt Issuance
—
—
0.00
0.00
Repurchase Of Capital Stock
—
0.00
0.00
+100.00%
-4.40
Net Other Financing Charges
29.70
-47.53%
56.60
+223.43%
17.50
-97.25%
635.40
Changes In Cash
159.20
+410.26%
31.20
+252.20%
-20.50
+76.36%
-86.70
Beginning Cash Position
45.90
+212.24%
14.70
-58.24%
35.20
-71.12%
121.90
End Cash Position
205.10
+346.84%
45.90
+212.24%
14.70
-58.24%
35.20
Free Cash Flow
56.60
+145.98%
-123.10
+57.06%
-286.70
+34.18%
-435.60
Interest Paid Supplemental Data
172.40
-25.69%
232.00
+14.91%
201.90
+33.36%
151.40
Change In Income Tax Payable
5.70
+456.25%
-1.60
-140.00%
4.00
+290.48%
-2.10
Change In Interest Payable
0.70
+113.46%
-5.20
-133.99%
15.30
+82.14%
8.40
Change In Tax Payable
5.70
+456.25%
-1.60
-140.00%
4.00
+290.48%
-2.10
Net Preferred Stock Issuance
—
0.00
0.00
+100.00%
-4.40
Preferred Stock Payments
—
0.00
0.00
+100.00%
-4.40
Sale Of Business
96.90
0.00
0.00
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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