Calumet, Inc.

NASDAQ•CLMT

CEO: Mr. Louis Todd Borgmann

Sector: Energy

Industry: Oil & Gas Exploration & Production

Listing Date: 2006-01-26

Calumet, Inc. manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to various consumer-facing and industrial markets in North America and internationally. It operates through Specialty Products and Solutions; Montana/Renewables; and Performance brands segments. The Specialty Products and Solutions segment offers various solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. The Montana/Renewables segment focuses on processing renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha. It also processes 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. The company serves wholesale distributors and retail chains. Calumet, Inc. was founded in 1919 and is headquartered in Indianapolis, Indiana.

Contact Information

1060 N Capitol Ave, Suite 6-401, Indianapolis, IN, 46204-1044, United States

317-328-5660

calumet.com

Market Cap

$2.48B

P/E (TTM)

-73.5

Dividend Yield

52W High

$31.41

52W Low

$7.68

52W Range

88%

Rank72Top 99.7%

0.9

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 0.9 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$1.04B-426.33%

4-Quarter Trend

EPS

-$0.43-91.49%

4-Quarter Trend

FCF

$103.80M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Loss Narrows Significantly Net loss narrowed $188.2M to $33.8M in 2025; Adjusted EBITDA with Tax Attributes grew $64.0M to $293.3M.

Production Volume Increased Total facility production volume increased 5.3% to 83,895 bpd in 2025, driven by enhanced operational reliability across assets.

Operating Cash Flow Rebounds Operating cash flow generated $108.9M in 2025, reversing $46.4M used in 2024, supporting liquidity position.

Specialty Profitability Surges Specialty Products gross profit rose 40.6% to $265.7M, reflecting strengthened commodity margin environment for fuels products.

Risk Factors

Commodity Margin Volatility Risk Volatile commodity exposure risks margins, potentially reducing cash available for operations and debt obligations payments.

Regulatory RINs Compliance Costs Regulatory changes increasing RINs Obligation could materially increase costs; SRE petition outcomes remain uncertain for compliance.

Substantial Indebtedness Exposure Substantial indebtedness limits financing flexibility; debt covenants restrict business activities and future capital needs access.

Cybersecurity Disruption Threat Cybersecurity threats and incidents could cause system disruption, data loss, reputational damage, and material adverse financial effects.

Outlook

2026 Capital Spending Forecast Forecasted 2026 capital expenditures estimated between $130.0M and $160.0M, focused on maintenance and MaxSAF™ project.

Renewable Fuels Demand Growth Strong renewable fuel demand outlook driven by federal policy and decarbonization targets; first-mover advantage positions producer well.

Strategic De-leveraging Focus Intent to reduce leverage over time while pursuing prudent, accretive acquisitions to deepen long-term competitive advantages.

MaxSAF™ Expansion Delivery MaxSAF™ expansion project expected to deliver 120 to 150 million gallons of annualized SAF production by Q2 2026.

Peer Comparison

Revenue (TTM)

WKC

$36.93B

-12.4%

CLMT

$4.14B

-1.2%

DNOW

$2.82B

+18.8%

Gross Margin (Latest Quarter)

TNK

38.6%

-4.6pp

BTE

34.8%

-47.6pp

BKV

27.8%

-31.4pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
BTE	$3.11B	-7.1	-16.2%	3.5%
BKV	$2.94B	15.3	10.0%	15.6%
NOG	$2.69B	69.3	1.7%	44.3%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

1.5%

Moderate Growth

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 7, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data