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
Market Cap
$2.48B
P/E (TTM)
-73.5
32
Dividend Yield
--
52W High
$31.41
52W Low
$7.68
52W Range
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)
$36.93B
$4.14B
$2.82B
Gross Margin (Latest Quarter)
38.6%
34.8%
27.8%
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 |
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No Data