CLMT Stock Analysis: Calumet Specialty Products | NASDAQ

Specialty Chemicals | NASDAQ, USA | Market Cap: 4.716m USD | 12M Return: 184.7% | US1314281049 | Charts, Fundamentals & Technical Analysis

Solvents, Lubricants, Renewable Diesel, Asphalt
Total Rating 59
Safety 25
Buy Signal 0.59
Specialty Chemicals
Industry Rotation: +4.1
Market Cap: 4.72B
Avg Turnover: 78.3M
Risk 3d forecast
Volatility45.9%
VaR 5th Pctl7.43%
VaR vs Median-1.58%
Reward TTM
Sharpe Ratio2.54
Rel. Str. IBD98.4
Rel. Str. Peer Group91.7
Character TTM
Beta0.844
Beta Downside1.233
Hurst Exponent0.531
Drawdowns 3y
Max DD61.87%
CAGR/Max DD0.66
CAGR/Mean DD2.28
EPS (Earnings per Share) EPS (Earnings per Share) of CLMT over the last years for every Quarter: "2021-09": -0.09, "2021-12": -0.54, "2022-03": -1.18, "2022-06": 1.36, "2022-09": 0.68, "2022-12": -0.86, "2023-03": 0.09, "2023-06": -0.21, "2023-09": -0.18, "2023-12": -0.84, "2024-03": -0.93, "2024-06": -0.32, "2024-09": -0.52, "2024-12": -0.1729, "2025-03": -0.67, "2025-06": -0.4, "2025-09": 0.2, "2025-12": -0.1826, "2026-03": -0.64, "2026-06": -0.05,
Last SUE: 0.70
Qual. Beats: 0
Revenue Revenue of CLMT over the last years for every Quarter: 2021-09: 874.9, 2021-12: 865.8, 2022-03: 1097.9, 2022-06: 1424, 2022-09: 1165, 2022-12: 999.8, 2023-03: 1037.3, 2023-06: 1017.8, 2023-09: 1149.4, 2023-12: 976.9, 2024-03: 1133.7, 2024-06: 1133.7, 2024-09: 1100.4, 2024-12: 949.5, 2025-03: 993.9, 2025-06: 1026.6, 2025-09: 1078, 2025-12: 1038.599999, 2026-03: 1029.7, 2026-06: 1445.1,
Rev. CAGR: 0.11%
Rev. Trend: 2.8%
Last SUE: 4.00
Qual. Beats: 2

Warnings

Negative Equity With Losses
High Debt/EBITDA With Thin Interest Coverage
Interest Coverage Ratio Critical
Altman Z'' In Financial Distress Zone

Tailwinds

Rs Leader
Idiosyncratic Leader

Seasonality 11.7 years of data

Jan -3.8% 12
Feb +0.3% 10
Mar -1.3% 10
Apr -2.8% 19
May +0.6% 25
Jun +0.7% 5
Jul +2.7% 37
Aug +4.7% 39
Sep -0.2% 0
Oct +3.3% 16
Nov -2.7% 11
Dec -1.0% 0

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: CLMT Calumet Specialty Products

Calumet Specialty Products Partners (NASDAQ: CLMT) is a U.S.-based manufacturer and marketer of specialty branded products and renewable fuels, operating through three segments: Specialty Products and Solutions (solvents, waxes, lubricating oils, white oils, petrolatums, gels, and esters), Performance Brands (high-performance products sold under the Royal Purple, Bel-Ray, and TruFuel labels), and Montana/Renewables, which processes renewable feedstocks into renewable diesel, aviation fuel, and renewable naphtha, and also refines Canadian crude into gasoline, diesel, jet fuel, and specialty asphalt. The company sells to wholesale distributors and retail chains across North America and internationally, and was founded in 1919 with headquarters in Indianapolis, Indiana. Classified within the Energy sectors Oil & Gas Refining & Marketing sub-industry, Calumets business model blends higher-margin specialty chemical and lubricant offerings with commodity-scale renewable and conventional fuel production, a mix that diversifies revenue streams but ties overall results to both specialty product demand and refining margins.

Headlines to Watch Out For
  • Montana renewables segment expands renewable diesel capacity
  • Specialty solvents pricing drives segment margin expansion
  • Performance Brands grows on Royal Purple and Bel-Ray demand
Piotroski VR-10 (Strict) 3.0
Net Income: -136.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.05 > 0.02 and ΔFCF/TA 12.56 > 1.0
NWC/Revenue: -4.23% < 20% (prev -6.88%; Δ 2.66% < -1%)
CFO/TA 0.08 > 3% & CFO 223.0m > Net Income -136.8m
Net Debt (2.37b) to EBITDA (24.9m): 95.36 < 3
Current Ratio: 0.84 > 1.5 & < 3
Outstanding Shares: last quarter (87.6m) vs 12m ago 0.91% < -2%
Gross Margin: 6.57% > 18% (prev -0.90%; Δ 7.46% > 0.5%)
Asset Turnover: 164.6% > 50% (prev 146.6%; Δ 17.98% > 0%)
Interest Coverage Ratio: -0.80 > 6 (EBIT TTM -166.7m / Interest Expense TTM 207.5m)
Altman Z'' -3.49
A: -0.07 (Total Current Assets 1.02b - Total Current Liabilities 1.22b) / Total Assets 2.80b
B: -0.71 (Retained Earnings -1.99b / Total Assets 2.80b)
C: -0.06 (EBIT TTM -166.7m / Avg Total Assets 2.79b)
D: -0.31 (Book Value of Equity -1.14b / Total Liabilities 3.69b)
Altman-Z'' = -3.49 = D
Beneish M -2.82
DSRI: 1.21 (Receivables 417.0m/305.9m, Revenue 4.59b/4.07b)
GMI: 1.00 (fallback, negative margins)
AQI: 0.92 (AQ_t 0.16 / AQ_t-1 0.18)
SGI: 1.13 (Revenue 4.59b / 4.07b)
TATA: -0.13 (NI -136.8m - CFO 223.0m) / TA 2.80b)
Beneish M = -2.82 (Cap -4..+1) = A
What is the price of CLMT shares?

As of September 29, 2026, the stock is trading at USD 52.61 with a total of 951,320 shares traded. Over the past week, the price has changed by -9.48%, over one month by +10.18%, over three months by +46.83% and over the past year by +184.69%.

Current recommended Stop Loss: 49.60 (which is 5.7% or 1.2 ATR below the current price).

Is CLMT a buy, sell or hold?

Calumet Specialty Products has received a consensus analysts rating of 3.86. Therefore, it is recommended to buy CLMT.

  • StrongBuy: 2
  • Buy: 2
  • Hold: 3
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the CLMT price?
Analysts Target Price 53.4 1.5%
Calumet Specialty Products (CLMT) - Fundamental Data Overview as of 29 September 2026
Market Cap USD = 4.72b (4.72b USD * 1.0 USD.USD)
P/E Forward = 49.0196
P/S = 1.0271
P/B = 19.3228
P/EG = 0.6537
Revenue TTM = 4.59b USD
EBIT TTM = -166.7m USD
EBITDA TTM = 24.9m USD
Long Term Debt = 2.23b USD (from longTermDebt, last quarter)
Short Term Debt = 33.5m USD (from shortTermDebt, last quarter)
Debt = 2.48b USD (from shortLongTermDebtTotal, last quarter) + Leases 225.6m
Net Debt = 2.37b USD (calculated: Debt 2.48b - CCE 109.8m)
Enterprise Value = 7.09b USD (4.72b + Debt 2.48b - CCE 109.8m)
Interest Coverage Ratio = -0.80 (Ebit TTM -166.7m / Interest Expense TTM 207.5m)
EV/FCF = 47.14x (Enterprise Value 7.09b / FCF TTM 150.4m)
FCF Yield = 2.12% (FCF TTM 150.4m / Enterprise Value 7.09b)
FCF Margin = 3.28% (FCF TTM 150.4m / Revenue TTM 4.59b)
Net Margin = -2.98% (Net Income TTM -136.8m / Revenue TTM 4.59b)
Gross Margin = 6.57% ((Revenue TTM 4.59b - Cost of Revenue TTM 4.29b) / Revenue TTM)
Gross Margin QoQ = 1.27% (prev -8.50%)
Tobins Q-Ratio = 2.53 (Enterprise Value 7.09b / Total Assets 2.80b)
Interest Expense / Debt = 8.35% (Interest Expense 207.5m / Debt 2.48b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -131.7m (EBIT -166.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 0.84 (Total Current Assets 1.02b / Total Current Liabilities 1.22b)
 Debt / Equity = -2.18 (negative equity) (Debt 2.48b / totalStockholderEquity, last quarter -1.14b)
 Debt / EBITDA = 95.36 (Net Debt 2.37b / EBITDA 24.9m)
Debt / FCF = 15.79 (Net Debt 2.37b / FCF TTM 150.4m)
Total Stockholder Equity = -902.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -4.90% (Net Income -136.8m / Total Assets 2.80b)
 RoE = 15.17% (negative equity) (Net Income TTM -136.8m / Total Stockholder Equity -902.1m)
 RoCE = -12.60% (EBIT -166.7m / Capital Employed (Equity -902.1m + L.T.Debt 2.23b))
 RoIC = -8.72% (negative operating profit) (NOPAT -131.7m / Invested Capital 1.51b)
 WACC = 8.14% (E(4.72b)/V(7.20b) * Re(8.95%) + D(2.48b)/V(7.20b) * Rd(8.35%) * (1-Tc(0.21)))
Discount Rate = 8.95% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.30 | Cagr: 3.79%
[DCF] Terminal Value 75.44% ; FCFF base≈150.4m ; Y1≈151.0m ; Y5≈160.0m
[DCF] Fair Price = 1.29 (EV 2.49b - Net Debt 2.37b = Equity 113.7m / Shares 87.9m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.70 | # QB: 0
Revenue Correlation: 2.78 | Revenue CAGR: 0.11% | SUE: 4.0 | # QB: 2
EPS current Quarter (2026-09-30): EPS=1.57 | Chg30d=+57.00% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=-2.68 | Chg30d=N/A | Revisions=+25% | GrowthEPS=-466.5% | GrowthRev=+19.2%
EPS next Year (2027-12-31): EPS=0.63 | Chg30d=+0.00% | Revisions=+25% | GrowthEPS=+123.5% | GrowthRev=-4.9%