(CLMT) Calumet Specialty Products - Overview

Sector: Basic Materials | Industry: Specialty Chemicals | Exchange: NASDAQ (USA) | Market Cap: 2.819m USD | Total Return: 133.2% in 12m

Lubricants, Renewable Fuels, Solvents, Waxes, Asphalt, Gasoline
Total Rating 51
Safety 35
Buy Signal 1.22
Specialty Chemicals
Industry Rotation: -1.2
Market Cap: 2.82B
Avg Turnover: 27.9M
Risk 3d forecast
Volatility54.6%
VaR 5th Pctl8.65%
VaR vs Median-4.06%
Reward TTM
Sharpe Ratio2.06
Rel. Str. IBD93.9
Rel. Str. Peer Group80.6
Character TTM
Beta1.967
Beta Downside1.941
Hurst Exponent0.515
Drawdowns 3y
Max DD61.87%
CAGR/Max DD0.40
CAGR/Mean DD1.34
EPS (Earnings per Share) EPS (Earnings per Share) of CLMT over the last years for every Quarter: "2021-03": -0.8, "2021-06": -0.38, "2021-09": 0.64, "2021-12": -1.08, "2022-03": -1.18, "2022-06": -0.19, "2022-09": 0.19, "2022-12": -0.86, "2023-03": 0.35, "2023-06": -0.23, "2023-09": 1.26, "2023-12": -0.59, "2024-03": -0.51, "2024-06": -0.48, "2024-09": -1.18, "2024-12": -0.1729, "2025-03": -1.87, "2025-06": -1.7, "2025-09": 3.61, "2025-12": -0.1826, "2026-03": -0.4092,
EPS CAGR: -3.55%
EPS Trend: -6.4%
Last SUE: 0.08
Qual. Beats: 0
Revenue Revenue of CLMT over the last years for every Quarter: 2021-03: 600.3, 2021-06: 807, 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,
Rev. CAGR: -8.28%
Rev. Trend: -45.8%
Last SUE: 0.94
Qual. Beats: 0

Warnings

Negative Equity with losses - insolvent profile

High Debt/EBITDA (20.2) with thin interest coverage (0.1)

Interest Coverage Ratio 0.1 is critical

Altman Z'' -2.83 < 1.0 - financial distress zone

Tailwinds

Leader, Tailwind, Pullback Swing

Description: CLMT Calumet Specialty Products

Calumet, Inc. (CLMT) is an Indianapolis-based manufacturer and distributor of specialty hydrocarbon products and renewable fuels. The company operates through three primary segments: Specialty Products and Solutions, Montana/Renewables, and Performance Brands. Its portfolio includes solvents, waxes, and synthetic lubricants, alongside a consumer-facing division that manages established brands such as Royal Purple and Bel-Ray.

The company utilizes a niche refining model that focuses on high-margin specialty chemicals rather than high-volume commodity fuels. By processing geographically advantaged feedstocks in Montana, Calumet produces renewable diesel and sustainable aviation fuel (SAF), a sector currently supported by federal tax credits and low-carbon fuel standards. This diversification allows the firm to mitigate the cyclical volatility typically associated with traditional crude oil refining margins.

Investors can evaluate the companys long-term growth trajectory and debt structure by reviewing the latest financial data on ValueRay.

Headlines to Watch Out For
  • Montana Renewables production ramp-up drives sustainable aviation fuel revenue growth
  • Specialty products margin sensitivity to crude oil feedstock price volatility
  • Conversion to C-Corp structure improves institutional investor accessibility and liquidity
  • Strategic monetization of renewable assets reduces long-term corporate debt burden
  • Geographically advantaged Canadian crude access lowers refinery input costs in Montana
Piotroski VR‑10 (Strict) 3.5
Net Income: -188.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.03 > 0.02 and ΔFCF/TA 7.96 > 1.0
NWC/Revenue: -0.84% < 20% (prev 1.17%; Δ -2.01% < -1%)
CFO/TA 0.05 > 3% & CFO 133.3m > Net Income -188.8m
Net Debt (2.19b) to EBITDA (108.4m): 20.23 < 3
Current Ratio: 0.96 > 1.5 & < 3
Outstanding Shares: last quarter (87.0m) vs 12m ago 0.66% < -2%
Gross Margin: 5.74% > 18% (prev 0.02%; Δ 572.5% > 0.5%)
Asset Turnover: 149.6% > 50% (prev 147.9%; Δ 1.65% > 0%)
Interest Coverage Ratio: 0.10 > 6 (EBITDA TTM 108.4m / Interest Expense TTM 208.4m)
Altman Z'' -2.83
A: -0.01 (Total Current Assets 927.9m - Total Current Liabilities 963.1m) / Total Assets 2.75b
B: -0.69 (Retained Earnings -1.89b / Total Assets 2.75b)
C: 0.01 (EBIT TTM 21.2m / Avg Total Assets 2.79b)
D: -0.53 (Book Value of Equity -1.90b / Total Liabilities 3.55b)
Altman-Z'' Score: -2.83 = D
Beneish M -3.62
DSRI: 1.18 (Receivables 358.4m/303.2m, Revenue 4.17b/4.18b)
GMI: 0.30 (GM 5.74% / 1.70%)
AQI: 1.02 (AQ_t 0.18 / AQ_t-1 0.17)
SGI: 1.00 (Revenue 4.17b / 4.18b)
TATA: -0.12 (NI -188.8m - CFO 133.3m) / TA 2.75b)
Beneish M-Score: -3.62 (Cap -4..+1) = AAA
What is the price of CLMT shares? As of May 20, 2026, the stock is trading at USD 32.23 with a total of 699,050 shares traded.
Over the past week, the price has changed by +0.34%, over one month by +0.50%, over three months by +9.66% and over the past year by +133.21%.
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 37 14.8%
Calumet Specialty Products (CLMT) - Fundamental Data Overview as of 20 May 2026
P/E Forward = 16.3132
P/S = 0.6756
P/B = 23.4903
P/EG = 0.6537
Revenue TTM = 4.17b USD
EBIT TTM = 21.2m USD
EBITDA TTM = 108.4m USD
Long Term Debt = 2.30b USD (from longTermDebt, last quarter)
Short Term Debt = 32.6m USD (from shortTermDebt, last quarter)
Debt = 2.33b USD (corrected: LT Debt 2.30b + ST Debt 32.6m)
Net Debt = 2.19b USD (recalculated: Debt 2.33b - CCE 138.6m)
Enterprise Value = 5.01b USD (2.82b + Debt 2.33b - CCE 138.6m)
Interest Coverage Ratio = 0.10 (Ebit TTM 21.2m / Interest Expense TTM 208.4m)
EV/FCF = 58.70x (Enterprise Value 5.01b / FCF TTM 85.4m)
FCF Yield = 1.70% (FCF TTM 85.4m / Enterprise Value 5.01b)
FCF Margin = 2.05% (FCF TTM 85.4m / Revenue TTM 4.17b)
Net Margin = -4.52% (Net Income TTM -188.8m / Revenue TTM 4.17b)
Gross Margin = 5.74% ((Revenue TTM 4.17b - Cost of Revenue TTM 3.93b) / Revenue TTM)
Gross Margin QoQ = -8.50% (prev -0.29%)
Tobins Q-Ratio = 1.82 (Enterprise Value 5.01b / Total Assets 2.75b)
Interest Expense / Debt = 2.19% (Interest Expense 51.1m / Debt 2.33b)
Taxrate = 21.0% (US default 21%)
NOPAT = 16.7m (EBIT 21.2m * (1 - 21.00%))
Current Ratio = 0.96 (Total Current Assets 927.9m / Total Current Liabilities 963.1m)
 Debt / Equity = -2.24 (negative equity) (Debt 2.33b / totalStockholderEquity, last quarter -1.04b)
 Debt / EBITDA = 20.23 (Net Debt 2.19b / EBITDA 108.4m)
Debt / FCF = 25.68 (Net Debt 2.19b / FCF TTM 85.4m)
Total Stockholder Equity = -870.2m (last 4 quarters mean from totalStockholderEquity)
RoA = -6.77% (Net Income -188.8m / Total Assets 2.75b)
 RoE = 21.70% (negative equity) (Net Income TTM -188.8m / Total Stockholder Equity -870.2m)
 RoCE = 1.48% (EBIT 21.2m / Capital Employed (Equity -870.2m + L.T.Debt 2.30b))
RoIC = 1.17% (NOPAT 16.7m / Invested Capital 1.43b)
WACC = 7.84% (E(2.82b)/V(5.15b) * Re(12.90%) + D(2.33b)/V(5.15b) * Rd(2.19%) * (1-Tc(0.21)))
Discount Rate = 12.90% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 94.39 | Cagr: 3.70%
[DCF] Terminal Value 71.42% ; FCFF base≈85.4m ; Y1≈56.1m ; Y5≈25.6m
 [DCF] Fair Price = N/A (negative equity: EV 523.4m - Net Debt 2.19b = -1.67b; debt exceeds intrinsic value)
 EPS Correlation: -6.42 | EPS CAGR: -3.55% | SUE: 0.08 | # QB: 0
Revenue Correlation: -45.84 | Revenue CAGR: -8.28% | SUE: 0.94 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.01 | Chg30d=-105.88% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=-0.00 | Chg30d=N/A | Revisions=+33% | Analysts=4
EPS current Year (2026-12-31): EPS=-4.14 | Chg30d=-535.83% | Revisions=-20% | GrowthEPS=-962.8% | GrowthRev=+7.0%
EPS next Year (2027-12-31): EPS=1.18 | Chg30d=+19.45% | Revisions=+0% | GrowthEPS=+128.5% | GrowthRev=+7.1%
[Analyst] Revisions Ratio: +33%