(CLMT) Calumet Specialty Products - Overview
Sector: Basic Materials | Industry: Specialty Chemicals | Exchange: NASDAQ (USA) | Market Cap: 2.982m USD | Total Return: 132.4% in 12m
Avg Turnover: 27.7M
Qual. Beats: 0
Rev. Trend: -45.4%
Qual. Beats: 1
Warnings
Negative Equity with losses - insolvent profile
High Debt/EBITDA (22.3) with thin interest coverage (0.1)
Interest Coverage Ratio 0.1 is critical
Altman Z'' -2.83 < 1.0 - financial distress zone
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind, Pullback 52w
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.
- 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
| 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 (2.42b) to EBITDA (108.4m): 22.32 < 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) |
| 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'' = -2.83 = D |
| 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 = -3.62 (Cap -4..+1) = AAA |
As of May 27, 2026, the stock is trading at USD 33.97 with a total of 520,913 shares traded.
Over the past week, the price has changed by +5.01%,
over one month by +10.47%,
over three months by +12.41% and
over the past year by +132.35%.
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
| Analysts Target Price | 37 | 8.9% |
P/E Forward = 11.3507
P/S = 0.7147
P/B = 19.3228
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 = 2.56b USD (corrected: LT Debt 2.30b + ST Debt 32.6m) + Leases 225.6m
Net Debt = 2.42b USD (calculated: Debt 2.56b - CCE 138.6m)
Enterprise Value = 5.40b USD (2.98b + Debt 2.56b - CCE 138.6m)
Interest Coverage Ratio = 0.10 (Ebit TTM 21.2m / Interest Expense TTM 208.4m)
EV/FCF = 63.25x (Enterprise Value 5.40b / FCF TTM 85.4m)
FCF Yield = 1.58% (FCF TTM 85.4m / Enterprise Value 5.40b)
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 = 1.96 (Enterprise Value 5.40b / Total Assets 2.75b)
Interest Expense / Debt = 8.15% (Interest Expense 208.4m / Debt 2.56b)
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 = -2.45 (negative equity) (Debt 2.56b / totalStockholderEquity, last quarter -1.04b)
Debt / EBITDA = 22.32 (Net Debt 2.42b / EBITDA 108.4m)
Debt / FCF = 28.33 (Net Debt 2.42b / 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 = -18.51% (Net Income TTM -188.8m / Total Stockholder Equity 1.02b)
RoCE = 0.64% (EBIT 21.2m / Capital Employed (Equity 1.02b + L.T.Debt 2.30b))
RoIC = 0.94% (NOPAT 16.7m / Invested Capital 1.79b)
WACC = 9.99% (E(2.98b)/V(5.54b) * Re(13.03%) + D(2.56b)/V(5.54b) * Rd(8.15%) * (1-Tc(0.21)))
Discount Rate = 13.03% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 94.39 | Cagr: 3.70%
[DCF] Terminal Value 69.92% ; FCFF base≈85.4m ; Y1≈85.8m ; Y5≈90.8m
[DCF] Fair Price = N/A (negative equity: EV 1.11b - Net Debt 2.42b = -1.31b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.08 | # QB: 0
Revenue Correlation: -45.44 | Revenue CAGR: -1.25% | SUE: 0.94 | # QB: 1
EPS current Quarter (2026-06-30): EPS=-0.01 | Chg30d=-105.88% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=-0.01 | Chg30d=-105.37% | Revisions=+33% | Analysts=4
EPS current Year (2026-12-31): EPS=-3.93 | Chg30d=-502.35% | Revisions=-20% | GrowthEPS=-906.8% | GrowthRev=+6.6%
EPS next Year (2027-12-31): EPS=1.21 | Chg30d=+0.14% | Revisions=+0% | GrowthEPS=+130.9% | GrowthRev=+6.7%
[Analyst] Revisions Ratio: +33%