(CLMT) Calumet Specialty Products - NASDAQ
Sector: Basic Materials | Industry: Specialty Chemicals | Exchange: NASDAQ (USA) | Market Cap: 2.849m USD | Total Return: 99.4% in 12m
Avg Turnover: 28.6M
Qual. Beats: 0
Rev. Trend: -45.4%
Qual. Beats: 1
Warnings
Negative Equity with losses - insolvent profile
Interest Coverage Ratio -1.8 is critical
Altman Z'' -3.10 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
Rs Leader, Idiosyncratic Leader
Calumet, Inc. (NASDAQ: CLMT), founded in 1919 and headquartered in Indianapolis, Indiana, is a U.S.-based specialty manufacturer that produces branded specialty products and renewable fuels across three reporting segments: Specialty Products and Solutions (solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, and esters); Performance Brands (high-performance consumer and industrial products sold under the Royal Purple, Bel-Ray, and TruFuel labels); and Montana/Renewables (renewable diesel, renewable aviation fuel, and renewable naphtha produced from geographically advantaged feedstocks, plus conventional gasoline, diesel, jet fuel, and specialty asphalt from Canadian crude). The company serves wholesale distributors and retail chains in North America and internationally, and operates in the GICS Energy sub-industry of Oil & Gas Refining & Marketing, where specialty formulated products typically carry higher margins than commodity fuels due to their differentiated specifications and end-use applications.
- Montana Renewables SAF and renewable diesel output scales
- Specialty product margins track crude oil differentials and pricing pressure
- Deleveraging and capital allocation reshape balance sheet
| 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/EBITDA: error (EBITDA <= 0) |
| 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 1.70%; Δ 4.04% > 0.5%) |
| Asset Turnover: 149.6% > 50% (prev 147.9%; Δ 1.65% > 0%) |
| Interest Coverage Ratio: -1.85 > 6 (EBIT TTM -196.4m / Interest Expense TTM 106.2m) |
| 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: -0.07 (EBIT TTM -196.4m / Avg Total Assets 2.79b) |
| D: -0.29 (Book Value of Equity -1.04b / Total Liabilities 3.55b) |
| Altman-Z'' = -3.10 = D |
| DSRI: 1.18 (Receivables 358.4m/303.2m, Revenue 4.17b/4.18b) |
| GMI: 0.30 (GM 1.70% / 5.74%) |
| 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 = -3.51 (Cap -4..+1) = AAA |
As of June 21, 2026, the stock is trading at USD 32.64 with a total of 1,333,000 shares traded.
Over the past week, the price has changed by -6.53%,
over one month by +1.27%,
over three months by +13.65% and
over the past year by +99.39%.
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 | 38.8 | 18.9% |
P/E Forward = 11.3507
P/S = 0.6827
P/B = 19.3228
P/EG = 0.6537
Revenue TTM = 4.17b USD
EBIT TTM = -196.4m USD
EBITDA TTM = -43.7m 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 (from shortLongTermDebtTotal, last quarter) + Leases 225.6m
Net Debt = 2.42b USD (calculated: Debt 2.56b - CCE 138.6m)
Enterprise Value = 5.27b USD (2.85b + Debt 2.56b - CCE 138.6m)
Interest Coverage Ratio = -1.85 (Ebit TTM -196.4m / Interest Expense TTM 106.2m)
EV/FCF = 61.68x (Enterprise Value 5.27b / FCF TTM 85.4m)
FCF Yield = 1.62% (FCF TTM 85.4m / Enterprise Value 5.27b)
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 = 1.91 (Enterprise Value 5.27b / Total Assets 2.75b)
Interest Expense / Debt = 4.15% (Interest Expense 106.2m / Debt 2.56b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -155.2m (EBIT -196.4m * (1 - 21.00%)) [loss with tax shield]
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 = -55.35 (negative EBITDA) (Net Debt 2.42b / EBITDA -43.7m)
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 = 21.70% (negative equity) (Net Income TTM -188.8m / Total Stockholder Equity -870.2m)
RoCE = -13.74% (EBIT -196.4m / Capital Employed (Equity -870.2m + L.T.Debt 2.30b))
RoIC = -9.20% (negative operating profit) (NOPAT -155.2m / Invested Capital 1.69b)
WACC = 8.37% (E(2.85b)/V(5.41b) * Re(12.93%) + D(2.56b)/V(5.41b) * Rd(4.15%) * (1-Tc(0.21)))
Discount Rate = 12.93% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 94.39 | Cagr: 3.70%
[DCF] Terminal Value 75.39% ; FCFF base≈85.4m ; Y1≈85.8m ; Y5≈90.8m
[DCF] Fair Price = N/A (negative equity: EV 1.41b - Net Debt 2.42b = -1.01b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.04 | # QB: 0
Revenue Correlation: -45.44 | Revenue CAGR: -1.25% | SUE: 0.94 | # QB: 1
EPS current Quarter (2026-06-30): EPS=-0.06 | Chg30d=N/A | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.34 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-3.29 | Chg30d=N/A | Revisions=+20% | GrowthEPS=-595.4% | GrowthRev=+10.7%
EPS next Year (2027-12-31): EPS=0.31 | Chg30d=N/A | Revisions=N/A | GrowthEPS=+109.4% | GrowthRev=+5.0%