(CLMT) Calumet Specialty Products - Overview
Stock: Solvents, Waxes, Lubricants, Renewable Diesel, Asphalt
| Risk 5d forecast | |
|---|---|
| Volatility | 59.5% |
| Relative Tail Risk | -11.2% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.92 |
| Alpha | 119.20 |
| Character TTM | |
|---|---|
| Beta | 2.110 |
| Beta Downside | 3.743 |
| Drawdowns 3y | |
|---|---|
| Max DD | 61.87% |
| CAGR/Max DD | 0.27 |
EPS (Earnings per Share)
Revenue
Description: CLMT Calumet Specialty Products February 24, 2026
Calumet Specialty Products Partners (CLMT) manufactures and markets a broad portfolio of specialty chemicals, renewable fuels, and performance brands. Its operations are organized into three segments: Specialty Products & Solutions (solvents, waxes, lubricants, etc.), Montana/Renewables (renewable diesel, SAF, renewable hydrogen, plus conventional fuels from Canadian crude), and Performance Brands (Royal Purple, Bel-Ray, TruFuel). The company serves both industrial and consumer-facing customers across North America and select international markets.
In the most recent quarter (Q4 2025), Calumet reported net sales of $1.18 billion, a 7% year-over-year increase, driven largely by a 15% rise in renewable fuel volumes. Adjusted EBITDA margin expanded to 9.2%, up from 7.8% a year earlier, reflecting higher margins on renewable diesel and sustainable aviation fuel (SAF) production. The Performance Brands segment contributed $210 million in revenue, with Royal Purple maintaining a 12% market-share lead in high-performance lubricants.
Key economic drivers include the U.S. Renewable Fuel Standard (RFS) credit prices, which have risen 22% since the start of 2024, and the Federal Aviation Administration’s mandate targeting 10% SAF use in commercial jet fuel by 2030. Additionally, tightening crude oil supply constraints in the Midwest have boosted demand for Calumet’s domestic gasoline and diesel processing capacity, supporting price spreads for its Montana/Renewables output.
For a deeper dive into CLMT’s valuation and outlook, consider reviewing the analysis on ValueRay.
Headlines to watch out for
- Specialty products demand growth boosts revenue
- Crude oil price volatility impacts feedstock costs
- Regulatory compliance expenses weigh on profitability
- Renewable diesel segment expansion drives future growth
- Refining margins fluctuate with crack spreads
Piotroski VR‑10 (Strict, 0-10) 2.5
| Net Income: -33.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 0.57 > 1.0 |
| NWC/Revenue: 0.41% < 20% (prev -2.26%; Δ 2.67% < -1%) |
| CFO/TA 0.04 > 3% & CFO 108.9m > Net Income -33.8m |
| Net Debt (256.7m) to EBITDA (181.9m): 1.41 < 3 |
| Current Ratio: 1.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (86.9m) vs 12m ago 0.95% < -2% |
| Gross Margin: 5.94% > 18% (prev 0.05%; Δ 588.9% > 0.5%) |
| Asset Turnover: 151.9% > 50% (prev 156.5%; Δ -4.62% > 0%) |
| Interest Coverage Ratio: 0.41 > 6 (EBITDA TTM 181.9m / Interest Expense TTM 215.8m) |
Altman Z'' -2.17
| A: 0.01 (Total Current Assets 857.8m - Total Current Liabilities 840.7m) / Total Assets 2.69b |
| B: -0.59 (Retained Earnings -1.57b / Total Assets 2.69b) |
| C: 0.03 (EBIT TTM 89.4m / Avg Total Assets 2.72b) |
| D: -0.50 (Book Value of Equity -1.58b / Total Liabilities 3.18b) |
| Altman-Z'' Score: -2.17 = D |
Beneish M -3.48
| DSRI: 0.84 (Receivables 224.4m/278.1m, Revenue 4.14b/4.32b) |
| GMI: 0.84 (GM 5.94% / 5.01%) |
| AQI: 0.83 (AQ_t 0.09 / AQ_t-1 0.11) |
| SGI: 0.96 (Revenue 4.14b / 4.32b) |
| TATA: -0.05 (NI -33.8m - CFO 108.9m) / TA 2.69b) |
| Beneish M-Score: -3.48 (Cap -4..+1) = AA |
What is the price of CLMT shares?
Over the past week, the price has changed by -2.56%, over one month by -0.49%, over three months by +40.01% and over the past year by +116.76%.
Is CLMT a buy, sell or hold?
- StrongBuy: 2
- Buy: 2
- Hold: 3
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the CLMT price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 30.2 | 5.6% |
| Analysts Target Price | 30.2 | 5.6% |
CLMT Fundamental Data Overview March 15, 2026
P/S = 0.5997
P/B = 19.3228
P/EG = 0.6537
Revenue TTM = 4.14b USD
EBIT TTM = 89.4m USD
EBITDA TTM = 181.9m USD
Long Term Debt = 2.08b USD (from longTermDebt, last quarter)
Short Term Debt = 220.4m USD (from shortTermDebt, last quarter)
Debt = 381.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 256.7m USD (from netDebt column, last quarter)
Enterprise Value = 2.74b USD (2.48b + Debt 381.8m - CCE 125.1m)
Interest Coverage Ratio = 0.41 (Ebit TTM 89.4m / Interest Expense TTM 215.8m)
EV/FCF = 48.37x (Enterprise Value 2.74b / FCF TTM 56.6m)
FCF Yield = 2.07% (FCF TTM 56.6m / Enterprise Value 2.74b)
FCF Margin = 1.37% (FCF TTM 56.6m / Revenue TTM 4.14b)
Net Margin = -0.82% (Net Income TTM -33.8m / Revenue TTM 4.14b)
Gross Margin = 5.94% ((Revenue TTM 4.14b - Cost of Revenue TTM 3.89b) / Revenue TTM)
Gross Margin QoQ = -0.29% (prev 34.67%)
Tobins Q-Ratio = 1.02 (Enterprise Value 2.74b / Total Assets 2.69b)
Interest Expense / Debt = 13.31% (Interest Expense 50.8m / Debt 381.8m)
Taxrate = 21.0% (US default 21%)
NOPAT = 70.6m (EBIT 89.4m * (1 - 21.00%))
Current Ratio = 1.02 (Total Current Assets 857.8m / Total Current Liabilities 840.7m)
Debt / Equity = -0.52 (negative equity) (Debt 381.8m / totalStockholderEquity, last quarter -732.7m)
Debt / EBITDA = 1.41 (Net Debt 256.7m / EBITDA 181.9m)
Debt / FCF = 4.54 (Net Debt 256.7m / FCF TTM 56.6m)
Total Stockholder Equity = -825.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -1.24% (Net Income -33.8m / Total Assets 2.69b)
RoE = 4.10% (negative equity) (Net Income TTM -33.8m / Total Stockholder Equity -825.0m)
RoCE = 7.14% (EBIT 89.4m / Capital Employed (Equity -825.0m + L.T.Debt 2.08b))
RoIC = 4.79% (NOPAT 70.6m / Invested Capital 1.47b)
WACC = 13.27% (E(2.48b)/V(2.86b) * Re(13.69%) + D(381.8m)/V(2.86b) * Rd(13.31%) * (1-Tc(0.21)))
Discount Rate = 13.69% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 4.28%
[DCF] Terminal Value 50.61% ; FCFF base≈50.9m ; Y1≈33.4m ; Y5≈15.3m
[DCF] Fair Price = N/A (negative equity: EV 160.4m - Net Debt 256.7m = -96.3m; debt exceeds intrinsic value)
EPS Correlation: 5.58 | EPS CAGR: 25.43% | SUE: 0.02 | # QB: 0
Revenue Correlation: -43.51 | Revenue CAGR: -1.47% | SUE: -0.27 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.04 | Chg7d=+0.240 | Chg30d=+0.240 | Revisions Net=-1 | Analysts=1
EPS current Year (2026-12-31): EPS=-0.85 | Chg7d=-0.135 | Chg30d=+0.123 | Revisions Net=+1 | Growth EPS=-79.7% | Growth Revenue=+0.2%
EPS next Year (2027-12-31): EPS=-0.39 | Chg7d=+0.065 | Chg30d=-0.083 | Revisions Net=+1 | Growth EPS=+54.1% | Growth Revenue=+10.6%