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what it is
Calumet makes specialty chemicals, branded fuels, and renewable fuel products for industrial and consumer customers.
how it gets paid
Last year Calumet made $4.1B in revenue. Specialty Products and Solutions was the main engine at $1.6B, or 39% of sales.
why growth slowed
Revenue fell 1.2% last year. Revenue was up 187% vs. prior year, but EPS fell 99% to $0.04.
what just happened
Calumet posted $3.1B of revenue and $0.04 EPS in the latest quarter.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
11.9% return on capital — nothing to write home about
-$2.67 fy2024 eps est
$4B fy2024 rev est
xvary composite: 41/100 — below average
What they do
Calumet makes specialty chemicals, branded fuels, and renewable fuel products for industrial and consumer customers.
Calumet has 3 named businesses and 1,620 employees, so your exposure is spread across chemicals, brands, and fuels. Royal Purple, Bel-Ray, and TruFuel sit next to Great Falls, which makes renewable diesel, SAF, renewable hydrogen, and renewable natural gas. Gross margin (profit after direct costs) was 8.0%, so the moat exists, but your buffer is thin.
How they make money
$4.1B
annual revenue · their business grew -1.2% last year
Specialty Products and Solutions
$1.6B
+0.0%
Performance Brands
$0.7B
+4.0%
Montana Renewables
$1.1B
+12.0%
Montana Specialty Asphalt
$0.7B
6.0%
The products that matter
specialty chemicals and performance products
Specialty Products & Solutions
$3.3B · 80.5% of revenue
it's the core business at $3.3B of revenue, running above 20,000 barrels per day and carrying most of the company's scale. If this base business stays flat for too long, the renewables story has to do impossible work.
core cash engine
renewable fuels production
Montana Renewables
$0.8B · +28% EBITDA growth
this $0.8B segment grew adjusted EBITDA with tax attributes 28% to $293M. That's why investors keep the story alive. It's smaller than the legacy business, but it is doing the heavy lifting in the bull case.
the growth bet
pre-mixed engine fuel
TruFuel
record march 2026 volume
march 2026 set a record monthly sales volume, more than 10% above the prior record. That's useful evidence that some branded products still have demand momentum. It is not big enough, on its own, to change the debt math.
brand proof point
Key numbers
$4.1B
annual revenue
Revenue, or sales before costs, reached $4.1B. That is big enough to matter and still not enough to stop a 2024 loss.
$2.67
FY2024 EPS
EPS, or profit per share, was -$2.67. You owned a share of a business that lost money last year.
8.0%
gross margin
Gross margin, or sales left after direct costs, was 8.0%. That means $92 of every $100 went out the door before overhead.
$2.1B
long debt
Long-term debt was $2.1B, equal to 46% of capital. Less room, more pressure if earnings wobble.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $2.1B (46% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CLMT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Calumet posted $3.1B of revenue and $0.04 EPS in the latest quarter.
Revenue was up 187% vs. prior year, but EPS fell 99% to $0.04. Gross margin was 8.0%, which means 92 cents of every sales dollar went to direct costs before overhead.
$3.1B
revenue
$0.04
eps
8.0%
gross margin
the number that mattered
8.0% gross margin was the number that mattered because it shows how little each sales dollar kept after direct costs.
source: company earnings report, 2026
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What could go wrong
the core risk is simple: this is still a loss-making company with an 8.0% gross margin and freshly issued debt priced at 9.75%. Reality does not leave much room for a bad quarter.
high
9.75% debt is real cash out the door
Calumet raised $150M through 9.75% senior notes on top of $2.1B in long-term debt. When financing costs are that high, operating improvement has less room to disappoint.
why it matters: thin margins and expensive debt are a bad pairing.
high
profitability still has not arrived
The latest quarter came in at -$0.43 EPS, and the full-year estimate sits at -$2.67. In human-speak: the turnaround is still asking you for patience while lenders get paid first.
why it matters: the equity story gets easier only when losses stop showing up in reported numbers.
med
4.9x net debt / EBITDA still leaves little flexibility
The ratio improved from 8.2x to 4.9x. That's real progress. It is also still high enough that one weak stretch in specialty products or renewables can reset the entire conversation.
why it matters: debt turns normal operating volatility into stock volatility.
med
the fast-growing segment is still only one-fifth of revenue
Montana Renewables is growing fast, but it is $0.8B of a $4B company. If the legacy specialty business stays flat, the smaller segment has to change the mix quickly enough to outrun interest expense.
why it matters: the bull case depends on one segment improving the math for the whole company.
what would change our mind: consolidated EPS turning positive and net debt / EBITDA moving below 4x. Until then, this is a refinancing story wearing a growth story's clothes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
balance sheet
what the new 9.75% notes do to interest burden
The $150M raise bought flexibility. Watch the next filings for how much that flexibility costs once more interest expense runs through the statements.
debt ratio
whether 4.9x net debt / EBITDA keeps falling
It was 8.2x, now 4.9x. Improvement is real. If that ratio stalls or reverses, the stock goes back to being a balance-sheet debate first.
earnings
the next quarterly print
You want to see whether the company can pair renewables momentum with less ugly consolidated earnings than the latest -$0.43 EPS. That is the cleanest test of whether the turnaround is reaching the whole business.
mix shift
if Montana Renewables keeps outgrowing the base business
At $0.8B versus $3.3B, the growth segment is still smaller. The investment case improves only if that revenue and earnings mix starts changing faster.
Analyst rankings
earnings predictability
15 / 100
A 15 / 100 score means the reported numbers have been hard to model. in human-speak, analysts do not expect smooth quarters here.
risk rank
4
Risk rank 4 puts CLMT on the riskier side of the market. You are not buying stability. You are buying the chance that operations improve faster than financing pressure.
source: institutional data
Institutional activity
institutional ownership data for CLMT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$20
current price
n/a
target midpoint · n/a from current
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