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Calumet, Inc. (CLMT) stock

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NASDAQ: CLMT Nasdaq Oil & Gas Refining & Marketing Next results ~November 6, 2026

D Fundamentals grade

Calumet, Inc. is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$14

Cash-flow model

Base case. Range ~$3.5–$27 across our lower- and higher-growth cases (7.8%–17.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 71% below it.

Price used: $46.73, November 2, 2026

Calumet, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds105 adding, 83 cuttingOf 31 active managers that changed their stake, 15 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Calumet files

Where Calumet stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.59bn, up 12.8% on a year earlier, against a decline of 0.1% a quarter earlier. Free-cash-flow margin rose to 1.3% from -3.2% a year earlier. Operating margin widened to 1.0% from -4.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 0 of our 5 financial-health checks. Our cash-flow model value is $13.76 a share, against a share price of $52.27.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Calumet, Inc.'s trailing-twelve-month revenue grew 12.8% year on year, with a free-cash-flow margin of 1.3%. Where it lags: net margin of -3.0% ranks 16 of 16 oil & gas refining & marketing companies we cover.

Our discounted-cash-flow model values the business at ~$14 per share in the base case (~$3.5–$27 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 324% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 12.9 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 5.5 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 661.9% over 90 days.

Things to watch

  • Priced above our value. The share price of $46.73 is 71% above our value per share of $14.
  • Insiders selling. 4 insiders sold $21M of stock over the past 365 days and none bought (1% under pre-set trading plans).
  • Below peers: net margin. Net margin of -3.0% ranks 16 of 16 oil & gas refining & marketing companies we cover (median 1.9%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 79.4% ranks 12 of 12 oil & gas refining & marketing companies we cover (median 23.4%).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.68 against an average estimate of $0.16: beat by 323.7%
Revenue
$1.45bn, up 40.8% on a year earlier
Share reaction
+8.6% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Next report
November 6, 2026; average EPS estimate $1.80

Calumet's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.9%
  • 1 week-10.4%
  • 1 month-15.5%
  • This year+135.2%
  • 1 year+138.9%
  • 5 years+316.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.6B
Operating margin
1.0%
Net margin
-3.0%
EPS (TTM, diluted)
$-1.57

Growth

Revenue growth
+12.8%
Change in growth rate
+12.9 pts
Share count change
+1.0%

Cash

Free cash flow (TTM)
$58.4M
FCF margin
1.3%

Earnings

Last results
August 7, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Announcement
  4. Agreement
  5. Results
  6. Announcement
  7. Announcement
  8. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Calumet, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 22.6% a year of cash-flow growth for five years.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in22.6%
  • Last 12 months12.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($46.41, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$14
Price used
$46.41close November 3, 2026
Implied change
▼ 70%
Uncertainty
Very high

How we got here: a discounted-cash-flow model of Calumet, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($125M, FY2026 Q2 TTM), growing 11.2% and 10.7% in the next two years (forecasts, guidance and its record), then back to 12.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$3.5–~$27 ; that spread sets a 45% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Calumet, Inc.'s free cash flow after stock-based pay ( $125M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Calumet, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$14 ~$3.5–$27 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$14 ~$3.5–$27 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Calumet, Inc. with Oil & Gas Refining & Marketing in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −38%
  • Revenue growth 5 points higher ▲ +49%
  • Free-cash-flow margin 1 point lower ▼ −32%
  • Discount rate 1 point higher ▼ −24%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% —$0$10$23$40$61
8.5% ——$0$10$21$37
10% ———$2$11$22

Valuation multiples over time Market data may be delayed

At fiscal year end 2022202320242025Now
Share price$16.88$17.87$22.02$19.87$46.73
Market value$1.3bn$1.4bn$1.8bn$1.7bn$4.1bn
+ Net debt (− = net cash)−$35m$1.9bn$2.1bn$2.1bn$2.2bn
Enterprise value$1.3bn$3.3bn$3.9bn$3.9bn$6.3bn
Multiples
Price / sales 0.3x0.3x0.4x0.4x0.9x
Price / earnings —29.7x———
Price / free cash flow ———30.5x69.7x
EV / EBITDA 5.7x8.0x24.9x15.0x34.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $1.3bn and EPS of $1.80 (range $1.80 to $1.80) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.65 −249% $5.1bn +23%
Next $3.20 +294% $4.9bn −3%

Next year's EPS estimate has moved +661.9% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −41.9% on 90 days ago. In the last 30 days, 1 analyst raised Calumet, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Calumet, Inc., last 90 days
−$4.00 −$2.00 $0.00 $2.00 $4.00 90 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.84 Current fiscal year, 30 days ago: −$2.68 Current fiscal year, 7 days ago: −$2.68 Current fiscal year, Now: −$1.65 −$1.65 Next fiscal year, 90 days ago: $0.42 Next fiscal year, 60 days ago: $0.63 Next fiscal year, 30 days ago: $0.63 Next fiscal year, 7 days ago: $0.63 Next fiscal year, Now: $3.20 $3.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.84$0.42
30 days ago −$2.68$0.63
7 days ago −$2.68$0.63
Now −$1.65$0.63

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.16 $0.68 +323.7%
Mar 2026 −$0.63 −$0.41 +35.0%
Dec 2025 −$0.46 −$0.18 +59.9%
Sept 2025 −$0.43 $0.20 +147.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 7, 2026

No numeric guidance in Calumet, Inc.'s latest earnings release (filed August 7, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Calumet, Inc.'s revenue by +11.2% next year and +10.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.2%, weight 45%) and the company's own record (+12.8%, weight 55%) . How the weights are set.

Analyst recommendations

6 analysts, Nov 2026
Buy233%
Hold467%
Sell00%

Monthly trend

  1. Nov 2026246
  2. Oct 2026246
  3. Sep 2026246

Counts of recommendations published by analysts covering Calumet, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.3%
of tradable shares
Days to cover
2.83
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
52%
of shares
Held by insiders
20.2%
of shares
Employees
1,540
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +138.9%

$19.56 on October 31, 2025 to $46.73

ThenNowEffect
Revenue (last 12 months) $4.1bn $4.6bn +12.8%
P/S multiple 0.4x 0.9x +113.9%
Share count 86m 87m −1.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CLMT+322%+28%+6%+23%−10%+135%
Industry peers (median)+29%+50%+11%−18%+19%+62%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CLMT75%58%58%50%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CLMT−26%−49%−36%−37%−62%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 96% from November 3, 2015 to March 18, 2020. Getting back needed a 2656% gain, reached on February 12, 2026, 2157 days after the low.

Price behaviour

52-week range
$18.22 – $59.05
From 52-week high
−20.9%
vs 50-day average
−13.0%
vs 200-day average
+20.9%
Volatility (1 year)
44%
Beta vs S&P 500
-0.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.7%
After a week
7 up, 5 down
typical move ±12.5%
After a month
9 up, 3 down
typical move ±16.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 +8.6% +0.6% +13.9% +28.7%
May 8, 2026 −6.6% +1.1% −9.3% −1.6%
February 27, 2026 −9.3% −0.4% +0.6% +15.9%
January 6, 2026 +1.3% +0.3% +1.9% +25.7%
November 7, 2025 −1.8% +1.7% −4.3% +1.5%
August 8, 2025 −11.0% +0.6% −8.8% +19.2%
May 9, 2025 +10.5% +3.2% +15.7% +17.4%
February 28, 2025 −10.1% −0.2% −20.1% −15.4%
January 14, 2025 −14.0% +2.0% −27.4% −24.8%
November 8, 2024 +9.8% +0.5% +3.3% +6.5%
October 24, 2024 +0.5% +0.2% +1.2% +3.5%
August 9, 2024 +20.4% +0.5% +43.8% +35.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Calumet, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.30× the last 60 days’ realised volatility , richer than 75% of the 229 stocks we screen today.
  • Calls are priced 8 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

CLMT Calumet, Inc. Grade D $47.49

Own 100 shares, sell the $55.00 call expiring December 18, 2026 (46 days) for $2.05 a share — $205 per contract.

Previous session · Bid $2.05, ask $2.40, quoted Mon 2 Nov, 17:18 New York time with CLMT at $47.49. Option prices move with the shares: check the live chain at your broker before trading.

  • If CLMT ends below $55.00: you keep your shares and the $205 — 4.3% extra on the position, 34.3% a year at that pace.
  • If it ends above $55.00: your shares are sold at $55.00, a total return of 20.1% including the premium — at or above our value of ~$14.
$957 $0 −$909 Break-even $45.44 Price $47.49 ← Our value ~$14
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$205
Annualised
34.3%
Break-even
$45.44
Max gain
$956.5
Chance of selling
~34%

Results are expected around October 16, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $45.00 put and sell the $55.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.85 a share ($185 per contract of 100 shares).
  • Worst case at expiry: -9.1%, if the shares fall below $45.00 (-5.2% from today).
  • Best case at expiry: +11.9%, if the shares rise above $55.00 (+15.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $14.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Calumet, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Calumet, Inc.
$4B $4.2B $4.4B $4.6B FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue (TTM), FY24 Q2: $4.3B Revenue (TTM), FY24 Q3: $4.2B Revenue (TTM), FY24 Q4: $4.2B Revenue (TTM), FY25 Q1: $4.2B Revenue (TTM), FY25 Q2: $4.1B Revenue (TTM), FY25 Q3: $4B Revenue (TTM), FY25 Q4: $4.1B Revenue (TTM), FY26 Q1: $4.2B Revenue (TTM), FY26 Q2: $4.6B $4.6B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $4.3B
FY24 Q3 $4.2B
FY24 Q4 $4.2B
FY25 Q1 $4.2B
FY25 Q2 $4.1B
FY25 Q3 $4B
FY25 Q4 $4.1B
FY26 Q1 $4.2B
FY26 Q2 $4.6B
Revenue growth, TTM YoY Calumet, Inc.
-5% 0% 5% 10% 15% FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 Revenue growth, TTM YoY, FY25 Q2: -4.6% Revenue growth, TTM YoY, FY25 Q3: -4.0% Revenue growth, TTM YoY, FY25 Q4: -1.2% Revenue growth, TTM YoY, FY26 Q1: -0.1% Revenue growth, TTM YoY, FY26 Q2: 12.8% 12.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY25 Q2 -4.6%
FY25 Q3 -4.0%
FY25 Q4 -1.2%
FY26 Q1 -0.1%
FY26 Q2 12.8%
Operating margin (TTM) Calumet, Inc.
-5% 0% 5% 10% FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Operating margin (TTM), FY24 Q2: 5.7% Operating margin (TTM), FY24 Q3: -0.7% Operating margin (TTM), FY24 Q4: 0.2% Operating margin (TTM), FY25 Q1: -1.8% Operating margin (TTM), FY25 Q2: -4.5% Operating margin (TTM), FY25 Q3: 4.8% Operating margin (TTM), FY25 Q4: 2.6% Operating margin (TTM), FY26 Q1: -0.3% Operating margin (TTM), FY26 Q2: 1.0% 1.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 5.7%
FY24 Q3 -0.7%
FY24 Q4 0.2%
FY25 Q1 -1.8%
FY25 Q2 -4.5%
FY25 Q3 4.8%
FY25 Q4 2.6%
FY26 Q1 -0.3%
FY26 Q2 1.0%
FCF margin (TTM) Calumet, Inc.
-4% -2% 0% 2% FY24 Q3 FY25 Q1 FY25 Q3 FY26 Q2 FCF margin (TTM), FY24 Q3: -3.5% FCF margin (TTM), FY24 Q4: -3.2% FCF margin (TTM), FY25 Q1: -1.6% FCF margin (TTM), FY25 Q2: -3.2% FCF margin (TTM), FY25 Q3: -2.4% FCF margin (TTM), FY25 Q4: 0.9% FCF margin (TTM), FY26 Q1: -0.4% FCF margin (TTM), FY26 Q2: 1.3% 1.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 -3.5%
FY24 Q4 -3.2%
FY25 Q1 -1.6%
FY25 Q2 -3.2%
FY25 Q3 -2.4%
FY25 Q4 0.9%
FY26 Q1 -0.4%
FY26 Q2 1.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4,686 4,181 4,189 4,137 4,591
Gross profit 352 452 231 246 302
EBITDA 230 414 157 258 180
Operating income 132 267 8 109 47
Net income −173 48 −222 −34 −137
Diluted EPS — — −$2.67 −$0.39 −$1.57
Growth (year on year)
Revenue — −10.8% +0.2% −1.2% +12.8%
EBITDA — +79.8% −62.1% +63.9% —
Operating income — +102.6% −97.0% — —
Margins
Gross margin 7.5% 10.8% 5.5% 5.9% 6.6%
EBITDA margin 4.9% 9.9% 3.7% 6.2% 3.9%
Operating margin 2.8% 6.4% 0.2% 2.6% 1.0%
Net margin −3.7% 1.2% −5.3% −0.8% −3.0%
Free-cash-flow margin −9.3% −6.9% −2.9% 1.4% 1.3%
Cash flow
Cash from operations 101 −15 −46 109 146
Capital spending 536 272 77 52 88
Free cash flow −436 −287 −123 57 58
Stock-based pay 17 15 15 −5 —
Free cash flow after stock pay −453 −301 −138 61 —
Balance sheet
Cash 35 8 38 125 110
Total debt 0 1,885 2,118 2,268 2,300
Net debt (negative = net cash) −35 1,878 2,080 2,143 2,191
Diluted shares 79m 80m 83m 87m 87m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 5 checks passed · June 30, 2026
What it owns · $2.8bn
Short-term assets $1.0bnLonger-term assets $1.8bn
What it owes, and who funded it · $3.7bn
Short-term liabilities $1.2bnLonger-term liabilities $2.5bnShareholders' equity $-1.1bn
  • Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.0bn short-term assets against $2.5bn of longer-dated liabilities.
  • More cash than debt $110m of cash against $2.2bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $146m of operating cash flow against $2.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $47m against $208m of interest.

From Calumet, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.0%
year over year

Competitors: side by side with peers

Closest by revenue in oil & gas refining & marketing
Last 12 months unless stated CLMT CAPL PARR GPRE DK UGP Median
Revenue, last 12 months $4.6bn $3.9bn $8.6bn $1.8bn $12.1bn $25.5bn $10.3bn
Revenue growth, last 12 months 12.8% 0.3% 13.2% −23.7% 11.4% 2.5% 13.0%
Revenue growth, 3-year average — −5.4% 5.5% −19.9% −12.0% — −0.8%
Revenue growth, latest quarter 40.8% 22.6% 56.8% −19.3% 47.8% — 46.4%
Gross margin 6.6% 10.9% 14.2% 16.0% 7.1% 6.6% 8.0%
Operating margin 1.0% 2.9% 13.4% 7.4% 4.8% 0.1% 2.9%
Operating margin, 3-year average 0.7% 2.3% 6.4% 1.1% −0.3% — 2.3%
Net margin −3.0% 1.4% 9.9% 6.8% 1.9% 1.7% 1.8%
Cash from operations / revenue 3.2% 3.0% 6.4% 8.4% 10.5% 3.8% 5.1%
Free-cash-flow margin 1.3% 2.3% 4.8% 7.0% 5.5% 3.0% 4.8%
Free-cash-flow margin, 3-year average — 1.8% 2.4% 2.4% 0.2% 1.7% 2.4%
Stock pay / revenue — 0.0% 0.2% 0.6% 0.3% 0.0% 0.1%
Change in share count 1.0% −1.4% −6.4% 19.2% −2.8% −2.0% −1.4%

Median of all 16 companies we cover in oil & gas refining & marketing. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 oil & gas refining & marketing companies
Measure Company Peer median Rank
Revenue growth Growth 12.8% 13.2% 9 of 16
Change in growth rate Growth +12.9pp +12.9pp 8 of 16
Gross margin Profitability 6.6% 7.1% 9 of 14
Operating margin Profitability 1.0% 4.8% 9 of 14
Net margin Profitability -3.0% 1.9% 16 of 16
Free-cash-flow margin Cash generation 1.3% 4.8% 11 of 15
Long-term debt as % of assets Balance sheet 79.4% 23.4% 12 of 12
Change in share count Balance sheet 1.0% -1.4% 11 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Specialty Products and Solutions $2.7B 63.8% ▼ 5.7%
Montana Renewables $1.2B 28.7% ▲ 12.0%
Performance Brands $312M 7.5% ▼ 7.2%

From Calumet, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.7B
Institutions reporting
188
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
35 / 29

Top buyers and sellers, Q2 2026: 105 institutions bought and 83 sold ; the biggest buyer was Barclays PLC (+732K shares) and the biggest seller Adams Asset Advisors, LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Two Seas Capital LP $238M 6.6M 14.4% ▲ 11.1%
Blackrock, Inc. $189M 5.2M 11.4% ▲ 5.1%
Wasserstein Management, L.P. $143M 4.0M 8.6% ▼ 13.3%
State Street Corp $125M 3.5M 7.5% ▲ 12.7%
Vanguard Capital Management LLC $124M 3.5M 7.5% ▲ 0.5%
Adams Asset Advisors, LLC $72.3M 2.0M 4.4% ▼ 37.3%
Geode Capital Management, LLC $70.7M 2.0M 4.3% ▲ 4.8%
Barclays PLC $50.8M 1.4M 3.1% ▲ 108.0%
Vanguard Portfolio Management LLC $36.9M 1.0M 2.2% ▲ 10.2%
Bank Of America Corp $35.3M 981K 2.1% ▼ 14.9%
Wellington Management Group LLP $29.2M 811K 1.8% ▼ 2.3%
Citadel Advisors LLC $27.5M 762K 1.7% ▲ 42.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Calumet, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $20.7M 7 trades by 4 insiders · 1% under pre-set plans
Net ▼ $20.7M net selling
Insider Date Trade Shares Price Value
Mawer Stephen P Director September 25, 2026 Sell 24,555 — $0
Sajkowski Daniel J Director July 1, 2026 Sell pre-set plan 4,240 $36.16 $153,318
Heritage Group 10% owner May 15, 2026 Sell 626,998 $32.54 $20.4M
Sajkowski Daniel J Director April 1, 2026 Sell pre-set plan 3,310 $34.46 $114,063
Sajkowski Daniel J Director December 4, 2025 Sell 2,022 — $0
Boss John G. Director December 4, 2025 Sell 1,011 — $0
Sajkowski Daniel J Director December 4, 2025 Sell 2,022 — $0

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 16, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 8, 2026
  • February 27, 2026
  • January 6, 2026
  • November 7, 2025
  • August 8, 2025

Recent SEC filings

Data status

When each part of this page on Calumet, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Calumet, Inc. in brief

What does Calumet, Inc. do?
Calumet, Inc. is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.
What is Calumet, Inc.'s stock ticker?
Calumet, Inc. trades under the ticker CLMT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Calumet, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Calumet, Inc. reported revenue of $4.6B, 12.8% higher than a year earlier, according to its SEC filings.
What is Calumet, Inc.'s free cash flow?
Calumet, Inc.'s free-cash-flow margin is 1.3% of revenue over the trailing twelve months, ranking 11 of the 15 oil & gas refining & marketing companies we cover.
What is Calumet, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Calumet, Inc.'s free cash flow after stock-based pay gives ~$14 per share in the base case, and ~$3.5–$27 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Calumet, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Two Seas Capital LP, Blackrock, Inc. and Wasserstein Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Calumet, Inc.'s market cap?
On November 2, 2026, Calumet, Inc.'s market capitalisation was about $4.1B and net debt of $2.2B. Market figures come from third-party market data and may be delayed.
Who are Calumet, Inc.'s competitors?
In our Oil & Gas Refining & Marketing peer group, the companies closest to Calumet, Inc. are Crossamerica Partners LP, PAR Pacific Holdings, Inc., Green Plains Inc., Delek US Holdings, Inc. and Ultrapar Holdings Inc. The side-by-side comparison below sets their revenue, margins and growth against Calumet, Inc.'s.
Are insiders buying or selling Calumet, Inc. stock?
Over the last 12 months, Calumet, Inc.'s directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Calumet, Inc.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Calumet, Inc. announces its own schedule.