Calumet, Inc. (CLMT) Stock Price & Analysis
Calumet, Inc. (CLMT) closed at USD 48.53 on Thursday, October 29, 2026, down 2.74% on the day. The US market is currently closed (after-hours); this is not a live price.
The prior close was USD 49.89; the Oct 29, 2026 session ranged USD 48.04–50.45 on volume of 961,398 shares. Market capitalization is $4.27B, with a 52-week range of USD 17.85–59.87 (NMS). Source: Nexqual, retrieved October 29, 2026 at 20:24 UTC.
Also available as compact Markdown for AI agents: nexqual.com/CLMT.md
Key facts (CLMT)
- Last four reported quarters (through Jun 30, 2026): revenue $4.59B, net income -$137M (-3.0% margin), free cash flow $58.4M (SEC filings).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $20.6M; 2 not under a Rule 10b5-1 plan ($20.4M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.67 on a 1–5 scale) (6 analysts), mean target USD 55.8 (range 40–75).
- Total return with dividends: 1Y +150.1% vs S&P 500 +14.4%; 5Y +340.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-06, EPS estimate USD 1.8, revenue estimate $1.34B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (CLMT)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $4.69B | $4.18B | $4.19B | $4.14B | $4.59B |
| Gross profit | $352M | $452M | $231M | $246M | — |
| Operating income | $132M | $267M | $8.1M | $109M | $47.1M |
| Net income | -$173M | $48.1M | -$222M | -$33.8M | -$137M |
| EPS (diluted) | — | — | -$2.67 | -$0.39 | — |
| Free cash flow | -$436M | -$287M | -$123M | $56.6M | $58.4M |
| Gross margin | 7.5% | 10.8% | 5.5% | 5.9% | — |
| Operating margin | 2.8% | 6.4% | 0.2% | 2.6% | 1.0% |
| Net margin | -3.7% | 1.2% | -5.3% | -0.8% | -3.0% |
| Revenue growth | — | -10.8% | +0.2% | -1.2% | — |
| Cash + short-term investments | $35.2M | $7.9M | $38.1M | $125M | — |
| Total debt | — | $1.83B | $2.12B | $2.23B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (CLMT)
P/S 0.9x · EV/EBITDA 35.7x · EV/Sales 1.4x · P/FCF 73.0x · FCF yield 1.37% · Earnings yield -3.21% · Net debt $2.15B · EV $6.41B
P/E at fiscal year-ends: Dec 2023 29.7x.
Insider sales (SEC Form 4, open-market, last ~7 months) (CLMT)
1 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-25 | Mawer Stephen P | Director | 24,555 | $0K | 6.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Sajkowski Daniel J | Director | 4,240 | $153K | 5.2% | Yes (adopted November 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Heritage Group | 626,998 | $20.4M | 4.2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (CLMT)
Consensus Hold (mean 2.67 on a 1–5 scale), 6 analysts; mean target USD 55.8 (low 40, high 75).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-02 | HC Wainwright & Co. | Target raised | Buy | $60 → $75 |
| 2026-08-25 | UBS | Target raised | Neutral | $26 → $47 |
| 2026-08-18 | Goldman Sachs | Target raised | Neutral | $40 → $45 |
| 2026-08-12 | TD Cowen | Target raised | Hold | $34 → $40 |
| 2026-07-30 | Goldman Sachs | Target raised | Neutral | $36 → $40 |
Total return (dividends reinvested) (CLMT)
| 1Y (from 2025-10-30) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | +150.1% | +340.7% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | +150.9% | +34.4% |
| Volatility (annualized) | 43.7% | 55.2% |
| Max drawdown | -17.8% (Sep 2026→Oct 2026) | -58.6% (Dec 2024→Mar 2025) |
CLMT earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 7, 2026 | Quarter ended Jun 30, 2026 | $0.68 | $0.16 | Beat +325.0% | +8.6% |
| May 8, 2026 | Quarter ended Mar 31, 2026 | −$0.41 | −$0.63 | Beat +34.9% | -6.6% |
| Feb 27, 2026 | Quarter ended Dec 31, 2025 | −$0.18 | −$0.45 | Beat +60.0% | -9.3% |
| Jan 6, 2026 | Quarter ended Sep 30, 2025 | $0.20 | −$0.43 | Beat +$0.63 | +1.3% |
| Nov 7, 2025 | Quarter ended Sep 30, 2025 | $0.20 | −$0.43 | Beat +$0.63 | -1.8% |
| Aug 8, 2025 | — | — | — | — | -11.0% |
| May 9, 2025 | — | — | — | — | +10.5% |
| Feb 28, 2025 | — | — | — | — | -10.1% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
CLMT recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Sep 15, 2026 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation “Eleventh Amendment to Third Amended and Restated Credit Agreement On September 11, 2026, Calumet, Inc. (the "Company") entered into the Eleventh Amendment to the Third Amended and Restated Credit Agreement (the "Eleventh Amendment"). The Eleventh Amendment amended the Third Amended and Restated Credit Agreement, dated as of February 23, 2018 (the "Credit Agreement"), by and among Calumet GP, LLC, Calumet Specialty Products Partners, L.P. (the "Partnership"), certain subsidiaries of the Company party thereto, the…” |
| Sep 1, 2026 | 8-K | Entered a material agreement; Regulation FD disclosure “As previously disclosed, on January 10, 2025, Montana Renewables, LLC ("MRL"), as borrower, an unrestricted, non-guarantor subsidiary of Calumet, Inc. (the "Company"), and the U.S. Department of Energy (the "DOE"), as guarantor and loan servicer, executed a Loan Guarantee Agreement ("LGA") for a loan that guarantees $1.44 billion of financing to fund the construction and expansion of the renewable fuels facility owned by MRL. On August 28, 2026, MRL and the DOE entered into an amendment (the "First Amendment") to…” |
| Aug 14, 2026 | Schedule 13G/A | Two Seas Capital LP, Two Seas Capital GP LLC: 7.5% of shares, passive 5%+ holder (amended) |
| Aug 14, 2026 | Schedule 13G/A | Wasserstein Management L.P., WDO Management GP, LLC: 4.6% of shares, passive 5%+ holder (amended) |
| Aug 7, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
| Aug 7, 2026 | 8-K | Quarterly results |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
CLMT revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Specialty Products and Solutions | $1.02B | 70.7% | +61.4% |
| Montana/ Renewables | $329.0M | 22.8% | +3.5% |
| Performance Brands | $103.6M | 7.2% | +28.2% |
| Total revenue | $1.45B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
CLMT suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Macquarie Commodities Trading US | “In 2025, Macquarie Commodities Trading US, LLC. ("Macquarie") supplied us with approximately 20.0% of our total crude oil supply under a crude oil supply agreement.” |
| Customer | ENTERPRISE PRODUCTS PARTNERS L.P. (EPD) | “Our Shreveport facility is interconnected to a pipeline that supplies a portion of its crude oil and a pipeline that ships a portion of its refined fuel products to customers, such as pipelines operated by subsidiaries of Enterprise Products Partners L.P. and Plains.” |
| Customer | PLAINS ALL AMERICAN PIPELINE LP (PAA) | “Our Shreveport facility is interconnected to a pipeline that supplies a portion of its crude oil and a pipeline that ships a portion of its refined fuel products to customers, such as pipelines operated by subsidiaries of Enterprise Products Partners L.P. and Plains.” |
| Competitor | ExxonMobil (XOM) | “Our primary competitors in producing paraffinic lubricating oils include Exxon Mobil Corporation, Motiva Enterprises, LLC, Phillips 66, HF Sinclair Corporation and Chevron Corporation.” |
| Competitor | Chevron (CVX) | “Our primary competitors in producing renewable fuel products in the U.S. West Coast markets are Marathon Petroleum Company, Phillips 66 and Chevron Corporation.” |
Quoted from the company's 10-K filed Feb 27, 2026.
CLMT company outlook (results filed Aug 7, 2026)
- “Combined, our operating momentum and favorable outlook position us to simultaneously accelerate deleveraging and advance our growth strategies across both businesses." Net loss in the second quarter of 2026 was significantly impacted by the following non-cash items: (1) an unrealized gain of $9.0 million for derivatives and (2) non-cash RINs related expense of $163.6 million.”
- “For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K and our other filings with the SEC.”
Quoted word-for-word from the SEC 8-K results press release.
CLMT analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.80 | $0.47 | +283.0% | $1.34B | 1 |
| Next quarter (ends Dec 2026) | $1.27 | $0.17 | +647.1% | $1.27B | 1 |
| Current fiscal year (ends Dec 2026) | $-1.65 | $-2.84 | +$1.19 | $5.09B | 1 |
| Next fiscal year (ends Dec 2027) | $3.20 | $0.42 | +661.9% | $4.94B | 1 |
CLMT options: expected move
Options price a move of about ±15.7% (±$7.55) by Nov 20, 2026, which includes earnings on Nov 6, 2026. Over the last 8 reports the stock moved ±7.4% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 22 | 77.1% | ±15.7% |
| Dec 18, 2026 | 50 | 69.2% | ±21.0% |
| Jan 15, 2027 | 78 | 68.1% | ±25.7% |
| Feb 19, 2027 | 113 | 64.4% | ±29.2% |
| Mar 19, 2027 | 141 | 67.8% | ±34.1% |
| May 21, 2027 | 204 | 66.8% | ±40.4% |
30-day implied volatility 71.9% vs 43.7% realized over the last 30 trading days. Put/call ratio (volume) 0.38. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 29, 2026 at 20:24 UTC)
| Price | USD 48.53 |
|---|---|
| Change | ▼ 2.74% (down) |
| Previous Close | USD 49.89 |
| Open | USD 50.04 |
| Day Range | USD 48.04 – 50.45 |
| 52-Week Range | USD 17.85 – 59.87 |
| Volume | 961,398 shares |
| Market Cap | $4.27B |
| Exchange | NMS |
Technical Analysis (CLMT)
Nexqual's technical model rates CLMT "SELL" based on 1 bullish and 5 bearish signals across 127 daily candles, as of October 29, 2026 at 20:24 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 33.42 (neutral) |
| vs SMA50 | Below (USD 53.72) |
| MACD | -1.25 (negative) |
Analyst Ratings (CLMT)
Wall Street analysts rate CLMT "Hold" based on 6 analysts, with a mean price target of USD 55.8 (range USD 40–75), per Nexqual as of October 29, 2026 at 20:24 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 6 |
| Mean Target | USD 55.8 |
| High Target | USD 75 |
| Low Target | USD 40 |
| Buy / Hold / Sell | 2 / 4 / 0 |
Earnings (CLMT)
| Next Earnings Date | 2026-11-06 |
|---|---|
| EPS Estimate | USD 1.8 |
| Revenue Estimate | $1.34B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.68 vs est 0.16 ▲ beat |
| 2026-03-31 | USD -0.41 vs est -0.63 ▲ beat |
| 2025-12-31 | USD -0.18 vs est -0.46 ▲ beat |
| 2025-09-30 | USD 0.2 vs est -0.43 ▲ beat |
Source: Nexqual, October 29, 2026 at 20:24 UTC.
Financials & Fundamentals (CLMT)
| Total Revenue | $4.59B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +40.80% |
| Gross Margin | +6.92% |
| Operating Margin | -4.57% |
| Profit Margin | -2.98% |
| Current Ratio | 0.84 |
| Total Cash | $109.80M |
| Total Debt | $2.37B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $58.40M (1.3% of revenue) |
Source: Nexqual, October 29, 2026 at 20:24 UTC.
Financial Health Score (CLMT)
Nexqual rates Calumet, Inc.'s overall financial health "Weak" across five dimensions, as of October 29, 2026 at 20:24 UTC.
| Growth | Weak — Revenue -1% YoY (annual), declining |
|---|---|
| Profitability | Weak — Gross margin 7%, operating 1% (last 4 quarters to Jun 2026, SEC; the Sep 2025 quarter alone accounts for 686% of operating income) |
| Balance Sheet | Mixed — $110M cash and investments vs $2.26B debt (Jun 2026, SEC) |
| Cash Flow | Mixed — FCF $58M (last 4 quarters to Jun 2026, SEC), slim 1.3% margin |
| Efficiency | Critical — ROE not meaningful (negative equity); ROA -4.9% (last 4 quarters, SEC) |
Ownership (CLMT)
| Insider Ownership | +20.16% |
|---|---|
| Institutional Ownership | +52.10% |
| Shares Outstanding | 87.90M |
| Float | 60.24M |
| Short % of Float | +6.26% |
Source: Nexqual, October 29, 2026 at 20:24 UTC.
Leadership (CLMT)
Calumet, Inc. is led by Louis Todd Borgmann, President, CEO & Director, per Nexqual as of October 29, 2026 at 20:24 UTC.
| President, CEO & Director | Louis Todd Borgmann |
|---|---|
| Executive VP & CFO | David A. Lunin |
| Executive Vice President of Montana Renewables & Corporate Development | Bruce A. Fleming |
| President of Specialties | Scott Obermeier |
| Director of Investor Relations | John Kompa |
Major Backers & Investors (CLMT)
Notable institutional backers of Calumet, Inc. include Two Seas Capital Lp, Wasserstein Management, L.P, Adams Asset Advisors, LLC, according to Nexqual as of October 29, 2026 at 20:24 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Two Seas Capital Lp | 6.01% |
| Wasserstein Management, L.P | 4.51% |
| Adams Asset Advisors, LLC | 2.17% |
| Barclays Plc | 1.6% |
| Fidelity | 1.22% |
| Bank of America Corporation | 1.12% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 5.95% |
| Vanguard Group | 5.1% |
| State Street | 3.95% |
| Geode Capital | 2.23% |
Source: Nexqual, October 29, 2026 at 20:24 UTC.
Legal & Regulatory Risks from Calumet, Inc.'s Latest 10-K (filed 2026-02-27)
- We are subject to operational compliance with stringent environmental and occupational health and safety laws and regulations that may expose us to significant costs and liabilities.
- The availability and cost of renewable identification numbers and results of litigation related to our SRE petitions could have a material adverse effect on our results of operations and financial condition and our ability to make payments on our debt obligations.
- Our and our customers' operations are subject to risks arising out of the threat of climate change, including regulatory, political, litigation and financial risks, which could result in increased operating and capital costs for our customers and reduced demand for the products and services we provide.
- We could incur substantial costs or disruptions in our business if we cannot obtain or maintain necessary permits and authorizations or otherwise comply with occupational, environmental and other laws and regulations.
Source: SEC EDGAR 10-K, Item 1A, official filing.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BCPC | Balchem Corporation | USD 170.4 | ▲ 2.47% |
| SXT | Sensient Technologies Corporati | USD 131.53 | ▼ 0.05% |
| AXTA | Axalta Coating Systems Ltd. | USD 33.61 | ▼ 2.97% |
| EMN | Eastman Chemical Company | USD 67.93 | ▲ 1.89% |
| NEU | NewMarket Corp | USD 803.07 | ▼ 8.04% |
| WLK | Westlake Corporation | USD 66.01 | ▲ 0.27% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 29, 2026 at 20:24 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt