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CLMT

Calumet, Inc.

CLMT

Calumet, Inc. • NASDAQ
$19.30 ▲ 1.42% (+0.27)
Market Cap $1.67 B
52w High $23.75
52w Low $7.68
Dividend Yield 0%
P/E -45.95
Volume 189.17K
Outstanding Shares 86.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.078B ▲ $50.8M ▼ $313.4M ▲ 29.072% ▲ $3.61 ▲ $278.9M ▲
Q2-2025 $1.027B ▲ $57.4M ▲ $-147.9M ▲ -14.407% ▲ $-1.7 ▲ $-94.8M ▼
Q1-2025 $993.9M ▲ $-32.7M ▼ $-162M ▼ -16.299% ▼ $-1.87 ▼ $-56.4M ▼
Q4-2024 $949.5M ▼ $60.9M ▼ $-40.7M ▲ -4.286% ▲ $-0.47 ▲ $20.1M ▲
Q3-2024 $1.1B $62M $-100.6M -9.142% $-1.18 $3.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $94.6M ▼ $2.734B ▼ $3.184B ▼ $-695.3M ▲
Q2-2025 $110.6M ▼ $2.776B ▼ $3.541B ▲ $-1.01B ▼
Q1-2025 $123.4M ▲ $2.824B ▲ $3.44B ▲ $-862.3M ▼
Q4-2024 $38.1M ▲ $2.758B ▲ $3.224B ▲ $-712.8M ▼
Q3-2024 $34.6M $2.64B $3.067B $-672.2M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $313.4M ▲ $100.4M ▲ $-8.4M ▲ $-108M ▼ $-16M ▼ $92M ▲
Q2-2025 $-147.9M ▲ $2.6M ▲ $-13.6M ▼ $-1.8M ▼ $-12.8M ▼ $-11M ▲
Q1-2025 $-162M ▼ $-110.6M ▼ $77.8M ▲ $190.3M ▲ $157.5M ▲ $-128.2M ▼
Q4-2024 $-40.7M ▲ $-3.4M ▲ $-25M ▼ $32M ▼ $3.6M ▼ $-28.4M ▲
Q3-2024 $-100.6M $-15.5M $-16.7M $59.9M $27.7M $-32.2M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
MontanaRenewables
MontanaRenewables
 $220.00M ▲$260.00M ▲$320.00M ▲$320.00M ▲
Performance Brands
Performance Brands
 $80.00M ▲$80.00M ▲$80.00M ▲$80.00M ▲
Specialty Products and Solutions
Specialty Products and Solutions
 $650.00M ▲$650.00M ▲$630.00M ▼$680.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the last several years and has held relatively steady more recently, which suggests the core business has demand support. However, profitability is thin and uneven. Operating results have bounced between modest profits and modest losses, and bottom‑line net income has been negative in most years, with only a brief return to profit. This pattern points to a business that can generate sales but is sensitive to swings in margins, feedstock costs, and operating performance. The shift into renewables and specialty products is helping, but the earnings profile still looks fragile and exposed to volatility rather than consistently strong.

Balance Sheet

Balance Sheet The balance sheet is heavily leveraged. Total debt has climbed while shareholder equity is meaningfully negative, which signals that liabilities exceed the accounting value of assets. That capital structure leaves little cushion for setbacks and makes the company more dependent on continued access to lenders and capital markets. Cash on hand is very limited relative to the size of the business, which heightens liquidity risk if operating conditions weaken or large projects run over budget. Overall, the balance sheet shows a company in an investment and transition phase, but with a thin margin for error and significant financial risk.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been inconsistent, hovering around breakeven over time rather than clearly positive. This by itself would already limit financial flexibility. On top of that, the company has been spending heavily on capital projects, especially around renewables, which has kept free cash flow meaningfully negative for several years. In practice, this means the business is not yet self‑funding its growth and has relied on debt and other financing to support its strategy. The long‑term payoff depends on whether these investments translate into stronger, steadier cash flows in the future.

Competitive Edge

Competitive Edge Calumet operates in specialized corners of the energy and chemicals market rather than in pure commodity fuels. Its niche focus in high‑specification lubricants, gels, waxes, and other specialty hydrocarbons gives it technical differentiation and helps support pricing power compared with standard refiners. Long‑standing customer relationships, custom formulation capabilities, and recognized brands provide a meaningful moat. Customers often integrate Calumet’s products into their own formulations, which raises switching costs. At the same time, the company still faces the broader cyclicality of the energy sector, exposure to feedstock and fuel spreads, and competition from larger integrated players that may target some of its niches over time.

Innovation and R&D

Innovation and R&D Innovation is a clear bright spot. Calumet has built proprietary technologies across several brands—such as advanced lubricant additives, gelled hydrocarbon platforms for personal care, and engineered fuels for small engines—that differentiate it from generic producers. The Montana Renewables platform is a strategic leap: converting an existing refinery unit to produce renewable diesel and sustainable aviation fuel is capital‑efficient and positions the company in faster‑growing, policy‑supported markets. The push into bio‑based and biodegradable lubricants further aligns the portfolio with tightening environmental and performance standards. Execution risk is still meaningful, but the innovation pipeline and technical know‑how are core strengths.

Summary

Overall, Calumet is a niche, innovation‑driven energy and specialty products company in the middle of a significant transition. On the positive side, it has differentiated technologies, respected brands, sticky customer relationships, and an early position in renewable diesel and sustainable aviation fuel, all of which can support higher‑margin, less commoditized business over time. On the risk side, profitability has been inconsistent, free cash flow has been negative for several years, leverage is high, and equity is negative, leaving limited room for operational or project missteps. The investment case largely hinges on whether the renewables and specialty product strategy can translate into sustained, stronger margins and reliable cash flows before balance‑sheet constraints become too pressing. Uncertainty is high, but so is the degree of strategic change underway.

NEWS

November 25, 2025 · 7:00 AM UTC

Calumet to Attend Bank of America Leveraged Finance Conference

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November 11, 2025 · 7:00 AM UTC

Calumet to Attend T.D. Cowen Conference

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November 7, 2025 · 4:01 PM UTC

Calumet to Attend Bank of America Conference

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November 7, 2025 · 7:00 AM UTC

Calumet Reports Third Quarter 2025 Results

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October 27, 2025 · 12:52 PM UTC

Montana Renewables Launches MaxSAF™ Blended, Advancing Sustainable Aviation Fuel

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