CLMT · Calumet, Inc. /DE
$56.03
+0.75 (+1.36%)
At close · Oct 5
Return incl. dividend (before tax)
Market Cap
$4.76B
Shares
87.90M
Volume · Oct 5
1.29M
Avg daily vol (3M)
1.32M
Price & Indicators
20d MA
50d MA
200d MA
Earnings
Filing
Insider
Congress
Investor day
Close$56.03
Open$55.14
Day$54.59–56.43
52W close$17.68–59.05
Avg vol 30d1.4M
Short int4.5M · 5.1% float · 3.5d
Short vol47%
Last earningsAug 7, 2026
DataJan 2020–Oct 2026
Filing10-Q · Aug 7
Up next
Next earnings call
Nov 6, 2026
Est · unconfirmed
· in 4 wks
filed Aug 7, 2026
call held Aug 7, 2026
Metrics snapshot
Useful current figures from the complete screener profile.
Revenue (TTM)
—
Trailing 12 months
Net income (TTM)
—
Trailing 12 months
Revenue growth YoY
—
Year over year
Operating margin
—
Trailing 12 months
P / E (TTM)
—
Trailing earnings
FCF yield
—
TTM · current market cap
Return on invested capital
—
Trailing 12 months
Net cash
—
Latest balance sheet
Dividend yield
—
Trailing 12 months
Shares change YoY
—
Year over year · more shares
Price change (1Y)
+199.8%
Trailing year
Short interest
5.1%
Latest settlement · 3.5 days to cover
AI Brief
Q2 FY26 earnings call · Aug 7, 2026
Q2 FY26
TL;DR. Calumet delivered $175.2M of Q2 Adjusted EBITDA with Tax Attributes on an exceptional Specialty Products & Solutions quarter (SPS Adj. EBITDA $161.7M, more than double prior year) and accelerated deleveraging with $115M of debt retirement in July; Montana Renewables is ramping back with strong renewable margins and the MaxSAF 150 expansion underway, offsetting a GAAP net loss of $(95.9)M driven by non-cash RINs/mark-to-market items and a Performance Brands EBITDA decline.
Bullish
- + SPS Adjusted EBITDA more than doubled YoY to $161.7M on record specialty production
- + Montana Renewables ramping with strong index margins of ~$2.60/gallon and rising; Q3 expected meaningfully higher
- + Seventh consecutive quarter of specialty sales volume above 20,000 bpd; YTD 2026 specialty volume up over 5%
- + Management expects strong 2H 2026 with no Q3 turnaround at SPS
Bearish
- − Q2 GAAP net loss of $(95.9)M, driven by non-cash RINs and mark-to-market items including $163.6M RINs expense
- − ~$20M working capital build at MRL as the business ramped up following the expansion
- − Montana/Renewables segment produced only $10.7M Q2 Adj. EBITDA ($26.6M with Tax Attributes) due to being down all of April and half of May, with ~$40M of lost opportunity
From the call
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceOverall
Buy
SellHoldBuy
Technical
Buy
Momentum
Very Strong
Sentiment
Neutral
Fundamentals
Strong
Quant / Vol
High
Market backdrop
VIX 15.5 · calm
Equity put/call 0.59
Technical
price trend
50 / 200-day cross
No cross
Price vs 200-day avg
+59%
above
Price vs 50-day avg
+12%
above
RSI (14)
60
neutral
MACD trend
Negative
52-week position
93%
near high
Momentum
relative strength
1-month return
+5%
trailing
6-month return
+74%
trailing
YTD return
+182%
this year
Relative strength
+62%
vs S&P · 6-mo
Sentiment
smart money
Trend (MA cross)
No cross
50d $50 › 200d $35 — 50d above 200d
Institutional flow
Accumulating
+4% holders QoQ · +39 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
5.10% of float · ▲ +22.0% MoM · 3.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
195 holders — near 2-yr high, broad support
Squeeze score
63
elevated · 0–100
Fundamentals
Revenue growth
−1%
Y/Y
Gross margin
6%
expanding
EPS growth
+85%
Y/Y
Free cash flow
$56.6M
Balance sheet
$2.1B
net debt
Quant / Vol
risk profile
Volatility
43%
annualized · 1-yr
Max drawdown
−15%
past year
ATR
4.3%
of price · 14-day
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Prior guidance
period ended
· from the 8-K filed Jan 6, 2026
Adjusted EBITDA with Tax Attributes
· year ended December 31, 2025
$285M – $305M
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Buy
50 / 200-day cross
No cross
Neutral
Price vs 200-day avg
+59%
Bullish
Price vs 50-day avg
+12%
Bullish
RSI (14)
60
Neutral
MACD trend
Negative
Bearish
52-week position
93%
Bullish
Market signals — smart money & positioning
Bullish · 2 of 6
Trend (MA cross)
No cross
50d $50 › 200d $35 — 50d above 200d
Institutional flow
Accumulating
+4% holders QoQ · +39 funds added
Insider flow
Flat
No net insider activity over 90 days
Short interest
Rising
5.10% of float · ▲ +22.0% MoM · 3.5 days cover
Volume signal
Normal
Volume near normal
Institution breadth
Multi-yr high
195 holders — near 2-yr high, broad support
Price context
position in its 52-week range
Range low $18
Now $56 · 93%
Range high $59
vs 200-day avg +59%
vs 50-day avg +12%
Illustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | 186.9M | Six Months Ended June 30, 2026 | — |
| Adjusted EBITDA with Tax Attributes non-GAAP | 225.3M | Six Months Ended June 30, 2026 | — |
| Average Montana/Renewables sales price per barrel | $191.39 | Three Months Ended June 30, 2026 filing | — |
| Average Performance Brands sales price per barrel | $524.72 | Three Months Ended June 30, 2026 filing | — |
| Average Specialty Products and Solutions sales price per barrel | $166.91 | Three Months Ended June 30, 2026 filing | — |
| Estimated loss of production associated with the MaxSAF® 150 expansion and turnaround | 450,000 | the second quarter of 2026 filing | — |
| Montana/Renewables facility production - Fuels, asphalt and other by-products | 11,113 | Three Months Ended June 30, 2026 | — |
| Montana/Renewables facility production - Renewable fuels | 7,011 | Three Months Ended June 30, 2026 | — |
| Montana/Renewables Segment Adjusted EBITDA non-GAAP | $10.7M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Montana/Renewables Segment Net income (loss) -32.5M
+26.2M Depreciation and amortization
-2.8M LCM / LIFO (gain) loss
+14.5M Interest expense
+0M Debt extinguishment costs
+7.8M RINs incurrence expense
+18.8M RINs mark-to-market (gain) loss
+0M Equity-based compensation and other items
+0M Other
-21.5M Income tax (benefit) expense
+0.2M Noncontrolling interest adjustments
= Montana/Renewables Segment Adjusted EBITDA 10.7M
|
|||
| Montana/Renewables segment Adjusted EBITDA with Tax Attributes non-GAAP | 36.7M | Six Months Ended June 30, 2026 | — |
| Montana/Renewables segment Adjusted gross profit (loss) non-GAAP | 13M | Six Months Ended June 30, 2026 | — |
| Montana/Renewables segment Adjusted gross profit (loss) per barrel non-GAAP | $3.65 | Six Months Ended June 30, 2026 | — |
| Performance Brands facility production | 2,164 | Three Months Ended June 30, 2026 filing | — |
| Performance Brands Segment Adjusted EBITDA non-GAAP | $6.3M | Three Months Ended June 30, 2026 | — |
| Performance Brands segment Adjusted gross profit non-GAAP | 38.1M | Six Months Ended June 30, 2026 | — |
| Performance Brands segment Adjusted gross profit per barrel non-GAAP | $104.51 | Six Months Ended June 30, 2026 | — |
| Segment Adjusted EBITDA non-GAAP | $178.7M | Three Months Ended June 30, 2026 filing | — |
| Specialty Products and Solutions Adjusted EBITDA non-GAAP | 206M | Six Months Ended June 30, 2026 | — |
| Specialty Products and Solutions Adjusted EBITDA margin non-GAAP | 12% | Six Months Ended June 30, 2026 | — |
| Specialty Products and Solutions facility production - Fuels, asphalt and other by-products | 40,389 | Three Months Ended June 30, 2026 | — |
| Specialty Products and Solutions facility production - Lubricating oils | 13,318 | Three Months Ended June 30, 2026 | — |
| Specialty Products and Solutions facility production - Solvents | 7,637 | Three Months Ended June 30, 2026 | — |
| Specialty Products and Solutions facility production - Waxes | 1,559 | Three Months Ended June 30, 2026 | — |
| Specialty Products and Solutions gross profit per barrel | $5.25 | Three Months Ended June 30, 2026 | — |
| Specialty Products and Solutions segment Adjusted gross profit non-GAAP | 254.9M | Six Months Ended June 30, 2026 | — |
| Specialty Products and Solutions segment Adjusted gross profit per barrel non-GAAP | $21.36 | Six Months Ended June 30, 2026 | — |
| Total facility production | 83,191 | Three Months Ended June 30, 2026 | — |
| Total Montana/Renewables facility production | 18,124 | Three Months Ended June 30, 2026 filing | — |
| Total Montana/Renewables sales volume | 18,124 | Three Months Ended June 30, 2026 | — |
| Total Outstanding Notional Volumes 2-1-1 Crack Spread Swap Sales | 10,000 | 1Q 2028 filing | -33.3% |
|
|
|||
| Total Performance Brands sales volume | 2,164 | Three Months Ended June 30, 2026 | — |
| Total sales volume | 87,722 | Three Months Ended June 30, 2026 | — |
| Total Specialty Products and Solutions facility production | 62,903 | Three Months Ended June 30, 2026 filing | — |
| Total Specialty Products and Solutions sales volume | 62,903 | Three Months Ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Specialty Chemicals — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
CLMT
this stock
Calumet, Inc. /DE
|
$4.76B | +182.0% | -1.2% | — | 5.1% |
|
LIN
Linde PLC
|
$216.61B | +13.1% | +3.0% | 30.3 | 1.3% |
|
AIQUF
L Air Liquide SA /Fi
|
$121.25B | +1.7% | — | — | 0.0% |
|
SHW
Sherwin Williams Co
|
$79.89B | -1.7% | +2.1% | 30.4 | 2.6% |
|
ECL
Ecolab Inc.
|
$77.67B | +5.5% | +2.2% | 37.2 | 1.9% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionOwnership
Short & Settlement
Smart Money
Financials
Filings
Earnings & Events
Performance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| CLMT | +6.5% | +5.5% | +73.8% | +7.0% | +182.0% |
| SPY | +1.2% | +0.6% | +11.6% | +1.6% | +13.6% |
| vs SPY | +5.3% | +4.9% | +62.2% | +5.4% | +168.4% |