Calumet, Inc. (CLMT)

In the past six months, Calumet reported a fiscal year 2025 net loss of $33.8 million and Adjusted EBITDA with Tax Attributes of $293.3 million, also announcing $222 million of recourse debt reduction in 2025. Calumet completed an offering of $150 million of additional 9.75% Senior Notes due 2031, using the proceeds to redeem outstanding notes and amended its ABL facility to extend its maturity date to January 2031. Calumet reported a Q1 2026 GAAP loss of $3.64 per share, missing consensus estimates, but revenue of $1.03 billion beat expectations. Analyst ratings and price targets varied, with HC Wainwright boosting its price target and Goldman Sachs Group lowering its rating. Calumet, Inc. has seen a significant increase of 181.40% in its stock price over the last year.

Demand for Calumet, Inc.'s products is influenced by seasonality, particularly in certain segments. The Specialties segment can be seasonally influenced, but the company has shown an ability to overcome typical fourth-quarter seasonality. The Conventional Fuels segment experiences seasonal weakness, particularly in the Northern Rockies during the first quarter, while the Montana Renewables segment also experienced seasonal weakness in local Montana gasoline and asphalt markets in Q1 2024. Overall sales are affected by demand for specialty products, fuel, and renewable fuel products.

Calumet, Inc. manufactures, formulates, and markets specialty branded products and renewable fuels for consumer and industrial markets. The company transitioned from an MLP to a C-Corporation in July 2024. Calumet operates in the Basic Materials sector, focusing on refining crude oil and renewable feedstocks into high-margin products and renewable fuels. The company's operations are divided into three segments: Specialty Products and Solutions (SPS) which offers solvents, waxes, and lubricating oils; Montana/Renewables (MR) which focuses on processing renewable feedstocks into renewable fuels; and Performance Brands (PB) which blends, packages, and markets high-performance products.

Calumet, Inc. is headquartered in Indianapolis, Indiana, and operates twelve facilities throughout North America. Its products are distributed globally, serving nearly 2,500 customers in over 90 countries, with over 90% of its revenue from the U.S. Manufacturing facilities are located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey, and eastern Missouri.

Calumet has a long history dating back to 1916, emphasizing its focus on delivering solutions and high-quality products. Its Performance Brands segment includes well-known names like Royal Purple, Bel-Ray, and TruFuel. The company's pivot towards high-margin specialty products and renewable fuels positions it as a major player in the Sustainable Aviation Fuel (SAF) market. Operational delays at its Montana Renewables (MRL) facility until full operations resumed in December 2023 were noted, which could have had some short-term reputational implications.

Calumet, Inc.'s ownership is a mix of institutional, retail, and individual investors. Institutional investors own approximately 11.83% to 23.66% of the company's stock. Insiders own approximately 3.64% of the company's stock. Public companies and individual investors hold a significant portion, approximately 72.70% of the stock according to some data.