CALUMET INC (CLMT)
Energy · specialty refining / lubricants and sustainable fuels · NASDAQ
A specialty refiner converting crude oil into high-margin lubricants, waxes, and sustainable aviation fuel while monetizing federal clean fuel tax credits.
What CALUMET INC does
Calumet, Inc. is a specialty products refiner that converts crude oil into high-quality specialty products including lubricants, waxes, and other refined products, serving diverse industrial and consumer markets. The company operates refining facilities and specialty product plants, including the Montana Renewables facility producing sustainable aviation fuel (SAF) and other clean fuels. Calumet generates revenue primarily from the sale of finished specialty products and benefits from margins between feedstock costs and product sales prices, while also monetizing federal clean fuel production tax credits.
Themes: ["specialty refining / high-margin products","sustainable aviation fuel (SAF)","clean fuel production tax credits","renewable fuel standards (RFS) compliance","commodity price volatility / hedging"]
Fundamentals
- Price$39.00 as of 2026-07-09 close
- Market cap$3.4B as of 2026-07-10
- 1-year return+144.7% as of 2026-07-09 close
- Net margin-4.5% as of 2026-07-10
- Gross margin+5.7% as of 2026-07-10
- ROE-211.1% as of 2026-07-10
- Debt / equity121.54 as of 2026-07-10
- Revenue growth (YoY)-0.1% as of 2026-07-10
- Revenue CAGR (3y)-4.1% SEC XBRL
- Beta0.76 as of 2026-07-10
Key risks (from latest filing)
["Commodity price volatility and margin compression: specialty product margins depend heavily on crude oil and feedstock commodity prices; tightening margins between product sales prices and feedstock costs directly reduce profitability and cash flow","Regulatory and compliance liabilities: exposure to EPA Renewable Fuel Standard (RFS) requirements, potential litigation over small refinery exemptions, carbon intensity regulations, and environmental compliance costs related to operations and clean fuel credits","Capital intensity and financing dependency: significant capital expenditures required for operational changes and environmental compliance; dependency on debt refinancing, revolving credit facility borrowing base, and ability to access capital markets amid macroeconomic uncertainty"]
Competitors & peers
- Valero Energy (VLO)
- Phillips 66 (PSX)
- Marathon Petroleum (MPC)
- Calumet is a smaller, specialty-focused refiner; no single direct competitor but competes with larger integrated refiners and specialized lubricant producers
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.