Calumet Specialty Products Partners, LP produces and sells specialty hydrocarbon products in North America and internationally. The company is headquartered in Indianapolis, Indiana.
| Revenue (TTM) | $4.59B |
| Gross Profit (TTM) | $317.80M |
| EBITDA | $83.30M |
| Operating Margin | -4.57% |
| Return on Equity | -1172.00% |
| Return on Assets | -1.32% |
| Revenue/Share (TTM) | $52.72 |
| Book Value | $-12.95 |
| Price-to-Book | 23.49 |
| Price-to-Sales (TTM) | 0.83 |
| EV/Revenue | 1.303 |
| EV/EBITDA | 76.63 |
| Quarterly Earnings Growth (YoY) | 562.00% |
| Quarterly Revenue Growth (YoY) | 40.80% |
| Shares Outstanding | $87.90M |
| Float | $60.24M |
| % Insiders | 20.16% |
| % Institutions | 51.90% |
Volatility is currently expanding
Calumet NASDAQ: CLMT reported $347 million in third-quarter adjusted EBITDA with tax attributes, as tight specialty products supplies and a strong quarter at Montana Renewables helped the company accelerate debt repayment.
Third Quarter 2026 net income of $273.3 million, or basic earnings per common share of $2.91 Third Quarter 2026 Adjusted EBITDA with Tax Attributes of $347.2 million Accelerated deleveraging continues with approximately $265 million of debt retirement since July $248.1 million of Specialty Products & Solutions Adjusted EBITDA driven by strong market environment for integrated specialties platform, lasting industry supply chain disruptions, and commercial execution Montana Renewables delivers record earnings in first full quarter of operations since SET2 RVO; Adjusted EBITDA with Tax Attributes of $80.4 million ($1.86 per gallon) INDIANAPOLIS, Nov. 6, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") today reported its results for the third quarter ended September 30, 2026, as follows: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (In millions, except per share data) Net income (loss) $ 273.3 $ 313.4 $ (139.6) $ 3.5 Basic earnings per common share $ 2.91 $ 3.61 $ (1.79) $ 0.04 Adjusted EBITDA $ 322.0 $ 69.6 $ 508.9 $ 162.8 Adjusted EBITDA with Tax Attributes $ 347.2 $ 92.5 $ 572.6 $ 224.0 Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended September 30, Three Months Ended September 30, Three Months EndedSeptember 30, 2026 2025 2026 2025 2026 2025 (Dollars in millions, except per barrel data) Gross profit $ 420.1 $ 276.3 $ 17.2 $ 18.5 $ 105.9 $ 78.9 Adjusted gross profit (loss) $ 283.5 $ 89.5 $ 18.2 $ 20.9 $ 101.8 $ (5.3) Adjusted EBITDA $ 248.1 $ 80.2 $ 9.1 $ 13.2 $ 85.4 $ (5.8) Adjusted EBITDA with Tax Attributes $ 248.1 $ 80.2 $ 9.1 $ 13.2 $ 110.6 $ 17.1 Gross profit per barrel $ 71.18 $ 46.11 $ 105.33 $ 124.16 $ 46.38 $ 34.50 Adjusted gross profit (loss) perbarrel $ 48.04 $ 14.94 $ 111.47 $ 140.27 $ 44.58 $ (2.32) Specialty Products andSolutions Performance Brands Montana/Renewables Nine Months Ended September 30, Nine Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 2026 2025 (Dollars in millions, except per barrel data) Gross profit (loss) $ 389.1 $ 227.4 $ 55.1 $ 62.8 $ 29.9 $ (41.5) Adjusted gross profit (loss) $ 538.4 $ 230.0 $ 56.2 $ 67.4 $ 114.7 $ (15.5) Adjusted EBITDA $ 454.1 $ 203.3 $ 28.1 $ 42.5 $ 83.7 $ (24.5) Adjusted EBITDA with Tax Attributes $ 454.1 $ 203.3 $ 28.1 $ 42.5 $ 147.4 $ 36.7 Gross profit (loss) per barrel $ 21.81 $ 13.51 $ 104.58 $ 135.93 $ 5.14 $ (6.01) Adjusted gross profit (loss) perbarrel $ 30.19 $ 13.66 $ 106.66 $ 145.89 $ 19.76 $ (2.24) "The third quarter was exceptional for Calumet, with both of our businesses delivering outstanding results and our deleveraging and growth strategy accelerating by years," said Todd Borgmann, CEO. "Our performance reflects a strong market and years of deliberate positioning through our integrated specialties platform supported by advantaged domestic crude, a world-class renewables business, and a commercial and operational organization executing at an increasingly high level.
INDIANAPOLIS, Nov. 5, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet," "we," "our," "the company," or "us") today announced two transactions designed to support the continued development of Montana Renewables, LLC ("Montana Renewables" or "MRL"), an unrestricted subsidiary of Calumet, and advance the company's MaxSAF® expansion plans. First, Calumet Montana Refining, LLC ("CMR"), a restricted subsidiary of Calumet, entered into a long-term lease agreement with MRL for certain CMR assets used in the expansion.
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INDIANAPOLIS, Oct. 15, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), have given notice for redemption of $150 million of the outstanding 9.75% Senior Notes due 2028 (CUSIP Nos.
Calumet Specialty Products (CLMT) is poised to deliver a potentially stunning Q3 EBITDA of $300–$325 million, driven by strong crack spreads and operational improvements. Current valuation appears rich, with technical indicators overbought and EBITDA run rates well above normalized levels, suggesting a correction may be imminent. I am lowering my rating from strong buy to buy, recommending investors wait until after earnings and the planned Shreveport shutdown before adding shares.
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