Calumet Specialty Products Partners, L.P. (CLMT) AI Stock Analysis

Headquartered in Indianapolis, Indiana, Calumet Specialty Products Partners, L.P. manufactures, formulates, and markets specialty branded products across consumer-facing and industrial markets. The company operates through three key divisions: Specialty Products and Solutions, Montana/Renewables, and Performance Brands. Its Specialty Products and Solutions segment produces solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and specialty chemicals. The Montana/Renewables segment processes renewable feedstocks to produce sustainable fuels, such as renewable hydrogen, renewable natural gas, renewable propane, renewable naphtha, renewable kerosene/aviation fuel, and renewable diesel, while also refining Canadian crude oil into conventional gasoline, diesel, jet fuel, and asphalt.

Between FY2021 and FY2025, Calumet Specialty Products Partners achieved a 5-year revenue compound annual growth rate of 12.8%. Revenue increased from $3.15B in FY2021 to $4.69B in FY2022, before moderating to $4.18B in FY2023, $4.19B in FY2024, and $4.14B in FY2025. Profitability has fluctuated, with net income moving from -$254.9M in FY2021 to $48.1M in FY2023, and reaching -$33.8M in FY2025 alongside a gross margin of 5.9% and an operating margin of 1.3%. For the latest quarter ended June 30, 2026, quarterly revenue grew 40.8% year-over-year, while quarterly earnings growth increased 561.7% year-over-year. TTM revenue stood at $4.59B with an operating margin of -4.6%.

As of June 30, 2026, Calumet held $109.8M in cash and short-term investments against total debt of $2.26B, resulting in net debt of $2.15B. The balance sheet shows total assets of $2.80B, a current ratio of 0.84, and negative shareholders' equity of -$1.14B. For FY2025, operating cash flow turned positive at $108.9M, supporting free cash flow of $56.6M after capital expenditures of $52.3M. Over the past five years, the company's share count increased by 10.8%.

CLMT trades at an enterprise value of $6.93B and a market cap of $5.08B. Its forward P/E of 49.0x sits well above the 13.4x median of its US-listed Basic Materials peers. The partnership's EV/EBITDA multiple is 88.7x compared to the sector peer median of 10.5x, while its price-to-sales of 1.1x is below the peer median of 1.8x. Over the past year, CLMT shares gained 204.7%, significantly outpacing the S&P 500 (SPY) return of 16.8%. Over five years, the stock returned 449.5% versus 83.0% for the S&P 500.

Wall Street analyst coverage consists of 2 Strong Buy ratings and 4 Hold ratings, with no Buy, Sell, or Strong Sell recommendations. The mean price target of $53.40 sits 7.5% below the last closing price of $57.75. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $4.93B and an EPS of -$2.68. Calumet beat EPS estimates in 3 of the last 4 quarters, and its next earnings release is scheduled for November 6, 2026.

This page is an AI-written research summary of Calumet Specialty Products Partners, L.P. (CLMT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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