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Makes specialty lubricants, waxes and solvents, and renewable diesel/sustainable aviation fuel via Montana Renewables.
Makes specialty lubricants, waxes and solvents, and renewable diesel/sustainable aviation fuel via Montana Renewables.
Buys crude oil and other feedstocks and sells them as higher-priced specialty products, so earnings depend on the spread rather than volume alone. The Montana plant is being turned to renewable diesel and aviation fuel, whose economics depend on tax credits and fuel mandates. It converted from a partnership to a corporation in 2024.
Moat: narrow (process know-how, scale). Niche specialty-products refining plus an early-mover renewable fuels/SAF platform.
Headquarters: Indianapolis, Indiana, United States · Founded: 1990 · Employees: 1,540
Size Calumet (CLMT) is a United States Energy company (Oil Refining/Marketing) with a market value of $3.48B, the 1438th largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.64 on 6 Nov 2026.
Performance Over six months the shares gained 23.6%, against +3.1% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +16.9%); the operating margin is 1.2% (peer median 6.5%).
Valuation It trades at 9.1× forward earnings against a peer median of 7.0× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +26 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.9 points below its cost of capital (7.0% WACC).
Credit Calumet has 1 bond outstanding ($555M), rated B- by the agencies and trading like B at a weighted spread of 359 bp.
Short interest Short interest is 4.9% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.59B | $4.14B | $4.19B | $4.18B | $4.69B |
| Revenue growth | — | -1% | 0% | -11% | — |
| Gross profit | $302M | $246M | $250M | $502M | $365M |
| EBITDA | $237M | $244M | $217M | $504M | $267M |
| Net income | -$137M | -$33.8M | -$222M | $47.1M | -$170M |
| Free cash flow | $73.5M | $56.6M | -$123M | -$287M | -$436M |
| Capital expenditure | $72.6M | $52.3M | $76.7M | $272M | $536M |
| Total debt | $2.26B | $2.46B | $2.37B | $2.19B | $1.89B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Calumet CLMT | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% |
| HF Sinclair DINO | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% |
| Darling Ingredients DAR | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% |
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CLMT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.4% | -16.9% | 4th lowest of 20 |
| 6-month return | +23.6% | +3.1% | 5th highest of 20 |
| Distance from 52-week high | -33.8% | -27.2% | 5th lowest of 20 |
| Revenue growth (TTM) | +12.8% | +16.9% | 8th lowest of 20 |
| Operating margin | 1.2% | 6.5% | 4th lowest of 20 |
| Forward P/E | 9.1× | 7.0× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 39.0% | -11.0% | most demanding of 13 |
| Growth delivered (Del g) | +12.8% | +13.7% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | +26.2 pp | -26.1 pp | most demanding of 13 |
| ROIC minus cost of capital | -3.9 pp | +10.8 pp | 4th lowest of 20 |
| EV / EBITDA | 24.7× | 4.6× | most expensive of 13 |
| Net debt / EBITDA | 8.9× | 1.3× | most indebted of 16 |
| Bond spread | 359 bp | 254 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Sinopec Shanghai Petrochemical 0338.HK | Hong Kong | $3.71B | -8% | -6% | -2% | 20.8× | n/a | n/a |
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| North Huajin Chemical Industries 000059.SZ | China | $1.10B | -20% | +3% | 1% | 14.1× | -8.0% | +4.6% |
| North Atlantic Energies NAE.PA | France | $1.09B | +30% | -23% | 3% | n/a | n/a | n/a |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
Calumet has 1 bond outstanding with $555M face value. The agencies rate it B-; its bonds trade like B. Weighted yield 8.23%, a spread of 359 bp over government bonds.