Calumet, Inc (CLMT) Stock Price & How to Invest

Calumet runs three reportable businesses. Specialty Products and Solutions is the historic core: solvents, waxes, white oils, petrolatums, gels, esters and customised lubricating oils sold into industrial, personal care and packaging end markets, made mostly at the Shreveport, Louisiana complex plus a handful of smaller plants. Performance Brands is the smaller but far higher margin piece, blending and packaging finished products under the Royal Purple, Bel-Ray and TruFuel names. Montana/Renewables covers the Great Falls, Montana site, where renewable feedstocks are converted into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable naphtha and renewable propane, alongside a specialty asphalt operation. For roughly two decades this was Calumet Specialty Products Partners, L.P., a master limited partnership that sent unitholders a K-1 and, until 2016, a quarterly distribution. It converted to a Delaware corporation, Calumet, Inc., in July 2024. That swap removed the K-1, made the shares eligible for index funds and institutions that cannot hold partnership units, and turned CLMT into an ordinary Nasdaq-listed common stock.

The financial picture is lumpy. Trailing revenue is roughly $4.2 billion, but the company still posts large GAAP losses, about $189 million over the trailing twelve months, mostly from non-cash RIN obligations and derivative mark-to-market swings rather than cash burn. Management steers the story on Adjusted EBITDA with Tax Attributes, which was around $293 million for full-year 2025 and $50.1 million in the first quarter of 2026. Long-term debt sits near $2.3 billion against roughly $139 million of cash, though a $1.44 billion Department of Energy loan facility, whose first $782 million tranche landed in early 2025, refinanced Montana Renewables at a Treasury-plus rate and defers principal and interest until the MaxSAF expansion is commissioned. The shares moved from under $13 to roughly $40 over the past year, driven less by the specialty business than by the EPA's Set 2 renewable volume obligation rule and D4 RIN credits trading near their highest levels since 2021. That is the trade the market is currently making.

Leverage is the first thing to look at: roughly $2.3 billion of debt against a company that has not produced consistent GAAP profits. The renewable segment's economics depend on rules the company does not control, and RIN prices, RVO volumes and the 45Z credit have all been revised sharply before. Feedstock costs for renewable diesel and SAF are volatile and the crush spread can compress quickly when vegetable oil and tallow prices rise. Refinery turnarounds, unplanned outages and the remaining MaxSAF construction all carry execution risk at a company with limited balance sheet slack. The stock has roughly tripled off its 52-week low, so a good deal of the favourable policy environment is already reflected in the price, and reported results have swung between EPS beats and large EBITDA misses in the same quarter.

5 analysts publish price targets on CLMT, averaging $39.60 against a $40.26 price as of August 2026, or -1.6%. The published targets run from $26.00 to $60.00, a wide spread, and the ratings split 2 buy, 4 hold, 0 sell. Over the last six months there have been 3 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full CLMT forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Calumet, Inc. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Sustainable aviation fuel volumes stepping up. The MaxSAF 150 expansion at Great Falls came online in May 2026 after a planned turnaround, lifting nameplate SAF capacity to roughly 120 to 150 million gallons a year from about 30 million. The most optimistic published target, $60.00, assumes this works close to its best case.

The case against. Leverage is the first thing to look at: roughly $2.3 billion of debt against a company that has not produced consistent GAAP profits. The most pessimistic target, $26.00, is roughly what CLMT is worth if this bites instead.

Read the full bull and bear case on CLMT, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Calumet, Inc's investor relations page or your broker.

• Revenue (TTM): ~$4.2 billion
• Net income (TTM): ~-$189 million (~-$2.17 per share)
• Adjusted EBITDA with Tax Attributes (FY2025): ~$293 million
• Market cap: ~$3.5 billion (~87 million shares)
• Long-term debt / cash: ~$2.3 billion / ~$139 million
• 52-week range: ~$12.94 to ~$45.20

Standard earnings multiples do not compute here because trailing net income is negative, so the market prices CLMT on enterprise value against a forward EBITDA that assumes the new SAF capacity runs and the credit environment holds. Enterprise value is roughly $5.7 billion once the debt is added, against 2025 Adjusted EBITDA with Tax Attributes of about $293 million, a multiple that only looks reasonable if 2027 earnings power is materially higher. Note that the company's headline profitability metric includes tax credits, which is not the same thing as operating cash flow.

Other names that sit close to CLMT: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get CLMT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so CLMT sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where CLMT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

CLMT is really two companies in one ticker: a durable specialty products franchise and a leveraged renewable fuels bet, and the renewable side is what the market is pricing today.

Whether CLMT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CLMT a buy or a sell?, and where the stock could go from here in the CLMT stock forecast.

For income investors, whether CLMT pays a dividend and how the payout looks is covered in does CLMT pay a dividend? And to weigh CLMT against a peer, read the full side-by-side comparisons: CLMT vs VLO and CLMT vs DAR.