olivLaw · US equity research
Calumet, Inc. CLMT
Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)
Calumet, Inc. (NASDAQ: CLMT) manufactures and markets specialty branded products and renewable fuels from Indianapolis, operating twelve facilities across North America. The company closed 2025 with Adjusted EBITDA with Tax Attributes of 293.3 million USD, and its second quarter 2026 results are driven by strong specialty product margins and RINs dynamics.
At the close of 04 Nov 2026, Calumet, Inc. (CLMT) stock was 43.60 USD (−7.88% on the day), with market capitalisation 3.8 bn USD, beta 0.88, 52-week range 18.22–59.05 USD. Latest reported quarter (Q2 2026): revenue of 1.4 bn USD (+40.8% YoY), net income of -95.9 m USD, diluted EPS -1.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 29.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 43.69 – 61.71
- below the lower band · %B -0.01 · band width 34.2%
- SMA 50 / 200
- 53.63 / 38.91
- mixed trend
- MACD (12, 26, 9)
- -2.21 / -1.20
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.2% | −1.1% | −21.1 pp | — |
| 3 months | +8.3% | −0.5% | +8.7 pp | — |
| 6 months | +26.4% | +4.4% | +22.0 pp | — |
| Year to date | +119.4% | +12.3% | +107.1 pp | — |
| 1 year | +121.0% | +13.5% | +107.4 pp | +46.0% |
| 3 years | +213.2% | +76.4% | +136.8 pp | +64.2% |
| 5 years | +280.5% | +63.7% | +216.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 949.5 m | 993.9 m | 1.0 bn | 1.1 bn | 1.0 bn | 1.0 bn | 1.4 bn |
| Cost of revenue | 1.1 bn | 865.9 m | 1.1 bn | 1.1 bn | 704.3 m | 1.0 bn | 1.1 bn | 1.4 bn |
| Gross profit | 4.9 m | 83.6 m | -81.4 m | -43.6 m | 373.7 m | -3.0 m | -87.5 m | 18.3 m |
| Operating income | -57.1 m | 22.7 m | -48.7 m | -101.0 m | 322.9 m | -64.5 m | -171.3 m | -40.0 m |
| Depreciation & amortisation | 45.3 m | 12.4 m | 37.0 m | 47.9 m | 50.7 m | 3.5 m | 33.0 m | 45.5 m |
| Interest expense | 57.7 m | 61.4 m | 58.5 m | 52.9 m | 53.6 m | 50.8 m | 51.1 m | 52.0 m |
| Pre-tax income | -99.9 m | -41.3 m | -161.6 m | -147.7 m | 272.0 m | -89.1 m | -337.8 m | -117.1 m |
| Income tax | 700.0 k | -600.0 k | 400.0 k | 200.0 k | -41.4 m | -51.8 m | -20.8 m | -21.2 m |
| Net income | -100.6 m | -40.7 m | -162.0 m | -147.9 m | 313.4 m | -37.3 m | -317.0 m | -95.9 m |
| Diluted EPS | -1.18 | -0.47 ≈ | -1.87 | -1.70 | 3.61 | -0.43 ≈ | -3.64 | -1.09 |
| Operating cash flow | -15.5 m ≈ | -3.4 m | -29.3 m | -1.8 m ≈ | 23.5 m ≈ | 116.5 m | -86.2 m | 92.3 m ≈ |
| Capex | 19.4 m | 25.0 m | 17.6 m | 19.0 m | 23.5 m | 12.7 m | 13.2 m | 38.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 4.7 bn | 4.2 bn | 4.2 bn | 4.1 bn |
| Revenue YoY | unavailable | −10.8% | +0.2% | −1.2% |
| Net income | -173.3 m | 48.1 m | -222.0 m | -33.8 m |
| Net income YoY | unavailable | unavailable | −561.5% | unavailable |
| Diluted EPS | unavailable | unavailable | -2.67 | -0.39 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -3.7% | 1.2% | -5.3% | -0.8% |
| Free cash flow | -435.6 m | -286.7 m | -123.1 m | 56.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 125.1 m USD
- Financial debt
- 2.2 bn USD
- Net debt
- 2.1 bn USD
- Equity
- -732.7 m USD
- Total assets
- 2.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.02x
- ROE
- unavailable
- ROA
- -1.2%
- FCF margin
- 1.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 4.7 bn | 4.2 bn | 4.2 bn | 4.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 4.3 bn | 3.7 bn | 4.0 bn | 3.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 351.7 m | 451.7 m | 230.8 m | 245.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 131.9 m | 267.2 m | 8.1 m | 108.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 98.3 m | 146.8 m | 149.0 m | 148.8 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 230.2 m ≈ | 414.0 m ≈ | 157.1 m ≈ | 257.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 175.9 m | 221.7 m | 236.7 m | 215.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -169.9 m | 49.7 m | -221.2 m | -126.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 3.4 m | 1.6 m | 800.0 k | -92.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -173.3 m | 48.1 m | -222.0 m | -33.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | — | — | -2.67 | -0.39 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 79.3 m | 80.1 m | 83.1 m | 86.8 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 35.2 m | 7.9 m | 38.1 m | 125.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | — | 439.4 m | 416.3 m | 385.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | — | 794.7 m | 766.0 m | 857.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 1.5 bn | 1.5 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 173.0 m | 173.0 m | 173.0 m | 140.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 28.5 m | 22.0 m | 8.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | — | 2.8 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | — | 322.0 m | 320.8 m | 281.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | — | 55.7 m | 35.5 m | 156.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | — | 1.8 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | — | 1.1 bn | 863.6 m | 840.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | — | 3.0 bn | 3.2 bn | 3.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | -533.3 m † | -490.3 m † | -711.9 m † | -732.7 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 100.6 m | -14.9 m | -46.4 m | 108.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 536.2 m | 271.8 m | 76.7 m | 52.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -435.6 m ≈ | -286.7 m ≈ | -123.1 m ≈ | 56.6 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -536.0 m | -271.8 m | -76.7 m | 44.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 348.7 m | 266.2 m | 154.3 m | 6.2 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.74 – 36.71 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)10.74 – 36.71 (Mid 20.01)WACC 7.7% · starting FCFF 232.7 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 14.6%
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.0% | 12 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.1% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 12.0x | 0 (vs peers) | 19% |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 33.3x | 0 (vs peers) | 19% |
| FCF yield · Valuation | 1.5% | 19 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet1/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial12/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation8/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Calumet, Inc. /DE (CLMT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.1 bn USD in 2025; YoY growth -1.2%; net margin -3.0%; net debt/EBITDA 12.0x.
The estimated value range is 10.74–36.71 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 20.01 USD, the price of 43.60 USD leaves a potential of -54.1% (value / price − 1) and a margin of safety of -117.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -3.0%
- Revenue CAGR 3Y: -4.1%
- Net debt / EBITDA: 12.0x
- Interest coverage: 0.2x
- Current ratio: 0.8x
- EV/EBITDA: 33.3x
- FCF yield: 1.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| XOMExxonMobil Holdings Corporation | 701.6 bn | 27.7 | 9.8% | 7.6% | −5.0% | +46% / +65% |
| CVXChevron Corp | 428.7 bn | 20.8 | 12.2% | 9.6% | −6.8% | +44% / +51% |
| COPConocoPhillips | 164.5 bn | 18.1 | 14.2% | 14.7% | +7.7% | +54% / +18% |
| EQNREquinor Asa | 107.0 bn | 22.1 | 12.2% | 4.7% | +2.6% | +87% / +34% |
| MPCMarathon Petroleum Corporation | 106.9 bn | 7.7 | 72.6% | 8.4% | −4.4% | +103% / +163% |
| VLOValero Energy Corp | 101.9 bn | 8.2 | 50.1% | 8.4% | −5.5% | +107% / +191% |
| PSXPhillips 66 | 101.3 bn | 8.3 | 41.1% | 7.5% | −7.5% | +90% / +101% |
| YPFYPF Sociedad Anonima | 16.4 bn | — | -7.4% | -4.5% | −4.4% | +13% / +151% |
| CVICvr Energy, Inc | 4.3 bn | 16.3 | 27.5% | 2.7% | −5.9% | +25% / +35% |
| IEPIcahn Enterprises L.P. | 4.0 bn | — | — | -9.4% | −3.6% | −34% / −68% |
| DKDelek Us Holdings, Inc. | 4.0 bn | 18.2 | 62.6% | 1.9% | −9.5% | +69% / +141% |
| CLMTCalumet, Inc. | 3.8 bn | — | — | -3.0% | −1.2% | +121% / +213% |
| SUNCSunococorp LLC | 3.4 bn | 23.8 | — | 0.4% | +11.1% | +26% / unavailable |
| IMOImperial Oil Limited | — | — | 25.2% | 10.9% | −8.6% | +29% / +126% |
| PBFPbf Energy Inc. | — | 3.2 | 41.1% | 7.0% | −11.4% | +111% / +64% |
| BPBp PLC | — | — | 0.1% | 0.0% | −1.1% | +26% / +26% |
| SUNSunoco LP | — | — | — | 2.9% | +11.1% | +15% / +18% |
| SUSuncor Energy Inc | — | — | 13.2% | 11.3% | −4.6% | +61% / +118% |
1- and 3-year price returns: for CLMT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Calumet, Inc. (NASDAQ: CLMT) manufactures and markets specialty branded products and renewable fuels from Indianapolis, operating twelve facilities across North America. The company closed 2025 with Adjusted EBITDA with Tax Attributes of 293.3 million USD, and its second quarter 2026 results are driven by strong specialty product margins and RINs dynamics 13.
SWOT
Strengths
- The company runs an integrated model that converts crude into specialty products and fuels, and has improved operational reliability over recent years 12.
- The specialty products platform has solid demand and a diversified customer base that supports results even in volatile periods 12.
- A first-mover position in renewable fuels and access to Montana feedstocks give a strategic advantage in the region 12.
Weaknesses
- Net results have stayed negative in recent periods, influenced by non-cash RINs and derivative items 13.
- The company depends on third-party pipelines and terminals, and their unavailability could reduce sales and cash flow 1.
- Performance Brands margins were compressed in the second quarter of 2026 as feedstock costs rose faster than selling prices 3.
Opportunities
Risks
- Margin volatilityhigh
Product margins depend on crude and feedstock prices, and hedging instruments may not be effective 1.
- RFS obligations and RINshigh
Changes to RFS obligations or to the availability of small refinery exemptions could raise compliance costs 13.
- Indebtedness and debt servicemedium
A reduction in the borrowing base or inventory values could limit access to financing and the ability to service debt 1.
- Dependence on third-party pipelinesmedium
Disruption of third-party pipelines could reduce sales and available cash flow 1.
- Operating hazardsmedium
Accidents, fires or unplanned shutdowns could cause major losses, and insurance may not cover all costs 1.
Investment thesis
What would need to be true (bull case)
- If margins for specialty products and fuels remain high, quarterly results could keep improving, as seen in the second quarter of 2026 3.
- If RFS obligations for 2026 and 2027 support demand for renewable fuels, Montana Renewables could hold a competitive position in the region 2.
- Accelerated debt reduction could ease financial pressure and open room for growth investment 23.
What would break the thesis
- If crack spreads return to lower historical levels, profitability could fall quickly and net losses could persist 1.
- If regulatory changes erode the advantages of American producers, compliance costs could rise significantly 12.
- If non-cash RINs losses recur, reported results could stay negative even when operations are solid 3.
What to watch
- Evolution of Specialty Products and Solutions margins and the Middle East conflictQ3 2026
- Montana/Renewables results after the MaxSAF 150 expansionQ3 2026
- Progress on debt reduction and the 2031 senior notesnext 10-K
- Final effect of 2026 and 2027 RFS rules on compliance costs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Calumet manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels for consumer-facing and industrial customers. It is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America 12. Its reportable segments are Specialty Products and Solutions, Performance Brands and Montana/Renewables 12.
The Specialty Products and Solutions segment makes solvents, waxes, customized lubricating oils, white oils, petrolatums, gels and esters, sold mainly as raw material components to domestic and international customers 12. Performance Brands sells high performance products under the Royal Purple, Bel-Ray and TruFuel brands 12.
Montana/Renewables comprises two facilities in Great Falls, Montana: one producing renewable diesel, sustainable aviation fuel and renewable naphtha, and one processing Canadian crude into specialty asphalt and fuels for local markets 2. The company completed its MaxSAF 150 expansion in the second quarter of 2026 23.
Segments
Specialty Products and Solutions
The segment reported Adjusted EBITDA of 161.7 million USD in the second quarter of 2026, compared with 66.8 million USD in the same period a year earlier, reflecting a constructive market and strong production 3.
Performance Brands
The segment recorded record quarterly sales of TruFuel in the second quarter of 2026, but margins were compressed as price increases lagged feedstock cost increases 3.
Market context
The Gulf Coast 2/1/1 crack spread averaged 24.04 USD per barrel in 2025, compared with 17.02 USD in 2024, indicating a more favorable refining margin environment 1. In 2026, conflict in the Middle East has tightened global refined product markets, and the company says its North American crude supply partly insulates it from these disruptions 2.
For renewable fuels, the EPA set historically high volume requirements for 2026 and 2027, which could support margins across the biodiesel industry 2. Demand is also supported by federal policy on domestic fuel production and aviation decarbonization targets 12.
Trends
- Strong specialty product marginstailwind
A global shortage of Group III base oils could keep demand shifting toward Group I and II products, and the company said margins could remain volatile but above historical averages near term 2.
- RFS obligations and RINs costsmixed
Higher RFS obligations and volatile RINs prices can materially change quarterly results, as the non-cash RINs expense in the second quarter of 2026 showed 13.
- Debt reductiontailwind
The company redeemed 2028 notes in July 2026 and terminated a terminal financing early, indicating an acceleration of deleveraging 23.
- Feedstock and natural gas exposureheadwind
Natural gas and utility costs made up a larger share of operating expenses, and falling crack spreads could weigh on profitability 1.
Competitive position
The supplied sources do not detail Calumet's direct competitors. The company points to its integrated asset base and first-mover position in renewable fuels in Montana as its advantages 12.
- Crude oil suppliers and third-party pipeline operators
The company depends on third-party pipelines for transport of feedstocks and products, creating exposure to competition for transport capacity 1.
- Biodiesel and renewable fuel producers
Idled biodiesel producers re-entering the market could compete with Montana Renewables for mandated demand 2.
- Base oil and lubricant producers
Competition comes from suppliers of Group I and II base oils, whose demand has risen amid the Group III shortage 2.
- Integrated North American refiners
Refiners processing North American crude compete for refined product margins in the region 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report15 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report01 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Proxy statement20 Apr 2026
- Current report25 Mar 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Mar 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Calumet, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Calumet, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Calumet, Inc. · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.