CLMT
Calumet, Inc.
NasdaqGSUSDEQUITY
Basic Materials
DELAYED
Buy
+52/100
Last price
56.21
▲ 0.18 (0.32%)
MARKET · —
Price
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Tool
1D
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Open
—
Prev close
56.03
Day high
56.93
Day low
55.48
Volume
850.91K
Market cap
$4.94B
P/E (TTM)
—
52W range
17.42 – 59.87
Trailing performance
Returnvs SPY
1W
+5.60%
+3.6%
1M
+5.80%
+4.6%
3M
+44.91%
+40.4%
6M
+61.85%
+43.7%
YTD
+182.89%
+168.6%
1Y
+202.37%
+185.9%
3Y
+194.29%
+112.0%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CLMT open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+1.27M
Net buying
Buy transactions
14
1.93M shares
Sell transactions
3
655.79K shares
Net transactions
+17
Buys less sells
Sell : buy shares
0.3 : 1
Mixed
Insider-held shares
17.71M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 25, 26 | MAWER STEPHEN P Director |
SELL | 24.55K | $1.32M | Direct |
| Sep 25, 26 | MAWER STEPHEN P Director |
— | 61.39K | — | Direct |
| Sep 25, 26 | FLEMING BRUCE A Officer |
— | 107.43K | — | Direct |
| Sep 25, 26 | BORGMANN LOUIS TODD Chief Executive Officer |
— | 107.43K | — | Direct |
| Sep 25, 26 | MORICAL GREGORY J General Counsel |
— | 30.69K | — | Direct |
| Jul 9, 26 | QUINTANA JULIO MANUEL Director |
— | 7.07K | — | Direct |
| Jul 9, 26 | SCHUMACHER AMY M Director |
— | 7.07K | — | Direct |
| Jul 9, 26 | SAJKOWSKI DANIEL J Director |
— | 7.07K | — | Direct |
| Jul 9, 26 | MAWER STEPHEN P Director |
— | 13.78K | — | Direct |
| Jul 9, 26 | BOSS JOHN G Director |
— | 7.07K | — | Direct |
| Jul 9, 26 | TWITCHELL KAREN A Director |
— | 7.07K | — | Direct |
| Jul 9, 26 | NARWOLD KAREN G Director |
— | 7.07K | — | Direct |
| Jul 9, 26 | RAYMOND PAUL C III Director |
— | 7.07K | — | Direct |
| Jul 1, 26 | SAJKOWSKI DANIEL J Director |
SELL | 4.24K | $153.32K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BORGMANN LOUIS TODD |
Chief Executive Officer | 324.27K | Conversion of Exercise of derivative security |
CARTER JAMES S |
Director | 394.63K | Conversion of Exercise of derivative security |
FLEMING BRUCE A |
Officer | 615.20K | Conversion of Exercise of derivative security |
HERITAGE GROUP |
Beneficial Owner of more than 10% of a Class of Security | 14.52M | Stock Gift |
MAWER STEPHEN P |
Director | 348.41K | Sale |
MORICAL GREGORY J |
General Counsel | 64.94K | Conversion of Exercise of derivative security |
OBERMEIER SCOTT |
Officer | 237.66K | Conversion of Exercise of derivative security |
SAJKOWSKI DANIEL J |
Director | 81.96K | Conversion of Exercise of derivative security |
SCHUMACHER AMY M |
Director | 258.16K | Conversion of Exercise of derivative security |
STRAUMINS JENNIFER |
Director | 943.44K | Conversion of Exercise of derivative security |
Fundamentals
Market cap$4.94B
Enterprise value$7.45B
Revenue (TTM)$4.59B
Gross profit$317.80M
EBITDA$83.30M
Net income$-136.80M
EPS (TTM)$-1.55
Free cash flow$172.56M
Total cash$109.80M
Total debt$2.37B
Book value / share$-12.95
Shares outstanding87.90M
Float58.91M
Short % of float6.45%
Dividend yield0.00%
Beta (5Y)0.78
Valuation & profitability ratios
Trailing P/E—
Forward P/E89.22
PEG ratio0.65
Price / sales—
Price / book—
EV / revenue1.62
EV / EBITDA89.43
Gross margin6.92%
Operating margin-4.57%
Profit margin-2.98%
Return on equity—
Return on assets-1.32%
Debt / equity—
Current ratio0.84
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $4.14B | $4.19B | $4.18B | $4.69B | -1.2% |
| Operating revenue | $4.14B | $4.19B | $4.18B | $4.69B | -1.2% |
| Cost of revenue | $3.89B | $3.96B | $3.73B | $4.33B | -1.7% |
| Gross profit | $245.70M | $230.80M | $451.70M | $351.70M | +6.5% |
| Selling, general & admin | $171.70M | $201.20M | $187.90M | $197.30M | -14.7% |
| Total operating expense | $191.50M | $220.70M | $181.00M | $219.10M | -13.2% |
| Operating income | $54.20M | $10.10M | $270.70M | $132.60M | +436.6% |
| Net interest income | -$215.80M | -$236.70M | -$221.70M | -$175.90M | +8.8% |
| Pre-tax income | -$126.40M | -$221.20M | $49.70M | -$169.90M | +42.9% |
| Tax provision | -$92.60M | $800.00K | $1.60M | $3.40M | -11,675.0% |
| Net income | -$33.80M | -$222.00M | $48.10M | -$173.30M | +84.8% |
| Net income to common | -$33.80M | -$222.00M | $47.10M | -$169.80M | +84.8% |
| Basic EPS | -0.39 | -2.67 | 0.59 | -2.04 | +85.4% |
| Diluted EPS | -0.39 | -2.67 | 0.59 | -2.04 | +85.4% |
| EBIT | $89.40M | $15.50M | $271.40M | $6.00M | +476.8% |
| EBITDA | $238.20M | $164.50M | $418.20M | $104.30M | +44.8% |
| Basic shares | 86.76M | 83.15M | 80.08M | 79.34M | +4.3% |
| Diluted shares | 86.76M | 83.15M | 80.08M | 79.34M | +4.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $125.10M | $38.10M | $7.90M | $35.20M | +228.3% |
| Cash & short-term investments | $125.10M | $38.10M | $7.90M | $35.20M | +228.3% |
| Accounts receivable | $224.40M | $241.70M | $252.40M | $244.70M | -7.2% |
| Inventory | $385.20M | $416.30M | $439.40M | $497.70M | -7.5% |
| Total current assets | $857.80M | $766.00M | $794.70M | $819.60M | +12.0% |
| Property, plant & equipment | $1.58B | $1.68B | $1.62B | $1.59B | -6.1% |
| Goodwill & intangibles | $149.20M | $195.00M | $201.50M | $209.30M | -23.5% |
| Total assets | $2.69B | $2.76B | $2.75B | $2.74B | -2.5% |
| Total current liabilities | $840.70M | $863.60M | $1.11B | $1.35B | -2.7% |
| Current debt | $156.20M | $35.50M | $55.70M | $19.60M | +340.0% |
| Long-term debt | $2.08B | $2.06B | $1.83B | $1.54B | +0.6% |
| Total debt | $2.46B | $2.34B | $2.00B | $1.67B | +5.0% |
| Total liabilities | $3.18B | $3.22B | $3.00B | $3.03B | -1.5% |
| Retained earnings | -$1.57B | -$1.54B | $0 | — | -2.2% |
| Shareholder equity | -$732.70M | -$711.90M | $0 | $0 | -2.9% |
| Working capital | $17.10M | -$97.60M | -$318.00M | -$531.30M | +117.5% |
| Net tangible assets | -$881.90M | -$906.90M | -$201.50M | -$209.30M | +2.8% |
| Shares issued | 86.78M | 85.95M | 79.97M | 79.19M | +1.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$33.80M | -$222.00M | $48.10M | -$173.30M | — | +84.8% |
| Depreciation & amortisation | $148.80M | $149.00M | $146.80M | $98.30M | — | -0.1% |
| Stock-based compensation | -$4.50M | $14.60M | $14.70M | $17.30M | — | -130.8% |
| Change in working capital | $21.30M | $10.20M | -$25.10M | -$126.90M | — | +108.8% |
| Operating cash flow | $108.90M | -$46.40M | -$14.90M | $100.60M | — | +334.7% |
| Capital expenditure | -$52.30M | -$76.70M | -$271.80M | -$536.20M | — | +31.8% |
| Investing cash flow | $44.10M | -$76.70M | -$271.80M | -$536.00M | — | +157.5% |
| Share buybacks | — | $0 | $0 | -$4.40M | $0 | — |
| Financing cash flow | $6.20M | $154.30M | $266.20M | $348.70M | — | -96.0% |
| Free cash flow | $56.60M | -$123.10M | -$286.70M | -$435.60M | — | +146.0% |
| End cash position | $205.10M | $45.90M | $14.70M | $35.20M | — | +346.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $1.45B | $1.03B | $1.04B | $1.08B | $1.03B | +40.3% |
| Operating revenue | $1.45B | $1.03B | $1.04B | $1.08B | $1.03B | +40.3% |
| Cost of revenue | $1.43B | $1.12B | $1.04B | $704.30M | $1.07B | +27.7% |
| Gross profit | $18.30M | -$87.50M | -$3.00M | $373.70M | -$43.60M | +120.9% |
| Selling, general & admin | $52.90M | $78.30M | $51.70M | $42.30M | $53.30M | -32.4% |
| Total operating expense | $58.30M | $83.80M | $60.20M | $44.40M | $57.40M | -30.4% |
| Operating income | -$40.00M | -$171.30M | -$63.20M | $329.30M | -$101.00M | +76.6% |
| Net interest income | -$52.00M | -$51.10M | -$50.80M | -$53.60M | -$52.90M | -1.8% |
| Pre-tax income | -$117.10M | -$337.80M | -$89.10M | $272.00M | -$147.70M | +65.3% |
| Tax provision | -$21.20M | -$20.80M | -$51.80M | -$41.40M | $200.00K | -1.9% |
| Net income | -$95.90M | -$317.00M | -$37.30M | $313.40M | -$147.90M | +69.7% |
| Net income to common | -$95.90M | -$317.00M | -$37.30M | $313.40M | -$147.90M | +69.7% |
| Basic EPS | -1.09 | -3.64 | -0.43 | 3.61 | -1.70 | +70.1% |
| Diluted EPS | -1.09 | -3.64 | -0.43 | 3.61 | -1.70 | +70.1% |
| EBIT | -$65.10M | -$286.70M | -$38.30M | $325.60M | -$94.80M | +77.3% |
| EBITDA | -$30.50M | -$253.70M | -$38.30M | $325.60M | -$58.10M | +88.0% |
| Basic shares | 87.59M | 87.00M | 86.91M | 86.90M | 86.80M | +0.7% |
| Diluted shares | 87.59M | 87.00M | 86.91M | 86.90M | 86.80M | +0.7% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $109.80M | $138.60M | $125.10M | $94.60M | $110.60M | -20.8% |
| Cash & short-term investments | $109.80M | $138.60M | $125.10M | $94.60M | $110.60M | -20.8% |
| Accounts receivable | $417.00M | $358.40M | $224.40M | $263.90M | $271.10M | +16.4% |
| Inventory | $421.00M | $369.50M | $385.20M | $400.10M | $370.50M | +13.9% |
| Total current assets | $1.02B | $927.90M | $857.80M | $880.10M | $895.80M | +10.2% |
| Property, plant & equipment | $1.32B | $1.34B | $1.58B | $1.36B | $1.39B | -1.1% |
| Goodwill & intangibles | — | — | $149.20M | — | — | — |
| Total assets | $2.80B | $2.75B | $2.69B | $2.73B | $2.78B | +1.7% |
| Total current liabilities | $1.22B | $963.10M | $840.70M | $776.30M | $1.18B | +26.3% |
| Current debt | $33.50M | $32.60M | $156.20M | $155.20M | $231.80M | +2.8% |
| Long-term debt | $2.23B | $2.30B | $2.08B | $2.15B | $2.11B | -3.2% |
| Total debt | $2.26B | $2.33B | $2.46B | $2.30B | $2.34B | -3.1% |
| Total liabilities | $3.69B | $3.55B | $3.18B | $3.18B | $3.54B | +4.0% |
| Retained earnings | -$1.99B | -$1.89B | -$1.57B | -$1.54B | -$1.85B | -5.1% |
| Shareholder equity | -$1.14B | -$1.04B | -$732.70M | -$695.30M | -$1.01B | -9.0% |
| Working capital | -$194.00M | -$35.20M | $17.10M | $103.80M | -$280.20M | -451.1% |
| Net tangible assets | -$1.14B | -$1.04B | -$881.90M | -$695.30M | -$1.01B | -9.0% |
| Shares issued | 87.84M | 87.04M | 86.78M | 86.75M | 86.66M | +0.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | -$95.90M | -$317.00M | -$37.30M | $313.40M | -$147.90M | — | +69.7% |
| Depreciation & amortisation | $34.60M | $33.00M | — | — | $36.70M | $37.00M | +4.8% |
| Stock-based compensation | $7.50M | $37.40M | — | — | $4.50M | -$21.50M | -79.9% |
| Change in working capital | -$17.80M | -$84.60M | $75.40M | -$54.40M | $2.50M | — | +79.0% |
| Operating cash flow | $92.30M | -$86.20M | $116.50M | $23.50M | -$1.80M | — | +207.1% |
| Capital expenditure | -$38.30M | -$13.20M | -$12.70M | -$8.40M | -$13.60M | — | -190.2% |
| Investing cash flow | -$39.30M | -$13.70M | -$11.70M | -$8.40M | -$13.60M | — | -186.9% |
| Financing cash flow | -$81.80M | $73.40M | -$74.30M | -$31.10M | $2.60M | — | -211.4% |
| Free cash flow | $54.00M | -$99.40M | $103.80M | $15.10M | -$15.40M | — | +154.3% |
| End cash position | $149.80M | $178.60M | $205.10M | $174.60M | $190.60M | — | -16.1% |
Options analytics
Put / call volume
0.37
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
35.00
-37.7% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
638
Contracts, this expiry
Put volume
234
Contracts, this expiry
Heaviest call OI
40.00
0 contracts
Heaviest put OI
35.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.16 | 0.68 | +323.7% |
| Mar 2026 | -0.63 | -0.41 | +35.1% |
| Dec 2025 | -0.46 | -0.18 | +59.9% |
| Sep 2025 | -0.43 | 0.20 | +147.6% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 1.57 | 1 | $1.26B | +16.6% |
| Next quarter | 0.47 | 1 | $1.20B | +15.6% |
| Current year | -2.68 | 1 | $4.93B | +19.2% |
| Next year | 0.63 | 1 | $4.69B | -4.9% |
Analyst targets & ownership
Mean target$53.40
High target$75.00
Low target$40.00
Implied upside-5.00%
Analyst count5
ConsensusNONE
Strong buy / Buy0 / 2
Hold4
Sell / Strong sell0 / 0
Held by insiders20.15%
Held by institutions52.02%
Institutions holding272
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
54.13
+3.83% from price
SMA 20
55.75
+0.83% from price
SMA 50
50.47
+11.36% from price
SMA 100
43.41
+29.48% from price
SMA 200
35.45
+58.55% from price
EMA 12
54.89
+2.41% from price
EMA 26
53.78
+4.52% from price
EMA 50
50.71
+10.84% from price
RSI (14)
60.3
Neutral
MACD (12,26,9)
1.11
Hist -0.37
ATR (14)
2.42
4.31% of price
Realised vol 30D
34.4%
Annualised
Bollinger upper
59.75
20, 2σ
Bollinger lower
51.74
20, 2σ
50 / 200 cross
Golden
50.47 vs 35.45
Trend bias
Above 200
+58.55%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
-0.05
Less volatile than market
Correlation to SPY
-0.01
Largely independent
Realised vol 30D
34.4%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-15.0%
Peak to trough
Max drawdown 5Y
-61.9%
Peak to trough
ATR 14
2.42
4.31% of price
Beta (reported)
0.78
5Y monthly, from filing
Short interest
Shares short
4.48M
Prior 3.56M
Change vs prior
+26.0%
Shorts adding
% of float
6.45%
Normal
% of shares out
5.10%
Against total outstanding
Days to cover
3.9
Liquid
Float
58.91M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 2, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Aug 25, 26 | UBS | MAINTAINED | Neutral | Neutral |
| Aug 18, 26 | Goldman Sachs | MAINTAINED | Neutral | Neutral |
| Aug 12, 26 | TD Cowen | MAINTAINED | Hold | Hold |
| Jul 30, 26 | Goldman Sachs | MAINTAINED | Neutral | Neutral |
| Mar 30, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Mar 12, 26 | Goldman Sachs | MAINTAINED | Buy | Buy |
| Jan 30, 26 | Goldman Sachs | MAINTAINED | Buy | Buy |
| Nov 10, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Oct 22, 25 | Goldman Sachs | MAINTAINED | Buy | Buy |
| Aug 12, 25 | UBS | MAINTAINED | Neutral | Neutral |
| May 14, 25 | Wells Fargo | MAINTAINED | Overweight | Overweight |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield11.96%
Payout ratio0.00%
Ex-dividend dateJan 29, 2016
Next pay dateFeb 12, 2016
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-15
Corporate Changes & Voting Matters
8-K · 2026-09-01
Periodic Financial Reports
10-Q · 2026-08-07
Corporate Changes & Voting Matters
8-K · 2026-06-03
Periodic Financial Reports
10-Q · 2026-05-08
Annual Report to Shareholders
ARS · 2026-04-20
Corporate Changes & Voting Matters
8-K · 2026-03-25
Corporate Changes & Voting Matters
8-K · 2026-03-17
Headlines
Best Momentum Stocks to Buy for October 6th
Zacks · 21h ago
Calumet, Inc. to Release Third Quarter 2026 Earnings on November 6, 2026
PR Newswire · 23h ago
New Strong Buy Stocks for October 6th
Zacks · 1d ago
These Energy Stocks Just Delivered Massive September Gains
GuruFocus.com · 9d ago
1 Safe-and-Steady Stock with Competitive Advantages and 2 We Question
StockStory · 9d ago
3 U.S. Refining Stocks Investors Are Watching As Gasoline Hits $4.48
Simply Wall St. · 12d ago
Calumet (CLMT): Buy, Sell, or Hold Post Q2 Earnings?
StockStory · 15d ago
Are Oils-Energy Stocks Lagging Calumet, Inc. (CLMT) This Year?
Zacks · 16d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.