| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 35 | — | 17.6x | Bottom tier | |
Growth | 56 | 12.8% | 7.1% | Around median | |
Quality | 38 | 11.4% | 4.5% | Bottom tier | |
Safety | 25 | 10.3x | 2.6x | Bottom tier | |
Capital Return | 88 | — | 2.15% | Top tier | |
Momentum | 100 | 183.7% | 2.3% | Top tier | |
Sentiment | 34 | 2 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Calumet Inc. operates through an integrated platform that converts crude oil into paraffinic base oils, solvents, specialty products, fuels, and asphalt, alongside its retail-focused Performance Brands business. Its subsidiary Montana Renewables also produces renewable diesel and sustainable aviation fuel SAF; this integration gives it an advantage in capturing the value of intermediate materials and co-products instead of purchasing them from external suppliers. In fiscal 2026 Q2, specialty product sales volume exceeded 20 thousand barrels per day for the seventh consecutive quarter, while fiscal 2026 year-to-date volume increased by more than 5% compared with the high level recorded in fiscal 2025.
Fiscal 2026 Q2 revenue was approximately $1.4 billion, and gross profit was $18.3 million, with a gross margin of approximately 1.3%, while the company recorded a net loss of $95.9 million and a loss per share of $1.09. On a fiscal 2026 last-12-month basis, revenue was $4.6 billion and gross profit was $301.5 million, compared with a net loss of $136.8 million and a loss per share of approximately $1.56.
At the operating-mix level, Specialty Products & Solutions led fiscal 2026 Q2 results with adjusted earnings before interest, taxes, depreciation, and amortization of $161.7 million, more than double its level a year earlier. Performance Brands generated $6.3 million, while Montana Renewables generated $17 million including tax attributes despite being shut down throughout April and half of May, and the CMR refining business generated $12.2 million. Total adjusted earnings before interest, taxes, depreciation, and amortization including tax attributes reached $175 million, with operating cash flow exceeding $90 million.
Automated analysis for informational purposes only — not investment advice.
The average analyst target is $46, within a narrow range of $45 to $47, with a neutral consensus; the average is below the 52-week range high of $51.57 and above its low of $16. No positive price-to-earnings multiple is available because of the $136.8 million net loss over the last 12 months in fiscal 2026, so the valuation rationale depends more heavily on achieving debt reduction, sustaining specialty-products margins, and executing the SAF expansion. The neutral rating and absence of positive net income limit the targets' bullish implications, despite improved adjusted earnings and operating cash flows.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Fiscal 2026 Q2 revenue was approximately $1.4 billion, and gross profit was $18.3 million, while the net loss was $95.9 million and the loss per share was $1.09. The company generated $175 million of adjusted earnings before interest, taxes, depreciation, and amortization including tax attributes, with operating cash flow exceeding $90 million. Specialty Products & Solutions led the results with $161.7 million, compared with $17 million for Montana Renewables including tax attributes, $6.3 million for Performance Brands, and $12.2 million for CMR.
On September 1, 2026, Calumet announced a target of 200 million gallons of SAF capacity annually by the end of 2028. The company reduced the project's expected capital requirement from $1.2 billion to $137 million by reusing existing refining equipment, with funding from Montana Renewables earnings and a final $34 million draw from the U.S. Department of Energy loan. On the August 7, 2026 call, management outlined a path beginning at approximately 60 million gallons annually, then reaching 80 to 100 million by the end of 2026 and more than 120 million in spring 2027.
The full impact of more than 20 price increases implemented during fiscal 2026 Q1 arrived while Shreveport operated steadily throughout the quarter. More than 10% of global base-oil production capacity, amounting to slightly above 700 thousand barrels per day, was also offline in August 2026, creating a supply shortage. As a result, Specialty Products & Solutions generated adjusted earnings of $161.7 million in fiscal 2026 Q2, more than double the level recorded a year earlier.
The restricted group's leverage ratio declined to below four times in fiscal 2026 Q2, and management expected to surpass the improvement threshold of below three times in the following quarter. The company called $100 million of MIRA notes due in 2028 during July 2026 and also repurchased the CMR truck-rack sale-leaseback arrangement for $115 million. Management explained on August 7, 2026 that post-quarter-end debt repayment was funded largely with cash generated from the period's earnings.
The business generated $17 million of adjusted earnings including tax attributes in fiscal 2026 Q2, but it lost more than $40 million of margin due to the MaxSAF expansion, maintenance work, and the Powder River outage. Repurposing a CMR reactor for renewable service requires a shutdown of approximately two weeks, adding execution risk before the targeted production rates are reached. Returns also depend on the continued economics of renewable diesel and SAF, after the benchmark margin reached approximately $2.60 per gallon on August 7, 2026.
Analyst consensus is neutral, and the average price target is $46 within a narrow range of $45 to $47. The average target is below the 52-week range high of $51.57, while the range low is $16. No positive price-to-earnings multiple is available because Calumet recorded a net loss of $136.8 million over the last 12 months in fiscal 2026, making execution of the SAF plan, debt reduction, and the sustainability of specialty-products margins the key valuation factors.
