Calumet
CLMT on Nasdaq. Petroleum refining. Market value $4.9bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.49 of spare cash in the past 12 months. A savings account pays about $4.
You pay 150.5 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 8 of 100. Our list needs 70 on quality and 60 on price.
$56.21 a share, 223% above its 1-year low
Over the past year the price has ranged from $17.42 to $59.87.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $4.2bn | $4.1bn |
| Operating margin | ||
| Operating margin | 0.2% | 2.6% |
| Debt to equity | ||
| Debt to equity | n/a | n/a |
| Shares outstanding | ||
| Shares outstanding | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive1 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.4 billion last quarter, up 41% on a year ago.
- A loss of $96 million, compared with a loss of $148 million a year ago.
- It keeps 1 cents of each $1 of sales as operating profit, after losing 5 cents a year earlier.
- Spare cash over the past 12 months: $74 million. A year earlier it spent $123 million more than it brought in.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.1 billion more than cash, down from $2.2 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | $950m |
| March 2025 | $994m |
| June 2025 | $1.0bn |
| September 2025 | $1.1bn |
| December 2025 | $1.0bn |
| March 2026 | $1.0bn |
| June 2026 | $1.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$101m |
| December 2024 | -$41m |
| March 2025 | -$162m |
| June 2025 | -$148m |
| September 2025 | $313m |
| December 2025 | -$37m |
| March 2026 | -$317m |
| June 2026 | -$96m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
None of the long-term investors we follow own it. 188 funds in all.
Largest holders overall
- Two Seas Capital LP$238mAdded
- BlackRock$189mAdded
- Wasserstein Management, L.P.$143mCut
- State Street$125mAdded
- Vanguard Capital Management$124m
- Adams Asset Advisors$72mCut
- Geode Capital Management$71mAdded
- Barclays$51mAdded
- Vanguard Portfolio Management$37mAdded
- Bank of America$35mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- The Heritage GroupInsider or founder16.6%Since 5 June 2026
What they said
Item 4 of the 2024 Schedule 13D is hereby amended to incorporate the following at the end thereof: As previously reported and in connection with the July 2024 restructuring, the Reporting Person received warrants to acquire 1,020,000 shares of Common Stock at an exercise price…
Read the filing - Two Seas Capital LPPassive investorat least 7.5%−1.8 pts(filed with 2 related holders)Since 30 June 2026
- Bagaria Rajay7.0%Since 21 February 2025
What they said
The Reporting Person purchased the Shares based on the Reporting Person's belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the…
Read the filing - Wasserstein Debt Opportunities Management, LPPassive investorat least 6.6%(filed with 1 related holder)Since 31 December 2024
- BlackRock, Inc.Passive investor5.4%Since 30 June 2025
- Wasserstein Debt Opportunities Master, LPPassive investorat least 4.8%−0.2 pts(filed with 1 related holder)Since 18 March 2025
- Wasserstein Management L.P.Passive investorat least 4.6%−2.4 pts(filed with 5 related holders)Since 30 June 2026
- Adams Asset Advisors, LLCPassive investorSold down below 5%Since 16 January 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
The Heritage Group Insider or founder | 16.6% | 5 June 2026 | What they saidItem 4 of the 2024 Schedule 13D is hereby amended to incorporate the following at the end thereof: As previously reported and in connection with the July 2024 restructuring, the Reporting Person received warrants to acquire 1,020,000 shares of Common Stock at an exercise price… Read the filing |
Two Seas Capital LP Passive investor | at least 7.5%−1.8 pts (filed with 2 related holders) | 30 June 2026 | |
Bagaria Rajay | 7.0% | 21 February 2025 | What they saidThe Reporting Person purchased the Shares based on the Reporting Person's belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the… Read the filing |
Wasserstein Debt Opportunities Management, LP Passive investor | at least 6.6% (filed with 1 related holder) | 31 December 2024 | |
BlackRock, Inc. Passive investor | 5.4% | 30 June 2025 | |
Wasserstein Debt Opportunities Master, LP Passive investor | at least 4.8%−0.2 pts (filed with 1 related holder) | 18 March 2025 | |
Wasserstein Management L.P. Passive investor | at least 4.6%−2.4 pts (filed with 5 related holders) | 30 June 2026 | |
Adams Asset Advisors, LLC Passive investor | Sold down below 5% | 16 January 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $267,381.
- Mawer Stephen PDirectorSold
- Date
- 25 September 2026
- Shares
- 24,555
- Price
- $0.00
- Value
- $0
- Sajkowski Daniel JDirectorSold
- Date
- 1 July 2026
- Shares
- 4,240
- Price
- $36.16
- Value
- $153,318
- Sajkowski Daniel JDirectorSold
- Date
- 1 April 2026
- Shares
- 3,310
- Price
- $34.46
- Value
- $114,063
- Sajkowski Daniel JDirectorSold
- Date
- 4 December 2025
- Shares
- 2,022
- Price
- $0.00
- Value
- $0
- Boss John G.DirectorSold
- Date
- 4 December 2025
- Shares
- 1,011
- Price
- $0.00
- Value
- $0
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Mawer Stephen P Director | Sold | 24,555 | $0.00 | $0 |
| 1 July 2026 | Sajkowski Daniel J Director | Sold | 4,240 | $36.16 | $153,318 |
| 1 April 2026 | Sajkowski Daniel J Director | Sold | 3,310 | $34.46 | $114,063 |
| 4 December 2025 | Sajkowski Daniel J Director | Sold | 2,022 | $0.00 | $0 |
| 4 December 2025 | Boss John G. Director | Sold | 1,011 | $0.00 | $0 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Calumet’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 9 later 8-Ks.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 7 Nov 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 7 November 2025: Previously issued accounts should no longer be relied on. Open the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 150.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.