Recent News
On August 8, 2025 Calumet reported second-quarter 2025 results showing a net loss of $147.9 million and highlighted $76.5 million of Adjusted EBITDA with tax attributes; management reported $42 million of year‑over‑year operating cost savings and reiterated Montana Renewables’ 120–150 million gallon SAF target for Q2 2026. On July 18, 2025 the company confirmed the August 8 earnings release and conference call schedule. Investor-focused coverage in July and August flagged improving technical strength ahead of the Q2 release.
Technical Analysis
ADX at 31.81 signals a strong directional regime; that strength amplifies whichever directional signals dominate next, tying directly to the near-term price bias.
DI+ shows a peak & reversal at 25.97, which indicates a bearish directional shift; DI- sits at 12.06 and trends decreasing, which signals reduced downside pressure. Combined with the ADX reading, the directional indicators point to a high‑conviction move in progress but with competing directional forces that could produce volatile directional swings.
MACD stands at 0.77 and trends increasing, above its signal line at 0.63; that crossover constitutes a bullish momentum signal and supports a near-term upside bias for price relative to recent ranges.
MRO reads 11.34 with a peak & reversal; the oscillator’s positive value indicates price sits above the internal target and carries a tendency to revert lower, implying upside runs may face mean‑reversion risk.
RSI at 59.11 and rising indicates constructive momentum without immediate overextension, reinforcing the MACD signal while leaving room for additional upside before strong overbought pressure.
Price at $18.66 trades above the 20‑day average ($17.90), 50‑day average ($16.21) and 200‑day average ($15.49); the 12‑day EMA at $18.00 trends higher. Price sits just below the 1× upper Bollinger band ($18.73) and above the super‑trend lower support at $16.87, creating a tight bullish range with nearby resistance at the band and support defined by the super‑trend and shorter moving averages.
Volume at 609,634 undercuts the 10‑day and longer averages, suggesting current moves carry lighter participation; the lower volume reduces immediate conviction for breakouts despite bullish momentum indicators.
Fundamental Analysis
Revenue totaled $1,026,600,000 while net income registered a loss of $147,900,000 for the period ending 2025-06-30, reflecting marked earnings pressure despite top‑line scale.
EBIT equaled -$94,800,000, producing an EBIT margin of -9.23% QoQ change of -10.98% and year‑over‑year change of -675.33%. The EBIT margin falls below the industry peer mean of 2.23% and the industry peer median of 4.01%, and sits well above the industry peer low of -24.29% but below the industry peer high of 16.30%.
EPS showed a GAAP loss per share of -$1.70 versus an estimate of -$0.35, a miss of $1.35, representing an EPS surprise of -385.71% on the provided metric; forward EPS sits at -$0.0175 and forward PE reads -796.74.
Liquidity balances include $110,600,000 in cash and cash and short‑term investments, with a current ratio of 0.76 (industry peer mean 1.55). The quick ratio registers 0.45 and the cash ratio 0.094. Working capital sits negative at -$280,200,000, and net debt totals $2,226,700,000 against market capitalization of $1,312,670,859, indicating material leverage.
Debt metrics show debt to assets at 84.19%, above the industry peer mean of 48.69% and above the industry peer median; debt to equity reads -231.49% (reflecting negative equity) against an industry peer mean near 199.17%. Interest expense totaled $52,900,000 with an interest coverage ratio of -1.79, underscoring near‑term coverage strain.
Operational efficiency presents mixed signals: asset turnover at 0.3666 sits essentially in line with the industry peer mean of 0.3654; inventory turnover of 2.82 trails the industry peer mean of 4.68. Gross profit shows -$43,600,000 and a gross margin of -4.25% with a negative QoQ swing, while operating margin registers -9.84%.
Cash flow metrics reveal operating cash flow of $2,600,000, free cash flow of -$11,000,000 and a free cash flow yield of -0.84%. Free cash flow contracted materially QoQ and YoY on the provided figures, limiting immediate internal deleveraging capacity despite recent cost reductions reported in the news.
WMDST values the stock as under‑valued based on the provided valuation tag; that view aligns with a relatively low enterprise value multiple (enterprise multiple -37.34 on the provided metric) coupled with substantial leverage and negative earnings that compress market pricing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-08 |
| NEXT REPORT DATE: | 2025-11-06 |
| CASH FLOW | Begin Period Cash Flow | $ 203.4 M |
| Operating Cash Flow | $ 2.6 M | |
| Capital Expenditures | $ -13.60 M | |
| Change In Working Capital | $ -4.10 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -12.80 M | |
| End Period Cash Flow | $ 190.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.0 B | |
| Forward Revenue | $ 2.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ -43.60 M | |
| EBITDA | $ -94.80 M | |
| EBIT | $ -94.80 M | |
| Operating Income | $ -101.00 M | |
| Interest Income | — | |
| Interest Expense | $ 52.9 M | |
| Net Interest Income | $ -52.90 M | |
| Income Before Tax | $ -147.70 M | |
| Tax Provision | $ 200.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -147.90 M | |
| Net Income From Continuing Operations | $ -147.90 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.35 | |
| EPS Actual | $ -1.70 | |
| EPS Difference | $ -1.35 | |
| EPS Surprise | -385.714 % | |
| Forward EPS | $ -0.02 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ -1.01 B | |
| Total Current Assets | $ 895.8 M | |
| Cash and Short-Term Investments | $ 110.6 M | |
| Cash | $ 110.6 M | |
| Net Receivables | $ 271.1 M | |
| Inventory | $ 370.5 M | |
| Long-Term Investments | $ 492.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 279.3 M | |
| Short-Term Debt | $ 231.8 M | |
| Total Current Liabilities | $ 1.2 B | |
| Net Debt | $ 2.2 B | |
| Total Debt | $ 2.3 B | |
| Total Liabilities | $ 3.5 B | |
| EQUITY | ||
| Total Equity | $ -1.01 B | |
| Retained Earnings | $ -1.85 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -11.65 | |
| Shares Outstanding | 86.659 M | |
| Revenue Per-Share | $ 11.85 | |
| VALUATION | Market Capitalization | $ 1.3 B |
| Enterprise Value | $ 3.5 B | |
| Enterprise Multiple | -37.335 | |
| Enterprise Multiple QoQ | 17.01 % | |
| Enterprise Multiple YoY | -143.556 % | |
| Enterprise Multiple IPRWA | high: 42.171 median: 32.935 mean: -7.962 CLMT: -37.335 low: -166.323 |
|
| EV/R | 3.448 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -2.75 | |
| Asset To Liability | 0.784 | |
| Debt To Capital | 1.761 | |
| Debt To Assets | 0.842 | |
| Debt To Assets QoQ | 2.19 % | |
| Debt To Assets YoY | 475.939 % | |
| Debt To Assets IPRWA | CLMT: 0.842 high: 0.578 mean: 0.487 median: 0.471 low: 0.005 |
|
| Debt To Equity | -2.315 | |
| Debt To Equity QoQ | -14.187 % | |
| Debt To Equity YoY | 235.841 % | |
| Debt To Equity IPRWA | high: 4.028 median: 2.037 mean: 1.992 low: -1.19 CLMT: -2.315 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -1.3 | |
| Price To Book QoQ | 3.134 % | |
| Price To Book YoY | -37.421 % | |
| Price To Book IPRWA | high: 2.057 median: 1.8 mean: 1.226 low: -0.482 CLMT: -1.3 |
|
| Price To Earnings (P/E) | -8.971 | |
| Price To Earnings QoQ | 85.161 % | |
| Price To Earnings YoY | -70.581 % | |
| Price To Earnings IPRWA | high: 428.146 median: 163.562 mean: 92.587 CLMT: -8.971 low: -113.427 |
|
| PE/G Ratio | 0.987 | |
| Price To Sales (P/S) | 1.279 | |
| Price To Sales QoQ | 16.918 % | |
| Price To Sales YoY | 23.197 % | |
| Price To Sales IPRWA | high: 2.671 median: 1.368 CLMT: 1.279 mean: 1.119 low: 0.1 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -796.736 | |
| Forward PE/G | 87.64 | |
| Forward P/S | 498.803 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.447 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.367 | |
| Asset Turnover Ratio QoQ | 2.954 % | |
| Asset Turnover Ratio YoY | -12.64 % | |
| Asset Turnover Ratio IPRWA | high: 0.428 median: 0.375 CLMT: 0.367 mean: 0.365 low: 0.063 |
|
| Receivables Turnover | 3.716 | |
| Receivables Turnover Ratio QoQ | -2.206 % | |
| Receivables Turnover Ratio YoY | -2.268 % | |
| Receivables Turnover Ratio IPRWA | high: 9.362 mean: 6.604 median: 5.979 CLMT: 3.716 low: 1.768 |
|
| Inventory Turnover | 2.817 | |
| Inventory Turnover Ratio QoQ | 5.524 % | |
| Inventory Turnover Ratio YoY | 5.03 % | |
| Inventory Turnover Ratio IPRWA | high: 7.808 mean: 4.683 median: 4.345 CLMT: 2.817 low: 1.024 |
|
| Days Sales Outstanding (DSO) | 24.555 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 31.959 | |
| Cash Conversion Cycle Days QoQ | -4.413 % | |
| Cash Conversion Cycle Days YoY | 4.388 % | |
| Cash Conversion Cycle Days IPRWA | high: 67.637 CLMT: 31.959 mean: 17.546 median: 15.359 low: -14.527 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.664 | |
| CapEx To Revenue | -0.013 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.1 B | |
| Net Invested Capital | $ 1.3 B | |
| Invested Capital | $ 1.3 B | |
| Net Tangible Assets | $ -1.01 B | |
| Net Working Capital | $ -280.20 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.094 | |
| Current Ratio | 0.762 | |
| Current Ratio QoQ | -27.877 % | |
| Current Ratio YoY | 16.815 % | |
| Current Ratio IPRWA | high: 2.615 mean: 1.555 median: 1.523 CLMT: 0.762 low: 0.062 |
|
| Quick Ratio | 0.447 | |
| Quick Ratio QoQ | -26.545 % | |
| Quick Ratio YoY | 35.976 % | |
| Quick Ratio IPRWA | high: 2.096 mean: 0.967 median: 0.799 CLMT: 0.447 low: 0.024 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -24.655 | |
| Cost Of Debt | 1.792 % | |
| Interest Coverage Ratio | -1.792 | |
| Interest Coverage Ratio QoQ | 1.684 % | |
| Interest Coverage Ratio YoY | -659.285 % | |
| Interest Coverage Ratio IPRWA | high: 3.258 median: 1.756 mean: 0.853 CLMT: -1.792 low: -5.345 |
|
| Operating Cash Flow Ratio | -0.124 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 24.839 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.672 % | |
| Revenue Growth | 3.29 % | |
| Revenue Growth QoQ | -29.641 % | |
| Revenue Growth YoY | -74.127 % | |
| Revenue Growth IPRWA | high: 49.139 % mean: 4.73 % median: 4.074 % CLMT: 3.29 % low: -8.094 % |
|
| Earnings Growth | -9.091 % | |
| Earnings Growth QoQ | -102.015 % | |
| Earnings Growth YoY | 54.556 % | |
| Earnings Growth IPRWA | high: 20.0 % CLMT: -9.091 % mean: -52.294 % median: -72.727 % low: -111.111 % |
|
| MARGINS | ||
| Gross Margin | -4.247 % | |
| Gross Margin QoQ | -48.144 % | |
| Gross Margin YoY | -175.462 % | |
| Gross Margin IPRWA | high: 60.231 % median: 7.699 % mean: 7.159 % CLMT: -4.247 % low: -6.422 % |
|
| EBIT Margin | -9.234 % | |
| EBIT Margin QoQ | -10.98 % | |
| EBIT Margin YoY | -675.327 % | |
| EBIT Margin IPRWA | high: 16.295 % median: 4.007 % mean: 2.226 % CLMT: -9.234 % low: -24.288 % |
|
| Return On Sales (ROS) | -9.838 % | |
| Return On Sales QoQ | -5.158 % | |
| Return On Sales YoY | -712.96 % | |
| Return On Sales IPRWA | high: 13.351 % median: 3.729 % mean: 1.599 % CLMT: -9.838 % low: -20.431 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -11.00 M | |
| Free Cash Flow Yield | -0.838 % | |
| Free Cash Flow Yield QoQ | -92.895 % | |
| Free Cash Flow Yield YoY | -119.146 % | |
| Free Cash Flow Yield IPRWA | high: 16.97 % mean: 3.9 % median: 1.125 % CLMT: -0.838 % low: -6.637 % |
|
| Free Cash Growth | -91.42 % | |
| Free Cash Growth QoQ | -126.015 % | |
| Free Cash Growth YoY | -37.028 % | |
| Free Cash Growth IPRWA | high: 50.909 % median: 49.035 % mean: -49.087 % CLMT: -91.42 % low: -215.926 % |
|
| Free Cash To Net Income | 0.074 | |
| Cash Flow Margin | -14.173 % | |
| Cash Flow To Earnings | 0.984 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -5.282 % | |
| Return On Assets QoQ | -9.009 % | |
| Return On Assets YoY | 265.031 % | |
| Return On Assets IPRWA | high: 2.611 % median: 0.313 % mean: -0.032 % CLMT: -5.282 % low: -9.697 % |
|
| Return On Capital Employed (ROCE) | -5.924 % | |
| Return On Equity (ROE) | 0.146 | |
| Return On Equity QoQ | -22.031 % | |
| Return On Equity YoY | 112.198 % | |
| Return On Equity IPRWA | CLMT: 0.146 high: 0.081 median: 0.011 mean: -0.026 low: -0.245 |
|
| DuPont ROE | 15.801 % | |
| Return On Invested Capital (ROIC) | -5.641 % | |
| Return On Invested Capital QoQ | 1.384 % | |
| Return On Invested Capital YoY | -250.427 % | |
| Return On Invested Capital IPRWA | high: 5.084 % median: 1.678 % mean: 1.042 % CLMT: -5.641 % low: -22.57 % |
|