Key Highlights

  • Calumet (NASDAQ:CLMT) traded at USD 49.79 on October 26, 2026, up 0.98%, with a market value of USD 4.38 billion, a trailing EPS of negative USD 1.56 and no dividend in published market data.
  • Second quarter net loss was USD 95.9 million, or USD 1.09 per share, including USD 163.6 million of non-cash expense tied to renewable identification numbers, against a loss of USD 147.9 million a year earlier.
  • Adjusted EBITDA was USD 159.3 million, up from USD 55.1 million, and the Specialty Products and Solutions segment earned USD 161.7 million at a 16.0% margin against 10.6% a year before.
  • Total debt was about USD 2.259 billion, cash was USD 109.8 million and stockholders' equity was negative USD 1.137 billion at June 30, 2026, the company's balance sheet shows.

Specialty Products Carry the Quarter

Calumet (NASDAQ:CLMT) makes solvents, waxes, lubricants and other specialty products from crude and also runs the Montana Renewables plant. The second quarter showed how an oil spike can help a specialty refiner: the Specialty Products and Solutions segment earned USD 161.7 million of adjusted EBITDA against USD 66.8 million a year earlier, and management cited a constructive market and a global shortage in specialty products. Brent traded near USD 114.52 on October 26, 2026, and the company can raise prices when supply is tight, but the Performance Brands segment fell to USD 6.3 million from USD 13.5 million because of a LIFO effect of USD 7.3 million and a price lag.

Renewables, RINs and Debt

Montana Renewables earned USD 10.7 million of adjusted EBITDA, or USD 26.6 million with tax attributes. Renewable fuels production fell to 7,011 barrels per day from 12,044 because a turnaround and the MaxSAF 150 expansion ran from March through April, with operations restarting in early May and the first expansion phase complete. The net loss reflects USD 163.6 million of non-cash RINs expense, a cost that rises when renewable credit prices rise, and a USD 9.0 million unrealized derivative gain. After quarter end the company redeemed USD 100 million of 9.75% notes due 2028 at 102.438% of principal, and repaid USD 15.5 million of terminal financing on July 31, 2026. The release gave no numerical guidance.

Risks and the Next Catalyst

The balance sheet is the key risk. Debt of about USD 2.26 billion against cash of USD 109.8 million and negative equity leaves limited room for a margin squeeze, and the stock pays no dividend. Crude near USD 100 raises feedstock costs, and specialty margins can narrow if buyers resist price increases. Renewable credit prices, plant outages and SAF demand add volatility, while a Gulf settlement could lower oil and cut pricing power. Third quarter results are expected in early November 2026, though the date had not been confirmed. Investors will watch specialty margins, Montana Renewables volumes after the expansion, further debt reduction and whether the shortage in specialty products persists.

Where Things Stand

The answer is that Calumet (NASDAQ:CLMT) trades at USD 49.79 because specialty product margins more than doubled in the second quarter while a USD 2.26 billion debt load and negative equity keep risk high. Oil near USD 100 can lift specialty prices but also costs. The next catalyst is third quarter reporting in early November, which will show whether the shortage in specialty products persists.