Energy Sector Thrives with Calumet Leading YTD Performance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 20 2026
0mins
Should l Buy CLMT?
Source: seekingalpha
- Calumet's Strong Performance: Calumet (CLMT) leads the year-to-date performance with 47.91%, indicating robust growth potential that attracts investor interest and enhances its market valuation.
- Green Plains Follows Closely: Green Plains (GPRE) ranks second with a YTD performance of 38.47% and a strong buy rating of 4.63, highlighting its significant role in the energy transition and future growth expectations.
- Challenges for Clean Energy Fuels: Clean Energy Fuels (CLNE) shows a YTD performance of 25.24%, and its sell rating of 2.49 reflects market concerns about its future profitability, potentially impacting its investment appeal.
- Analysis of Major Competitors: PBF Energy (PBF) and Valero Energy (VLO) enter the top five with YTD performances of 25.00% and 22.39%, respectively, demonstrating the continued competitiveness of traditional energy companies despite challenges from renewable energy sources.
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Analyst Views on CLMT
Wall Street analysts forecast CLMT stock price to fall
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 26.960
Low
19.00
Averages
23.67
High
28.00
Current: 26.960
Low
19.00
Averages
23.67
High
28.00
About CLMT
Calumet, Inc. manufactures, formulates and markets a diversified slate of specialty branded products and renewable fuels to customers across a range of consumer-facing and industrial markets. Its segments include Specialty Products and Solutions; Performance Brands; Montana/Renewables, and Corporate. Specialty Products and Solutions segment manufactures and markets a variety of solvents, waxes, customized lubricating oils, white oils, petrolatum, gels, esters, and other products. Performance Brands segment blend, package and market high performance products through its Royal Purple, Bel-Ray, and TruFuel brands. Montana/Renewables segment comprises two facilities: renewable fuels and specialty asphalt. At its Montana Renewables facility, it processes a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, renewable hydrogen, renewable natural gas, renewable propane, and renewable naphtha that are distributed into renewables markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Calumet's Q4 Earnings Report Falls Short of Profitability Expectations
- Revenue Growth: Calumet's Q4 2025 sales approached $1.04 billion, marking a 9% year-over-year increase, although this exceeded analyst expectations of $1.02 billion, it failed to achieve profitability, resulting in a significant stock decline.
- Net Loss Situation: The company reported a net loss of $37 million for Q4, translating to a loss of $0.43 per share, which, while an improvement from the $40.7 million loss in Q4 2024, still fell short of the consensus estimate of a $0.22 loss per share.
- EBITDA Performance: Among its three reporting divisions, the Montana/Renewables segment flipped to a $5.4 million adjusted EBITDA loss from a profit of $12.4 million a year ago, while performance brands also saw a decline from $16.3 million to $5.4 million, indicating a drop in overall profitability.
- Cost Reduction Measures: CEO Todd Borgmann stated that Calumet enacted around $100 million in cost reductions and improved its balance sheet in 2025, yet market confidence in its future growth remains low, with analysts advising investors to remain on the sidelines.
See More
Calumet, Inc. Reports Strong Q4 2025 Earnings and Strategic Milestones
- Strong Financial Performance: Calumet achieved an adjusted EBITDA of $293 million for 2025, reflecting a nearly 30% year-over-year increase, with Q4 adjusted EBITDA at $69.3 million, demonstrating ongoing improvements in financial resilience and profitability.
- Debt Reduction Success: The company reduced restricted debt by over $220 million, improving net recourse leverage from 8.2x to 4.9x, indicating significant progress in optimizing its financial structure, which enhances future capital flexibility.
- Production Capacity Enhancement: In the Specialty Products & Solutions segment, Calumet maintained sales volumes exceeding 20,000 barrels per day, while fixed costs decreased by over $40 million, and water treatment and crude transportation costs each fell by $20 million, showcasing successful cost control and production efficiency.
- Renewable Energy Strategy: The MaxSAF 150 expansion project is set to deliver 120 to 150 million gallons of annual SAF capacity, with management emphasizing the intention to leverage early mover advantages to drive long-term value creation in the renewable energy sector.
See More
Calumet's Earnings Miss Expectations, Stock Plummets
- Earnings Report Shortfall: Calumet's fourth-quarter and full-year 2025 results revealed sales of nearly $1.04 billion, a 9% year-over-year increase, but a net loss of $37 million, or $0.43 per share, fell short of the analyst estimate of a $0.22 loss, leading to a nearly 11% drop in stock price during the trading session.
- Mixed Division Performance: Among its three reporting divisions, the Montana/Renewables segment reported an adjusted EBITDA loss of $5.4 million, down from a profit of $12.4 million last year, while the performance brands division also saw EBITDA decline from $16.3 million to $5.4 million, indicating a significant erosion in profitability.
- Specialty Products Growth: Despite the overall disappointing performance, Calumet's specialty products and solutions segment saw EBITDA rise from $51.9 million to $88.5 million, suggesting strong market performance that could support future growth for the company.
- Strategic Cost Reductions: CEO Todd Borgmann characterized 2025 as a
See More
Calumet, Inc. Reports Q4 Earnings Miss
- Earnings Report Miss: Calumet, Inc. reported a Q4 GAAP EPS of -$0.43, missing expectations by $0.06, indicating challenges in profitability that could undermine investor confidence.
- Revenue Growth Lags: Revenue increased by 9.5% year-over-year to $1.04 billion, yet fell short of expectations by $20 million, reflecting intensified market competition and cost pressures impacting overall performance.
- Financing Plan Announced: Calumet has priced a $405 million upsized private placement of senior notes due in 2031, aimed at enhancing liquidity and financial flexibility to navigate future market challenges.
- Future Outlook: The company presented its business integration plans at the Goldman Sachs Energy, CleanTech & Utilities Conference, suggesting that despite current financial setbacks, strategic integration may lay the groundwork for future growth.
See More
Calumet Inc. Reports Reduced Q4 Loss
- Quarterly Loss Overview: Calumet Inc. reported a fourth-quarter loss of $37.3 million, or $0.43 per share, which is an improvement from last year's loss of $40.7 million, or $0.47 per share, indicating a slight recovery in financial performance.
- Revenue Growth: The company's revenue for the fourth quarter rose by 9.3% to $1.038 billion, compared to $949.5 million last year, suggesting progress in sales despite ongoing losses.
- Year-over-Year Comparison: While the fourth-quarter loss has decreased, the overall financial situation remains a concern, particularly regarding how to effectively convert revenue growth into profitability, which will be a key challenge moving forward.
- Market Reaction Expectations: Investors may hold a cautiously optimistic view on revenue growth; however, the continued losses could undermine market confidence, especially as the company has yet to achieve profitability.
See More
Calumet Reports Reduced Net Loss in 2025 Financial Results
- Improved Financial Performance: Calumet reported a net loss of $37.3 million for Q4 2025, down from $40.7 million in Q4 2024, indicating progress in financial risk management that is expected to boost investor confidence.
- Adjusted EBITDA Decline: The adjusted EBITDA for Q4 2025 was $48.4 million, a decrease from $66.6 million year-over-year, but the annual adjusted EBITDA reached $211.2 million, highlighting the company's ongoing growth potential in specialty products and renewables.
- Significant Cost Reductions: The company implemented approximately $100 million in structural cost reductions, successfully paying down $222 million in recourse debt, which strengthens the balance sheet and lays a solid foundation for future growth.
- Successful Financing Activities: In January 2026, Calumet completed a $405 million private placement of 9.75% senior notes, up from an initial $350 million offering, with proceeds used to redeem maturing high-interest debt, further optimizing its capital structure.
See More
Calumet's Q4 Earnings Report Falls Short of Profitability Expectations
- Revenue Growth: Calumet's Q4 2025 sales approached $1.04 billion, marking a 9% year-over-year increase, although this exceeded analyst expectations of $1.02 billion, it failed to achieve profitability, resulting in a significant stock decline.
- Net Loss Situation: The company reported a net loss of $37 million for Q4, translating to a loss of $0.43 per share, which, while an improvement from the $40.7 million loss in Q4 2024, still fell short of the consensus estimate of a $0.22 loss per share.
- EBITDA Performance: Among its three reporting divisions, the Montana/Renewables segment flipped to a $5.4 million adjusted EBITDA loss from a profit of $12.4 million a year ago, while performance brands also saw a decline from $16.3 million to $5.4 million, indicating a drop in overall profitability.
- Cost Reduction Measures: CEO Todd Borgmann stated that Calumet enacted around $100 million in cost reductions and improved its balance sheet in 2025, yet market confidence in its future growth remains low, with analysts advising investors to remain on the sidelines.
See More
Calumet, Inc. Reports Strong Q4 2025 Earnings and Strategic Milestones
- Strong Financial Performance: Calumet achieved an adjusted EBITDA of $293 million for 2025, reflecting a nearly 30% year-over-year increase, with Q4 adjusted EBITDA at $69.3 million, demonstrating ongoing improvements in financial resilience and profitability.
- Debt Reduction Success: The company reduced restricted debt by over $220 million, improving net recourse leverage from 8.2x to 4.9x, indicating significant progress in optimizing its financial structure, which enhances future capital flexibility.
- Production Capacity Enhancement: In the Specialty Products & Solutions segment, Calumet maintained sales volumes exceeding 20,000 barrels per day, while fixed costs decreased by over $40 million, and water treatment and crude transportation costs each fell by $20 million, showcasing successful cost control and production efficiency.
- Renewable Energy Strategy: The MaxSAF 150 expansion project is set to deliver 120 to 150 million gallons of annual SAF capacity, with management emphasizing the intention to leverage early mover advantages to drive long-term value creation in the renewable energy sector.
See More
Calumet's Earnings Miss Expectations, Stock Plummets
- Earnings Report Shortfall: Calumet's fourth-quarter and full-year 2025 results revealed sales of nearly $1.04 billion, a 9% year-over-year increase, but a net loss of $37 million, or $0.43 per share, fell short of the analyst estimate of a $0.22 loss, leading to a nearly 11% drop in stock price during the trading session.
- Mixed Division Performance: Among its three reporting divisions, the Montana/Renewables segment reported an adjusted EBITDA loss of $5.4 million, down from a profit of $12.4 million last year, while the performance brands division also saw EBITDA decline from $16.3 million to $5.4 million, indicating a significant erosion in profitability.
- Specialty Products Growth: Despite the overall disappointing performance, Calumet's specialty products and solutions segment saw EBITDA rise from $51.9 million to $88.5 million, suggesting strong market performance that could support future growth for the company.
- Strategic Cost Reductions: CEO Todd Borgmann characterized 2025 as a
See More
Calumet, Inc. Reports Q4 Earnings Miss
- Earnings Report Miss: Calumet, Inc. reported a Q4 GAAP EPS of -$0.43, missing expectations by $0.06, indicating challenges in profitability that could undermine investor confidence.
- Revenue Growth Lags: Revenue increased by 9.5% year-over-year to $1.04 billion, yet fell short of expectations by $20 million, reflecting intensified market competition and cost pressures impacting overall performance.
- Financing Plan Announced: Calumet has priced a $405 million upsized private placement of senior notes due in 2031, aimed at enhancing liquidity and financial flexibility to navigate future market challenges.
- Future Outlook: The company presented its business integration plans at the Goldman Sachs Energy, CleanTech & Utilities Conference, suggesting that despite current financial setbacks, strategic integration may lay the groundwork for future growth.
See More
Calumet Inc. Reports Reduced Q4 Loss
- Quarterly Loss Overview: Calumet Inc. reported a fourth-quarter loss of $37.3 million, or $0.43 per share, which is an improvement from last year's loss of $40.7 million, or $0.47 per share, indicating a slight recovery in financial performance.
- Revenue Growth: The company's revenue for the fourth quarter rose by 9.3% to $1.038 billion, compared to $949.5 million last year, suggesting progress in sales despite ongoing losses.
- Year-over-Year Comparison: While the fourth-quarter loss has decreased, the overall financial situation remains a concern, particularly regarding how to effectively convert revenue growth into profitability, which will be a key challenge moving forward.
- Market Reaction Expectations: Investors may hold a cautiously optimistic view on revenue growth; however, the continued losses could undermine market confidence, especially as the company has yet to achieve profitability.
See More
Calumet Reports Reduced Net Loss in 2025 Financial Results
- Improved Financial Performance: Calumet reported a net loss of $37.3 million for Q4 2025, down from $40.7 million in Q4 2024, indicating progress in financial risk management that is expected to boost investor confidence.
- Adjusted EBITDA Decline: The adjusted EBITDA for Q4 2025 was $48.4 million, a decrease from $66.6 million year-over-year, but the annual adjusted EBITDA reached $211.2 million, highlighting the company's ongoing growth potential in specialty products and renewables.
- Significant Cost Reductions: The company implemented approximately $100 million in structural cost reductions, successfully paying down $222 million in recourse debt, which strengthens the balance sheet and lays a solid foundation for future growth.
- Successful Financing Activities: In January 2026, Calumet completed a $405 million private placement of 9.75% senior notes, up from an initial $350 million offering, with proceeds used to redeem maturing high-interest debt, further optimizing its capital structure.
See More
