# Calumet share price today (Calumet, Inc., CLMT)

> Calumet, Inc.'s balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. CLMT · Materials · Specialty Chemicals · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/clmt

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Price: $47.33 (+142.0% in a year)
- Revenue (Jun 2026): $1.4 B (+40.8% on a year ago)
- Profit (Jun 2026): −$95.9 M
- Operating margin: −4.6% (+4.8 points on a year ago)
- ROE: 7%, FY25
- ROIC: −3.5%, against a 8.0% cost of capital: −11.5 points

Biggest thing to watch: the price has already been rising for 41 weeks, so timing is the risk more than the business. ## What is the Calumet share price today? Calumet, Inc.'s share price was $47.33 at the close on 3 November 2026. It has been rising for 41 weeks. That is 22.0% above its average price over the last 200 trading days. In the last 52 weeks it traded between $19 and $59, and at that close it sat 71% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 18 weeks in a row. Over the last 10 years the share price moved +945% while the S&P 500 moved +255%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Calumet pay? Calumet, Inc. pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is Calumet on? Calumet is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Calumet profitable? Calumet, Inc. posted a net loss of $95.9 M in the Jun 2026 quarter. The full FY25 year was a loss of $33.8 M. That loss is 6.6% of the quarter's revenue. The same quarter a year earlier lost $148 M. 10 of the last 12 reported quarters were loss-making. ## How much revenue does Calumet make, and is it growing? Calumet, Inc. reported $1.4 B of revenue in the Jun 2026 quarter, +40.8% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 4 years it has grown 7.1% a year on average. The last full year, FY25, came in at $4.1 B. The last four reported quarters add to $4.6 B. FY25 revenue was $4.1 B, −1.2% on the year before. Recent pace: the last four quarters grew +12.9% on average, against 7.1% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +12.8%, against +3.8% a year over the last 8 quarters (accelerating). ## How much of every $100 of sales does Calumet keep? Calumet, Inc.'s operating margin was −4.6% in the Jun 2026 quarter, 4.8 percentage points higher than the same quarter a year ago. Across 5 years it has been between −4.7% and 8.7%. The latest quarter is within that range. Why the margin moved: operating margin changed +4.8 percentage points on the year while gross margin changed +5.5 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is Calumet's profit turning into cash? Calumet, Inc.'s cash-flow history is too short to judge how much of its profit turns into cash. In FY25 it brought in $109 M of operating cash against −$33.8 M of profit. After $52.3 M of spending on assets, $56.6 M was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Calumet's cash go? Calumet, Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $401 M on assets over the last 3 years. Averaged over those years that is 3.2% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $401 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Calumet's P/E ratio, and how does it compare with its own history? Calumet, Inc. has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values Calumet, Inc. at 1.0× its FY25 revenue of $4.1 B. The P/E comes back here once profit turns positive. ## Is the Calumet business getting better or worse? Calumet, Inc.'s business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 1 measure, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Calumet earn on its capital? Calumet, Inc. earned a ROE of 7% in FY25. That is up from a low of −20% in FY23. Its return on capital used (ROIC) is 11.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −0.8% net margin and 1.54× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −0.8% net margin × 1.54× asset turnover × −5.52× leverage (assets divided by equity) ≈ 6.8% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: −3.5% − 8.0% = −11.5 percentage points. The 8.0% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The −3.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 4.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Calumet have too much debt? Calumet, Inc.'s net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Year by year, that ratio went from −4.56 in FY21 to −5.05 in FY25. So the returns on this page come from the business, not from borrowed money. ## What is the Calumet shareholding pattern? 7.2% of Calumet, Inc.'s tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 2.8 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Calumet from balance-sheet trouble? For Calumet, Inc., the Z-score is 0.83. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the danger zone. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 0.83 is inside the danger zone, so the balance sheet is a real risk. ## How does Calumet rank in its industry? 54.8 out of 100, rank 9 of 29 in Specialty Chemicals, with 64% of the evidence available. Calumet, Inc. scores 54.8 out of 100 against the 29 companies it is compared with in Specialty Chemicals, ranking 9. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 23.4 + 3.4 + 11.4 + 16.6 = 54.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Calumet compared with? Calumet ranks 9 of 29 Specialty Chemicals companies on the 4-Factor Sector Score, with 54.8 out of 100. 1. [Ingevity Corporation](https://www.sectoralpha.in/us/stocks/ngvt) NGVT · quiet · Most evidence points up · 66% evidence 65.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.1/35 · Revenue n/a · Profit n/a · Operating margin change 6.6 points · 39% evidence Capital efficiency 18.8/25 · ROCE 23.7% · Operating margin 29.9% · 76% evidence Valuation 13.1/20 · P/E 48.1× · PEG 0.44 · 65% evidence Relative strength 11.2/20 · Lead over its industry 1.2% · Lead over S&P 500 2.1% · 1 year 52.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.1 + 18.8 + 13.1 + 11.2 = 65.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Sociedad Química y Minera de Chile S.A.](https://www.sectoralpha.in/us/stocks/sqm) SQM · quiet · Evidence leans up · 81% evidence 64.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.2/35 · Revenue 59% · Profit 100% · Operating margin change 32.2 points · 83% evidence Capital efficiency 18.5/25 · ROCE 18.9% · Operating margin 48.8% · 76% evidence Valuation 14.2/20 · P/E 15.2× · PEG 0.81 · 65% evidence Relative strength 0.5/20 · Lead over its industry -30.8% · Lead over S&P 500 -30.1% · 1 year 10% · 100% evidence · 0 of 12 weeks ahead Exact sum: 31.2 + 18.5 + 14.2 + 0.5 = 64.4 · What this means: Earnings are strong; relative strength in its sector is -30.8% and the one-year return is 10%. 3. [Avient Corporation](https://www.sectoralpha.in/us/stocks/avnt) AVNT · quiet · Evidence leans up · 81% evidence 60.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 2.3% · Profit 41% · Operating margin change 1.5 points · 83% evidence Capital efficiency 8.7/25 · ROCE 7.6% · Operating margin 12.8% · 76% evidence Valuation 14.3/20 · P/E 19.9× · PEG 0.46 · 65% evidence Relative strength 15.5/20 · Lead over its industry 9.4% · Lead over S&P 500 10.6% · 1 year 45.6% · 100% evidence · 8 of 12 weeks ahead Exact sum: 21.7 + 8.7 + 14.3 + 15.5 = 60.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [PPG Industries, Inc.](https://www.sectoralpha.in/us/stocks/ppg) PPG · turning · Evidence leans up · 81% evidence 60.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.3/35 · Revenue 5% · Profit 52.2% · Operating margin change -1.2 points · 83% evidence Capital efficiency 12.4/25 · ROCE 12.6% · Operating margin 14% · 76% evidence Valuation 15.3/20 · P/E 17.2× · PEG 0.29 · 65% evidence Relative strength 15.2/20 · Lead over its industry 2.8% · Lead over S&P 500 4% · 1 year 26% · 100% evidence · 1 of 12 weeks ahead Exact sum: 17.3 + 12.4 + 15.3 + 15.2 = 60.2 · What this means: Relative strength against the index is 4%, and revenue and profit growth are weak. 5. [Balchem Corporation](https://www.sectoralpha.in/us/stocks/bcpc) BCPC · breaking out · Evidence leans up · 85% evidence 59.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue 9.5% · Profit 14.8% · Operating margin change 1.1 points · 95% evidence Capital efficiency 16.9/25 · ROCE 14.9% · Operating margin 21.5% · 76% evidence Valuation 8.5/20 · P/E 30.8× · PEG 1.9 · 65% evidence Relative strength 11.2/20 · Lead over its industry -1.3% · Lead over S&P 500 0% · 1 year 15% · 100% evidence · 3 of 12 weeks ahead Exact sum: 23.2 + 16.9 + 8.5 + 11.2 = 59.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 6. [Air Products and Chemicals, Inc.](https://www.sectoralpha.in/us/stocks/apd) APD · turning · Too little evidence to rank firmly · 58% evidence 59.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue n/a · Profit n/a · Operating margin change 1.2 points · 45% evidence Capital efficiency 11.7/25 · ROCE 8.7% · Operating margin 25.5% · 76% evidence Valuation 10.0/20 · P/E 30.7× · PEG n/a · 15% evidence Relative strength 16.9/20 · Lead over its industry 3.7% · Lead over S&P 500 4.9% · 1 year 20.5% · 100% evidence · 3 of 12 weeks ahead Exact sum: 20.9 + 11.7 + 10 + 16.9 = 59.5 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 7. [Ecolab Inc.](https://www.sectoralpha.in/us/stocks/ecl) ECL · turning · Evidence leans up · 81% evidence 56.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.8/35 · Revenue 7.1% · Profit -1% · Operating margin change -0.1 points · 83% evidence Capital efficiency 15.0/25 · ROCE 13% · Operating margin 18.5% · 76% evidence Valuation 9.9/20 · P/E 37× · PEG 1.4 · 65% evidence Relative strength 17.8/20 · Lead over its industry 4.1% · Lead over S&P 500 5.6% · 1 year 19% · 100% evidence · 4 of 12 weeks ahead Exact sum: 13.8 + 15 + 9.9 + 17.8 = 56.5 · What this means: Relative strength against the index is 5.6%, and revenue and profit growth are weak. 8. [Axalta Coating Systems Ltd.](https://www.sectoralpha.in/us/stocks/axta) AXTA · quiet · Evidence leans up · 81% evidence 55.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.6/35 · Revenue -0.9% · Profit -21.8% · Operating margin change -0.5 points · 83% evidence Capital efficiency 14.9/25 · ROCE 13.4% · Operating margin 15.2% · 76% evidence Valuation 14.6/20 · P/E 21× · PEG 0.33 · 65% evidence Relative strength 12.7/20 · Lead over its industry 2.9% · Lead over S&P 500 4.4% · 1 year 21.4% · 100% evidence · 3 of 12 weeks ahead Exact sum: 13.6 + 14.9 + 14.6 + 12.7 = 55.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. Calumet, Inc. this page CLMT · leader · Evidence leans up · 64% evidence 54.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 12.8% · Profit n/a · Operating margin change 4.8 points · 62% evidence Capital efficiency 3.4/25 · ROCE -3.7% · Operating margin -4.6% · 76% evidence Valuation 11.4/20 · P/E -42.6× · PEG n/a · 15% evidence Relative strength 16.6/20 · Lead over its industry 28.9% · Lead over S&P 500 30% · 1 year 146.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.4 + 3.4 + 11.4 + 16.6 = 54.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [LyondellBasell Industries N.V.](https://www.sectoralpha.in/us/stocks/lyb) LYB · breaking out · Evidence leans up · 71% evidence 54.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue -1.8% · Profit -238.4% · Operating margin change 13.8 points · 83% evidence Capital efficiency 10.4/25 · ROCE 8.4% · Operating margin 17.9% · 76% evidence Valuation 11.5/20 · P/E -47.3× · PEG n/a · 15% evidence Relative strength 16.5/20 · Lead over its industry 3.4% · Lead over S&P 500 4.1% · 1 year 53.6% · 100% evidence · 5 of 12 weeks ahead Exact sum: 16.2 + 10.4 + 11.5 + 16.5 = 54.6 · What this means: Relative strength against the index is 4.1%, and revenue and profit growth are weak. 11. [WD-40 Company](https://www.sectoralpha.in/us/stocks/wdfc) WDFC · quiet · Evidence leans up · 85% evidence 53.8 out of 100 Growth Capital Valuation Relative
12. [The Sherwin-Williams Company](https://www.sectoralpha.in/us/stocks/shw) SHW · basing · Evidence leans up · 81% evidence 52.7 out of 100 Growth Capital Valuation Relative
13. [RPM International Inc.](https://www.sectoralpha.in/us/stocks/rpm) RPM · basing · Evidence leans up · 85% evidence 52.0 out of 100 Growth Capital Valuation Relative
14. [Hawkins, Inc.](https://www.sectoralpha.in/us/stocks/hwkn) HWKN · turning · Evidence leans up · 81% evidence 51.4 out of 100 Growth Capital Valuation Relative
15. [Sensient Technologies Corporation](https://www.sectoralpha.in/us/stocks/sxt) SXT · losing its lead · Evidence leans up · 81% evidence 50.1 out of 100 Growth Capital Valuation Relative
16. [DuPont de Nemours, Inc.](https://www.sectoralpha.in/us/stocks/dd) DD · turning · Evidence leans down · 64% evidence 49.9 out of 100 Growth Capital Valuation Relative
17. [Linde plc](https://www.sectoralpha.in/us/stocks/lin) LIN · turning · Evidence leans down · 85% evidence 48.8 out of 100 Growth Capital Valuation Relative
18. [H.B. Fuller Company](https://www.sectoralpha.in/us/stocks/ful) FUL · quiet · Evidence leans down · 85% evidence 48.2 out of 100 Growth Capital Valuation Relative
19. [Ashland Inc.](https://www.sectoralpha.in/us/stocks/ash) ASH · quiet · Evidence leans down · 64% evidence 47.4 out of 100 Growth Capital Valuation Relative
20. [International Flavors & Fragrances Inc.](https://www.sectoralpha.in/us/stocks/iff) IFF · breaking out · Evidence leans down · 64% evidence 46.9 out of 100 Growth Capital Valuation Relative
21. [Albemarle Corporation](https://www.sectoralpha.in/us/stocks/alb) ALB · quiet · Evidence leans down · 64% evidence 43.4 out of 100 Growth Capital Valuation Relative
22. [Cabot Corporation](https://www.sectoralpha.in/us/stocks/cbt) CBT · quiet · Evidence leans down · 81% evidence 42.1 out of 100 Growth Capital Valuation Relative
23. [Element Solutions Inc](https://www.sectoralpha.in/us/stocks/esi) ESI · quiet · Evidence leans down · 85% evidence 40.9 out of 100 Growth Capital Valuation Relative
24. [NewMarket Corporation](https://www.sectoralpha.in/us/stocks/neu) NEU · quiet · Evidence leans down · 81% evidence 40.9 out of 100 Growth Capital Valuation Relative
25. [Solstice Advanced Materials, Inc.](https://www.sectoralpha.in/us/stocks/sols) SOLS · turning · Evidence leans down · 65% evidence 39.4 out of 100 Growth Capital Valuation Relative
26. [Eastman Chemical Company](https://www.sectoralpha.in/us/stocks/emn) EMN · basing · Evidence leans down · 81% evidence 38.0 out of 100 Growth Capital Valuation Relative
27. [Quaker Chemical Corporation](https://www.sectoralpha.in/us/stocks/kwr) KWR · quiet · Evidence leans down · 64% evidence 37.4 out of 100 Growth Capital Valuation Relative
28. [Westlake Corporation](https://www.sectoralpha.in/us/stocks/wlk) WLK · basing · Most evidence points down · 64% evidence 34.8 out of 100 Growth Capital Valuation Relative
29. [Perimeter Solutions, Inc.](https://www.sectoralpha.in/us/stocks/prm) PRM · quiet · Most evidence points down · 64% evidence 29.3 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Specialty Chemicals](https://www.sectoralpha.in/us/sectors/specialty-chemicals), all 29 compared on one page. ## Which companies are close to Calumet in size? Calumet is the 22nd largest of 47 Specialty Chemicals companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Balchem Corporation, Sensient Technologies Corporation and Perimeter Solutions, Inc. Just below it: Avient Corporation, Cabot Corporation and Ashland Inc. ### Specialty Chemicals companies close in size

1. [Balchem Corporation](https://www.sectoralpha.in/us/stocks/bcpc) $5.6 billion
2. [Sensient Technologies Corporation](https://www.sectoralpha.in/us/stocks/sxt) $5 billion
3. [Perimeter Solutions, Inc.](https://www.sectoralpha.in/us/stocks/prm) $4.7 billion
4. Calumet, Inc. $4.2 billion
5. [Avient Corporation](https://www.sectoralpha.in/us/stocks/avnt) $4 billion
6. [Cabot Corporation](https://www.sectoralpha.in/us/stocks/cbt) $3.7 billion
7. [Ashland Inc.](https://www.sectoralpha.in/us/stocks/ash) $3.3 billion

[All 47 Specialty Chemicals companies, largest first](https://www.sectoralpha.in/us/sectors/specialty-chemicals#all-companies)

### Companies close in size in other industries

1. [Exponent, Inc.](https://www.sectoralpha.in/us/stocks/expo) $4.1 billion · Engineering & Construction
2. [Dorman Products, Inc.](https://www.sectoralpha.in/us/stocks/dorm) $4.1 billion · Auto Parts
3. Calumet, Inc. $4.1 billion
4. [Boot Barn Holdings, Inc.](https://www.sectoralpha.in/us/stocks/boot) $4.1 billion · Apparel Retail
5. [Dave Inc.](https://www.sectoralpha.in/us/stocks/dave) $4.1 billion · Software - Application

## What else do people ask about Calumet? ### What were Calumet's latest quarterly results? Calumet, Inc. reported revenue of $1.4 B and a net loss of $95.9 M for the Jun 2026 quarter. Earnings per share were −$1.09. The operating margin was −4.6%, 4.8 percentage points higher than a year earlier (as of 3 November 2026). ### What is Calumet's market cap? Calumet, Inc.'s market capitalisation is $4.2 B at a stock price of $47.33. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Calumet performing? Calumet, Inc.'s share price has been rising for 41 weeks. Over the past 13 weeks it has done better than the S&P 500, for 18 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Calumet's stock price go up? This page does not forecast Calumet, Inc.'s stock price. What it shows instead: the stock price is $47.33, and it has been rising for 41 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Where is Calumet in its business cycle? Calumet, Inc.'s FY25 operating margin was 1.9%, against a 5-year range of −4.7% to 8.7%: the middle of its own range, neither a peak nor a low. The latest quarter was −4.6%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Calumet story? Biggest thing to watch: the price has already been rising for 41 weeks, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Calumet a stock worth studying right now? What the numbers show: Calumet, Inc.'s balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. The main open question: whether the business can earn its way back to positive net worth before new shares or a restructuring get there first. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.