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Side-by-side financial comparison of Ameren (AEE) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Ameren is the larger business by last-quarter revenue ($1.8B vs $1.0B, roughly 1.7× Calumet, Inc.). Ameren runs the higher net margin — 14.2% vs -3.6%, a 17.8% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $-54.0M).
Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. It operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. The company engages in the rate-regulated electric generation, transmission, and distribution activities; and rate-regulated natural gas distribution and transmission businesses. It primarily generates electricity through coal, nucle...
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
AEE vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $1.0B |
| Net Profit | $253.0M | $-37.3M |
| Gross Margin | — | -0.3% |
| Operating Margin | 20.2% | -6.2% |
| Net Margin | 14.2% | -3.6% |
| Revenue YoY | -8.2% | — |
| Net Profit YoY | 21.6% | — |
| EPS (diluted) | $0.92 | $-0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $2.7B | $1.1B | ||
| Q2 25 | $2.2B | $1.0B | ||
| Q1 25 | $2.1B | $993.9M | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.8B | — |
| Q4 25 | $253.0M | $-37.3M | ||
| Q3 25 | $641.0M | $313.4M | ||
| Q2 25 | $277.0M | $-147.9M | ||
| Q1 25 | $290.0M | $-162.0M | ||
| Q4 24 | $208.0M | — | ||
| Q3 24 | $457.0M | $-100.6M | ||
| Q2 24 | $260.0M | $-39.1M | ||
| Q1 24 | $262.0M | — |
| Q4 25 | — | -0.3% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | -4.2% | ||
| Q1 25 | — | -8.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 5.6% | ||
| Q1 24 | — | — |
| Q4 25 | 20.2% | -6.2% | ||
| Q3 25 | 30.6% | 30.0% | ||
| Q2 25 | 18.5% | -9.8% | ||
| Q1 25 | 20.5% | -4.9% | ||
| Q4 24 | 10.2% | — | ||
| Q3 24 | 27.0% | -5.2% | ||
| Q2 24 | 21.3% | 0.5% | ||
| Q1 24 | 20.4% | — |
| Q4 25 | 14.2% | -3.6% | ||
| Q3 25 | 23.7% | 29.1% | ||
| Q2 25 | 12.5% | -14.4% | ||
| Q1 25 | 13.8% | -16.3% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 21.0% | -9.1% | ||
| Q2 24 | 15.4% | -3.4% | ||
| Q1 24 | 14.4% | — |
| Q4 25 | $0.92 | $-0.43 | ||
| Q3 25 | $2.35 | $3.61 | ||
| Q2 25 | $1.01 | $-1.70 | ||
| Q1 25 | $1.07 | $-1.87 | ||
| Q4 24 | $0.77 | — | ||
| Q3 24 | $1.70 | $-1.18 | ||
| Q2 24 | $0.97 | $-0.48 | ||
| Q1 24 | $0.98 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.0M | $125.1M |
| Total DebtLower is stronger | $19.4B | $2.1B |
| Stockholders' EquityBook value | $13.4B | $-732.7M |
| Total Assets | $48.5B | $2.7B |
| Debt / EquityLower = less leverage | 1.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.0M | $125.1M | ||
| Q3 25 | $9.0M | $94.6M | ||
| Q2 25 | $11.0M | $110.6M | ||
| Q1 25 | $23.0M | $123.4M | ||
| Q4 24 | $7.0M | — | ||
| Q3 24 | $17.0M | $34.6M | ||
| Q2 24 | $19.0M | $7.0M | ||
| Q1 24 | $85.0M | — |
| Q4 25 | $19.4B | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $17.8B | — | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $13.4B | $-732.7M | ||
| Q3 25 | $12.8B | $-695.3M | ||
| Q2 25 | $12.3B | $-1.0B | ||
| Q1 25 | $12.2B | $-862.3M | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $11.8B | $-672.2M | ||
| Q2 24 | $11.5B | $-566.4M | ||
| Q1 24 | $11.4B | — |
| Q4 25 | $48.5B | $2.7B | ||
| Q3 25 | $47.4B | $2.7B | ||
| Q2 25 | $46.6B | $2.8B | ||
| Q1 25 | $45.7B | $2.8B | ||
| Q4 24 | $44.6B | — | ||
| Q3 24 | $43.3B | $2.6B | ||
| Q2 24 | $42.3B | $100 | ||
| Q1 24 | $41.3B | — |
| Q4 25 | 1.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $956.0M | $116.5M |
| Free Cash FlowOCF − Capex | $-54.0M | $103.8M |
| FCF MarginFCF / Revenue | -3.0% | 10.0% |
| Capex IntensityCapex / Revenue | 56.7% | 1.2% |
| Cash ConversionOCF / Net Profit | 3.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-775.0M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $956.0M | $116.5M | ||
| Q3 25 | $1.1B | $23.5M | ||
| Q2 25 | $862.0M | $-1.8M | ||
| Q1 25 | $431.0M | $-29.3M | ||
| Q4 24 | $817.0M | — | ||
| Q3 24 | $897.0M | $-15.5M | ||
| Q2 24 | $557.0M | — | ||
| Q1 24 | $492.0M | — |
| Q4 25 | $-54.0M | $103.8M | ||
| Q3 25 | $116.0M | $15.1M | ||
| Q2 25 | $-204.0M | $-15.4M | ||
| Q1 25 | $-633.0M | $-46.9M | ||
| Q4 24 | $-473.0M | — | ||
| Q3 24 | $-240.0M | $-32.2M | ||
| Q2 24 | $-445.0M | — | ||
| Q1 24 | $-398.0M | — |
| Q4 25 | -3.0% | 10.0% | ||
| Q3 25 | 4.3% | 1.4% | ||
| Q2 25 | -9.2% | -1.5% | ||
| Q1 25 | -30.2% | -4.7% | ||
| Q4 24 | -24.4% | — | ||
| Q3 24 | -11.0% | -2.9% | ||
| Q2 24 | -26.3% | — | ||
| Q1 24 | -21.9% | — |
| Q4 25 | 56.7% | 1.2% | ||
| Q3 25 | 36.6% | 0.8% | ||
| Q2 25 | 48.0% | 1.3% | ||
| Q1 25 | 50.7% | 1.8% | ||
| Q4 24 | 66.5% | — | ||
| Q3 24 | 52.3% | 1.5% | ||
| Q2 24 | 59.2% | 2.2% | ||
| Q1 24 | 49.0% | — |
| Q4 25 | 3.78× | — | ||
| Q3 25 | 1.72× | 0.07× | ||
| Q2 25 | 3.11× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | 3.93× | — | ||
| Q3 24 | 1.96× | — | ||
| Q2 24 | 2.14× | — | ||
| Q1 24 | 1.88× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AEE
Segment breakdown not available.
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
