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Side-by-side financial comparison of AMERICAN FINANCIAL GROUP INC (AFG) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
AMERICAN FINANCIAL GROUP INC is the larger business by last-quarter revenue ($2.1B vs $1.0B, roughly 2.0× Calumet, Inc.). AMERICAN FINANCIAL GROUP INC runs the higher net margin — 14.5% vs -3.6%, a 18.1% gap on every dollar of revenue.
The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.
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.
AFG vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.0B |
| Net Profit | $299.0M | $-37.3M |
| Gross Margin | — | -0.3% |
| Operating Margin | 18.4% | -6.2% |
| Net Margin | 14.5% | -3.6% |
| Revenue YoY | -4.0% | — |
| Net Profit YoY | 17.3% | — |
| EPS (diluted) | $3.59 | $-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 | $2.1B | $1.0B | ||
| Q3 25 | $2.3B | $1.1B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.9B | $993.9M | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $1.9B | — |
| Q4 25 | $299.0M | $-37.3M | ||
| Q3 25 | $215.0M | $313.4M | ||
| Q2 25 | $174.0M | $-147.9M | ||
| Q1 25 | $154.0M | $-162.0M | ||
| Q4 24 | $255.0M | — | ||
| Q3 24 | $181.0M | $-100.6M | ||
| Q2 24 | $209.0M | $-39.1M | ||
| Q1 24 | $242.0M | — |
| 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 | 18.4% | -6.2% | ||
| Q3 25 | 11.5% | 30.0% | ||
| Q2 25 | 11.9% | -9.8% | ||
| Q1 25 | 10.6% | -4.9% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | 9.7% | -5.2% | ||
| Q2 24 | 14.3% | 0.5% | ||
| Q1 24 | 15.9% | — |
| Q4 25 | 14.5% | -3.6% | ||
| Q3 25 | 9.2% | 29.1% | ||
| Q2 25 | 9.0% | -14.4% | ||
| Q1 25 | 8.3% | -16.3% | ||
| Q4 24 | 11.9% | — | ||
| Q3 24 | 7.6% | -9.1% | ||
| Q2 24 | 11.0% | -3.4% | ||
| Q1 24 | 12.7% | — |
| Q4 25 | $3.59 | $-0.43 | ||
| Q3 25 | $2.58 | $3.61 | ||
| Q2 25 | $2.07 | $-1.70 | ||
| Q1 25 | $1.84 | $-1.87 | ||
| Q4 24 | $3.03 | — | ||
| Q3 24 | $2.16 | $-1.18 | ||
| Q2 24 | $2.49 | $-0.48 | ||
| Q1 24 | $2.89 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $125.1M |
| Total DebtLower is stronger | $1.8B | $2.1B |
| Stockholders' EquityBook value | $4.8B | $-732.7M |
| Total Assets | $32.6B | $2.7B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $125.1M | ||
| Q3 25 | $1.8B | $94.6M | ||
| Q2 25 | $1.3B | $110.6M | ||
| Q1 25 | $1.3B | $123.4M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $34.6M | ||
| Q2 24 | $1.1B | $7.0M | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $1.8B | $2.1B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $1.5B | $2.1B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | $1.7B | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $4.8B | $-732.7M | ||
| Q3 25 | $4.7B | $-695.3M | ||
| Q2 25 | $4.5B | $-1.0B | ||
| Q1 25 | $4.4B | $-862.3M | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.7B | $-672.2M | ||
| Q2 24 | $4.4B | $-566.4M | ||
| Q1 24 | $4.2B | — |
| Q4 25 | $32.6B | $2.7B | ||
| Q3 25 | $33.8B | $2.7B | ||
| Q2 25 | $30.7B | $2.8B | ||
| Q1 25 | $30.3B | $2.8B | ||
| Q4 24 | $30.8B | — | ||
| Q3 24 | $32.6B | $2.6B | ||
| Q2 24 | $29.9B | $100 | ||
| Q1 24 | $30.0B | — |
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 0.31× | — | ||
| Q2 24 | 0.34× | — | ||
| Q1 24 | 0.35× | — |
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 | $784.0M | $116.5M |
| Free Cash FlowOCF − Capex | — | $103.8M |
| FCF MarginFCF / Revenue | — | 10.0% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | 2.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $784.0M | $116.5M | ||
| Q3 25 | $216.0M | $23.5M | ||
| Q2 25 | $191.0M | $-1.8M | ||
| Q1 25 | $342.0M | $-29.3M | ||
| Q4 24 | $674.0M | — | ||
| Q3 24 | $459.0M | $-15.5M | ||
| Q2 24 | $-88.0M | — | ||
| Q1 24 | $107.0M | — |
| Q4 25 | — | $103.8M | ||
| Q3 25 | — | $15.1M | ||
| Q2 25 | — | $-15.4M | ||
| Q1 25 | — | $-46.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-32.2M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 10.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | -1.5% | ||
| Q1 25 | — | -4.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | — |
| Q4 25 | 2.62× | — | ||
| Q3 25 | 1.00× | 0.07× | ||
| Q2 25 | 1.10× | — | ||
| Q1 25 | 2.22× | — | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | -0.42× | — | ||
| Q1 24 | 0.44× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
