vs
Side-by-side financial comparison of Alignment Healthcare, Inc. (ALHC) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Alignment Healthcare, Inc. is the larger business by last-quarter revenue ($1.2B vs $1.0B, roughly 1.2× Calumet, Inc.). Alignment Healthcare, Inc. runs the higher net margin — 0.9% vs -3.6%, a 4.5% gap on every dollar of revenue.
Alignment Healthcare, Inc. is a U.S.-based healthcare provider offering Medicare Advantage plans for seniors. It adopts a value-based care model, partnering with local providers to deliver personalized coordinated medical services, prescription drug coverage and supplemental benefits to members across multiple U.S. states.
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.
ALHC vs CLMT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.0B |
| Net Profit | $11.4M | $-37.3M |
| Gross Margin | — | -0.3% |
| Operating Margin | — | -6.2% |
| Net Margin | 0.9% | -3.6% |
| Revenue YoY | -74.7% | — |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $-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.
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $1.0B | ||
| Q3 25 | $993.7M | $1.1B | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $926.9M | $993.9M | ||
| Q4 24 | $701.2M | — | ||
| Q3 24 | $692.4M | $1.1B | ||
| Q2 24 | $681.3M | $1.1B |
| Q1 26 | $11.4M | — | ||
| Q4 25 | $-11.0M | $-37.3M | ||
| Q3 25 | $3.7M | $313.4M | ||
| Q2 25 | $15.7M | $-147.9M | ||
| Q1 25 | $-9.1M | $-162.0M | ||
| Q4 24 | $-31.1M | — | ||
| Q3 24 | $-26.4M | $-100.6M | ||
| Q2 24 | $-24.0M | $-39.1M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -1.0% | -6.2% | ||
| Q3 25 | 0.8% | 30.0% | ||
| Q2 25 | 2.2% | -9.8% | ||
| Q1 25 | -0.6% | -4.9% | ||
| Q4 24 | -3.2% | — | ||
| Q3 24 | -2.8% | -5.2% | ||
| Q2 24 | -2.7% | 0.5% |
| Q1 26 | 0.9% | — | ||
| Q4 25 | -1.1% | -3.6% | ||
| Q3 25 | 0.4% | 29.1% | ||
| Q2 25 | 1.5% | -14.4% | ||
| Q1 25 | -1.0% | -16.3% | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | -3.8% | -9.1% | ||
| Q2 24 | -3.5% | -3.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.04 | $-0.43 | ||
| Q3 25 | $0.02 | $3.61 | ||
| Q2 25 | $0.07 | $-1.70 | ||
| Q1 25 | $-0.05 | $-1.87 | ||
| Q4 24 | $-0.15 | — | ||
| Q3 24 | $-0.14 | $-1.18 | ||
| Q2 24 | $-0.13 | $-0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $705.6M | $125.1M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | $206.9M | $-732.7M |
| Total Assets | $1.3B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $705.6M | — | ||
| Q4 25 | $604.2M | $125.1M | ||
| Q3 25 | $644.1M | $94.6M | ||
| Q2 25 | $503.8M | $110.6M | ||
| Q1 25 | $479.5M | $123.4M | ||
| Q4 24 | $470.6M | — | ||
| Q3 24 | $381.0M | $34.6M | ||
| Q2 24 | $363.7M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | $323.2M | $2.1B | ||
| Q3 25 | $322.7M | $2.1B | ||
| Q2 25 | $322.3M | $2.1B | ||
| Q1 25 | $321.9M | $2.3B | ||
| Q4 24 | $321.4M | — | ||
| Q3 24 | $212.0M | $1.7B | ||
| Q2 24 | $211.7M | — |
| Q1 26 | $206.9M | — | ||
| Q4 25 | $179.3M | $-732.7M | ||
| Q3 25 | $161.9M | $-695.3M | ||
| Q2 25 | $141.0M | $-1.0B | ||
| Q1 25 | $108.1M | $-862.3M | ||
| Q4 24 | $99.9M | — | ||
| Q3 24 | $114.5M | $-672.2M | ||
| Q2 24 | $123.7M | $-566.4M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.1B | $2.7B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $1.0B | $2.8B | ||
| Q1 25 | $895.6M | $2.8B | ||
| Q4 24 | $782.1M | — | ||
| Q3 24 | $692.3M | $2.6B | ||
| Q2 24 | $716.3M | $100 |
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — |
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 | $128.7M | $116.5M |
| Free Cash FlowOCF − Capex | — | $103.8M |
| FCF MarginFCF / Revenue | — | 10.0% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | 11.27× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $128.7M | — | ||
| Q4 25 | $-50.4M | $116.5M | ||
| Q3 25 | $144.6M | $23.5M | ||
| Q2 25 | $29.1M | $-1.8M | ||
| Q1 25 | $16.6M | $-29.3M | ||
| Q4 24 | $-8.7M | — | ||
| Q3 24 | $26.2M | $-15.5M | ||
| Q2 24 | $23.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-55.4M | $103.8M | ||
| Q3 25 | $139.1M | $15.1M | ||
| Q2 25 | $21.1M | $-15.4M | ||
| Q1 25 | $8.4M | $-46.9M | ||
| Q4 24 | $-18.0M | — | ||
| Q3 24 | $16.9M | $-32.2M | ||
| Q2 24 | $11.8M | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.5% | 10.0% | ||
| Q3 25 | 14.0% | 1.4% | ||
| Q2 25 | 2.1% | -1.5% | ||
| Q1 25 | 0.9% | -4.7% | ||
| Q4 24 | -2.6% | — | ||
| Q3 24 | 2.4% | -2.9% | ||
| Q2 24 | 1.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 1.2% | ||
| Q3 25 | 0.6% | 0.8% | ||
| Q2 25 | 0.8% | 1.3% | ||
| Q1 25 | 0.9% | 1.8% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.3% | 1.5% | ||
| Q2 24 | 1.7% | 2.2% |
| Q1 26 | 11.27× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 38.77× | 0.07× | ||
| Q2 25 | 1.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ALHC
Segment breakdown not available.
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
