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Side-by-side financial comparison of AMN HEALTHCARE SERVICES INC (AMN) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $748.2M, roughly 1.4× AMN HEALTHCARE SERVICES INC). AMN HEALTHCARE SERVICES INC runs the higher net margin — -1.0% vs -3.6%, a 2.6% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $67.6M).
AMN Healthcare Services Inc. is a leading US healthcare sector workforce solutions and staffing provider. It offers temporary and permanent placement for nurses, physicians, allied health and other clinical/non-clinical staff, plus workforce management tools and consulting for hospitals, clinics and other medical facilities.
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.
AMN vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $748.2M | $1.0B |
| Net Profit | $-7.7M | $-37.3M |
| Gross Margin | 26.1% | -0.3% |
| Operating Margin | 1.1% | -6.2% |
| Net Margin | -1.0% | -3.6% |
| Revenue YoY | 1.8% | — |
| Net Profit YoY | 95.9% | — |
| EPS (diluted) | $-0.19 | $-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 | $748.2M | $1.0B | ||
| Q3 25 | $634.5M | $1.1B | ||
| Q2 25 | $658.2M | $1.0B | ||
| Q1 25 | $689.5M | $993.9M | ||
| Q4 24 | $734.7M | — | ||
| Q3 24 | $687.5M | $1.1B | ||
| Q2 24 | $740.7M | $1.1B | ||
| Q1 24 | $820.9M | — |
| Q4 25 | $-7.7M | $-37.3M | ||
| Q3 25 | $29.3M | $313.4M | ||
| Q2 25 | $-116.2M | $-147.9M | ||
| Q1 25 | $-1.1M | $-162.0M | ||
| Q4 24 | $-187.5M | — | ||
| Q3 24 | $7.0M | $-100.6M | ||
| Q2 24 | $16.2M | $-39.1M | ||
| Q1 24 | $17.3M | — |
| Q4 25 | 26.1% | -0.3% | ||
| Q3 25 | 29.1% | 34.7% | ||
| Q2 25 | 29.8% | -4.2% | ||
| Q1 25 | 28.7% | -8.2% | ||
| Q4 24 | 29.8% | — | ||
| Q3 24 | 31.0% | 0.4% | ||
| Q2 24 | 31.0% | 5.6% | ||
| Q1 24 | 31.4% | — |
| Q4 25 | 1.1% | -6.2% | ||
| Q3 25 | 7.5% | 30.0% | ||
| Q2 25 | -18.8% | -9.8% | ||
| Q1 25 | 1.8% | -4.9% | ||
| Q4 24 | -27.6% | — | ||
| Q3 24 | 3.2% | -5.2% | ||
| Q2 24 | 5.1% | 0.5% | ||
| Q1 24 | 4.9% | — |
| Q4 25 | -1.0% | -3.6% | ||
| Q3 25 | 4.6% | 29.1% | ||
| Q2 25 | -17.7% | -14.4% | ||
| Q1 25 | -0.2% | -16.3% | ||
| Q4 24 | -25.5% | — | ||
| Q3 24 | 1.0% | -9.1% | ||
| Q2 24 | 2.2% | -3.4% | ||
| Q1 24 | 2.1% | — |
| Q4 25 | $-0.19 | $-0.43 | ||
| Q3 25 | $0.76 | $3.61 | ||
| Q2 25 | $-3.02 | $-1.70 | ||
| Q1 25 | $-0.03 | $-1.87 | ||
| Q4 24 | $-4.90 | — | ||
| Q3 24 | $0.18 | $-1.18 | ||
| Q2 24 | $0.42 | $-0.48 | ||
| Q1 24 | $0.45 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.0M | $125.1M |
| Total DebtLower is stronger | $767.1M | $2.1B |
| Stockholders' EquityBook value | $642.1M | $-732.7M |
| Total Assets | $2.1B | $2.7B |
| Debt / EquityLower = less leverage | 1.19× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $125.1M | ||
| Q3 25 | $52.6M | $94.6M | ||
| Q2 25 | $41.5M | $110.6M | ||
| Q1 25 | $55.8M | $123.4M | ||
| Q4 24 | $10.6M | — | ||
| Q3 24 | $30.6M | $34.6M | ||
| Q2 24 | $48.0M | $7.0M | ||
| Q1 24 | $50.6M | — |
| Q4 25 | $767.1M | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $642.1M | $-732.7M | ||
| Q3 25 | $644.4M | $-695.3M | ||
| Q2 25 | $607.6M | $-1.0B | ||
| Q1 25 | $715.1M | $-862.3M | ||
| Q4 24 | $706.6M | — | ||
| Q3 24 | $890.7M | $-672.2M | ||
| Q2 24 | $876.9M | $-566.4M | ||
| Q1 24 | $854.2M | — |
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $2.1B | $2.7B | ||
| Q2 25 | $2.2B | $2.8B | ||
| Q1 25 | $2.4B | $2.8B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $2.8B | $100 | ||
| Q1 24 | $2.9B | — |
| Q4 25 | 1.19× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| 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 | $75.6M | $116.5M |
| Free Cash FlowOCF − Capex | $67.6M | $103.8M |
| FCF MarginFCF / Revenue | 9.0% | 10.0% |
| Capex IntensityCapex / Revenue | 1.1% | 1.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $233.8M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.6M | $116.5M | ||
| Q3 25 | $22.7M | $23.5M | ||
| Q2 25 | $78.5M | $-1.8M | ||
| Q1 25 | $92.7M | $-29.3M | ||
| Q4 24 | $72.8M | — | ||
| Q3 24 | $66.7M | $-15.5M | ||
| Q2 24 | $99.5M | — | ||
| Q1 24 | $81.4M | — |
| Q4 25 | $67.6M | $103.8M | ||
| Q3 25 | $14.8M | $15.1M | ||
| Q2 25 | $68.7M | $-15.4M | ||
| Q1 25 | $82.7M | $-46.9M | ||
| Q4 24 | $56.6M | — | ||
| Q3 24 | $47.4M | $-32.2M | ||
| Q2 24 | $72.2M | — | ||
| Q1 24 | $63.2M | — |
| Q4 25 | 9.0% | 10.0% | ||
| Q3 25 | 2.3% | 1.4% | ||
| Q2 25 | 10.4% | -1.5% | ||
| Q1 25 | 12.0% | -4.7% | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 6.9% | -2.9% | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 7.7% | — |
| Q4 25 | 1.1% | 1.2% | ||
| Q3 25 | 1.2% | 0.8% | ||
| Q2 25 | 1.5% | 1.3% | ||
| Q1 25 | 1.4% | 1.8% | ||
| Q4 24 | 2.2% | — | ||
| Q3 24 | 2.8% | 1.5% | ||
| Q2 24 | 3.7% | 2.2% | ||
| Q1 24 | 2.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.77× | 0.07× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 9.54× | — | ||
| Q2 24 | 6.13× | — | ||
| Q1 24 | 4.70× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMN
| Travel Nurse Staffing | $208.3M | 28% |
| Allied Staffing | $146.9M | 20% |
| Labor Disruption Services | $124.3M | 17% |
| Technology And Workforce Solutions | $88.0M | 12% |
| Language Services | $69.9M | 9% |
| Other | $29.6M | 4% |
| International Nurse Staffing | $29.6M | 4% |
| Interim Leadership Staffing | $24.1M | 3% |
| Vendor Management Systems | $16.3M | 2% |
| Local Staffing | $8.6M | 1% |
| International Nurse Permanent Placement | $2.6M | 0% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
