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Side-by-side financial comparison of Astrana Health, Inc. (ASTH) 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 $950.5M, roughly 1.1× Astrana Health, Inc.). Astrana Health, Inc. runs the higher net margin — 0.7% vs -3.6%, a 4.3% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $-6.0M).
Astrana Health, Inc. is a U.S.-based value-based healthcare services provider that primarily serves Medicare-eligible senior populations across the United States. It offers in-home primary care, chronic disease management, and care coordination services, aiming to improve patient health outcomes and reduce unnecessary medical costs.
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.
ASTH vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $950.5M | $1.0B |
| Net Profit | $6.6M | $-37.3M |
| Gross Margin | — | -0.3% |
| Operating Margin | 1.9% | -6.2% |
| Net Margin | 0.7% | -3.6% |
| Revenue YoY | 42.9% | — |
| Net Profit YoY | 184.4% | — |
| EPS (diluted) | $0.12 | $-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 | $950.5M | $1.0B | ||
| Q3 25 | $956.0M | $1.1B | ||
| Q2 25 | $654.8M | $1.0B | ||
| Q1 25 | $620.4M | $993.9M | ||
| Q4 24 | $665.2M | — | ||
| Q3 24 | $478.7M | $1.1B | ||
| Q2 24 | $486.3M | $1.1B | ||
| Q1 24 | $404.4M | — |
| Q4 25 | $6.6M | $-37.3M | ||
| Q3 25 | $373.0K | $313.4M | ||
| Q2 25 | $9.4M | $-147.9M | ||
| Q1 25 | $6.7M | $-162.0M | ||
| Q4 24 | $-7.8M | — | ||
| Q3 24 | $16.1M | $-100.6M | ||
| Q2 24 | $19.2M | $-39.1M | ||
| Q1 24 | $14.8M | — |
| 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 | 1.9% | -6.2% | ||
| Q3 25 | 2.0% | 30.0% | ||
| Q2 25 | 3.1% | -9.8% | ||
| Q1 25 | 3.3% | -4.9% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 5.9% | -5.2% | ||
| Q2 24 | 6.2% | 0.5% | ||
| Q1 24 | 7.5% | — |
| Q4 25 | 0.7% | -3.6% | ||
| Q3 25 | 0.0% | 29.1% | ||
| Q2 25 | 1.4% | -14.4% | ||
| Q1 25 | 1.1% | -16.3% | ||
| Q4 24 | -1.2% | — | ||
| Q3 24 | 3.4% | -9.1% | ||
| Q2 24 | 3.9% | -3.4% | ||
| Q1 24 | 3.7% | — |
| Q4 25 | $0.12 | $-0.43 | ||
| Q3 25 | $0.01 | $3.61 | ||
| Q2 25 | $0.19 | $-1.70 | ||
| Q1 25 | $0.14 | $-1.87 | ||
| Q4 24 | $-0.14 | — | ||
| Q3 24 | $0.33 | $-1.18 | ||
| Q2 24 | $0.40 | $-0.48 | ||
| Q1 24 | $0.31 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $429.5M | $125.1M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | $779.3M | $-732.7M |
| Total Assets | $2.2B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $429.5M | $125.1M | ||
| Q3 25 | $463.4M | $94.6M | ||
| Q2 25 | $342.1M | $110.6M | ||
| Q1 25 | $260.9M | $123.4M | ||
| Q4 24 | $290.8M | — | ||
| Q3 24 | $350.3M | $34.6M | ||
| Q2 24 | $327.7M | $7.0M | ||
| Q1 24 | $337.3M | — |
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $779.3M | $-732.7M | ||
| Q3 25 | $775.5M | $-695.3M | ||
| Q2 25 | $765.5M | $-1.0B | ||
| Q1 25 | $745.4M | $-862.3M | ||
| Q4 24 | $712.7M | — | ||
| Q3 24 | $704.6M | $-672.2M | ||
| Q2 24 | $678.9M | $-566.4M | ||
| Q1 24 | $653.5M | — |
| Q4 25 | $2.2B | $2.7B | ||
| Q3 25 | $2.2B | $2.7B | ||
| Q2 25 | $1.4B | $2.8B | ||
| Q1 25 | $1.3B | $2.8B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $2.6B | ||
| Q2 24 | $1.3B | $100 | ||
| Q1 24 | $1.2B | — |
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 | $-2.9M | $116.5M |
| Free Cash FlowOCF − Capex | $-6.0M | $103.8M |
| FCF MarginFCF / Revenue | -0.6% | 10.0% |
| Capex IntensityCapex / Revenue | 0.3% | 1.2% |
| Cash ConversionOCF / Net Profit | -0.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.5M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $116.5M | ||
| Q3 25 | $10.0M | $23.5M | ||
| Q2 25 | $90.9M | $-1.8M | ||
| Q1 25 | $16.6M | $-29.3M | ||
| Q4 24 | $-10.9M | — | ||
| Q3 24 | $34.0M | $-15.5M | ||
| Q2 24 | $23.2M | — | ||
| Q1 24 | $6.0M | — |
| Q4 25 | $-6.0M | $103.8M | ||
| Q3 25 | $7.4M | $15.1M | ||
| Q2 25 | $89.5M | $-15.4M | ||
| Q1 25 | $13.6M | $-46.9M | ||
| Q4 24 | $-13.5M | — | ||
| Q3 24 | $31.7M | $-32.2M | ||
| Q2 24 | $20.4M | — | ||
| Q1 24 | $5.6M | — |
| Q4 25 | -0.6% | 10.0% | ||
| Q3 25 | 0.8% | 1.4% | ||
| Q2 25 | 13.7% | -1.5% | ||
| Q1 25 | 2.2% | -4.7% | ||
| Q4 24 | -2.0% | — | ||
| Q3 24 | 6.6% | -2.9% | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 1.4% | — |
| Q4 25 | 0.3% | 1.2% | ||
| Q3 25 | 0.3% | 0.8% | ||
| Q2 25 | 0.2% | 1.3% | ||
| Q1 25 | 0.5% | 1.8% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.5% | 1.5% | ||
| Q2 24 | 0.6% | 2.2% | ||
| Q1 24 | 0.1% | — |
| Q4 25 | -0.44× | — | ||
| Q3 25 | 26.69× | 0.07× | ||
| Q2 25 | 9.65× | — | ||
| Q1 25 | 2.48× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.11× | — | ||
| Q2 24 | 1.21× | — | ||
| Q1 24 | 0.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASTH
| Medicare | $542.4M | 57% |
| Commercial | $99.1M | 10% |
| Care Delivery | $92.1M | 10% |
| Care Enablement | $78.9M | 8% |
| Other Third Parties | $58.0M | 6% |
| Health Care Patient Service | $39.8M | 4% |
| Health Care Other | $25.5M | 3% |
| Other | $12.1M | 1% |
| Management Service | $10.3M | 1% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
