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Side-by-side financial comparison of AvalonBay Communities (AVB) 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 $767.9M, roughly 1.4× AvalonBay Communities). AvalonBay Communities runs the higher net margin — 9040.6% vs -3.6%, a 9044.2% gap on every dollar of revenue. AvalonBay Communities produced more free cash flow last quarter ($1.4B vs $103.8M).
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
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.
AVB vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $767.9M | $1.0B |
| Net Profit | $166.0M | $-37.3M |
| Gross Margin | — | -0.3% |
| Operating Margin | 64.2% | -6.2% |
| Net Margin | 9040.6% | -3.6% |
| Revenue YoY | 3.7% | — |
| Net Profit YoY | -41.2% | — |
| EPS (diluted) | $1.18 | $-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 | $767.9M | $1.0B | ||
| Q3 25 | $766.8M | $1.1B | ||
| Q2 25 | $760.2M | $1.0B | ||
| Q1 25 | $745.9M | $993.9M | ||
| Q4 24 | $740.5M | — | ||
| Q3 24 | $734.3M | $1.1B | ||
| Q2 24 | $726.0M | $1.1B | ||
| Q1 24 | $712.9M | — |
| Q4 25 | $166.0M | $-37.3M | ||
| Q3 25 | $381.3M | $313.4M | ||
| Q2 25 | $268.7M | $-147.9M | ||
| Q1 25 | $236.6M | $-162.0M | ||
| Q4 24 | $282.1M | — | ||
| Q3 24 | $372.5M | $-100.6M | ||
| Q2 24 | $253.9M | $-39.1M | ||
| Q1 24 | $173.4M | — |
| 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 | 64.2% | -6.2% | ||
| Q3 25 | 65.7% | 30.0% | ||
| Q2 25 | 67.6% | -9.8% | ||
| Q1 25 | 68.5% | -4.9% | ||
| Q4 24 | 63.1% | — | ||
| Q3 24 | 65.4% | -5.2% | ||
| Q2 24 | 66.6% | 0.5% | ||
| Q1 24 | 67.2% | — |
| Q4 25 | 9040.6% | -3.6% | ||
| Q3 25 | 49.7% | 29.1% | ||
| Q2 25 | 35.3% | -14.4% | ||
| Q1 25 | 31.7% | -16.3% | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 50.7% | -9.1% | ||
| Q2 24 | 35.0% | -3.4% | ||
| Q1 24 | 24.3% | — |
| Q4 25 | $1.18 | $-0.43 | ||
| Q3 25 | $2.68 | $3.61 | ||
| Q2 25 | $1.88 | $-1.70 | ||
| Q1 25 | $1.66 | $-1.87 | ||
| Q4 24 | $1.99 | — | ||
| Q3 24 | $2.61 | $-1.18 | ||
| Q2 24 | $1.78 | $-0.48 | ||
| Q1 24 | $1.22 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $187.2M | $125.1M |
| Total DebtLower is stronger | $9.3B | $2.1B |
| Stockholders' EquityBook value | $11.6B | $-732.7M |
| Total Assets | $22.2B | $2.7B |
| Debt / EquityLower = less leverage | 0.80× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $125.1M | ||
| Q3 25 | $123.3M | $94.6M | ||
| Q2 25 | $102.8M | $110.6M | ||
| Q1 25 | $53.3M | $123.4M | ||
| Q4 24 | $108.6M | — | ||
| Q3 24 | $552.4M | $34.6M | ||
| Q2 24 | $545.8M | $7.0M | ||
| Q1 24 | $287.9M | — |
| Q4 25 | $9.3B | $2.1B | ||
| Q3 25 | $8.7B | $2.1B | ||
| Q2 25 | $8.7B | $2.1B | ||
| Q1 25 | $8.3B | $2.3B | ||
| Q4 24 | $8.1B | — | ||
| Q3 24 | $8.4B | $1.7B | ||
| Q2 24 | $8.4B | — | ||
| Q1 24 | $8.0B | — |
| Q4 25 | $11.6B | $-732.7M | ||
| Q3 25 | $11.9B | $-695.3M | ||
| Q2 25 | $11.9B | $-1.0B | ||
| Q1 25 | $11.9B | $-862.3M | ||
| Q4 24 | $11.9B | — | ||
| Q3 24 | $11.9B | $-672.2M | ||
| Q2 24 | $11.7B | $-566.4M | ||
| Q1 24 | $11.7B | — |
| Q4 25 | $22.2B | $2.7B | ||
| Q3 25 | $21.9B | $2.7B | ||
| Q2 25 | $21.8B | $2.8B | ||
| Q1 25 | $21.2B | $2.8B | ||
| Q4 24 | $21.0B | — | ||
| Q3 24 | $21.3B | $2.6B | ||
| Q2 24 | $21.0B | $100 | ||
| Q1 24 | $20.6B | — |
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 0.68× | — |
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 | $1.7B | $116.5M |
| Free Cash FlowOCF − Capex | $1.4B | $103.8M |
| FCF MarginFCF / Revenue | 183.5% | 10.0% |
| Capex IntensityCapex / Revenue | 34.1% | 1.2% |
| Cash ConversionOCF / Net Profit | 10.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $116.5M | ||
| Q3 25 | $477.0M | $23.5M | ||
| Q2 25 | $377.8M | $-1.8M | ||
| Q1 25 | $415.9M | $-29.3M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $486.2M | $-15.5M | ||
| Q2 24 | $380.0M | — | ||
| Q1 24 | $412.9M | — |
| Q4 25 | $1.4B | $103.8M | ||
| Q3 25 | $402.2M | $15.1M | ||
| Q2 25 | $317.1M | $-15.4M | ||
| Q1 25 | $367.5M | $-46.9M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $434.2M | $-32.2M | ||
| Q2 24 | $333.0M | — | ||
| Q1 24 | $375.4M | — |
| Q4 25 | 183.5% | 10.0% | ||
| Q3 25 | 52.5% | 1.4% | ||
| Q2 25 | 41.7% | -1.5% | ||
| Q1 25 | 49.3% | -4.7% | ||
| Q4 24 | 191.0% | — | ||
| Q3 24 | 59.1% | -2.9% | ||
| Q2 24 | 45.9% | — | ||
| Q1 24 | 52.7% | — |
| Q4 25 | 34.1% | 1.2% | ||
| Q3 25 | 9.8% | 0.8% | ||
| Q2 25 | 8.0% | 1.3% | ||
| Q1 25 | 6.5% | 1.8% | ||
| Q4 24 | 26.1% | — | ||
| Q3 24 | 7.1% | 1.5% | ||
| Q2 24 | 6.5% | 2.2% | ||
| Q1 24 | 5.3% | — |
| Q4 25 | 10.07× | — | ||
| Q3 25 | 1.25× | 0.07× | ||
| Q2 25 | 1.41× | — | ||
| Q1 25 | 1.76× | — | ||
| Q4 24 | 5.70× | — | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.50× | — | ||
| Q1 24 | 2.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVB
Segment breakdown not available.
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
