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Side-by-side financial comparison of BELDEN INC. (BDC) 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 $696.4M, roughly 1.5× BELDEN INC.). BELDEN INC. runs the higher net margin — 7.3% vs -3.6%, a 10.9% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $-63.1M).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
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.
BDC vs CLMT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $1.0B |
| Net Profit | $51.0M | $-37.3M |
| Gross Margin | 37.1% | -0.3% |
| Operating Margin | 11.2% | -6.2% |
| Net Margin | 7.3% | -3.6% |
| Revenue YoY | 11.4% | — |
| Net Profit YoY | -1.8% | — |
| EPS (diluted) | $1.30 | $-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 | $696.4M | — | ||
| Q4 25 | $720.1M | $1.0B | ||
| Q3 25 | $698.2M | $1.1B | ||
| Q2 25 | $672.0M | $1.0B | ||
| Q1 25 | $624.9M | $993.9M | ||
| Q4 24 | $666.0M | — | ||
| Q3 24 | $654.9M | $1.1B | ||
| Q2 24 | $604.3M | $1.1B |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | $-37.3M | ||
| Q3 25 | $56.7M | $313.4M | ||
| Q2 25 | $61.0M | $-147.9M | ||
| Q1 25 | $51.9M | $-162.0M | ||
| Q4 24 | $58.4M | — | ||
| Q3 24 | $53.7M | $-100.6M | ||
| Q2 24 | $49.0M | $-39.1M |
| Q1 26 | 37.1% | — | ||
| Q4 25 | 36.6% | -0.3% | ||
| Q3 25 | 37.7% | 34.7% | ||
| Q2 25 | 38.5% | -4.2% | ||
| Q1 25 | 39.3% | -8.2% | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 37.3% | 0.4% | ||
| Q2 24 | 37.5% | 5.6% |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.2% | -6.2% | ||
| Q3 25 | 10.9% | 30.0% | ||
| Q2 25 | 11.8% | -9.8% | ||
| Q1 25 | 11.6% | -4.9% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 11.5% | -5.2% | ||
| Q2 24 | 11.4% | 0.5% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | -3.6% | ||
| Q3 25 | 8.1% | 29.1% | ||
| Q2 25 | 9.1% | -14.4% | ||
| Q1 25 | 8.3% | -16.3% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 8.2% | -9.1% | ||
| Q2 24 | 8.1% | -3.4% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | $-0.43 | ||
| Q3 25 | $1.41 | $3.61 | ||
| Q2 25 | $1.53 | $-1.70 | ||
| Q1 25 | $1.27 | $-1.87 | ||
| Q4 24 | $1.41 | — | ||
| Q3 24 | $1.30 | $-1.18 | ||
| Q2 24 | $1.19 | $-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 | $272.2M | $125.1M |
| Total DebtLower is stronger | $1.3B | $2.1B |
| Stockholders' EquityBook value | $1.3B | $-732.7M |
| Total Assets | — | $2.7B |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | $125.1M | ||
| Q3 25 | $314.3M | $94.6M | ||
| Q2 25 | $301.5M | $110.6M | ||
| Q1 25 | $259.0M | $123.4M | ||
| Q4 24 | $370.3M | — | ||
| Q3 24 | $323.0M | $34.6M | ||
| Q2 24 | $564.8M | $7.0M |
| Q1 26 | $1.3B | — | ||
| 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 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $-732.7M | ||
| Q3 25 | $1.2B | $-695.3M | ||
| Q2 25 | $1.2B | $-1.0B | ||
| Q1 25 | $1.2B | $-862.3M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $-672.2M | ||
| Q2 24 | $1.2B | $-566.4M |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $2.7B | ||
| Q3 25 | $3.4B | $2.7B | ||
| Q2 25 | $3.4B | $2.8B | ||
| Q1 25 | $3.3B | $2.8B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.3B | $2.6B | ||
| Q2 24 | $3.5B | $100 |
| Q1 26 | 0.98× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — | $116.5M |
| Free Cash FlowOCF − Capex | $-63.1M | $103.8M |
| FCF MarginFCF / Revenue | -9.1% | 10.0% |
| Capex IntensityCapex / Revenue | 6.4% | 1.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $116.5M | ||
| Q3 25 | $105.0M | $23.5M | ||
| Q2 25 | $82.0M | $-1.8M | ||
| Q1 25 | $7.4M | $-29.3M | ||
| Q4 24 | $174.7M | — | ||
| Q3 24 | $91.7M | $-15.5M | ||
| Q2 24 | $83.0M | — |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | $103.8M | ||
| Q3 25 | $65.3M | $15.1M | ||
| Q2 25 | $56.9M | $-15.4M | ||
| Q1 25 | $-24.8M | $-46.9M | ||
| Q4 24 | $116.4M | — | ||
| Q3 24 | $67.2M | $-32.2M | ||
| Q2 24 | $61.0M | — |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | 10.0% | ||
| Q3 25 | 9.4% | 1.4% | ||
| Q2 25 | 8.5% | -1.5% | ||
| Q1 25 | -4.0% | -4.7% | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 10.3% | -2.9% | ||
| Q2 24 | 10.1% | — |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | 1.2% | ||
| Q3 25 | 5.7% | 0.8% | ||
| Q2 25 | 3.7% | 1.3% | ||
| Q1 25 | 5.2% | 1.8% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 3.7% | 1.5% | ||
| Q2 24 | 3.6% | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | 0.07× | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
Segment breakdown not available.
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
