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Side-by-side financial comparison of TopBuild Corp (BLD) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
TopBuild Corp is the larger business by last-quarter revenue ($1.4B vs $1.0B, roughly 1.4× Calumet, Inc.). TopBuild Corp runs the higher net margin — 7.2% vs -3.6%, a 10.8% gap on every dollar of revenue.
HashiCorp, Inc. is an American software company with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure. It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.
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.
BLD vs CLMT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $1.0B |
| Net Profit | $104.8M | $-37.3M |
| Gross Margin | 27.7% | -0.3% |
| Operating Margin | 12.1% | -6.2% |
| Net Margin | 7.2% | -3.6% |
| Revenue YoY | 17.2% | — |
| Net Profit YoY | -15.1% | — |
| EPS (diluted) | $3.73 | $-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 | $1.4B | — | ||
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.2B | $993.9M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $1.1B |
| Q1 26 | $104.8M | — | ||
| Q4 25 | $104.5M | $-37.3M | ||
| Q3 25 | $142.2M | $313.4M | ||
| Q2 25 | $151.6M | $-147.9M | ||
| Q1 25 | $123.4M | $-162.0M | ||
| Q4 24 | $150.5M | — | ||
| Q3 24 | $169.0M | $-100.6M | ||
| Q2 24 | $150.7M | $-39.1M |
| Q1 26 | 27.7% | — | ||
| Q4 25 | 27.2% | -0.3% | ||
| Q3 25 | 30.1% | 34.7% | ||
| Q2 25 | 30.4% | -4.2% | ||
| Q1 25 | 28.5% | -8.2% | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 30.7% | 0.4% | ||
| Q2 24 | 31.0% | 5.6% |
| Q1 26 | 12.1% | — | ||
| Q4 25 | 12.1% | -6.2% | ||
| Q3 25 | 15.4% | 30.0% | ||
| Q2 25 | 16.9% | -9.8% | ||
| Q1 25 | 14.4% | -4.9% | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 17.8% | -5.2% | ||
| Q2 24 | 15.4% | 0.5% |
| Q1 26 | 7.2% | — | ||
| Q4 25 | 7.0% | -3.6% | ||
| Q3 25 | 10.2% | 29.1% | ||
| Q2 25 | 11.7% | -14.4% | ||
| Q1 25 | 10.0% | -16.3% | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 12.3% | -9.1% | ||
| Q2 24 | 11.0% | -3.4% |
| Q1 26 | $3.73 | — | ||
| Q4 25 | $3.69 | $-0.43 | ||
| Q3 25 | $5.04 | $3.61 | ||
| Q2 25 | $5.32 | $-1.70 | ||
| Q1 25 | $4.23 | $-1.87 | ||
| Q4 24 | $5.07 | — | ||
| Q3 24 | $5.65 | $-1.18 | ||
| Q2 24 | $4.78 | $-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 | $268.8M | $125.1M |
| Total DebtLower is stronger | $2.8B | $2.1B |
| Stockholders' EquityBook value | $2.4B | $-732.7M |
| Total Assets | $6.7B | $2.7B |
| Debt / EquityLower = less leverage | 1.18× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $268.8M | — | ||
| Q4 25 | $184.7M | $125.1M | ||
| Q3 25 | $1.1B | $94.6M | ||
| Q2 25 | $842.5M | $110.6M | ||
| Q1 25 | $308.8M | $123.4M | ||
| Q4 24 | $400.3M | — | ||
| Q3 24 | $257.3M | $34.6M | ||
| Q2 24 | $463.2M | $7.0M |
| Q1 26 | $2.8B | — | ||
| Q4 25 | $2.8B | $2.1B | ||
| Q3 25 | $2.9B | $2.1B | ||
| Q2 25 | $1.9B | $2.1B | ||
| Q1 25 | $1.4B | $2.3B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.4B | — |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.3B | $-732.7M | ||
| Q3 25 | $2.2B | $-695.3M | ||
| Q2 25 | $2.1B | $-1.0B | ||
| Q1 25 | $2.1B | $-862.3M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.1B | $-672.2M | ||
| Q2 24 | $2.4B | $-566.4M |
| Q1 26 | $6.7B | — | ||
| Q4 25 | $6.6B | $2.7B | ||
| Q3 25 | $6.4B | $2.7B | ||
| Q2 25 | $5.1B | $2.8B | ||
| Q1 25 | $4.6B | $2.8B | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $4.7B | $2.6B | ||
| Q2 24 | $4.9B | $100 |
| Q1 26 | 1.18× | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — |
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 | $160.7M | $116.5M |
| Free Cash FlowOCF − Capex | — | $103.8M |
| FCF MarginFCF / Revenue | — | 10.0% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | 1.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $160.7M | — | ||
| Q4 25 | $176.7M | $116.5M | ||
| Q3 25 | $233.3M | $23.5M | ||
| Q2 25 | $193.7M | $-1.8M | ||
| Q1 25 | $152.6M | $-29.3M | ||
| Q4 24 | $266.2M | — | ||
| Q3 24 | $240.7M | $-15.5M | ||
| Q2 24 | $90.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | $159.4M | $103.8M | ||
| Q3 25 | $216.2M | $15.1M | ||
| Q2 25 | $182.2M | $-15.4M | ||
| Q1 25 | $139.2M | $-46.9M | ||
| Q4 24 | $253.7M | — | ||
| Q3 24 | $219.8M | $-32.2M | ||
| Q2 24 | $74.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | 10.0% | ||
| Q3 25 | 15.5% | 1.4% | ||
| Q2 25 | 14.0% | -1.5% | ||
| Q1 25 | 11.3% | -4.7% | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 16.0% | -2.9% | ||
| Q2 24 | 5.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 1.2% | ||
| Q3 25 | 1.2% | 0.8% | ||
| Q2 25 | 0.9% | 1.3% | ||
| Q1 25 | 1.1% | 1.8% | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 1.5% | 1.5% | ||
| Q2 24 | 1.2% | 2.2% |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.69× | — | ||
| Q3 25 | 1.64× | 0.07× | ||
| Q2 25 | 1.28× | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 0.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLD
| Installation Services | $651.1M | 45% |
| Specialty Distribution | $562.9M | 39% |
| Other | $231.8M | 16% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
