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Side-by-side financial comparison of Calumet, Inc. (CLMT) and DONALDSON Co INC (DCI). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $935.4M, roughly 1.1× DONALDSON Co INC). DONALDSON Co INC runs the higher net margin — 12.2% vs -3.6%, a 15.8% gap on every dollar of revenue. DONALDSON Co INC produced more free cash flow last quarter ($111.2M vs $103.8M).
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.
Donaldson Company, Inc. is a filtration company engaged in the production and marketing of filtration products used in a variety of industry sectors, including commercial/industrial, aerospace, chemical, alternative energy (windmills), food & beverage, and pharmaceuticals. Also the company's research division, located in Minneapolis, Minn., participated in defense-related projects for various military applications.
CLMT vs DCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $935.4M |
| Net Profit | $-37.3M | $113.9M |
| Gross Margin | -0.3% | 35.2% |
| Operating Margin | -6.2% | 16.0% |
| Net Margin | -3.6% | 12.2% |
| Revenue YoY | — | 3.9% |
| Net Profit YoY | — | 15.1% |
| EPS (diluted) | $-0.43 | $0.97 |
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 | $1.0B | $935.4M | ||
| Q3 25 | $1.1B | $980.7M | ||
| Q2 25 | $1.0B | $940.1M | ||
| Q1 25 | $993.9M | $870.0M | ||
| Q4 24 | — | $900.1M | ||
| Q3 24 | $1.1B | $935.4M | ||
| Q2 24 | $1.1B | $927.9M | ||
| Q1 24 | — | $876.7M |
| Q4 25 | $-37.3M | $113.9M | ||
| Q3 25 | $313.4M | $114.3M | ||
| Q2 25 | $-147.9M | $57.8M | ||
| Q1 25 | $-162.0M | $95.9M | ||
| Q4 24 | — | $99.0M | ||
| Q3 24 | $-100.6M | $109.7M | ||
| Q2 24 | $-39.1M | $113.5M | ||
| Q1 24 | — | $98.7M |
| Q4 25 | -0.3% | 35.2% | ||
| Q3 25 | 34.7% | 34.5% | ||
| Q2 25 | -4.2% | 34.2% | ||
| Q1 25 | -8.2% | 35.2% | ||
| Q4 24 | — | 35.5% | ||
| Q3 24 | 0.4% | 35.8% | ||
| Q2 24 | 5.6% | 35.6% | ||
| Q1 24 | — | 35.2% |
| Q4 25 | -6.2% | 16.0% | ||
| Q3 25 | 30.0% | 15.5% | ||
| Q2 25 | -9.8% | 9.3% | ||
| Q1 25 | -4.9% | 14.4% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | -5.2% | 15.6% | ||
| Q2 24 | 0.5% | 15.5% | ||
| Q1 24 | — | 14.8% |
| Q4 25 | -3.6% | 12.2% | ||
| Q3 25 | 29.1% | 11.7% | ||
| Q2 25 | -14.4% | 6.1% | ||
| Q1 25 | -16.3% | 11.0% | ||
| Q4 24 | — | 11.0% | ||
| Q3 24 | -9.1% | 11.7% | ||
| Q2 24 | -3.4% | 12.2% | ||
| Q1 24 | — | 11.3% |
| Q4 25 | $-0.43 | $0.97 | ||
| Q3 25 | $3.61 | $0.97 | ||
| Q2 25 | $-1.70 | $0.48 | ||
| Q1 25 | $-1.87 | $0.79 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | $-1.18 | $0.90 | ||
| Q2 24 | $-0.48 | $0.92 | ||
| Q1 24 | — | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $125.1M | $210.7M |
| Total DebtLower is stronger | $2.1B | $671.5M |
| Stockholders' EquityBook value | $-732.7M | $1.5B |
| Total Assets | $2.7B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $210.7M | ||
| Q3 25 | $94.6M | $180.4M | ||
| Q2 25 | $110.6M | $178.5M | ||
| Q1 25 | $123.4M | $189.1M | ||
| Q4 24 | — | $221.2M | ||
| Q3 24 | $34.6M | $232.7M | ||
| Q2 24 | $7.0M | $223.7M | ||
| Q1 24 | — | $193.8M |
| Q4 25 | $2.1B | $671.5M | ||
| Q3 25 | $2.1B | $630.4M | ||
| Q2 25 | $2.1B | $638.8M | ||
| Q1 25 | $2.3B | $514.7M | ||
| Q4 24 | — | $538.6M | ||
| Q3 24 | $1.7B | $483.4M | ||
| Q2 24 | — | $481.8M | ||
| Q1 24 | — | $352.0M |
| Q4 25 | $-732.7M | $1.5B | ||
| Q3 25 | $-695.3M | $1.5B | ||
| Q2 25 | $-1.0B | $1.5B | ||
| Q1 25 | $-862.3M | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $-672.2M | $1.5B | ||
| Q2 24 | $-566.4M | $1.5B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $2.7B | $3.0B | ||
| Q3 25 | $2.7B | $3.0B | ||
| Q2 25 | $2.8B | $3.0B | ||
| Q1 25 | $2.8B | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $2.6B | $2.9B | ||
| Q2 24 | $100 | $2.9B | ||
| Q1 24 | — | $2.8B |
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.26× |
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 | $125.4M |
| Free Cash FlowOCF − Capex | $103.8M | $111.2M |
| FCF MarginFCF / Revenue | 10.0% | 11.9% |
| Capex IntensityCapex / Revenue | 1.2% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.10× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $403.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $125.4M | ||
| Q3 25 | $23.5M | $167.8M | ||
| Q2 25 | $-1.8M | $87.7M | ||
| Q1 25 | $-29.3M | $90.4M | ||
| Q4 24 | — | $72.9M | ||
| Q3 24 | $-15.5M | $126.0M | ||
| Q2 24 | — | $141.5M | ||
| Q1 24 | — | $87.0M |
| Q4 25 | $103.8M | $111.2M | ||
| Q3 25 | $15.1M | $147.5M | ||
| Q2 25 | $-15.4M | $73.0M | ||
| Q1 25 | $-46.9M | $71.5M | ||
| Q4 24 | — | $47.9M | ||
| Q3 24 | $-32.2M | $106.2M | ||
| Q2 24 | — | $120.2M | ||
| Q1 24 | — | $65.7M |
| Q4 25 | 10.0% | 11.9% | ||
| Q3 25 | 1.4% | 15.0% | ||
| Q2 25 | -1.5% | 7.8% | ||
| Q1 25 | -4.7% | 8.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | -2.9% | 11.4% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 7.5% |
| Q4 25 | 1.2% | 1.5% | ||
| Q3 25 | 0.8% | 2.1% | ||
| Q2 25 | 1.3% | 1.6% | ||
| Q1 25 | 1.8% | 2.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 1.5% | 2.1% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | — | 1.10× | ||
| Q3 25 | 0.07× | 1.47× | ||
| Q2 25 | — | 1.52× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 1.15× | ||
| Q2 24 | — | 1.25× | ||
| Q1 24 | — | 0.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
DCI
| Aftermarket Products | $447.1M | 48% |
| Industrial Filtration Solutions Products | $222.6M | 24% |
| Off Road Products | $86.5M | 9% |
| Life Sciences Segment | $80.0M | 9% |
| Other | $39.1M | 4% |
| Aerospace And Defense Products | $37.1M | 4% |
| On Road Products | $23.0M | 2% |
