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Side-by-side financial comparison of Calumet, Inc. (CLMT) and EnerSys (ENS). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $919.1M, roughly 1.1× EnerSys). EnerSys runs the higher net margin — 9.8% vs -3.6%, a 13.4% gap on every dollar of revenue. EnerSys produced more free cash flow last quarter ($171.3M 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.
EnerSys is a stored energy systems and technology provider for industrial applications. The company manufactures reserve-power and motive-power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosures.
CLMT vs ENS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $919.1M |
| Net Profit | $-37.3M | $90.4M |
| Gross Margin | -0.3% | 30.1% |
| Operating Margin | -6.2% | 13.5% |
| Net Margin | -3.6% | 9.8% |
| Revenue YoY | — | 1.4% |
| Net Profit YoY | — | -21.3% |
| EPS (diluted) | $-0.43 | $2.40 |
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 | $919.1M | ||
| Q3 25 | $1.1B | $951.3M | ||
| Q2 25 | $1.0B | $893.0M | ||
| Q1 25 | $993.9M | $974.8M | ||
| Q4 24 | — | $906.2M | ||
| Q3 24 | $1.1B | $883.7M | ||
| Q2 24 | $1.1B | $852.9M | ||
| Q1 24 | — | $910.7M |
| Q4 25 | $-37.3M | $90.4M | ||
| Q3 25 | $313.4M | $68.4M | ||
| Q2 25 | $-147.9M | $57.5M | ||
| Q1 25 | $-162.0M | $96.5M | ||
| Q4 24 | — | $114.8M | ||
| Q3 24 | $-100.6M | $82.3M | ||
| Q2 24 | $-39.1M | $70.1M | ||
| Q1 24 | — | $60.9M |
| Q4 25 | -0.3% | 30.1% | ||
| Q3 25 | 34.7% | 29.1% | ||
| Q2 25 | -4.2% | 28.4% | ||
| Q1 25 | -8.2% | 31.2% | ||
| Q4 24 | — | 32.9% | ||
| Q3 24 | 0.4% | 28.5% | ||
| Q2 24 | 5.6% | 27.9% | ||
| Q1 24 | — | 27.9% |
| Q4 25 | -6.2% | 13.5% | ||
| Q3 25 | 30.0% | 9.7% | ||
| Q2 25 | -9.8% | 9.7% | ||
| Q1 25 | -4.9% | 13.5% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | -5.2% | 11.2% | ||
| Q2 24 | 0.5% | 10.7% | ||
| Q1 24 | — | 8.9% |
| Q4 25 | -3.6% | 9.8% | ||
| Q3 25 | 29.1% | 7.2% | ||
| Q2 25 | -14.4% | 6.4% | ||
| Q1 25 | -16.3% | 9.9% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | -9.1% | 9.3% | ||
| Q2 24 | -3.4% | 8.2% | ||
| Q1 24 | — | 6.7% |
| Q4 25 | $-0.43 | $2.40 | ||
| Q3 25 | $3.61 | $1.80 | ||
| Q2 25 | $-1.70 | $1.46 | ||
| Q1 25 | $-1.87 | $2.39 | ||
| Q4 24 | — | $2.88 | ||
| Q3 24 | $-1.18 | $2.01 | ||
| Q2 24 | $-0.48 | $1.71 | ||
| Q1 24 | — | $1.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $125.1M | $450.1M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $-732.7M | $1.9B |
| Total Assets | $2.7B | $4.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $450.1M | ||
| Q3 25 | $94.6M | $388.6M | ||
| Q2 25 | $110.6M | $346.7M | ||
| Q1 25 | $123.4M | $343.1M | ||
| Q4 24 | — | $463.2M | ||
| Q3 24 | $34.6M | $407.9M | ||
| Q2 24 | $7.0M | $344.1M | ||
| Q1 24 | — | $333.3M |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $802.0M |
| Q4 25 | $-732.7M | $1.9B | ||
| Q3 25 | $-695.3M | $1.9B | ||
| Q2 25 | $-1.0B | $1.9B | ||
| Q1 25 | $-862.3M | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $-672.2M | $1.8B | ||
| Q2 24 | $-566.4M | $1.8B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | $2.7B | $4.0B | ||
| Q3 25 | $2.7B | $4.1B | ||
| Q2 25 | $2.8B | $4.1B | ||
| Q1 25 | $2.8B | $4.0B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $2.6B | $4.0B | ||
| Q2 24 | $100 | $3.6B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.46× |
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 | $184.6M |
| Free Cash FlowOCF − Capex | $103.8M | $171.3M |
| FCF MarginFCF / Revenue | 10.0% | 18.6% |
| Capex IntensityCapex / Revenue | 1.2% | 1.4% |
| Cash ConversionOCF / Net Profit | — | 2.04× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $441.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $184.6M | ||
| Q3 25 | $23.5M | $218.0M | ||
| Q2 25 | $-1.8M | $968.0K | ||
| Q1 25 | $-29.3M | $135.2M | ||
| Q4 24 | — | $81.1M | ||
| Q3 24 | $-15.5M | $33.6M | ||
| Q2 24 | — | $10.4M | ||
| Q1 24 | — | — |
| Q4 25 | $103.8M | $171.3M | ||
| Q3 25 | $15.1M | $197.1M | ||
| Q2 25 | $-15.4M | $-32.1M | ||
| Q1 25 | $-46.9M | $104.9M | ||
| Q4 24 | — | $56.8M | ||
| Q3 24 | $-32.2M | $3.3M | ||
| Q2 24 | — | $-25.7M | ||
| Q1 24 | — | — |
| Q4 25 | 10.0% | 18.6% | ||
| Q3 25 | 1.4% | 20.7% | ||
| Q2 25 | -1.5% | -3.6% | ||
| Q1 25 | -4.7% | 10.8% | ||
| Q4 24 | — | 6.3% | ||
| Q3 24 | -2.9% | 0.4% | ||
| Q2 24 | — | -3.0% | ||
| Q1 24 | — | — |
| Q4 25 | 1.2% | 1.4% | ||
| Q3 25 | 0.8% | 2.2% | ||
| Q2 25 | 1.3% | 3.7% | ||
| Q1 25 | 1.8% | 3.1% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | 1.5% | 3.4% | ||
| Q2 24 | 2.2% | 4.2% | ||
| Q1 24 | — | — |
| Q4 25 | — | 2.04× | ||
| Q3 25 | 0.07× | 3.19× | ||
| Q2 25 | — | 0.02× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 0.71× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | — |
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% |
ENS
| Energy Systems | $399.5M | 43% |
| Motive Power | $352.0M | 38% |
| Services | $92.6M | 10% |
| Transferred Over Time | $38.2M | 4% |
| Other | $36.8M | 4% |
