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Side-by-side financial comparison of Calumet, Inc. (CLMT) and First Solar (FSLR). Click either name above to swap in a different company.
First Solar is the larger business by last-quarter revenue ($1.7B vs $1.0B, roughly 1.6× Calumet, Inc.). First Solar runs the higher net margin — 31.0% vs -3.6%, a 34.5% gap on every dollar of revenue. First Solar produced more free cash flow last quarter ($1.1B 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.
First Solar, Inc. is a publicly traded American manufacturer of solar panels. First Solar uses rigid thin-film modules for its solar panels, and produces CdTe panels using cadmium telluride (CdTe) as a semiconductor. The company was founded in 1990 by inventor Harold McMaster as Solar Cells, Inc. In 1999 it was purchased by True North Partners, LLC, which rebranded it as First Solar, Inc. It provides end-of-life panel recycling at each of its manufacturing facilities.
CLMT vs FSLR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.7B |
| Net Profit | $-37.3M | $520.9M |
| Gross Margin | -0.3% | 39.5% |
| Operating Margin | -6.2% | 32.6% |
| Net Margin | -3.6% | 31.0% |
| Revenue YoY | — | 11.1% |
| Net Profit YoY | — | 32.5% |
| EPS (diluted) | $-0.43 | $4.84 |
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 | $1.7B | ||
| Q3 25 | $1.1B | $1.6B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $993.9M | $844.6M | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $1.1B | $887.7M | ||
| Q2 24 | $1.1B | $1.0B | ||
| Q1 24 | — | $794.1M |
| Q4 25 | $-37.3M | $520.9M | ||
| Q3 25 | $313.4M | $455.9M | ||
| Q2 25 | $-147.9M | $341.9M | ||
| Q1 25 | $-162.0M | $209.5M | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | $-100.6M | $313.0M | ||
| Q2 24 | $-39.1M | $349.4M | ||
| Q1 24 | — | $236.6M |
| Q4 25 | -0.3% | 39.5% | ||
| Q3 25 | 34.7% | 38.3% | ||
| Q2 25 | -4.2% | 45.6% | ||
| Q1 25 | -8.2% | 40.8% | ||
| Q4 24 | — | 37.5% | ||
| Q3 24 | 0.4% | 50.2% | ||
| Q2 24 | 5.6% | 49.4% | ||
| Q1 24 | — | 43.6% |
| Q4 25 | -6.2% | 32.6% | ||
| Q3 25 | 30.0% | 29.2% | ||
| Q2 25 | -9.8% | 33.0% | ||
| Q1 25 | -4.9% | 26.2% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | -5.2% | 36.3% | ||
| Q2 24 | 0.5% | 36.9% | ||
| Q1 24 | — | 30.6% |
| Q4 25 | -3.6% | 31.0% | ||
| Q3 25 | 29.1% | 28.6% | ||
| Q2 25 | -14.4% | 31.2% | ||
| Q1 25 | -16.3% | 24.8% | ||
| Q4 24 | — | 26.0% | ||
| Q3 24 | -9.1% | 35.3% | ||
| Q2 24 | -3.4% | 34.6% | ||
| Q1 24 | — | 29.8% |
| Q4 25 | $-0.43 | $4.84 | ||
| Q3 25 | $3.61 | $4.24 | ||
| Q2 25 | $-1.70 | $3.18 | ||
| Q1 25 | $-1.87 | $1.95 | ||
| Q4 24 | — | $3.66 | ||
| Q3 24 | $-1.18 | $2.91 | ||
| Q2 24 | $-0.48 | $3.25 | ||
| Q1 24 | — | $2.20 |
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 | $2.8B |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $-732.7M | $9.5B |
| Total Assets | $2.7B | $13.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $2.8B | ||
| Q3 25 | $94.6M | $2.0B | ||
| Q2 25 | $110.6M | $1.1B | ||
| Q1 25 | $123.4M | $837.6M | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $34.6M | $1.0B | ||
| Q2 24 | $7.0M | $1.7B | ||
| Q1 24 | — | $1.7B |
| 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 24 | — | — |
| Q4 25 | $-732.7M | $9.5B | ||
| Q3 25 | $-695.3M | $9.0B | ||
| Q2 25 | $-1.0B | $8.5B | ||
| Q1 25 | $-862.3M | $8.2B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | $-672.2M | $7.6B | ||
| Q2 24 | $-566.4M | $7.3B | ||
| Q1 24 | — | $6.9B |
| Q4 25 | $2.7B | $13.3B | ||
| Q3 25 | $2.7B | $13.5B | ||
| Q2 25 | $2.8B | $12.9B | ||
| Q1 25 | $2.8B | $12.1B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | $2.6B | $11.4B | ||
| Q2 24 | $100 | $11.0B | ||
| Q1 24 | — | $10.8B |
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 | $1.2B |
| Free Cash FlowOCF − Capex | $103.8M | $1.1B |
| FCF MarginFCF / Revenue | 10.0% | 63.6% |
| Capex IntensityCapex / Revenue | 1.2% | 10.2% |
| Cash ConversionOCF / Net Profit | — | 2.38× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $1.2B | ||
| Q3 25 | $23.5M | $1.3B | ||
| Q2 25 | $-1.8M | $149.6M | ||
| Q1 25 | $-29.3M | $-608.0M | ||
| Q4 24 | — | $811.0M | ||
| Q3 24 | $-15.5M | $-53.7M | ||
| Q2 24 | — | $193.0M | ||
| Q1 24 | — | $267.7M |
| Q4 25 | $103.8M | $1.1B | ||
| Q3 25 | $15.1M | $1.1B | ||
| Q2 25 | $-15.4M | $-138.6M | ||
| Q1 25 | $-46.9M | $-813.9M | ||
| Q4 24 | — | $497.5M | ||
| Q3 24 | $-32.2M | $-487.7M | ||
| Q2 24 | — | $-172.1M | ||
| Q1 24 | — | $-145.7M |
| Q4 25 | 10.0% | 63.6% | ||
| Q3 25 | 1.4% | 67.1% | ||
| Q2 25 | -1.5% | -12.6% | ||
| Q1 25 | -4.7% | -96.4% | ||
| Q4 24 | — | 32.9% | ||
| Q3 24 | -2.9% | -54.9% | ||
| Q2 24 | — | -17.0% | ||
| Q1 24 | — | -18.4% |
| Q4 25 | 1.2% | 10.2% | ||
| Q3 25 | 0.8% | 12.8% | ||
| Q2 25 | 1.3% | 26.3% | ||
| Q1 25 | 1.8% | 24.4% | ||
| Q4 24 | — | 20.7% | ||
| Q3 24 | 1.5% | 48.9% | ||
| Q2 24 | 2.2% | 36.1% | ||
| Q1 24 | — | 52.1% |
| Q4 25 | — | 2.38× | ||
| Q3 25 | 0.07× | 2.79× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | -2.90× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | -0.17× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 1.13× |
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% |
FSLR
Segment breakdown not available.
