vs
Side-by-side financial comparison of Calumet, Inc. (CLMT) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $631.2M, roughly 1.6× FORWARD AIR CORP). Calumet, Inc. runs the higher net margin — -3.6% vs -4.5%, a 0.9% gap on every dollar of revenue.
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.
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
CLMT vs FWRD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $631.2M |
| Net Profit | $-37.3M | $-28.3M |
| Gross Margin | -0.3% | — |
| Operating Margin | -6.2% | -0.5% |
| Net Margin | -3.6% | -4.5% |
| Revenue YoY | — | -0.3% |
| Net Profit YoY | — | 22.2% |
| EPS (diluted) | $-0.43 | $-0.90 |
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 | $631.2M | ||
| Q3 25 | $1.1B | $631.8M | ||
| Q2 25 | $1.0B | $618.8M | ||
| Q1 25 | $993.9M | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | $1.1B | $655.9M | ||
| Q2 24 | $1.1B | $643.7M | ||
| Q1 24 | — | $541.8M |
| Q4 25 | $-37.3M | $-28.3M | ||
| Q3 25 | $313.4M | $-16.3M | ||
| Q2 25 | $-147.9M | $-12.6M | ||
| Q1 25 | $-162.0M | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $-100.6M | $-73.4M | ||
| Q2 24 | $-39.1M | $-645.4M | ||
| Q1 24 | — | $-61.7M |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 34.7% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -8.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | -6.2% | -0.5% | ||
| Q3 25 | 30.0% | 2.4% | ||
| Q2 25 | -9.8% | 3.2% | ||
| Q1 25 | -4.9% | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | -5.2% | 3.5% | ||
| Q2 24 | 0.5% | -170.2% | ||
| Q1 24 | — | -12.1% |
| Q4 25 | -3.6% | -4.5% | ||
| Q3 25 | 29.1% | -2.6% | ||
| Q2 25 | -14.4% | -2.0% | ||
| Q1 25 | -16.3% | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | -9.1% | -11.2% | ||
| Q2 24 | -3.4% | -100.3% | ||
| Q1 24 | — | -11.4% |
| Q4 25 | $-0.43 | $-0.90 | ||
| Q3 25 | $3.61 | $-0.52 | ||
| Q2 25 | $-1.70 | $-0.41 | ||
| Q1 25 | $-1.87 | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | $-1.18 | $-2.66 | ||
| Q2 24 | $-0.48 | $-23.47 | ||
| Q1 24 | — | $-2.81 |
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 | $106.0M |
| Total DebtLower is stronger | $2.1B | $1.7B |
| Stockholders' EquityBook value | $-732.7M | $113.3M |
| Total Assets | $2.7B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $106.0M | ||
| Q3 25 | $94.6M | $140.4M | ||
| Q2 25 | $110.6M | $95.1M | ||
| Q1 25 | $123.4M | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | $34.6M | $136.6M | ||
| Q2 24 | $7.0M | $84.9M | ||
| Q1 24 | — | $152.0M |
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.7B | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $-732.7M | $113.3M | ||
| Q3 25 | $-695.3M | $139.8M | ||
| Q2 25 | $-1.0B | $151.8M | ||
| Q1 25 | $-862.3M | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | $-672.2M | $226.1M | ||
| Q2 24 | $-566.4M | $283.8M | ||
| Q1 24 | — | $926.1M |
| Q4 25 | $2.7B | $2.7B | ||
| Q3 25 | $2.7B | $2.8B | ||
| Q2 25 | $2.8B | $2.8B | ||
| Q1 25 | $2.8B | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $2.6B | $3.1B | ||
| Q2 24 | $100 | $3.1B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
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 | $103.8M | — |
| FCF MarginFCF / Revenue | 10.0% | — |
| Capex IntensityCapex / Revenue | 1.2% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | — | ||
| Q3 25 | $23.5M | $52.7M | ||
| Q2 25 | $-1.8M | — | ||
| Q1 25 | $-29.3M | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | $-15.5M | $51.2M | ||
| Q2 24 | — | $-45.2M | ||
| Q1 24 | — | $-51.7M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $15.1M | $48.6M | ||
| Q2 25 | $-15.4M | — | ||
| Q1 25 | $-46.9M | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | $-32.2M | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
| Q4 25 | 10.0% | — | ||
| Q3 25 | 1.4% | 7.7% | ||
| Q2 25 | -1.5% | — | ||
| Q1 25 | -4.7% | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | -2.9% | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
| Q4 25 | 1.2% | 1.3% | ||
| Q3 25 | 0.8% | 0.7% | ||
| Q2 25 | 1.3% | 0.8% | ||
| Q1 25 | 1.8% | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 1.5% | 1.6% | ||
| Q2 24 | 2.2% | 2.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
