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Side-by-side financial comparison of Calumet, Inc. (CLMT) and Global Business Travel Group, Inc. (GBTG). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $792.0M, roughly 1.3× Global Business Travel Group, Inc.). Global Business Travel Group, Inc. runs the higher net margin — 10.5% vs -3.6%, a 14.1% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $13.0M).
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.
A travel management company (TMC) is a travel agency which manages organizations' corporate or business travel programs. Such companies will often provide an end-user online booking tool, mobile application, program management, and consulting teams, executive travel services, meetings and events support, reporting functionality, duty of care, and more. Non-Profit travel management companies also provide services to manage complex visa requirements, pre-trip medical needs, remote area travel, ...
CLMT vs GBTG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $792.0M |
| Net Profit | $-37.3M | $83.0M |
| Gross Margin | -0.3% | — |
| Operating Margin | -6.2% | 3.7% |
| Net Margin | -3.6% | 10.5% |
| Revenue YoY | — | 34.0% |
| Net Profit YoY | — | 692.9% |
| EPS (diluted) | $-0.43 | $0.16 |
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 | $792.0M | ||
| Q3 25 | $1.1B | $674.0M | ||
| Q2 25 | $1.0B | $631.0M | ||
| Q1 25 | $993.9M | $621.0M | ||
| Q4 24 | — | $591.0M | ||
| Q3 24 | $1.1B | $597.0M | ||
| Q2 24 | $1.1B | $625.0M | ||
| Q1 24 | — | $610.0M |
| Q4 25 | $-37.3M | $83.0M | ||
| Q3 25 | $313.4M | $-62.0M | ||
| Q2 25 | $-147.9M | $15.0M | ||
| Q1 25 | $-162.0M | $75.0M | ||
| Q4 24 | — | $-14.0M | ||
| Q3 24 | $-100.6M | $-128.0M | ||
| Q2 24 | $-39.1M | $27.0M | ||
| Q1 24 | — | $-19.0M |
| 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% | 3.7% | ||
| Q3 25 | 30.0% | 1.8% | ||
| Q2 25 | -9.8% | 5.4% | ||
| Q1 25 | -4.9% | 8.9% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | -5.2% | 4.5% | ||
| Q2 24 | 0.5% | 6.7% | ||
| Q1 24 | — | 2.6% |
| Q4 25 | -3.6% | 10.5% | ||
| Q3 25 | 29.1% | -9.2% | ||
| Q2 25 | -14.4% | 2.4% | ||
| Q1 25 | -16.3% | 12.1% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | -9.1% | -21.4% | ||
| Q2 24 | -3.4% | 4.3% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | $-0.43 | $0.16 | ||
| Q3 25 | $3.61 | $-0.13 | ||
| Q2 25 | $-1.70 | $0.03 | ||
| Q1 25 | $-1.87 | $0.16 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | $-1.18 | $-0.28 | ||
| Q2 24 | $-0.48 | $0.06 | ||
| Q1 24 | — | $-0.04 |
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 | $434.0M |
| Total DebtLower is stronger | $2.1B | $1.4B |
| Stockholders' EquityBook value | $-732.7M | $1.6B |
| Total Assets | $2.7B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $434.0M | ||
| Q3 25 | $94.6M | $427.0M | ||
| Q2 25 | $110.6M | $601.0M | ||
| Q1 25 | $123.4M | $552.0M | ||
| Q4 24 | — | $536.0M | ||
| Q3 24 | $34.6M | $524.0M | ||
| Q2 24 | $7.0M | $515.0M | ||
| Q1 24 | — | $475.0M |
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-732.7M | $1.6B | ||
| Q3 25 | $-695.3M | $1.5B | ||
| Q2 25 | $-1.0B | $1.2B | ||
| Q1 25 | $-862.3M | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $-672.2M | $1.1B | ||
| Q2 24 | $-566.4M | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $2.7B | $4.9B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.8B | $3.9B | ||
| Q1 25 | $2.8B | $3.8B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | $2.6B | $3.8B | ||
| Q2 24 | $100 | $3.8B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $52.0M |
| Free Cash FlowOCF − Capex | $103.8M | $13.0M |
| FCF MarginFCF / Revenue | 10.0% | 1.6% |
| Capex IntensityCapex / Revenue | 1.2% | 4.9% |
| Cash ConversionOCF / Net Profit | — | 0.63× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $104.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $52.0M | ||
| Q3 25 | $23.5M | $71.0M | ||
| Q2 25 | $-1.8M | $57.0M | ||
| Q1 25 | $-29.3M | $53.0M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | $-15.5M | $85.0M | ||
| Q2 24 | — | $73.0M | ||
| Q1 24 | — | $49.0M |
| Q4 25 | $103.8M | $13.0M | ||
| Q3 25 | $15.1M | $38.0M | ||
| Q2 25 | $-15.4M | $27.0M | ||
| Q1 25 | $-46.9M | $26.0M | ||
| Q4 24 | — | $33.0M | ||
| Q3 24 | $-32.2M | $59.0M | ||
| Q2 24 | — | $49.0M | ||
| Q1 24 | — | $24.0M |
| Q4 25 | 10.0% | 1.6% | ||
| Q3 25 | 1.4% | 5.6% | ||
| Q2 25 | -1.5% | 4.3% | ||
| Q1 25 | -4.7% | 4.2% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | -2.9% | 9.9% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | 1.2% | 4.9% | ||
| Q3 25 | 0.8% | 4.9% | ||
| Q2 25 | 1.3% | 4.8% | ||
| Q1 25 | 1.8% | 4.3% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | 1.5% | 4.4% | ||
| Q2 24 | 2.2% | 3.8% | ||
| Q1 24 | — | 4.1% |
| Q4 25 | — | 0.63× | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | — | 3.80× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.70× | ||
| 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% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
