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Side-by-side financial comparison of Calumet, Inc. (CLMT) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $1.0B, roughly 1.0× Liberty Energy Inc.). Liberty Energy Inc. runs the higher net margin — 2.2% vs -3.6%, a 5.8% 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.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
CLMT vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.0B |
| Net Profit | $-37.3M | $22.6M |
| Gross Margin | -0.3% | — |
| Operating Margin | -6.2% | 2.2% |
| Net Margin | -3.6% | 2.2% |
| Revenue YoY | — | 4.5% |
| Net Profit YoY | — | 64.8% |
| EPS (diluted) | $-0.43 | $0.14 |
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.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.0B | $1.0B | ||
| Q3 25 | $1.1B | $947.4M | ||
| Q2 25 | $1.0B | $1.0B | ||
| Q1 25 | $993.9M | $977.5M | ||
| Q4 24 | — | $943.6M | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $-37.3M | $13.7M | ||
| Q3 25 | $313.4M | $43.1M | ||
| Q2 25 | $-147.9M | $71.0M | ||
| Q1 25 | $-162.0M | $20.1M | ||
| Q4 24 | — | $51.9M | ||
| Q3 24 | $-100.6M | $73.8M | ||
| Q2 24 | $-39.1M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | -0.3% | 20.6% | ||
| Q3 25 | 34.7% | 18.7% | ||
| Q2 25 | -4.2% | 22.1% | ||
| Q1 25 | -8.2% | 22.1% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | 0.4% | 26.2% | ||
| Q2 24 | 5.6% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -6.2% | 1.9% | ||
| Q3 25 | 30.0% | -0.3% | ||
| Q2 25 | -9.8% | 3.6% | ||
| Q1 25 | -4.9% | 1.9% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | -5.2% | 9.4% | ||
| Q2 24 | 0.5% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -3.6% | 1.3% | ||
| Q3 25 | 29.1% | 4.5% | ||
| Q2 25 | -14.4% | 6.8% | ||
| Q1 25 | -16.3% | 2.1% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | -9.1% | 6.5% | ||
| Q2 24 | -3.4% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $-0.43 | $0.08 | ||
| Q3 25 | $3.61 | $0.26 | ||
| Q2 25 | $-1.70 | $0.43 | ||
| Q1 25 | $-1.87 | $0.12 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | $-1.18 | $0.44 | ||
| Q2 24 | $-0.48 | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | $2.1B | $7.1M |
| Stockholders' EquityBook value | $-732.7M | $1.9B |
| Total Assets | $2.7B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $125.1M | $27.6M | ||
| Q3 25 | $94.6M | $13.5M | ||
| Q2 25 | $110.6M | $19.6M | ||
| Q1 25 | $123.4M | $24.1M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | $34.6M | $23.0M | ||
| Q2 24 | $7.0M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $2.1B | $246.6M | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | — | $190.5M | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $-732.7M | $2.1B | ||
| Q3 25 | $-695.3M | $2.1B | ||
| Q2 25 | $-1.0B | $2.0B | ||
| Q1 25 | $-862.3M | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $-672.2M | $2.0B | ||
| Q2 24 | $-566.4M | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.7B | $3.5B | ||
| Q2 25 | $2.8B | $3.4B | ||
| Q1 25 | $2.8B | $3.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $2.6B | $3.3B | ||
| Q2 24 | $100 | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 10.0% | — |
| Capex IntensityCapex / Revenue | 1.2% | 13.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.5M | $195.4M | ||
| Q3 25 | $23.5M | $51.5M | ||
| Q2 25 | $-1.8M | $170.6M | ||
| Q1 25 | $-29.3M | $192.1M | ||
| Q4 24 | — | $177.3M | ||
| Q3 24 | $-15.5M | $244.5M | ||
| Q2 24 | — | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $-10.0M | ||
| Q3 25 | $15.1M | $-67.2M | ||
| Q2 25 | $-15.4M | $33.1M | ||
| Q1 25 | $-46.9M | $58.2M | ||
| Q4 24 | — | $-26.2M | ||
| Q3 24 | $-32.2M | $77.9M | ||
| Q2 24 | — | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 10.0% | -1.0% | ||
| Q3 25 | 1.4% | -7.1% | ||
| Q2 25 | -1.5% | 3.2% | ||
| Q1 25 | -4.7% | 6.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | -2.9% | 6.8% | ||
| Q2 24 | — | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 1.2% | 19.8% | ||
| Q3 25 | 0.8% | 12.5% | ||
| Q2 25 | 1.3% | 13.2% | ||
| Q1 25 | 1.8% | 13.7% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | 1.5% | 14.6% | ||
| Q2 24 | 2.2% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.28× | ||
| Q3 25 | 0.07× | 1.20× | ||
| Q2 25 | — | 2.40× | ||
| Q1 25 | — | 9.55× | ||
| Q4 24 | — | 3.42× | ||
| Q3 24 | — | 3.31× | ||
| Q2 24 | — | 2.29× |
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% |
LBRT
Segment breakdown not available.
