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Side-by-side financial comparison of Calumet, Inc. (CLMT) and Medpace Holdings, Inc. (MEDP). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $708.5M, roughly 1.5× Medpace Holdings, Inc.). Medpace Holdings, Inc. runs the higher net margin — 19.1% vs -3.6%, a 22.7% gap on every dollar of revenue. Medpace Holdings, Inc. produced more free cash flow last quarter ($188.1M 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.
Medpace Holdings, Inc. is a global clinical research organization (CRO) based in Cincinnati, Ohio, employing approximately 6,000 people. Operating under a full-service model, the company also offers global central laboratory, imaging core laboratory, and bioanalytical laboratory services, as well as a Phase I unit located on its headquarters and clinical research campus in Cincinnati, Ohio.
CLMT vs MEDP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $708.5M |
| Net Profit | $-37.3M | $135.1M |
| Gross Margin | -0.3% | — |
| Operating Margin | -6.2% | 21.6% |
| Net Margin | -3.6% | 19.1% |
| Revenue YoY | — | 32.0% |
| Net Profit YoY | — | 15.5% |
| EPS (diluted) | $-0.43 | $4.65 |
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 | $708.5M | ||
| Q3 25 | $1.1B | $659.9M | ||
| Q2 25 | $1.0B | $603.3M | ||
| Q1 25 | $993.9M | $558.6M | ||
| Q4 24 | — | $536.6M | ||
| Q3 24 | $1.1B | $533.3M | ||
| Q2 24 | $1.1B | $528.1M | ||
| Q1 24 | — | $511.0M |
| Q4 25 | $-37.3M | $135.1M | ||
| Q3 25 | $313.4M | $111.1M | ||
| Q2 25 | $-147.9M | $90.3M | ||
| Q1 25 | $-162.0M | $114.6M | ||
| Q4 24 | — | $117.0M | ||
| Q3 24 | $-100.6M | $96.4M | ||
| Q2 24 | $-39.1M | $88.4M | ||
| Q1 24 | — | $102.6M |
| 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% | 21.6% | ||
| Q3 25 | 30.0% | 21.5% | ||
| Q2 25 | -9.8% | 20.9% | ||
| Q1 25 | -4.9% | 20.3% | ||
| Q4 24 | — | 23.4% | ||
| Q3 24 | -5.2% | 21.1% | ||
| Q2 24 | 0.5% | 19.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | -3.6% | 19.1% | ||
| Q3 25 | 29.1% | 16.8% | ||
| Q2 25 | -14.4% | 15.0% | ||
| Q1 25 | -16.3% | 20.5% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | -9.1% | 18.1% | ||
| Q2 24 | -3.4% | 16.7% | ||
| Q1 24 | — | 20.1% |
| Q4 25 | $-0.43 | $4.65 | ||
| Q3 25 | $3.61 | $3.86 | ||
| Q2 25 | $-1.70 | $3.10 | ||
| Q1 25 | $-1.87 | $3.67 | ||
| Q4 24 | — | $3.67 | ||
| Q3 24 | $-1.18 | $3.01 | ||
| Q2 24 | $-0.48 | $2.75 | ||
| Q1 24 | — | $3.20 |
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 | $497.0M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $-732.7M | $459.1M |
| Total Assets | $2.7B | $2.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $497.0M | ||
| Q3 25 | $94.6M | $285.4M | ||
| Q2 25 | $110.6M | $46.3M | ||
| Q1 25 | $123.4M | $441.4M | ||
| Q4 24 | — | $669.4M | ||
| Q3 24 | $34.6M | $656.9M | ||
| Q2 24 | $7.0M | $510.9M | ||
| Q1 24 | — | $407.0M |
| 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 | $459.1M | ||
| Q3 25 | $-695.3M | $293.6M | ||
| Q2 25 | $-1.0B | $172.4M | ||
| Q1 25 | $-862.3M | $593.6M | ||
| Q4 24 | — | $825.5M | ||
| Q3 24 | $-672.2M | $881.4M | ||
| Q2 24 | $-566.4M | $763.6M | ||
| Q1 24 | — | $671.5M |
| Q4 25 | $2.7B | $2.0B | ||
| Q3 25 | $2.7B | $1.8B | ||
| Q2 25 | $2.8B | $1.6B | ||
| Q1 25 | $2.8B | $1.9B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $100 | $1.9B | ||
| Q1 24 | — | $1.8B |
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 | $192.7M |
| Free Cash FlowOCF − Capex | $103.8M | $188.1M |
| FCF MarginFCF / Revenue | 10.0% | 26.6% |
| Capex IntensityCapex / Revenue | 1.2% | 0.6% |
| Cash ConversionOCF / Net Profit | — | 1.43× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $681.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $192.7M | ||
| Q3 25 | $23.5M | $246.2M | ||
| Q2 25 | $-1.8M | $148.5M | ||
| Q1 25 | $-29.3M | $125.8M | ||
| Q4 24 | — | $190.7M | ||
| Q3 24 | $-15.5M | $149.1M | ||
| Q2 24 | — | $116.4M | ||
| Q1 24 | — | $152.7M |
| Q4 25 | $103.8M | $188.1M | ||
| Q3 25 | $15.1M | $235.5M | ||
| Q2 25 | $-15.4M | $142.4M | ||
| Q1 25 | $-46.9M | $115.8M | ||
| Q4 24 | — | $183.0M | ||
| Q3 24 | $-32.2M | $138.5M | ||
| Q2 24 | — | $103.5M | ||
| Q1 24 | — | $147.2M |
| Q4 25 | 10.0% | 26.6% | ||
| Q3 25 | 1.4% | 35.7% | ||
| Q2 25 | -1.5% | 23.6% | ||
| Q1 25 | -4.7% | 20.7% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | -2.9% | 26.0% | ||
| Q2 24 | — | 19.6% | ||
| Q1 24 | — | 28.8% |
| Q4 25 | 1.2% | 0.6% | ||
| Q3 25 | 0.8% | 1.6% | ||
| Q2 25 | 1.3% | 1.0% | ||
| Q1 25 | 1.8% | 1.8% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 1.5% | 2.0% | ||
| Q2 24 | 2.2% | 2.4% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | — | 1.43× | ||
| Q3 25 | 0.07× | 2.22× | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 1.32× | ||
| Q1 24 | — | 1.49× |
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% |
MEDP
| Metabolic | $249.8M | 35% |
| Oncology | $195.9M | 28% |
| Other | $88.3M | 12% |
| Central Nervous System | $73.2M | 10% |
| Cardiology | $63.0M | 9% |
| Antiviral And Anti Infective | $38.3M | 5% |
| Related Party | $10.3M | 1% |
