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Side-by-side financial comparison of Calumet, Inc. (CLMT) and M/I HOMES, INC. (MHO). Click either name above to swap in a different company.
M/I HOMES, INC. is the larger business by last-quarter revenue ($1.1B vs $1.0B, roughly 1.1× Calumet, Inc.). M/I HOMES, INC. runs the higher net margin — 5.6% vs -3.6%, a 9.2% 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.
M/I Homes, Inc. is a leading U.S. residential construction company that designs, builds and sells single-family homes, townhomes and duplexes across multiple U.S. states. It caters to entry-level, move-up and luxury homebuyers, offering energy-efficient designs, flexible floor plans and personalized customization options.
CLMT vs MHO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.1B |
| Net Profit | $-37.3M | $64.0M |
| Gross Margin | -0.3% | 17.4% |
| Operating Margin | -6.2% | 6.5% |
| Net Margin | -3.6% | 5.6% |
| Revenue YoY | — | -4.8% |
| Net Profit YoY | — | -52.1% |
| EPS (diluted) | $-0.43 | $2.42 |
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 | $1.1B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.0B | $1.2B | ||
| Q1 25 | $993.9M | $976.1M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | — | $1.0B |
| Q4 25 | $-37.3M | $64.0M | ||
| Q3 25 | $313.4M | $106.5M | ||
| Q2 25 | $-147.9M | $121.2M | ||
| Q1 25 | $-162.0M | $111.2M | ||
| Q4 24 | — | $133.5M | ||
| Q3 24 | $-100.6M | $145.4M | ||
| Q2 24 | $-39.1M | $146.7M | ||
| Q1 24 | — | $138.1M |
| Q4 25 | -0.3% | 17.4% | ||
| Q3 25 | 34.7% | 24.5% | ||
| Q2 25 | -4.2% | 24.7% | ||
| Q1 25 | -8.2% | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | 0.4% | 27.1% | ||
| Q2 24 | 5.6% | 27.9% | ||
| Q1 24 | — | 27.1% |
| Q4 25 | -6.2% | 6.5% | ||
| Q3 25 | 30.0% | 12.0% | ||
| Q2 25 | -9.8% | 13.4% | ||
| Q1 25 | -4.9% | 14.4% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | -5.2% | 15.9% | ||
| Q2 24 | 0.5% | 16.8% | ||
| Q1 24 | — | 16.6% |
| Q4 25 | -3.6% | 5.6% | ||
| Q3 25 | 29.1% | 9.4% | ||
| Q2 25 | -14.4% | 10.4% | ||
| Q1 25 | -16.3% | 11.4% | ||
| Q4 24 | — | 11.1% | ||
| Q3 24 | -9.1% | 12.7% | ||
| Q2 24 | -3.4% | 13.2% | ||
| Q1 24 | — | 13.2% |
| Q4 25 | $-0.43 | $2.42 | ||
| Q3 25 | $3.61 | $3.92 | ||
| Q2 25 | $-1.70 | $4.42 | ||
| Q1 25 | $-1.87 | $3.98 | ||
| Q4 24 | — | $4.71 | ||
| Q3 24 | $-1.18 | $5.10 | ||
| Q2 24 | $-0.48 | $5.12 | ||
| Q1 24 | — | $4.78 |
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 | — |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $-732.7M | $3.2B |
| Total Assets | $2.7B | $4.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | — | ||
| Q3 25 | $94.6M | — | ||
| Q2 25 | $110.6M | — | ||
| Q1 25 | $123.4M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $34.6M | — | ||
| Q2 24 | $7.0M | — | ||
| Q1 24 | — | — |
| 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 | $3.2B | ||
| Q3 25 | $-695.3M | $3.1B | ||
| Q2 25 | $-1.0B | $3.1B | ||
| Q1 25 | $-862.3M | $3.0B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $-672.2M | $2.8B | ||
| Q2 24 | $-566.4M | $2.7B | ||
| Q1 24 | — | $2.6B |
| Q4 25 | $2.7B | $4.8B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.8B | $4.7B | ||
| Q1 25 | $2.8B | $4.6B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | $2.6B | $4.5B | ||
| Q2 24 | $100 | $4.3B | ||
| Q1 24 | — | $4.2B |
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 | $-8.7M |
| Free Cash FlowOCF − Capex | $103.8M | $-13.0M |
| FCF MarginFCF / Revenue | 10.0% | -1.1% |
| Capex IntensityCapex / Revenue | 1.2% | 0.4% |
| Cash ConversionOCF / Net Profit | — | -0.14× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $127.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $-8.7M | ||
| Q3 25 | $23.5M | $43.4M | ||
| Q2 25 | $-1.8M | $37.8M | ||
| Q1 25 | $-29.3M | $64.9M | ||
| Q4 24 | — | $104.4M | ||
| Q3 24 | $-15.5M | $-67.9M | ||
| Q2 24 | — | $27.5M | ||
| Q1 24 | — | $115.8M |
| Q4 25 | $103.8M | $-13.0M | ||
| Q3 25 | $15.1M | $42.0M | ||
| Q2 25 | $-15.4M | $35.1M | ||
| Q1 25 | $-46.9M | $63.5M | ||
| Q4 24 | — | $102.3M | ||
| Q3 24 | $-32.2M | $-68.5M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $115.5M |
| Q4 25 | 10.0% | -1.1% | ||
| Q3 25 | 1.4% | 3.7% | ||
| Q2 25 | -1.5% | 3.0% | ||
| Q1 25 | -4.7% | 6.5% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | -2.9% | -6.0% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 11.0% |
| Q4 25 | 1.2% | 0.4% | ||
| Q3 25 | 0.8% | 0.1% | ||
| Q2 25 | 1.3% | 0.2% | ||
| Q1 25 | 1.8% | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 1.5% | 0.1% | ||
| Q2 24 | 2.2% | 0.5% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | -0.14× | ||
| Q3 25 | 0.07× | 0.41× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | — | -0.47× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.84× |
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% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
