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Side-by-side financial comparison of Calumet, Inc. (CLMT) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $805.0M, roughly 1.3× MODINE MANUFACTURING CO). Calumet, Inc. runs the higher net margin — -3.6% vs -5.9%, a 2.3% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $-17.1M).
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.
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
CLMT vs MOD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $805.0M |
| Net Profit | $-37.3M | $-47.4M |
| Gross Margin | -0.3% | 23.1% |
| Operating Margin | -6.2% | 11.1% |
| Net Margin | -3.6% | -5.9% |
| Revenue YoY | — | 30.5% |
| Net Profit YoY | — | -215.6% |
| 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 | $805.0M | ||
| Q3 25 | $1.1B | $738.9M | ||
| Q2 25 | $1.0B | $682.8M | ||
| Q1 25 | $993.9M | $647.2M | ||
| Q4 24 | — | $616.8M | ||
| Q3 24 | $1.1B | $658.0M | ||
| Q2 24 | $1.1B | $661.5M | ||
| Q1 24 | — | $603.5M |
| Q4 25 | $-37.3M | $-47.4M | ||
| Q3 25 | $313.4M | $44.4M | ||
| Q2 25 | $-147.9M | $51.2M | ||
| Q1 25 | $-162.0M | $49.6M | ||
| Q4 24 | — | $41.0M | ||
| Q3 24 | $-100.6M | $46.1M | ||
| Q2 24 | $-39.1M | $47.3M | ||
| Q1 24 | — | $25.8M |
| Q4 25 | -0.3% | 23.1% | ||
| Q3 25 | 34.7% | 22.3% | ||
| Q2 25 | -4.2% | 24.2% | ||
| Q1 25 | -8.2% | 25.6% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | 0.4% | 25.2% | ||
| Q2 24 | 5.6% | 24.6% | ||
| Q1 24 | — | 22.4% |
| Q4 25 | -6.2% | 11.1% | ||
| Q3 25 | 30.0% | 9.9% | ||
| Q2 25 | -9.8% | 11.1% | ||
| Q1 25 | -4.9% | 11.5% | ||
| Q4 24 | — | 9.6% | ||
| Q3 24 | -5.2% | 11.4% | ||
| Q2 24 | 0.5% | 11.2% | ||
| Q1 24 | — | 7.8% |
| Q4 25 | -3.6% | -5.9% | ||
| Q3 25 | 29.1% | 6.0% | ||
| Q2 25 | -14.4% | 7.5% | ||
| Q1 25 | -16.3% | 7.7% | ||
| Q4 24 | — | 6.6% | ||
| Q3 24 | -9.1% | 7.0% | ||
| Q2 24 | -3.4% | 7.2% | ||
| Q1 24 | — | 4.3% |
| Q4 25 | $-0.43 | $-0.90 | ||
| Q3 25 | $3.61 | $0.83 | ||
| Q2 25 | $-1.70 | $0.95 | ||
| Q1 25 | $-1.87 | $0.92 | ||
| Q4 24 | — | $0.76 | ||
| Q3 24 | $-1.18 | $0.86 | ||
| Q2 24 | $-0.48 | $0.88 | ||
| Q1 24 | — | $0.48 |
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 | $98.7M |
| Total DebtLower is stronger | $2.1B | $570.7M |
| Stockholders' EquityBook value | $-732.7M | $1.1B |
| Total Assets | $2.7B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $98.7M | ||
| Q3 25 | $94.6M | $83.8M | ||
| Q2 25 | $110.6M | $124.5M | ||
| Q1 25 | $123.4M | $71.6M | ||
| Q4 24 | — | $83.8M | ||
| Q3 24 | $34.6M | $78.6M | ||
| Q2 24 | $7.0M | $72.9M | ||
| Q1 24 | — | $60.1M |
| Q4 25 | $2.1B | $570.7M | ||
| Q3 25 | $2.1B | $525.8M | ||
| Q2 25 | $2.1B | $482.1M | ||
| Q1 25 | $2.3B | $296.7M | ||
| Q4 24 | — | $330.0M | ||
| Q3 24 | $1.7B | $359.1M | ||
| Q2 24 | — | $405.7M | ||
| Q1 24 | — | $399.9M |
| Q4 25 | $-732.7M | $1.1B | ||
| Q3 25 | $-695.3M | $1.1B | ||
| Q2 25 | $-1.0B | $1.0B | ||
| Q1 25 | $-862.3M | $910.2M | ||
| Q4 24 | — | $855.1M | ||
| Q3 24 | $-672.2M | $858.8M | ||
| Q2 24 | $-566.4M | $788.4M | ||
| Q1 24 | — | $747.6M |
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.8B | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $2.6B | $1.9B | ||
| Q2 24 | $100 | $1.9B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.53× |
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 | $24.7M |
| Free Cash FlowOCF − Capex | $103.8M | $-17.1M |
| FCF MarginFCF / Revenue | 10.0% | -2.1% |
| Capex IntensityCapex / Revenue | 1.2% | 5.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $24.7M | ||
| Q3 25 | $23.5M | $1.4M | ||
| Q2 25 | $-1.8M | $27.7M | ||
| Q1 25 | $-29.3M | $54.8M | ||
| Q4 24 | — | $60.7M | ||
| Q3 24 | $-15.5M | $57.3M | ||
| Q2 24 | — | $40.5M | ||
| Q1 24 | — | $39.6M |
| Q4 25 | $103.8M | $-17.1M | ||
| Q3 25 | $15.1M | $-30.5M | ||
| Q2 25 | $-15.4M | $200.0K | ||
| Q1 25 | $-46.9M | $27.1M | ||
| Q4 24 | — | $44.7M | ||
| Q3 24 | $-32.2M | $43.8M | ||
| Q2 24 | — | $13.7M | ||
| Q1 24 | — | $-4.3M |
| Q4 25 | 10.0% | -2.1% | ||
| Q3 25 | 1.4% | -4.1% | ||
| Q2 25 | -1.5% | 0.0% | ||
| Q1 25 | -4.7% | 4.2% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | -2.9% | 6.7% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | -0.7% |
| Q4 25 | 1.2% | 5.2% | ||
| Q3 25 | 0.8% | 4.3% | ||
| Q2 25 | 1.3% | 4.0% | ||
| Q1 25 | 1.8% | 4.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | 1.5% | 2.1% | ||
| Q2 24 | 2.2% | 4.1% | ||
| Q1 24 | — | 7.3% |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | 0.03× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | — | 1.24× | ||
| Q2 24 | — | 0.86× | ||
| Q1 24 | — | 1.53× |
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% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
