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Side-by-side financial comparison of Calumet, Inc. (CLMT) and PBF Energy Inc. (PBF). Click either name above to swap in a different company.
PBF Energy Inc. is the larger business by last-quarter revenue ($7.1B vs $1.0B, roughly 6.9× Calumet, Inc.). PBF Energy Inc. runs the higher net margin — 1.1% vs -3.6%, a 4.7% gap on every dollar of revenue. Calumet, Inc. produced more free cash flow last quarter ($103.8M vs $77.0M).
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.
PBF Energy Inc. is a petroleum refining and logistics company that produces and sells transportation fuels, heating oils, lubricants, petrochemical feedstocks, and other petroleum products. The company owns and operated 6 refineries throughout the United States, located in Chalmette, Louisiana; Toledo, Ohio; Paulsboro, New Jersey; the Delaware City Refinery in Delaware City; Torrance, California; Martinez, California. PBF produces a range of products including gasoline, ultra-low-sulfur diese...
CLMT vs PBF — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $7.1B |
| Net Profit | $-37.3M | $78.4M |
| Gross Margin | -0.3% | -1.8% |
| Operating Margin | -6.2% | 1.8% |
| Net Margin | -3.6% | 1.1% |
| Revenue YoY | — | -2.9% |
| Net Profit YoY | — | 127.1% |
| EPS (diluted) | $-0.43 | $0.74 |
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 | $7.1B | ||
| Q3 25 | $1.1B | $7.7B | ||
| Q2 25 | $1.0B | $7.5B | ||
| Q1 25 | $993.9M | $7.1B | ||
| Q4 24 | — | $7.4B | ||
| Q3 24 | $1.1B | $8.4B | ||
| Q2 24 | $1.1B | $8.7B | ||
| Q1 24 | — | $8.6B |
| Q4 25 | $-37.3M | $78.4M | ||
| Q3 25 | $313.4M | $170.1M | ||
| Q2 25 | $-147.9M | $-5.2M | ||
| Q1 25 | $-162.0M | $-401.8M | ||
| Q4 24 | — | $-289.3M | ||
| Q3 24 | $-100.6M | $-285.9M | ||
| Q2 24 | $-39.1M | $-65.2M | ||
| Q1 24 | — | $106.6M |
| Q4 25 | -0.3% | -1.8% | ||
| Q3 25 | 34.7% | 0.5% | ||
| Q2 25 | -4.2% | -0.8% | ||
| Q1 25 | -8.2% | -5.9% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | 0.4% | -3.4% | ||
| Q2 24 | 5.6% | 0.1% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | -6.2% | 1.8% | ||
| Q3 25 | 30.0% | 3.7% | ||
| Q2 25 | -9.8% | 0.6% | ||
| Q1 25 | -4.9% | -7.2% | ||
| Q4 24 | — | -5.2% | ||
| Q3 24 | -5.2% | -4.6% | ||
| Q2 24 | 0.5% | -0.9% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | -3.6% | 1.1% | ||
| Q3 25 | 29.1% | 2.2% | ||
| Q2 25 | -14.4% | -0.1% | ||
| Q1 25 | -16.3% | -5.7% | ||
| Q4 24 | — | -3.9% | ||
| Q3 24 | -9.1% | -3.4% | ||
| Q2 24 | -3.4% | -0.7% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | $-0.43 | $0.74 | ||
| Q3 25 | $3.61 | $1.45 | ||
| Q2 25 | $-1.70 | $-0.05 | ||
| Q1 25 | $-1.87 | $-3.53 | ||
| Q4 24 | — | $-2.41 | ||
| Q3 24 | $-1.18 | $-2.49 | ||
| Q2 24 | $-0.48 | $-0.56 | ||
| Q1 24 | — | $0.86 |
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 | $527.9M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $-732.7M | $5.3B |
| Total Assets | $2.7B | $13.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $527.9M | ||
| Q3 25 | $94.6M | $482.0M | ||
| Q2 25 | $110.6M | $590.7M | ||
| Q1 25 | $123.4M | $468.6M | ||
| Q4 24 | — | $536.1M | ||
| Q3 24 | $34.6M | $976.7M | ||
| Q2 24 | $7.0M | $1.4B | ||
| Q1 24 | — | $1.4B |
| 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 | $5.3B | ||
| Q3 25 | $-695.3M | $5.2B | ||
| Q2 25 | $-1.0B | $5.1B | ||
| Q1 25 | $-862.3M | $5.1B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $-672.2M | $5.9B | ||
| Q2 24 | $-566.4M | $6.3B | ||
| Q1 24 | — | $6.5B |
| Q4 25 | $2.7B | $13.0B | ||
| Q3 25 | $2.7B | $13.0B | ||
| Q2 25 | $2.8B | $13.0B | ||
| Q1 25 | $2.8B | $13.0B | ||
| Q4 24 | — | $12.7B | ||
| Q3 24 | $2.6B | $13.1B | ||
| Q2 24 | $100 | $14.1B | ||
| Q1 24 | — | $13.8B |
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 | $366.6M |
| Free Cash FlowOCF − Capex | $103.8M | $77.0M |
| FCF MarginFCF / Revenue | 10.0% | 1.1% |
| Capex IntensityCapex / Revenue | 1.2% | 4.1% |
| Cash ConversionOCF / Net Profit | — | 4.68× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $-783.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $366.6M | ||
| Q3 25 | $23.5M | $25.7M | ||
| Q2 25 | $-1.8M | $191.1M | ||
| Q1 25 | $-29.3M | $-661.4M | ||
| Q4 24 | — | $-329.7M | ||
| Q3 24 | $-15.5M | $-68.0M | ||
| Q2 24 | — | $425.3M | ||
| Q1 24 | — | $15.8M |
| Q4 25 | $103.8M | $77.0M | ||
| Q3 25 | $15.1M | $-122.8M | ||
| Q2 25 | $-15.4M | $35.0M | ||
| Q1 25 | $-46.9M | $-772.4M | ||
| Q4 24 | — | $-425.7M | ||
| Q3 24 | $-32.2M | $-169.8M | ||
| Q2 24 | — | $371.8M | ||
| Q1 24 | — | $-123.8M |
| Q4 25 | 10.0% | 1.1% | ||
| Q3 25 | 1.4% | -1.6% | ||
| Q2 25 | -1.5% | 0.5% | ||
| Q1 25 | -4.7% | -10.9% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | -2.9% | -2.0% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | -1.4% |
| Q4 25 | 1.2% | 4.1% | ||
| Q3 25 | 0.8% | 1.9% | ||
| Q2 25 | 1.3% | 2.1% | ||
| Q1 25 | 1.8% | 1.6% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 2.2% | 0.6% | ||
| Q1 24 | — | 1.6% |
| Q4 25 | — | 4.68× | ||
| Q3 25 | 0.07× | 0.15× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.15× |
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% |
PBF
| Gasoline And Distillate | $6.4B | 89% |
| Asphaltand Residual Oil | $283.6M | 4% |
| Other | $149.4M | 2% |
| Chemicals | $145.1M | 2% |
| Logistics Group | $93.5M | 1% |
| Lubricants | $81.9M | 1% |
