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Side-by-side financial comparison of Calumet, Inc. (CLMT) and Primoris Services Corp (PRIM). Click either name above to swap in a different company.
Primoris Services Corp is the larger business by last-quarter revenue ($1.9B vs $1.0B, roughly 1.8× Calumet, Inc.). Primoris Services Corp runs the higher net margin — 2.8% vs -3.6%, a 6.4% gap on every dollar of revenue. Primoris Services Corp produced more free cash flow last quarter ($121.1M 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.
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
CLMT vs PRIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.9B |
| Net Profit | $-37.3M | $51.7M |
| Gross Margin | -0.3% | 9.4% |
| Operating Margin | -6.2% | 4.2% |
| Net Margin | -3.6% | 2.8% |
| Revenue YoY | — | 6.7% |
| Net Profit YoY | — | -4.2% |
| EPS (diluted) | $-0.43 | $0.94 |
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 | $1.9B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $993.9M | $1.6B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $-37.3M | $51.7M | ||
| Q3 25 | $313.4M | $94.6M | ||
| Q2 25 | $-147.9M | $84.3M | ||
| Q1 25 | $-162.0M | $44.2M | ||
| Q4 24 | — | $54.0M | ||
| Q3 24 | $-100.6M | $58.4M | ||
| Q2 24 | $-39.1M | $49.5M | ||
| Q1 24 | — | $18.9M |
| Q4 25 | -0.3% | 9.4% | ||
| Q3 25 | 34.7% | 10.8% | ||
| Q2 25 | -4.2% | 12.3% | ||
| Q1 25 | -8.2% | 10.4% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | 0.4% | 12.0% | ||
| Q2 24 | 5.6% | 11.9% | ||
| Q1 24 | — | 9.4% |
| Q4 25 | -6.2% | 4.2% | ||
| Q3 25 | 30.0% | 6.3% | ||
| Q2 25 | -9.8% | 6.7% | ||
| Q1 25 | -4.9% | 4.3% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | -5.2% | 6.0% | ||
| Q2 24 | 0.5% | 5.5% | ||
| Q1 24 | — | 3.1% |
| Q4 25 | -3.6% | 2.8% | ||
| Q3 25 | 29.1% | 4.3% | ||
| Q2 25 | -14.4% | 4.5% | ||
| Q1 25 | -16.3% | 2.7% | ||
| Q4 24 | — | 3.1% | ||
| Q3 24 | -9.1% | 3.5% | ||
| Q2 24 | -3.4% | 3.2% | ||
| Q1 24 | — | 1.3% |
| Q4 25 | $-0.43 | $0.94 | ||
| Q3 25 | $3.61 | $1.73 | ||
| Q2 25 | $-1.70 | $1.54 | ||
| Q1 25 | $-1.87 | $0.81 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | $-1.18 | $1.07 | ||
| Q2 24 | $-0.48 | $0.91 | ||
| Q1 24 | — | $0.35 |
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 | $535.5M |
| Total DebtLower is stronger | $2.1B | $469.9M |
| Stockholders' EquityBook value | $-732.7M | $1.7B |
| Total Assets | $2.7B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $535.5M | ||
| Q3 25 | $94.6M | $431.4M | ||
| Q2 25 | $110.6M | $390.3M | ||
| Q1 25 | $123.4M | $351.6M | ||
| Q4 24 | — | $455.8M | ||
| Q3 24 | $34.6M | $352.7M | ||
| Q2 24 | $7.0M | $207.4M | ||
| Q1 24 | — | $177.6M |
| Q4 25 | $2.1B | $469.9M | ||
| Q3 25 | $2.1B | $486.0M | ||
| Q2 25 | $2.1B | $603.1M | ||
| Q1 25 | $2.3B | $612.0M | ||
| Q4 24 | — | $734.8M | ||
| Q3 24 | $1.7B | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
| Q4 25 | $-732.7M | $1.7B | ||
| Q3 25 | $-695.3M | $1.6B | ||
| Q2 25 | $-1.0B | $1.5B | ||
| Q1 25 | $-862.3M | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $-672.2M | $1.4B | ||
| Q2 24 | $-566.4M | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.7B | $4.6B | ||
| Q2 25 | $2.8B | $4.5B | ||
| Q1 25 | $2.8B | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $2.6B | $4.2B | ||
| Q2 24 | $100 | $4.0B | ||
| Q1 24 | — | $4.0B |
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| Free Cash FlowOCF − Capex | $103.8M | $121.1M |
| FCF MarginFCF / Revenue | 10.0% | 6.5% |
| Capex IntensityCapex / Revenue | 1.2% | 1.2% |
| Cash ConversionOCF / Net Profit | — | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $340.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $142.9M | ||
| Q3 25 | $23.5M | $182.9M | ||
| Q2 25 | $-1.8M | $78.5M | ||
| Q1 25 | $-29.3M | $66.2M | ||
| Q4 24 | — | $298.3M | ||
| Q3 24 | $-15.5M | $222.5M | ||
| Q2 24 | — | $16.1M | ||
| Q1 24 | — | $-28.5M |
| Q4 25 | $103.8M | $121.1M | ||
| Q3 25 | $15.1M | $148.4M | ||
| Q2 25 | $-15.4M | $45.3M | ||
| Q1 25 | $-46.9M | $25.6M | ||
| Q4 24 | — | $270.0M | ||
| Q3 24 | $-32.2M | $158.8M | ||
| Q2 24 | — | $-8.1M | ||
| Q1 24 | — | $-38.9M |
| Q4 25 | 10.0% | 6.5% | ||
| Q3 25 | 1.4% | 6.8% | ||
| Q2 25 | -1.5% | 2.4% | ||
| Q1 25 | -4.7% | 1.6% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | -2.9% | 9.6% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | — | -2.8% |
| Q4 25 | 1.2% | 1.2% | ||
| Q3 25 | 0.8% | 1.6% | ||
| Q2 25 | 1.3% | 1.8% | ||
| Q1 25 | 1.8% | 2.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 1.5% | 3.9% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | — | 0.7% |
| Q4 25 | — | 2.76× | ||
| Q3 25 | 0.07× | 1.93× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 5.53× | ||
| Q3 24 | — | 3.81× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
