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Side-by-side financial comparison of Calumet, Inc. (CLMT) and Ralliant Corp (RAL). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $529.1M, roughly 2.0× Ralliant Corp). Ralliant Corp runs the higher net margin — 7.5% vs -3.6%, a 11.1% gap on every dollar of revenue. Ralliant Corp produced more free cash flow last quarter ($126.6M 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.
CLMT vs RAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $529.1M |
| Net Profit | $-37.3M | $39.9M |
| Gross Margin | -0.3% | 50.8% |
| Operating Margin | -6.2% | 9.8% |
| Net Margin | -3.6% | 7.5% |
| Revenue YoY | — | -0.5% |
| Net Profit YoY | — | -56.1% |
| EPS (diluted) | $-0.43 | $0.35 |
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 | — | ||
| Q3 25 | $1.1B | $529.1M | ||
| Q2 25 | $1.0B | $503.3M | ||
| Q1 25 | $993.9M | — | ||
| Q3 24 | $1.1B | $531.7M | ||
| Q2 24 | $1.1B | $533.7M |
| Q4 25 | $-37.3M | — | ||
| Q3 25 | $313.4M | $39.9M | ||
| Q2 25 | $-147.9M | $47.6M | ||
| Q1 25 | $-162.0M | — | ||
| Q3 24 | $-100.6M | $90.9M | ||
| Q2 24 | $-39.1M | $64.8M |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 34.7% | 50.8% | ||
| Q2 25 | -4.2% | 49.3% | ||
| Q1 25 | -8.2% | — | ||
| Q3 24 | 0.4% | 52.6% | ||
| Q2 24 | 5.6% | 51.5% |
| Q4 25 | -6.2% | — | ||
| Q3 25 | 30.0% | 9.8% | ||
| Q2 25 | -9.8% | 11.7% | ||
| Q1 25 | -4.9% | — | ||
| Q3 24 | -5.2% | 20.9% | ||
| Q2 24 | 0.5% | 19.7% |
| Q4 25 | -3.6% | — | ||
| Q3 25 | 29.1% | 7.5% | ||
| Q2 25 | -14.4% | 9.5% | ||
| Q1 25 | -16.3% | — | ||
| Q3 24 | -9.1% | 17.1% | ||
| Q2 24 | -3.4% | 12.1% |
| Q4 25 | $-0.43 | — | ||
| Q3 25 | $3.61 | $0.35 | ||
| Q2 25 | $-1.70 | $0.42 | ||
| Q1 25 | $-1.87 | — | ||
| Q3 24 | $-1.18 | $0.81 | ||
| Q2 24 | $-0.48 | $0.57 |
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 | $264.2M |
| Total DebtLower is stronger | $2.1B | $1.1B |
| Stockholders' EquityBook value | $-732.7M | $3.0B |
| Total Assets | $2.7B | $5.3B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | — | ||
| Q3 25 | $94.6M | $264.2M | ||
| Q2 25 | $110.6M | $198.6M | ||
| Q1 25 | $123.4M | — | ||
| Q3 24 | $34.6M | — | ||
| Q2 24 | $7.0M | — |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $1.1B | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.3B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | — | — |
| Q4 25 | $-732.7M | — | ||
| Q3 25 | $-695.3M | $3.0B | ||
| Q2 25 | $-1.0B | $3.0B | ||
| Q1 25 | $-862.3M | — | ||
| Q3 24 | $-672.2M | $4.0B | ||
| Q2 24 | $-566.4M | $4.0B |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $5.3B | ||
| Q2 25 | $2.8B | $5.2B | ||
| Q1 25 | $2.8B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $100 | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.39× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $138.6M |
| Free Cash FlowOCF − Capex | $103.8M | $126.6M |
| FCF MarginFCF / Revenue | 10.0% | 23.9% |
| Capex IntensityCapex / Revenue | 1.2% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | — | ||
| Q3 25 | $23.5M | $138.6M | ||
| Q2 25 | $-1.8M | — | ||
| Q1 25 | $-29.3M | — | ||
| Q3 24 | $-15.5M | — | ||
| Q2 24 | — | — |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $15.1M | $126.6M | ||
| Q2 25 | $-15.4M | — | ||
| Q1 25 | $-46.9M | — | ||
| Q3 24 | $-32.2M | — | ||
| Q2 24 | — | — |
| Q4 25 | 10.0% | — | ||
| Q3 25 | 1.4% | 23.9% | ||
| Q2 25 | -1.5% | — | ||
| Q1 25 | -4.7% | — | ||
| Q3 24 | -2.9% | — | ||
| Q2 24 | — | — |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 0.8% | 2.3% | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.8% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 2.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | 3.47× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
RAL
| Industrial Manufacturing | $111.1M | 21% |
| Defense And Space | $93.6M | 18% |
| Diversified Electronics | $91.0M | 17% |
| Test And Measurement | $76.8M | 15% |
| Communications | $60.7M | 11% |
| Semiconductors | $51.4M | 10% |
| Other Direct End Markets | $44.4M | 8% |
