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Side-by-side financial comparison of Calumet, Inc. (CLMT) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
SEALED AIR CORP is the larger business by last-quarter revenue ($1.4B vs $1.0B, roughly 1.3× Calumet, Inc.). SEALED AIR CORP runs the higher net margin — 3.1% vs -3.6%, a 6.7% gap on every dollar of revenue. SEALED AIR CORP produced more free cash flow last quarter ($257.7M 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.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
CLMT vs SEE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.4B |
| Net Profit | $-37.3M | $43.8M |
| Gross Margin | -0.3% | 28.6% |
| Operating Margin | -6.2% | 11.4% |
| Net Margin | -3.6% | 3.1% |
| Revenue YoY | — | 2.6% |
| Net Profit YoY | — | 700.0% |
| EPS (diluted) | $-0.43 | $0.30 |
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 | $1.4B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.0B | $1.3B | ||
| Q1 25 | $993.9M | $1.3B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $-37.3M | $43.8M | ||
| Q3 25 | $313.4M | $255.1M | ||
| Q2 25 | $-147.9M | $93.1M | ||
| Q1 25 | $-162.0M | $113.5M | ||
| Q4 24 | — | $-7.3M | ||
| Q3 24 | $-100.6M | $91.7M | ||
| Q2 24 | $-39.1M | $98.3M | ||
| Q1 24 | — | $82.0M |
| Q4 25 | -0.3% | 28.6% | ||
| Q3 25 | 34.7% | 29.8% | ||
| Q2 25 | -4.2% | 30.7% | ||
| Q1 25 | -8.2% | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | 0.4% | 30.1% | ||
| Q2 24 | 5.6% | 31.2% | ||
| Q1 24 | — | 30.3% |
| Q4 25 | -6.2% | 11.4% | ||
| Q3 25 | 30.0% | 13.8% | ||
| Q2 25 | -9.8% | 15.0% | ||
| Q1 25 | -4.9% | 14.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | -5.2% | 13.9% | ||
| Q2 24 | 0.5% | 15.4% | ||
| Q1 24 | — | 14.0% |
| Q4 25 | -3.6% | 3.1% | ||
| Q3 25 | 29.1% | 19.0% | ||
| Q2 25 | -14.4% | 7.0% | ||
| Q1 25 | -16.3% | 9.0% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | -9.1% | 6.9% | ||
| Q2 24 | -3.4% | 7.4% | ||
| Q1 24 | — | 6.2% |
| Q4 25 | $-0.43 | $0.30 | ||
| Q3 25 | $3.61 | $1.73 | ||
| Q2 25 | $-1.70 | $0.63 | ||
| Q1 25 | $-1.87 | $0.77 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-1.18 | $0.63 | ||
| Q2 24 | $-0.48 | $0.67 | ||
| Q1 24 | — | $0.56 |
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 | $344.0M |
| Total DebtLower is stronger | $2.1B | $3.3B |
| Stockholders' EquityBook value | $-732.7M | $1.2B |
| Total Assets | $2.7B | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $344.0M | ||
| Q3 25 | $94.6M | $282.5M | ||
| Q2 25 | $110.6M | $354.4M | ||
| Q1 25 | $123.4M | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | $34.6M | $386.0M | ||
| Q2 24 | $7.0M | $388.6M | ||
| Q1 24 | — | $352.8M |
| Q4 25 | $2.1B | $3.3B | ||
| Q3 25 | $2.1B | $4.0B | ||
| Q2 25 | $2.1B | $4.0B | ||
| Q1 25 | $2.3B | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $1.7B | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $-732.7M | $1.2B | ||
| Q3 25 | $-695.3M | $1.2B | ||
| Q2 25 | $-1.0B | $953.1M | ||
| Q1 25 | $-862.3M | $797.9M | ||
| Q4 24 | — | $624.5M | ||
| Q3 24 | $-672.2M | $771.2M | ||
| Q2 24 | $-566.4M | $650.1M | ||
| Q1 24 | — | $598.3M |
| Q4 25 | $2.7B | $7.0B | ||
| Q3 25 | $2.7B | $7.1B | ||
| Q2 25 | $2.8B | $7.2B | ||
| Q1 25 | $2.8B | $7.0B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | $2.6B | $7.3B | ||
| Q2 24 | $100 | $7.3B | ||
| Q1 24 | — | $7.2B |
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | $103.8M | $257.7M |
| FCF MarginFCF / Revenue | 10.0% | 18.5% |
| Capex IntensityCapex / Revenue | 1.2% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $293.6M | ||
| Q3 25 | $23.5M | $165.9M | ||
| Q2 25 | $-1.8M | $136.6M | ||
| Q1 25 | $-29.3M | $31.9M | ||
| Q4 24 | — | $244.2M | ||
| Q3 24 | $-15.5M | $170.5M | ||
| Q2 24 | — | $188.2M | ||
| Q1 24 | — | $125.1M |
| Q4 25 | $103.8M | $257.7M | ||
| Q3 25 | $15.1M | $119.6M | ||
| Q2 25 | $-15.4M | $93.2M | ||
| Q1 25 | $-46.9M | $-12.0M | ||
| Q4 24 | — | $185.1M | ||
| Q3 24 | $-32.2M | $115.2M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | — | $78.0M |
| Q4 25 | 10.0% | 18.5% | ||
| Q3 25 | 1.4% | 8.9% | ||
| Q2 25 | -1.5% | 7.0% | ||
| Q1 25 | -4.7% | -0.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | -2.9% | 8.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 5.9% |
| Q4 25 | 1.2% | 2.6% | ||
| Q3 25 | 0.8% | 3.4% | ||
| Q2 25 | 1.3% | 3.3% | ||
| Q1 25 | 1.8% | 3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | 1.5% | 4.1% | ||
| Q2 24 | 2.2% | 4.4% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 6.70× | ||
| Q3 25 | 0.07× | 0.65× | ||
| Q2 25 | — | 1.47× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.91× | ||
| 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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
