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Side-by-side financial comparison of Calumet, Inc. (CLMT) and VinFast Auto Ltd. (VFS). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $718.6M, roughly 1.4× VinFast Auto Ltd.). VinFast Auto Ltd. runs the higher net margin — -2.8% vs -3.6%, a 0.8% gap on every dollar of revenue.
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.
VinFast Auto Ltd. is a Vietnamese multinational automotive company founded by Vingroup, one of the largest private conglomerates in Vietnam that was founded by Phạm Nhật Vượng.
CLMT vs VFS — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $718.6M |
| Net Profit | $-37.3M | $-20.0M |
| Gross Margin | -0.3% | — |
| Operating Margin | -6.2% | -96.1% |
| Net Margin | -3.6% | -2.8% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.43 | — |
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 | $718.6M | ||
| Q2 25 | $1.0B | $663.0M | ||
| Q1 25 | $993.9M | $656.5M | ||
| Q3 24 | $1.1B | $511.6M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | — | $302.6M |
| Q4 25 | $-37.3M | — | ||
| Q3 25 | $313.4M | $-20.0M | ||
| Q2 25 | $-147.9M | $-51.8M | ||
| Q1 25 | $-162.0M | $-26.1M | ||
| Q3 24 | $-100.6M | $-10.4M | ||
| Q2 24 | $-39.1M | — | ||
| Q1 24 | — | $-618.3M |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 34.7% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -8.2% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | -6.2% | — | ||
| Q3 25 | 30.0% | -96.1% | ||
| Q2 25 | -9.8% | -79.0% | ||
| Q1 25 | -4.9% | -74.0% | ||
| Q3 24 | -5.2% | -65.9% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | — | -139.4% |
| Q4 25 | -3.6% | — | ||
| Q3 25 | 29.1% | -2.8% | ||
| Q2 25 | -14.4% | -7.8% | ||
| Q1 25 | -16.3% | -4.0% | ||
| Q3 24 | -9.1% | -2.0% | ||
| Q2 24 | -3.4% | — | ||
| Q1 24 | — | -204.3% |
| Q4 25 | $-0.43 | — | ||
| Q3 25 | $3.61 | — | ||
| Q2 25 | $-1.70 | — | ||
| Q1 25 | $-1.87 | — | ||
| Q3 24 | $-1.18 | — | ||
| Q2 24 | $-0.48 | — | ||
| Q1 24 | — | — |
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 | $8.8M |
| Total DebtLower is stronger | $2.1B | — |
| Stockholders' EquityBook value | $-732.7M | — |
| Total Assets | $2.7B | $183.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | — | ||
| Q3 25 | $94.6M | $8.8M | ||
| Q2 25 | $110.6M | $650.0M | ||
| Q1 25 | $123.4M | $2.4M | ||
| Q3 24 | $34.6M | $1.9M | ||
| Q2 24 | $7.0M | — | ||
| Q1 24 | — | $3.0M |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.3B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-732.7M | — | ||
| Q3 25 | $-695.3M | — | ||
| Q2 25 | $-1.0B | $-7.2B | ||
| Q1 25 | $-862.3M | — | ||
| Q3 24 | $-672.2M | — | ||
| Q2 24 | $-566.4M | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $183.2M | ||
| Q2 25 | $2.8B | $7.2B | ||
| Q1 25 | $2.8B | $158.2M | ||
| Q3 24 | $2.6B | $151.8M | ||
| Q2 24 | $100 | — | ||
| Q1 24 | — | $145.6M |
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 | — |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 10.0% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | — | ||
| Q3 25 | $23.5M | — | ||
| Q2 25 | $-1.8M | — | ||
| Q1 25 | $-29.3M | — | ||
| Q3 24 | $-15.5M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $15.1M | — | ||
| Q2 25 | $-15.4M | — | ||
| Q1 25 | $-46.9M | — | ||
| Q3 24 | $-32.2M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 10.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | -1.5% | — | ||
| Q1 25 | -4.7% | — | ||
| Q3 24 | -2.9% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.8% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
