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Side-by-side financial comparison of Calumet, Inc. (CLMT) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $566.0M, roughly 1.8× WillScot Holdings Corp). Calumet, Inc. runs the higher net margin — -3.6% vs -33.1%, a 29.5% gap on every dollar of revenue. WillScot Holdings Corp produced more free cash flow last quarter ($149.7M 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.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
CLMT vs WSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $566.0M |
| Net Profit | $-37.3M | $-187.3M |
| Gross Margin | -0.3% | 50.4% |
| Operating Margin | -6.2% | -32.5% |
| Net Margin | -3.6% | -33.1% |
| Revenue YoY | — | -6.1% |
| Net Profit YoY | — | -310.0% |
| EPS (diluted) | $-0.43 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $1.1B | $566.8M | ||
| Q2 25 | $1.0B | $589.1M | ||
| Q1 25 | $993.9M | $559.6M | ||
| Q4 24 | — | $602.5M | ||
| Q3 24 | $1.1B | $601.4M | ||
| Q2 24 | $1.1B | $604.6M | ||
| Q1 24 | — | $587.2M |
| Q4 25 | $-37.3M | $-187.3M | ||
| Q3 25 | $313.4M | $43.3M | ||
| Q2 25 | $-147.9M | $47.9M | ||
| Q1 25 | $-162.0M | $43.1M | ||
| Q4 24 | — | $89.2M | ||
| Q3 24 | $-100.6M | $-70.5M | ||
| Q2 24 | $-39.1M | $-46.9M | ||
| Q1 24 | — | $56.2M |
| Q4 25 | -0.3% | 50.4% | ||
| Q3 25 | 34.7% | 49.7% | ||
| Q2 25 | -4.2% | 50.3% | ||
| Q1 25 | -8.2% | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | 0.4% | 53.5% | ||
| Q2 24 | 5.6% | 54.1% | ||
| Q1 24 | — | 54.0% |
| Q4 25 | -6.2% | -32.5% | ||
| Q3 25 | 30.0% | 21.0% | ||
| Q2 25 | -9.8% | 21.5% | ||
| Q1 25 | -4.9% | 21.3% | ||
| Q4 24 | — | 28.9% | ||
| Q3 24 | -5.2% | -5.9% | ||
| Q2 24 | 0.5% | -0.9% | ||
| Q1 24 | — | 22.1% |
| Q4 25 | -3.6% | -33.1% | ||
| Q3 25 | 29.1% | 7.6% | ||
| Q2 25 | -14.4% | 8.1% | ||
| Q1 25 | -16.3% | 7.7% | ||
| Q4 24 | — | 14.8% | ||
| Q3 24 | -9.1% | -11.7% | ||
| Q2 24 | -3.4% | -7.7% | ||
| Q1 24 | — | 9.6% |
| Q4 25 | $-0.43 | $-1.02 | ||
| Q3 25 | $3.61 | $0.24 | ||
| Q2 25 | $-1.70 | $0.26 | ||
| Q1 25 | $-1.87 | $0.23 | ||
| Q4 24 | — | $0.48 | ||
| Q3 24 | $-1.18 | $-0.37 | ||
| Q2 24 | $-0.48 | $-0.25 | ||
| Q1 24 | — | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | $2.1B | $3.6B |
| Stockholders' EquityBook value | $-732.7M | $856.3M |
| Total Assets | $2.7B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $14.6M | ||
| Q3 25 | $94.6M | $14.8M | ||
| Q2 25 | $110.6M | $12.8M | ||
| Q1 25 | $123.4M | $10.7M | ||
| Q4 24 | — | $9.0M | ||
| Q3 24 | $34.6M | $11.0M | ||
| Q2 24 | $7.0M | $5.9M | ||
| Q1 24 | — | $13.1M |
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.1B | $3.6B | ||
| Q2 25 | $2.1B | $3.7B | ||
| Q1 25 | $2.3B | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $1.7B | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $-732.7M | $856.3M | ||
| Q3 25 | $-695.3M | $1.1B | ||
| Q2 25 | $-1.0B | $1.0B | ||
| Q1 25 | $-862.3M | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $-672.2M | $1.1B | ||
| Q2 24 | $-566.4M | $1.2B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $2.7B | $5.8B | ||
| Q3 25 | $2.7B | $6.1B | ||
| Q2 25 | $2.8B | $6.1B | ||
| Q1 25 | $2.8B | $6.0B | ||
| Q4 24 | — | $6.0B | ||
| Q3 24 | $2.6B | $6.0B | ||
| Q2 24 | $100 | $6.0B | ||
| Q1 24 | — | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $103.8M | $149.7M |
| FCF MarginFCF / Revenue | 10.0% | 26.5% |
| Capex IntensityCapex / Revenue | 1.2% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $158.9M | ||
| Q3 25 | $23.5M | $191.2M | ||
| Q2 25 | $-1.8M | $205.3M | ||
| Q1 25 | $-29.3M | $206.6M | ||
| Q4 24 | — | $178.9M | ||
| Q3 24 | $-15.5M | $-1.6M | ||
| Q2 24 | — | $175.6M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $103.8M | $149.7M | ||
| Q3 25 | $15.1M | $186.9M | ||
| Q2 25 | $-15.4M | $199.0M | ||
| Q1 25 | $-46.9M | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | $-32.2M | $-4.9M | ||
| Q2 24 | — | $169.4M | ||
| Q1 24 | — | $202.1M |
| Q4 25 | 10.0% | 26.5% | ||
| Q3 25 | 1.4% | 33.0% | ||
| Q2 25 | -1.5% | 33.8% | ||
| Q1 25 | -4.7% | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | -2.9% | -0.8% | ||
| Q2 24 | — | 28.0% | ||
| Q1 24 | — | 34.4% |
| Q4 25 | 1.2% | 1.6% | ||
| Q3 25 | 0.8% | 0.7% | ||
| Q2 25 | 1.3% | 1.1% | ||
| Q1 25 | 1.8% | 0.8% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 1.5% | 0.6% | ||
| Q2 24 | 2.2% | 1.0% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
