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Side-by-side financial comparison of Calumet, Inc. (CLMT) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.6B vs $1.0B, roughly 1.5× Calumet, Inc.). WATSCO INC runs the higher net margin — 4.5% vs -3.6%, a 8.1% gap on every dollar of revenue. WATSCO INC produced more free cash flow last quarter ($388.5M 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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
CLMT vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.6B |
| Net Profit | $-37.3M | $71.7M |
| Gross Margin | -0.3% | 27.1% |
| Operating Margin | -6.2% | 6.4% |
| Net Margin | -3.6% | 4.5% |
| Revenue YoY | — | -10.0% |
| Net Profit YoY | — | -25.9% |
| EPS (diluted) | $-0.43 | $1.82 |
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 | $1.6B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.0B | $2.1B | ||
| Q1 25 | $993.9M | $1.5B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $1.1B | $2.2B | ||
| Q2 24 | $1.1B | $2.1B | ||
| Q1 24 | — | $1.6B |
| Q4 25 | $-37.3M | $71.7M | ||
| Q3 25 | $313.4M | $161.6M | ||
| Q2 25 | $-147.9M | $183.6M | ||
| Q1 25 | $-162.0M | $80.1M | ||
| Q4 24 | — | $96.8M | ||
| Q3 24 | $-100.6M | $171.0M | ||
| Q2 24 | $-39.1M | $181.4M | ||
| Q1 24 | — | $87.0M |
| Q4 25 | -0.3% | 27.1% | ||
| Q3 25 | 34.7% | 27.5% | ||
| Q2 25 | -4.2% | 29.3% | ||
| Q1 25 | -8.2% | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | 0.4% | 26.2% | ||
| Q2 24 | 5.6% | 27.1% | ||
| Q1 24 | — | 27.5% |
| Q4 25 | -6.2% | 6.4% | ||
| Q3 25 | 30.0% | 11.4% | ||
| Q2 25 | -9.8% | 13.2% | ||
| Q1 25 | -4.9% | 7.3% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | -5.2% | 11.6% | ||
| Q2 24 | 0.5% | 12.6% | ||
| Q1 24 | — | 8.1% |
| Q4 25 | -3.6% | 4.5% | ||
| Q3 25 | 29.1% | 7.8% | ||
| Q2 25 | -14.4% | 8.9% | ||
| Q1 25 | -16.3% | 5.2% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | -9.1% | 7.9% | ||
| Q2 24 | -3.4% | 8.5% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | $-0.43 | $1.82 | ||
| Q3 25 | $3.61 | $3.98 | ||
| Q2 25 | $-1.70 | $4.52 | ||
| Q1 25 | $-1.87 | $1.93 | ||
| Q4 24 | — | $2.42 | ||
| Q3 24 | $-1.18 | $4.22 | ||
| Q2 24 | $-0.48 | $4.49 | ||
| Q1 24 | — | $2.17 |
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 | $733.3M |
| Total DebtLower is stronger | $2.1B | $361.6M |
| Stockholders' EquityBook value | $-732.7M | $2.8B |
| Total Assets | $2.7B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.1M | $733.3M | ||
| Q3 25 | $94.6M | $524.3M | ||
| Q2 25 | $110.6M | $293.0M | ||
| Q1 25 | $123.4M | $431.8M | ||
| Q4 24 | — | $781.9M | ||
| Q3 24 | $34.6M | $550.0M | ||
| Q2 24 | $7.0M | $424.9M | ||
| Q1 24 | — | $478.9M |
| Q4 25 | $2.1B | $361.6M | ||
| Q3 25 | $2.1B | $340.8M | ||
| Q2 25 | $2.1B | $338.7M | ||
| Q1 25 | $2.3B | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | $1.7B | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
| Q4 25 | $-732.7M | $2.8B | ||
| Q3 25 | $-695.3M | $2.8B | ||
| Q2 25 | $-1.0B | $2.8B | ||
| Q1 25 | $-862.3M | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | $-672.2M | $2.7B | ||
| Q2 24 | $-566.4M | $2.6B | ||
| Q1 24 | — | $2.5B |
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.7B | $4.6B | ||
| Q2 25 | $2.8B | $4.7B | ||
| Q1 25 | $2.8B | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | $2.6B | $4.5B | ||
| Q2 24 | $100 | $4.4B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| Free Cash FlowOCF − Capex | $103.8M | $388.5M |
| FCF MarginFCF / Revenue | 10.0% | 24.6% |
| Capex IntensityCapex / Revenue | 1.2% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $56.6M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $116.5M | $399.8M | ||
| Q3 25 | $23.5M | $354.9M | ||
| Q2 25 | $-1.8M | $-7.4M | ||
| Q1 25 | $-29.3M | $-177.6M | ||
| Q4 24 | — | $378.9M | ||
| Q3 24 | $-15.5M | $232.8M | ||
| Q2 24 | — | $57.7M | ||
| Q1 24 | — | $103.7M |
| Q4 25 | $103.8M | $388.5M | ||
| Q3 25 | $15.1M | $346.1M | ||
| Q2 25 | $-15.4M | $-14.3M | ||
| Q1 25 | $-46.9M | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | $-32.2M | $223.0M | ||
| Q2 24 | — | $51.3M | ||
| Q1 24 | — | $97.9M |
| Q4 25 | 10.0% | 24.6% | ||
| Q3 25 | 1.4% | 16.7% | ||
| Q2 25 | -1.5% | -0.7% | ||
| Q1 25 | -4.7% | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | -2.9% | 10.3% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 6.3% |
| Q4 25 | 1.2% | 0.7% | ||
| Q3 25 | 0.8% | 0.4% | ||
| Q2 25 | 1.3% | 0.3% | ||
| Q1 25 | 1.8% | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 1.5% | 0.5% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | — | 5.57× | ||
| Q3 25 | 0.07× | 2.20× | ||
| Q2 25 | — | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 1.19× |
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% |
WSO
Segment breakdown not available.
