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Calumet, Inc.（CLMT）与Delek US Holdings, Inc.（DK）财务数据对比。点击上方公司名可切换其他公司
Delek US Holdings, Inc.的季度营收约是Calumet, Inc.的2.3倍（$2.4B vs $1.0B）。Delek US Holdings, Inc.净利率更高（3.2% vs -3.6%，领先6.8%）。Delek US Holdings, Inc.自由现金流更多（$382.8M vs $103.8M）
Calumet是总部位于美国的特种产品企业，专注于生产和分销高价值碳氢化合物与特种化学品，产品覆盖特种油、润滑剂、蜡制品及可再生燃料解决方案，服务北美及全球的工业、消费、交通等下游领域。
Delek US Holdings, Inc.成立于2001年，总部位于美国田纳西州布伦特伍德，是一家深耕炼油、物流及生物燃料领域的能源企业，业务覆盖能源产业链上下游相关环节，为市场提供稳定的能源相关产品与配套服务。
CLMT vs DK — 直观对比
营收规模更大
DK
是对方的2.3倍
$1.0B
净利率更高
DK
高出6.8%
-3.6%
自由现金流更多
DK
多$279.0M
$103.8M
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $2.4B |
| 净利润 | $-37.3M | $78.3M |
| 毛利率 | -0.3% | 9.3% |
| 营业利润率 | -6.2% | 6.8% |
| 净利率 | -3.6% | 3.2% |
| 营收同比 | — | 2.3% |
| 净利润同比 | — | 118.9% |
| 每股收益（稀释后） | $-0.43 | $1.23 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CLMTDK
| Q4 25 | $1.0B | $2.4B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.0B | $2.8B | ||
| Q1 25 | $993.9M | $2.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $1.1B | $3.0B | ||
| Q2 24 | $1.1B | $3.3B | ||
| Q1 24 | — | $3.1B |
净利润CLMTDK
| Q4 25 | $-37.3M | $78.3M | ||
| Q3 25 | $313.4M | $178.0M | ||
| Q2 25 | $-147.9M | $-106.4M | ||
| Q1 25 | $-162.0M | $-172.7M | ||
| Q4 24 | — | $-413.8M | ||
| Q3 24 | $-100.6M | $-76.8M | ||
| Q2 24 | $-39.1M | $-37.2M | ||
| Q1 24 | — | $-32.6M |
毛利率CLMTDK
| Q4 25 | -0.3% | 9.3% | ||
| Q3 25 | 34.7% | 13.8% | ||
| Q2 25 | -4.2% | 1.9% | ||
| Q1 25 | -8.2% | -2.4% | ||
| Q4 24 | — | -5.7% | ||
| Q3 24 | 0.4% | -0.7% | ||
| Q2 24 | 5.6% | 0.5% | ||
| Q1 24 | — | 3.0% |
营业利润率CLMTDK
| Q4 25 | -6.2% | 6.8% | ||
| Q3 25 | 30.0% | 10.2% | ||
| Q2 25 | -9.8% | -1.2% | ||
| Q1 25 | -4.9% | -4.8% | ||
| Q4 24 | — | -17.0% | ||
| Q3 24 | -5.2% | -4.0% | ||
| Q2 24 | 0.5% | 0.1% | ||
| Q1 24 | — | 0.9% |
净利率CLMTDK
| Q4 25 | -3.6% | 3.2% | ||
| Q3 25 | 29.1% | 6.2% | ||
| Q2 25 | -14.4% | -3.8% | ||
| Q1 25 | -16.3% | -6.5% | ||
| Q4 24 | — | -17.4% | ||
| Q3 24 | -9.1% | -2.5% | ||
| Q2 24 | -3.4% | -1.1% | ||
| Q1 24 | — | -1.0% |
每股收益（稀释后）CLMTDK
| Q4 25 | $-0.43 | $1.23 | ||
| Q3 25 | $3.61 | $2.93 | ||
| Q2 25 | $-1.70 | $-1.76 | ||
| Q1 25 | $-1.87 | $-2.78 | ||
| Q4 24 | — | $-6.48 | ||
| Q3 24 | $-1.18 | $-1.20 | ||
| Q2 24 | $-0.48 | $-0.58 | ||
| Q1 24 | — | $-0.51 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $125.1M | $625.8M |
| 总债务越低越好 | $2.1B | $3.2B |
| 股东权益账面价值 | $-732.7M | $547.3M |
| 总资产 | $2.7B | $6.8B |
| 负债/权益比越低杠杆越低 | — | 5.91× |
8季度趋势，按日历期对齐
现金及短期投资CLMTDK
| Q4 25 | $125.1M | $625.8M | ||
| Q3 25 | $94.6M | $630.9M | ||
| Q2 25 | $110.6M | $615.5M | ||
| Q1 25 | $123.4M | $623.8M | ||
| Q4 24 | — | $735.6M | ||
| Q3 24 | $34.6M | $1.0B | ||
| Q2 24 | $7.0M | $657.9M | ||
| Q1 24 | — | $753.4M |
总债务CLMTDK
| Q4 25 | $2.1B | $3.2B | ||
| Q3 25 | $2.1B | $3.2B | ||
| Q2 25 | $2.1B | $3.1B | ||
| Q1 25 | $2.3B | $3.0B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $1.7B | $2.8B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.5B |
股东权益CLMTDK
| Q4 25 | $-732.7M | $547.3M | ||
| Q3 25 | $-695.3M | $444.8M | ||
| Q2 25 | $-1.0B | $294.9M | ||
| Q1 25 | $-862.3M | $429.4M | ||
| Q4 24 | — | $575.2M | ||
| Q3 24 | $-672.2M | $875.4M | ||
| Q2 24 | $-566.4M | $982.8M | ||
| Q1 24 | — | $1.0B |
总资产CLMTDK
| Q4 25 | $2.7B | $6.8B | ||
| Q3 25 | $2.7B | $7.1B | ||
| Q2 25 | $2.8B | $7.1B | ||
| Q1 25 | $2.8B | $6.9B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | $2.6B | $7.0B | ||
| Q2 24 | $100 | $6.9B | ||
| Q1 24 | — | $7.2B |
负债/权益比CLMTDK
| Q4 25 | — | 5.91× | ||
| Q3 25 | — | 7.14× | ||
| Q2 25 | — | 10.51× | ||
| Q1 25 | — | 7.07× | ||
| Q4 24 | — | 4.81× | ||
| Q3 24 | — | 3.19× | ||
| Q2 24 | — | 2.50× | ||
| Q1 24 | — | 2.41× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $116.5M | $502.8M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $382.8M |
| 自由现金流率自由现金流/营收 | 10.0% | 15.8% |
| 资本支出强度资本支出/营收 | 1.2% | 4.9% |
| 现金转化率经营现金流/净利润 | — | 6.42× |
| 过去12个月自由现金流最近4个季度 | $56.6M | $6.3M |
8季度趋势，按日历期对齐
经营现金流CLMTDK
| Q4 25 | $116.5M | $502.8M | ||
| Q3 25 | $23.5M | $44.0M | ||
| Q2 25 | $-1.8M | $51.4M | ||
| Q1 25 | $-29.3M | $-62.4M | ||
| Q4 24 | — | $-163.5M | ||
| Q3 24 | $-15.5M | $-21.6M | ||
| Q2 24 | — | $-48.4M | ||
| Q1 24 | — | $166.7M |
自由现金流CLMTDK
| Q4 25 | $103.8M | $382.8M | ||
| Q3 25 | $15.1M | $-64.0M | ||
| Q2 25 | $-15.4M | $-114.4M | ||
| Q1 25 | $-46.9M | $-198.1M | ||
| Q4 24 | — | $-354.0M | ||
| Q3 24 | $-32.2M | $-140.6M | ||
| Q2 24 | — | $-128.3M | ||
| Q1 24 | — | $128.4M |
自由现金流率CLMTDK
| Q4 25 | 10.0% | 15.8% | ||
| Q3 25 | 1.4% | -2.2% | ||
| Q2 25 | -1.5% | -4.1% | ||
| Q1 25 | -4.7% | -7.5% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | -2.9% | -4.6% | ||
| Q2 24 | — | -3.9% | ||
| Q1 24 | — | 4.1% |
资本支出强度CLMTDK
| Q4 25 | 1.2% | 4.9% | ||
| Q3 25 | 0.8% | 3.7% | ||
| Q2 25 | 1.3% | 6.0% | ||
| Q1 25 | 1.8% | 5.1% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | 1.5% | 3.9% | ||
| Q2 24 | 2.2% | 2.4% | ||
| Q1 24 | — | 1.2% |
现金转化率CLMTDK
| Q4 25 | — | 6.42× | ||
| Q3 25 | 0.07× | 0.25× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
DK
| Refining | $2.2B | 91% |
| Other | $173.0M | 7% |
| Gravity Water Intermediate Holdings LLC Gravity | $22.5M | 1% |
| Related Party | $20.8M | 1% |
| Logistics | $1.3M | 0% |
