Density ratio estimation is a core concept in statistical machine learning because it provides a unified mechanism for tasks such as importance weighting, divergence estimation, and likelihood-free inference, but its potential in vision and language models has not been fully explored. Modern vision-language encoders such as CLIP and SigLIP are trained with contrastive objectives that implicitly optimize log density ratios between joint and marginal image-text distributions, which implicitly learn similarity scores proportional to log density ratios. However, prior work has largely focused on their embedding utility, and the density-ratio structure induced by contrastive learning has not been systematically examined or exploited in multimodal applications. To address this gap, we reinterpret CLIP-style models as pretrained and general-purpose density ratio estimators and show that this perspective enables new algorithmic capabilities. We present a unified explanation of how contrastive objectives estimate density ratios and propose two practical applications: Importance Weight Learning and KL divergence estimation. Our Importance Weight Learning method requires only a single additional prompt and improves F1 scores by up to 7 points. We further show that CLIP-based density ratios support estimation of KL divergences that quantify how conditioning on an image or text alters the distribution of the other modality. Through qualitative examples and an N-gram analysis of captions, we find that these divergences capture semantic diversity and mode structure in multimodal data. Leveraging this property, we introduce a simple KL-guided data curation method that achieves performance competitive with LAION2B filtering.