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Ranpak Holdings Corp.

PACK

Ranpak Holdings Corp. • NYSE
$4.94 ▲ 1.44% (+0.07)
Market Cap $416.82 M
52w High $8.70
52w Low $2.91
Dividend Yield 0%
P/E -10.51
Volume 161.98K
Outstanding Shares 84.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $99.6M ▲ $40.1M ▲ $-10.4M ▼ -10.442% ▼ $-0.12 ▼ $13M ▼
Q2-2025 $92.3M ▲ $38.6M ▼ $-7.5M ▲ -8.126% ▲ $-0.089 ▲ $16.6M ▲
Q1-2025 $91.2M ▼ $38.9M ▼ $-10.9M ▼ -11.952% ▼ $-0.13 $8M ▼
Q4-2024 $105M ▲ $40M ▲ $-10.8M ▼ -10.286% ▼ $-0.13 ▼ $24.9M ▲
Q3-2024 $92.2M $38.6M $-8.1M -8.785% $-0.097 $12.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $49.9M ▲ $1.13B ▼ $591.8M ▼ $537.8M ▼
Q2-2025 $49.2M ▼ $1.138B ▲ $599M ▲ $539M ▼
Q1-2025 $65.5M ▼ $1.119B ▲ $575.4M ▲ $544.1M ▼
Q4-2024 $76.1M ▲ $1.104B ▼ $556.1M ▼ $548.1M ▼
Q3-2024 $69.5M $1.133B $569M $564.3M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10.4M ▼ $8.5M ▲ $-7.8M ▲ $-400K ▲ $700K ▲ $700K ▲
Q2-2025 $-7.5M ▲ $-3.6M ▼ $-12.3M ▼ $-2.1M ▲ $-16.3M ▼ $-13.4M ▼
Q1-2025 $-10.9M ▼ $-1.3M ▲ $-7.5M ▲ $-2.8M ▼ $-10.6M ▼ $-8.8M ▲
Q4-2024 $-8M ▲ $-4.5M ▼ $-7.8M ▼ $15.1M ▲ $6.6M ▲ $-12.3M ▼
Q3-2024 $-8.1M $10.1M $-5.6M $-700K $4.4M $4.5M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
Paper
Paper
 $70.00M ▲$70.00M ▲$70.00M ▲$70.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Machine Lease
Machine Lease
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ranpak’s sales have grown steadily over the last few years, and gross profit has risen with them, which suggests the core business has decent pricing power and customer demand. Profitability, however, still sits on a knife edge. Operating results hover around break-even, and the company continues to report net losses, though those losses have been narrowing over time. Cash-based earnings (EBITDA) are consistently positive and improving, which points to an underlying business that is healthier than the bottom-line net income suggests, but still weighed down by interest, depreciation, and other non-cash or overhead costs.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a mid-sized industrial business. Assets have stayed fairly stable over several years, and shareholder equity has inched up, which implies the company is slowly rebuilding value despite accounting losses. Debt is meaningful but not extreme, and it has not been growing aggressively, which helps keep financial risk in check. Cash on hand is modest rather than abundant, so Ranpak has some cushion but not a large war chest, making careful capital allocation important.

Cash Flow

Cash Flow Ranpak generally generates positive cash flow from its operations, which is a key strength and suggests the core business can fund a good share of its needs. Capital spending on equipment and automation is sizable, so free cash flow tends to hover near break-even, occasionally tipping slightly positive or negative. This pattern fits a company still investing heavily for growth and innovation rather than maximizing near-term cash. The main risk is that prolonged heavy investment, combined with only thin operating margins, leaves less room for error if the market softens or execution slips.

Competitive Edge

Competitive Edge Ranpak occupies a strong niche in sustainable, paper-based protective packaging, helped by long-term relationships with major e-commerce and retail players. Its “machines plus paper” model creates recurring revenue and makes customers sticky once systems are installed. A large installed base, a broad patent portfolio, and a global footprint add to its defensibility. That said, it still competes against larger, well-funded packaging giants, and it is effectively a second-tier player in overall scale. Its edge comes less from size and more from specialization in fiber-based, automated solutions and its reputation for sustainability.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point. Ranpak is pushing hard into automation, AI, and machine vision to optimize how boxes are filled, sized, and closed, aiming to cut material usage and labor for customers. The company continues to roll out new systems, from multi-station paper converters to intelligent void-fill and on-demand printing, and is extending into end-of-line automation and cold-chain packaging. Strategic investments in robotics and alternative materials like grass-based paper show a willingness to experiment beyond its core. The upside is a differentiated product set and higher-value solutions; the risk is ongoing R&D and capital intensity before these initiatives fully scale in profitability.

Summary

Ranpak combines a steadily growing, sustainability-focused packaging business with an aggressive push into automation and intelligent systems. Financially, it shows a mixed but improving picture: revenue and gross profit are rising, cash earnings are positive, but net income remains negative and free cash flow only modestly positive over time. The balance sheet appears sound with manageable debt and a stable asset base, but no excess cash. Competitively, the company benefits from its paper-only focus, recurring consumables revenue, strong customer relationships, and deep patent portfolio, while still facing larger incumbents. The key opportunity is to turn its automation and innovation efforts into a scalable, high-margin engine; the key risks are execution, ongoing losses, and the need to keep funding growth in a competitive, cyclical industry.

NEWS

October 30, 2025 · 7:30 AM UTC

Ranpak Holdings Corp. Reports Third Quarter 2025 Financial Results

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October 23, 2025 · 7:00 AM UTC

Ranpak to Hold Conference Call to Discuss Third Quarter 2025 Results

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September 4, 2025 · 8:00 AM UTC

Ranpak to Debut Complete End-to-End Packaging Solutions for Smarter, Greener Logistics at IMHX 2025

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