Ranpak Holdings Corp.
PACK NYSE Converted Paper & Paperboard Prods (No Contaners/Boxes) Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$395M
7.1%
vs prior year
Operating margin
Operating income as a share of revenue.
−6.2%
2.7 pts
Net income
Profit after all expenses, interest and tax.
−$38.3M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−2.2%
1.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.44 EPS (TTM)
What Ranpak Holdings Corp. does
No business description yet.
- Legal name
- Ranpak Holdings Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 5, 2026
- Accession · CIK
- 0001628280-26-015027
0001712463
Revenue and margins
Ranpak Holdings Corp. had $395M of revenue in fiscal 2025, up 7.1% on the year before.
FY17
Revenue $244M
FY18
Revenue $268M
FY20
Revenue —
FY21
Revenue $384M
FY22
Revenue $327M
FY23
Revenue $336M
FY24
Revenue $369M
FY25
Revenue $395M
Q3 '23
Revenue $82.8M
Q4 '23
Revenue $90.4M
Q1 '24
Revenue $85.3M
Q2 '24
Revenue $86.4M
Q3 '24
Revenue $92.2M
Q4 '24
Revenue $105M
Q1 '25
Revenue $91.2M
Q2 '25
Revenue $92.3M
Q3 '25
Revenue $99.6M
Q4 '25
Revenue $112M
Q1 '26
Revenue $101M
Q2 '26
Revenue $105M
FY17
Gross 46.0%
Operating 12.8%
Net 11.3%
FCF 7.9%
FY18
Gross 42.8%
Operating 4.1%
Net −3.2%
FCF 6.4%
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross 38.8%
Operating 3.2%
Net −0.7%
FCF −0.1%
FY22
Gross 30.5%
Operating −13.0%
Net −12.7%
FCF −13.4%
FY23
Gross 36.7%
Operating −2.2%
Net −8.1%
FCF −0.8%
FY24
Gross 37.9%
Operating −3.5%
Net −5.8%
FCF —
FY25
Gross 33.1%
Operating −6.2%
Net −9.7%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 38.0%
Operating 1.9%
Net −4.0%
FCF −4.0%
Q4 '23
Gross 37.7%
Operating −5.1%
Net −10.3%
FCF 10.2%
Q1 '24
Gross 37.9%
Operating −5.6%
Net −9.5%
FCF —
Q2 '24
Gross 36.7%
Operating −6.0%
Net 6.4%
FCF —
Q3 '24
Gross 37.3%
Operating −4.6%
Net −8.8%
FCF —
Q4 '24
Gross 39.4%
Operating 1.3%
Net −10.3%
FCF —
Q1 '25
Gross 33.9%
Operating −8.8%
Net −12.0%
FCF —
Q2 '25
Gross 31.3%
Operating −10.5%
Net −8.1%
FCF —
Q3 '25
Gross 34.5%
Operating −5.7%
Net −10.4%
FCF —
Q4 '25
Gross 32.6%
Operating −0.8%
Net −8.5%
FCF —
Q1 '26
Gross 34.5%
Operating −3.8%
Net −10.1%
FCF —
Q2 '26
Gross 32.8%
Operating −2.3%
Net −7.5%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income $27.7M
FY18
Net income −$8.6M
FY20
Net income —
FY21
Net income −$2.8M
FY22
Net income −$41.4M
FY23
Net income −$27.1M
FY24
Net income −$21.5M
FY25
Net income −$38.3M
Q3 '23
Net income −$3.3M
Q4 '23
Net income −$9.3M
Q1 '24
Net income −$8.1M
Q2 '24
Net income $5.5M
Q3 '24
Net income −$8.1M
Q4 '24
Net income −$10.8M
Q1 '25
Net income −$10.9M
Q2 '25
Net income −$7.5M
Q3 '25
Net income −$10.4M
Q4 '25
Net income −$9.5M
Q1 '26
Net income −$10.2M
Q2 '26
Net income −$7.9M
FY17
Diluted EPS $27,801.44
FY18
Diluted EPS −$8,697.61
FY20
Diluted EPS —
FY21
Diluted EPS −$0.04
FY22
Diluted EPS −$0.51
FY23
Diluted EPS −$0.33
FY24
Diluted EPS −$0.26
FY25
Diluted EPS −$0.45
Q3 '23
Diluted EPS −$0.04
Q4 '23
Diluted EPS −$0.11
Q1 '24
Diluted EPS −$0.10
Q2 '24
Diluted EPS $0.07
Q3 '24
Diluted EPS −$0.10
Q4 '24
Diluted EPS −$0.13
Q1 '25
Diluted EPS −$0.13
Q2 '25
Diluted EPS −$0.09
Q3 '25
Diluted EPS −$0.12
Q4 '25
Diluted EPS −$0.11
Q1 '26
Diluted EPS −$0.12
Q2 '26
Diluted EPS −$0.09
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 13.0%
Return on assets 3,181.0%
FY18
Return on capital 1.3%
Return on equity −4.2%
Return on assets −2.2%
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital 1.0%
Return on equity −0.5%
Return on assets −0.2%
FY22
Return on capital −3.6%
Return on equity −6.6%
Return on assets −3.5%
FY23
Return on capital −0.7%
Return on equity −4.6%
Return on assets −2.4%
FY24
Return on capital −1.2%
Return on equity −3.8%
Return on assets −1.9%
FY25
Return on capital −2.2%
Return on equity −7.1%
Return on assets −3.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $19.2M
FY18
Free cash flow $17.2M
FY20
Free cash flow —
FY21
Free cash flow −$0.2M
FY22
Free cash flow −$43.7M
FY23
Free cash flow −$2.7M
FY24
Free cash flow —
FY25
Free cash flow —
Q3 '23
Free cash flow −$3.3M
Q4 '23
Free cash flow $9.2M
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow —
Q4 '24
Free cash flow —
Q1 '25
Free cash flow —
Q2 '25
Free cash flow —
Q3 '25
Free cash flow —
Q4 '25
Free cash flow —
Q1 '26
Free cash flow —
Q2 '26
Free cash flow —
FY17
Cash from operations $46.2M
Capital spending $27.0M
FY18
Cash from operations $42.0M
Capital spending $24.8M
FY20
Cash from operations —
Capital spending —
FY21
Cash from operations $54.3M
Capital spending $54.5M
FY22
Cash from operations $1.1M
Capital spending $44.8M
FY23
Cash from operations $52.6M
Capital spending $55.3M
FY24
Cash from operations $41.4M
Capital spending —
FY25
Cash from operations $23.1M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $6.4M
Capital spending $9.7M
Q4 '23
Cash from operations $29.6M
Capital spending $20.4M
Q1 '24
Cash from operations $5.2M
Capital spending —
Q2 '24
Cash from operations $19.6M
Capital spending —
Q3 '24
Cash from operations $10.1M
Capital spending —
Q4 '24
Cash from operations $6.5M
Capital spending —
Q1 '25
Cash from operations −$1.3M
Capital spending —
Q2 '25
Cash from operations −$3.6M
Capital spending —
Q3 '25
Cash from operations $8.5M
Capital spending —
Q4 '25
Cash from operations $19.5M
Capital spending —
Q1 '26
Cash from operations $4.4M
Capital spending —
Q2 '26
Cash from operations $2.7M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Ranpak Holdings Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 1.4%.
FY17
Dividends —
Buybacks $1.6M
FY18
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.00B
FY20
Diluted shares —
FY21
Diluted shares 0.08B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.08B
FY25
Diluted shares 0.08B
Balance sheet
Cash, debt and the ratios that show how comfortably Ranpak Holdings Corp. can carry it.
FY17
Cash $0.0M
Debt —
FY18
Cash $17.5M
Debt $507M
FY20
Cash $48.5M
Debt $433M
FY21
Cash $104M
Debt $403M
FY22
Cash $62.8M
Debt $395M
FY23
Cash $62.0M
Debt $402M
FY24
Cash $76.1M
Debt $411M
FY25
Cash $63.0M
Debt $405M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $104M | $62.8M | $62.0M | $76.1M | $63.0M |
| Debt incl. finance leases | $403M | $395M | $402M | $411M | $405M |
| Net debt / EBITDA | 3.5x | 12.5x | 5.5x | 6.4x | 8.1x |
| Debt / equity | 0.6x | 0.6x | 0.7x | 0.7x | 0.8x |
| Interest coverage | 0.5x | −2.1x | −0.3x | −0.4x | −0.7x |
| Current ratio | 2.7x | 3.6x | 2.6x | 2.2x | 1.8x |
| Quick ratio | 2.2x | 2.9x | 2.2x | 1.9x | 1.5x |
| Total assets | $1.2B | $1.1B | $1.1B | $1.1B | $1.1B |
| Total liabilities | $577M | $521M | $551M | $556M | $590M |
| Shareholders' equity | $636M | $613M | $572M | $548M | $535M |
| Net debt (− = net cash) | $299M | $332M | $340M | $335M | $342M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | — | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✕ | ✓ |
| Current ratio rose | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | — | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | — | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | — | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 4 / 8 | — / 5 | 3 / 9 | 5 / 9 | 5 / 9 | 4 / 9 |
| Accruals ratio | −2,124.5% | −12.8% | −4.9% | −3.6% | −7.1% | −5.6% | −5.5% |
| Altman Z'' | 507.64 | 0.49 | 1.73 | 1.29 | 1.14 | 1.02 | 0.68 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $244M | $268M | — | $384M | $327M | $336M | $369M | $395M |
| Gross profit | $112M | $115M | — | $149M | $99.6M | $123M | $140M | $131M |
| Research and development | $2.2M | $2.4M | — | $1.7M | $3.6M | $3.7M | $4.4M | $4.1M |
| Operating income | $31.2M | $11.0M | — | $12.2M | −$42.5M | −$7.5M | −$12.8M | −$24.3M |
| Interest expense | $30.7M | $30.9M | — | $22.4M | $20.7M | $24.3M | $28.6M | $34.3M |
| Pretax income | −$13.7M | −$15.7M | — | −$4.9M | −$56.7M | −$31.3M | −$23.7M | −$47.5M |
| Income tax | −$41.4M | −$7.1M | — | −$2.1M | −$15.3M | −$4.2M | −$2.2M | −$9.2M |
| Net income | $27.7M | −$8.6M | — | −$2.8M | −$41.4M | −$27.1M | −$21.5M | −$38.3M |
| Net income to common | $27.7M | −$8.6M | — | −$2.8M | −$41.4M | −$27.1M | −$21.5M | −$38.3M |
| Diluted EPS | $27,801.44 | −$8,697.61 | — | −$0.04 | −$0.51 | −$0.33 | −$0.26 | −$0.45 |
| Diluted shares | 0.00B | 0.00B | — | 0.08B | 0.08B | 0.08B | 0.08B | 0.08B |
| Cash flow | ||||||||
| Cash from operations | $46.2M | $42.0M | — | $54.3M | $1.1M | $52.6M | $41.4M | $23.1M |
| Capital expenditure | $27.0M | $24.8M | — | $54.5M | $44.8M | $55.3M | — | — |
| Free cash flow | $19.2M | $17.2M | — | −$0.2M | −$43.7M | −$2.7M | — | — |
| Depreciation and amortization | $61.1M | $64.5M | — | $73.6M | $69.0M | $69.6M | $65.3M | $66.7M |
| Stock-based compensation | — | — | — | $22.5M | $18.3M | −$10.2M | $6.3M | $7.6M |
| Acquisitions | $1.6M | $0.0M | — | $14.1M | $2.1M | — | — | — |
| Share buybacks | $1.6M | $0.0M | — | $0.0M | — | — | — | — |
| Dividends and buybacks | $1.6M | $0.0M | — | $0.0M | — | — | — | — |
| Balance sheet | ||||||||
| Cash and short-term investments | $0.0M | $17.5M | $48.5M | $104M | $62.8M | $62.0M | $76.1M | $63.0M |
| Total debt | — | $507M | $433M | $401M | $393M | $400M | $406M | $402M |
| Finance lease liabilities | — | — | — | $1.5M | $1.5M | $1.9M | $4.3M | $3.4M |
| Current assets | $0.0M | $68.3M | $107M | $192M | $140M | $125M | $151M | $154M |
| Current liabilities | $0.8M | $27.8M | $57.5M | $71.5M | $39.1M | $48.0M | $68.4M | $84.0M |
| Inventory | — | $11.8M | $16.1M | $32.9M | $25.0M | $17.3M | $21.7M | $30.6M |
| Property and equipment, net | — | $73.0M | $124M | $126M | $124M | $142M | — | — |
| Goodwill | $360M | $356M | $458M | $453M | $447M | $450M | $444M | $457M |
| Intangible assets | — | $294M | $441M | $407M | $372M | $345M | $312M | $292M |
| Total assets | $0.9M | $793M | $1.1B | $1.2B | $1.1B | $1.1B | $1.1B | $1.1B |
| Total liabilities | $0.8M | $596M | $611M | $577M | $521M | $551M | $556M | $590M |
| Shareholders' equity | $212M | $196M | $523M | $636M | $613M | $572M | $548M | $535M |
| Margins | ||||||||
| Gross margin | 46.0% | 42.8% | — | 38.8% | 30.5% | 36.7% | 37.9% | 33.1% |
| Operating margin | 12.8% | 4.1% | — | 3.2% | −13.0% | −2.2% | −3.5% | −6.2% |
| EBITDA margin | 37.8% | 28.2% | — | 22.3% | 8.1% | 18.5% | 14.2% | 10.7% |
| Net margin | 11.3% | −3.2% | — | −0.7% | −12.7% | −8.1% | −5.8% | −9.7% |
| FCF margin | 7.9% | 6.4% | — | −0.1% | −13.4% | −0.8% | — | — |
| Returns | ||||||||
| Return on capital | — | 1.3% | — | 1.0% | −3.6% | −0.7% | −1.2% | −2.2% |
| Return on capital employed | 57,777.8% | 1.4% | — | 1.1% | −3.9% | −0.7% | −1.2% | −2.3% |
| Return on equity | 13.0% | −4.2% | — | −0.5% | −6.6% | −4.6% | −3.8% | −7.1% |
| Return on assets | 3,181.0% | −2.2% | — | −0.2% | −3.5% | −2.4% | −1.9% | −3.4% |
| Growth | ||||||||
| Revenue growth | — | 9.8% | — | — | −15.0% | 3.0% | 9.7% | 7.1% |
| Net income growth | — | −131.0% | — | — | — | — | — | — |
| EPS growth | — | −131.3% | — | — | — | — | — | — |
| FCF growth | — | −10.4% | — | — | — | — | — | — |
| Share count change | — | 0.0% | — | — | 4.2% | 0.6% | 0.8% | 1.4% |
| Financial health | ||||||||
| Net debt / EBITDA | — | 6.5x | — | 3.5x | 12.5x | 5.5x | 6.4x | 8.1x |
| Debt / equity | — | 2.6x | 0.8x | 0.6x | 0.6x | 0.7x | 0.7x | 0.8x |
| Interest coverage | 1.0x | 0.4x | — | 0.5x | −2.1x | −0.3x | −0.4x | −0.7x |
| Current ratio | 0.0x | 2.5x | 1.9x | 2.7x | 3.6x | 2.6x | 2.2x | 1.8x |
| Quick ratio | 0.0x | 2.0x | 1.6x | 2.2x | 2.9x | 2.2x | 1.9x | 1.5x |
| Capital allocation | ||||||||
| Capex / revenue | 11.1% | 9.3% | — | 14.2% | 13.7% | 16.4% | — | — |
| Stock comp / revenue | — | — | — | 5.9% | 5.6% | −3.0% | 1.7% | 1.9% |
| Payouts / FCF | 8.3% | 0.0% | — | — | — | — | — | — |
| Quality scores | ||||||||
| Piotroski F-score | — | 4.0 | — | — | 3.0 | 5.0 | 5.0 | 4.0 |
| Altman Z'' | 507.6 | 0.5 | — | 1.7 | 1.3 | 1.1 | 1.0 | 0.7 |
| Accruals ratio | −2,124.5% | −12.8% | — | −4.9% | −3.6% | −7.1% | −5.6% | −5.5% |
Source: SEC EDGAR XBRL filings (CIK 0001712463). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.