Ranpak Holdings Corp Financials

PACK

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Ranpak Holdings Corp (PACK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 52/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Ranpak Holdings Corp has an operating margin of -3.5%, meaning the company retains $-3 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -2.2% the prior year.

Growth

Ranpak Holdings Corp's revenue grew 9.7% year-over-year to $368.9M, a solid pace of expansion. This earns a growth score of 56/100.

Leverage

Ranpak Holdings Corp carries a low D/E ratio of 0.73, meaning only $0.73 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.21, Ranpak Holdings Corp holds $2.21 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 68/100.

Piotroski F-Score Neutral

5/9

Ranpak Holdings Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-1.93x

For every $1 of reported earnings, Ranpak Holdings Corp generates $-1.93 in operating cash flow ($41.4M OCF vs -$21.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-0.4x

Ranpak Holdings Corp earns $-0.4 in operating income for every $1 of interest expense (-$12.8M vs $28.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Revenue

$368.9M

YoY+9.7%

5Y CAGR+6.6%

Ranpak Holdings Corp generated $368.9M in revenue in fiscal year 2024. This represents an increase of 9.7% from the prior year.

EBITDA

$52.5M

YoY-15.5%

5Y CAGR-7.0%

Ranpak Holdings Corp's EBITDA was $52.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 15.5% from the prior year.

Free Cash Flow

N/A

Net Income

-$21.5M

YoY+20.7%

Ranpak Holdings Corp reported -$21.5M in net income in fiscal year 2024. This represents an increase of 20.7% from the prior year.

EPS (Diluted)

$-0.26

YoY+21.2%

Ranpak Holdings Corp earned $-0.26 per diluted share (EPS) in fiscal year 2024. This represents an increase of 21.2% from the prior year.

Cash & Debt

$76.1M

YoY+22.7%

5Y CAGR+34.2%

Ranpak Holdings Corp held $76.1M in cash against $400.8M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

83M

Ranpak Holdings Corp had 83M shares outstanding in fiscal year 2024.

Gross Margin

37.9%

YoY+1.2pp

5Y CAGR-4.9pp

Ranpak Holdings Corp's gross margin was 37.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.

Operating Margin

-3.5%

YoY-1.2pp

5Y CAGR-7.6pp

Ranpak Holdings Corp's operating margin was -3.5% in fiscal year 2024, reflecting core business profitability. This is down 1.2 percentage points from the prior year.

Net Margin

-5.8%

YoY+2.2pp

5Y CAGR-2.6pp

Ranpak Holdings Corp's net profit margin was -5.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$4.4M

YoY+18.9%

5Y CAGR+12.9%

Ranpak Holdings Corp invested $4.4M in research and development in fiscal year 2024. This represents an increase of 18.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

PACK Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Revenue	$368.9M+9.7%	$336.3M+3.0%	$326.5M-15.0%	$383.9M+28.7%	$298.2M+11.3%	$267.9M
Cost of Revenue	N/A	$213.0M-6.1%	$226.9M-3.4%	$235.0M+33.8%	$175.6M+14.5%	$153.3M
Gross Profit	$139.8M+13.4%	$123.3M+23.8%	$99.6M-33.1%	$148.9M+21.5%	$122.6M+7.0%	$114.6M
R&D Expenses	$4.4M+18.9%	$3.7M+2.8%	$3.6M+111.8%	$1.7M-26.1%	$2.3M-4.2%	$2.4M
SG&A Expenses	$111.9M+21.9%	$91.8M-13.0%	$105.5M+7.3%	$98.3M+35.6%	$72.5M+36.3%	$53.2M
Operating Income	-$12.8M-70.7%	-$7.5M+82.4%	-$42.5M-448.4%	$12.2M+4.3%	$11.7M+6.4%	$11.0M
Interest Expense	$28.6M+17.7%	$24.3M+17.4%	$20.7M-7.6%	$22.4M-25.8%	$30.2M-2.3%	$30.9M
Income Tax	-$2.2M+47.6%	-$4.2M+72.5%	-$15.3M-628.6%	-$2.1M-75.0%	-$1.2M+83.1%	-$7.1M
Net Income	-$21.5M+20.7%	-$27.1M+34.5%	-$41.4M-1378.6%	-$2.8M+88.0%	-$23.4M-172.1%	-$8.6M
EPS (Diluted)	$-0.26+21.2%	$-0.33+35.3%	$-0.51-1175.0%	$-0.04+87.5%	$-0.32	$-8697.61

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$99.6M+7.9%	$92.3M+1.2%	$91.2M+0.9%	$90.4M+9.2%	$82.8M+1.1%	$81.9M+0.9%	$81.2M+2.3%	$79.4M
Cost of Revenue	$57.8M+5.7%	$54.7M+3.2%	$53.0M-5.9%	$56.3M+9.7%	$51.3M-0.8%	$51.7M-3.7%	$53.7M-6.0%	$57.1M
Gross Profit	$34.4M+19.0%	$28.9M-6.5%	$30.9M-9.4%	$34.1M+8.3%	$31.5M+4.3%	$30.2M+9.8%	$27.5M+23.3%	$22.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$29.6M+2.8%	$28.8M-0.3%	$28.9M+5.5%	$27.4M+31.1%	$20.9M+28.2%	$16.3M-40.1%	$27.2M+45.5%	$18.7M
Operating Income	-$5.7M+41.2%	-$9.7M-21.3%	-$8.0M-73.9%	-$4.6M-387.5%	$1.6M-63.6%	$4.4M+149.4%	-$8.9M-58.9%	-$5.6M
Interest Expense	$8.7M+4.8%	$8.3M-4.6%	$8.7M+47.5%	$5.9M-13.2%	$6.8M+15.3%	$5.9M+3.5%	$5.7M+3.6%	$5.5M
Income Tax	-$4.2M-110.0%	-$2.0M+37.5%	-$3.2M-146.2%	-$1.3M-18.2%	-$1.1M-466.7%	$300K+114.3%	-$2.1M+61.1%	-$5.4M
Net Income	-$10.4M-38.7%	-$7.5M+31.2%	-$10.9M-17.2%	-$9.3M-181.8%	-$3.3M-57.1%	-$2.1M+83.1%	-$12.4M-69.9%	-$7.3M
EPS (Diluted)	$-0.12-33.3%	$-0.09+30.8%	$-0.13-18.2%	$-0.11-175.0%	$-0.04-33.3%	$-0.03+80.0%	$-0.15-66.7%	$-0.09

PACK Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Total Assets	$1.1B-1.6%	$1.1B-1.0%	$1.1B-6.6%	$1.2B+7.0%	$1.1B+43.0%	$792.7M
Current Assets	$151.2M+21.1%	$124.9M-10.5%	$139.6M-27.1%	$191.5M+78.6%	$107.2M+57.0%	$68.3M
Cash & Equivalents	$76.1M+22.7%	$62.0M-1.3%	$62.8M-39.6%	$103.9M+114.2%	$48.5M+177.1%	$17.5M
Inventory	$21.7M+25.4%	$17.3M-30.8%	$25.0M-24.0%	$32.9M+104.3%	$16.1M+36.4%	$11.8M
Accounts Receivable	$43.9M+38.9%	$31.6M-4.2%	$33.0M-24.5%	$43.7M+11.8%	$39.1M	N/A
Goodwill	$443.7M-1.4%	$450.1M+0.8%	$446.7M-1.4%	$453.0M-1.2%	$458.4M+28.9%	$355.7M
Total Liabilities	$556.1M+1.0%	$550.7M+5.8%	$520.7M-9.8%	$577.2M-5.5%	$610.6M+2.4%	$596.3M
Current Liabilities	$68.4M+42.5%	$48.0M+22.8%	$39.1M-45.3%	$71.5M+24.3%	$57.5M+106.8%	$27.8M
Long-Term Debt	$400.8M+0.8%	$397.8M+1.6%	$391.7M-2.2%	$400.4M-7.5%	$432.7M-12.6%	$494.9M
Total Equity	$548.1M-4.2%	$572.0M-6.7%	$612.8M-3.7%	$636.2M+21.7%	$522.9M+166.2%	$196.4M
Retained Earnings	-$145.3M-17.4%	-$123.8M-28.0%	-$96.7M-74.9%	-$55.3M-5.3%	-$52.5M+24.9%	-$69.9M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$1.1B-0.7%	$1.1B+1.7%	$1.1B-0.3%	$1.1B+0.3%	$1.1B-1.7%	$1.1B-0.9%	$1.1B+1.4%	$1.1B
Current Assets	$146.7M-3.4%	$151.9M-2.9%	$156.5M+25.3%	$124.9M+1.2%	$123.4M-11.2%	$139.0M-0.9%	$140.2M+0.4%	$139.6M
Cash & Equivalents	$49.9M+1.4%	$49.2M-24.9%	$65.5M+5.6%	$62.0M+19.0%	$52.1M-3.3%	$53.9M-8.0%	$58.6M-6.7%	$62.8M
Inventory	$36.0M-5.5%	$38.1M+7.9%	$35.3M+104.0%	$17.3M-7.0%	$18.6M-17.0%	$22.4M-0.9%	$22.6M-9.6%	$25.0M
Accounts Receivable	$46.5M+2.4%	$45.4M+5.6%	$43.0M+36.1%	$31.6M-1.9%	$32.2M-7.5%	$34.8M+1.2%	$34.4M+4.2%	$33.0M
Goodwill	$457.0M0.0%	$457.0M+2.0%	$448.0M-0.5%	$450.1M+1.1%	$445.4M-0.7%	$448.4M-0.1%	$448.7M+0.4%	$446.7M
Total Liabilities	$591.8M-1.2%	$599.0M+4.1%	$575.4M+4.5%	$550.7M+1.7%	$541.6M-1.2%	$548.4M+0.5%	$545.6M+4.8%	$520.7M
Current Liabilities	$78.2M-10.4%	$87.3M-0.5%	$87.7M+82.7%	$48.0M+4.6%	$45.9M-6.3%	$49.0M+14.2%	$42.9M+9.7%	$39.1M
Long-Term Debt	$397.2M-0.1%	$397.7M-0.5%	$399.5M+0.4%	$397.8M+2.0%	$390.0M-1.1%	$394.3M-0.2%	$395.0M+0.8%	$391.7M
Total Equity	$537.8M-0.2%	$539.0M-0.9%	$544.1M-4.9%	$572.0M-1.0%	$577.6M-2.1%	$590.2M-2.2%	$603.6M-1.5%	$612.8M
Retained Earnings	-$174.1M-6.4%	-$163.7M-4.8%	-$156.2M-26.2%	-$123.8M-8.1%	-$114.5M-3.0%	-$111.2M-1.9%	-$109.1M-12.8%	-$96.7M

PACK Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Operating Cash Flow	$41.4M-21.3%	$52.6M+4681.8%	$1.1M-98.0%	$54.3M-14.9%	$63.8M+51.9%	$42.0M
Capital Expenditures	N/A	$55.3M+23.4%	$44.8M-17.8%	$54.5M+68.7%	$32.3M+30.2%	$24.8M
Free Cash Flow	N/A	-$2.7M+93.8%	-$43.7M-21750.0%	-$200K-100.6%	$31.5M+83.1%	$17.2M
Investing Cash Flow	-$32.5M+38.0%	-$52.4M-38.3%	-$37.9M+45.7%	-$69.8M-102.3%	-$34.5M-36.4%	-$25.3M
Financing Cash Flow	$1.8M+200.0%	-$1.8M+60.0%	-$4.5M-106.3%	$72.0M+4600.0%	-$1.6M+79.2%	-$7.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$0	$0	$0

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$8.5M+336.1%	-$3.6M-176.9%	-$1.3M-104.4%	$29.6M+362.5%	$6.4M-29.7%	$9.1M+21.3%	$7.5M-29.2%	$10.6M
Capital Expenditures	N/A	N/A	N/A	$20.4M+110.3%	$9.7M-27.6%	$13.4M+13.6%	$11.8M+9.3%	$10.8M
Free Cash Flow	N/A	N/A	N/A	$9.2M+378.8%	-$3.3M+23.3%	-$4.3M0.0%	-$4.3M-2050.0%	-$200K
Investing Cash Flow	-$7.8M+36.6%	-$12.3M-64.0%	-$7.5M+63.2%	-$20.4M-200.0%	-$6.8M+49.3%	-$13.4M-13.6%	-$11.8M-9.3%	-$10.8M
Financing Cash Flow	-$400K+81.0%	-$2.1M+25.0%	-$2.8M-600.0%	-$400K+42.9%	-$700K-75.0%	-$400K-33.3%	-$300K-50.0%	-$200K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PACK Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY18
Gross Margin	37.9%+1.2pp	36.7%+6.2pp	30.5%-8.3pp	38.8%-2.3pp	41.1%-1.7pp	42.8%
Operating Margin	-3.5%-1.2pp	-2.2%+10.8pp	-13.0%-16.2pp	3.2%-0.7pp	3.9%-0.2pp	4.1%
Net Margin	-5.8%+2.2pp	-8.1%+4.6pp	-12.7%-11.9pp	-0.7%+7.1pp	-7.8%-4.6pp	-3.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.9%+0.5pp	-2.4%+1.2pp	-3.6%-3.4pp	-0.2%+1.8pp	-2.1%-1.0pp	-1.1%
Current Ratio	2.21-0.4	2.60-1.0	3.57+0.9	2.68+0.8	1.86-0.6	2.46
Debt-to-Equity	0.73+0.0	0.70+0.1	0.640.0	0.63-0.2	0.83-1.7	2.52
FCF Margin	N/A	-0.8%+12.6pp	-13.4%-13.3pp	-0.1%-10.6pp	10.6%+4.1pp	6.4%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	34.5%+3.2pp	31.3%-2.6pp	33.9%-3.8pp	37.7%-0.3pp	38.0%+1.2pp	36.9%+3.0pp	33.9%+5.8pp	28.1%
Operating Margin	-5.7%+4.8pp	-10.5%-1.7pp	-8.8%-3.7pp	-5.1%-7.0pp	1.9%-3.4pp	5.4%+16.3pp	-11.0%-3.9pp	-7.0%
Net Margin	-10.4%-2.3pp	-8.1%+3.8pp	-11.9%-1.7pp	-10.3%-6.3pp	-4.0%-1.4pp	-2.6%+12.7pp	-15.3%-6.1pp	-9.2%
Return on Equity	N/A	1.0%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.9%-0.3pp	-0.7%+0.3pp	-1.0%-0.1pp	-0.8%-0.5pp	-0.3%-0.1pp	-0.2%+0.9pp	-1.1%-0.4pp	-0.6%
Current Ratio	1.88+0.1	1.74-0.0	1.78-0.8	2.60-0.1	2.69-0.1	2.84-0.4	3.27-0.3	3.57
Debt-to-Equity	0.740.0	0.740.0	0.73+0.0	0.70+0.0	0.680.0	0.67+0.0	0.65+0.0	0.64
FCF Margin	N/A	N/A	N/A	10.2%+14.2pp	-4.0%+1.3pp	-5.3%+0.1pp	-5.3%-5.0pp	-0.3%

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Frequently Asked Questions

What is Ranpak Holdings Corp's annual revenue?

Ranpak Holdings Corp (PACK) reported $368.9M in total revenue for fiscal year 2024. This represents a 9.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ranpak Holdings Corp's revenue growing?

Ranpak Holdings Corp (PACK) revenue grew by 9.7% year-over-year, from $336.3M to $368.9M in fiscal year 2024.

Is Ranpak Holdings Corp profitable?

No, Ranpak Holdings Corp (PACK) reported a net income of -$21.5M in fiscal year 2024, with a net profit margin of -5.8%.

What is Ranpak Holdings Corp's earnings per share (EPS)?

Ranpak Holdings Corp (PACK) reported diluted earnings per share of $-0.26 for fiscal year 2024. This represents a 21.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Ranpak Holdings Corp's EBITDA?

Ranpak Holdings Corp (PACK) had EBITDA of $52.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ranpak Holdings Corp have?

As of fiscal year 2024, Ranpak Holdings Corp (PACK) had $76.1M in cash and equivalents against $400.8M in long-term debt.

What is Ranpak Holdings Corp's gross margin?

Ranpak Holdings Corp (PACK) had a gross margin of 37.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ranpak Holdings Corp's operating margin?

Ranpak Holdings Corp (PACK) had an operating margin of -3.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Ranpak Holdings Corp's net profit margin?

Ranpak Holdings Corp (PACK) had a net profit margin of -5.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Ranpak Holdings Corp's operating cash flow?

Ranpak Holdings Corp (PACK) generated $41.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Ranpak Holdings Corp's total assets?

Ranpak Holdings Corp (PACK) had $1.1B in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Ranpak Holdings Corp spend on research and development?

Ranpak Holdings Corp (PACK) invested $4.4M in research and development during fiscal year 2024.

How many shares does Ranpak Holdings Corp have outstanding?

Ranpak Holdings Corp (PACK) had 83M shares outstanding as of fiscal year 2024.

What is Ranpak Holdings Corp's current ratio?

Ranpak Holdings Corp (PACK) had a current ratio of 2.21 as of fiscal year 2024, which is generally considered healthy.

What is Ranpak Holdings Corp's debt-to-equity ratio?

Ranpak Holdings Corp (PACK) had a debt-to-equity ratio of 0.73 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ranpak Holdings Corp's return on assets (ROA)?

Ranpak Holdings Corp (PACK) had a return on assets of -1.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Ranpak Holdings Corp's Piotroski F-Score?

Ranpak Holdings Corp (PACK) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ranpak Holdings Corp's earnings high quality?

Ranpak Holdings Corp (PACK) has an earnings quality ratio of -1.93x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ranpak Holdings Corp cover its interest payments?

Ranpak Holdings Corp (PACK) has an interest coverage ratio of -0.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ranpak Holdings Corp?

Ranpak Holdings Corp (PACK) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.