Ranpak (PACK) Financials

$6.50 +0.25 (+3.92%)

As of 10:45 AM Eastern

Annual Income Statements for Ranpak

This table shows Ranpak's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-41	-27	-22
Consolidated Net Income / (Loss)	-41	-27	-22
Net Income / (Loss) Continuing Operations	-41	-27	-22
Total Pre-Tax Income	-57	-31	-24
Total Operating Income	-43	-7.50	-13
Total Gross Profit	100	123	140
Total Revenue	327	336	369
Operating Revenue	327	336	369
Total Cost of Revenue	227	213	229
Operating Cost of Revenue	227	213	229
Total Operating Expenses	142	131	153
Selling, General & Admin Expense	106	92	112
Depreciation Expense	32	34	35
Other Operating Expenses / (Income)	4.50	5.20	5.60
Total Other Income / (Expense), net	-14	-24	-11
Interest Expense	21	24	33
Other Income / (Expense), net	6.50	0.50	23
Income Tax Expense	-15	-4.20	-2.20
Basic Earnings per Share	($0.51)	($0.33)	($0.26)
Weighted Average Basic Shares Outstanding	81.88M	82.37M	83.06M
Diluted Earnings per Share	($0.51)	($0.33)	($0.26)
Weighted Average Diluted Shares Outstanding	81.88M	82.37M	83.06M
Weighted Average Basic & Diluted Shares Outstanding	82.39M	82.62M	83.61M

This table shows Ranpak's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-8.70	-1.50	-12	-2.10	-3.30	-9.30	-8.10	5.50	-8.10	-11
Consolidated Net Income / (Loss)	-8.70	-2.70	-12	-2.10	-3.30	-9.30	-8.10	5.50	-8.10	-11
Net Income / (Loss) Continuing Operations	-8.70	-1.50	-12	-2.10	-3.30	-9.30	-8.10	5.50	-8.10	-11
Total Pre-Tax Income	-12	-13	-15	-1.80	-4.40	-11	-9.60	7.30	-11	-11
Total Operating Income	-12	-5.60	-8.90	4.40	1.60	-4.60	-4.80	-5.20	-4.20	1.40
Total Gross Profit	24	22	28	30	32	34	32	32	34	41
Total Revenue	78	79	81	82	83	90	85	86	92	105
Operating Revenue	78	79	81	82	83	90	85	86	92	105
Total Cost of Revenue	53	57	54	52	51	56	53	55	58	64
Operating Cost of Revenue	53	57	54	52	51	56	53	55	58	64
Total Operating Expenses	36	28	36	26	30	39	37	37	39	40
Selling, General & Admin Expense	27	19	27	16	21	27	28	27	29	28
Depreciation Expense	7.80	8.10	8.00	8.10	8.10	9.60	8.40	8.30	8.20	10
Other Operating Expenses / (Income)	1.50	1.10	1.20	1.40	0.90	1.70	0.80	1.30	1.60	1.90
Total Other Income / (Expense), net	-0.10	-1.30	-5.60	-6.20	-6.00	-6.00	-4.80	13	-6.40	-12
Interest Expense	5.30	5.50	5.70	5.90	6.80	5.90	6.20	5.30	9.30	13
Other Income / (Expense), net	5.20	4.20	0.10	-0.30	0.80	-0.10	1.40	18	2.90	0.40
Basic Earnings per Share	($0.11)	$0.19	($0.15)	($0.03)	($0.04)	($0.11)	($0.10)	$0.07	($0.10)	($0.13)
Weighted Average Basic Shares Outstanding	81.98M	81.88M	82.14M	82.43M	82.32M	82.37M	82.68M	83.07M	83.23M	83.06M
Diluted Earnings per Share	($0.11)	$0.19	($0.15)	($0.03)	($0.04)	($0.11)	($0.10)	$0.07	($0.10)	($0.13)
Weighted Average Diluted Shares Outstanding	81.98M	81.88M	82.14M	82.43M	82.32M	82.37M	82.68M	83.12M	83.23M	83.06M
Weighted Average Basic & Diluted Shares Outstanding	82.01M	82.39M	82.41M	82.49M	82.61M	82.62M	82.99M	83.22M	83.26M	83.61M

This table details how cash moves in and out of Ranpak's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-41	-0.80	14
Net Cash From Operating Activities	1.10	53	41
Net Cash From Continuing Operating Activities	1.10	53	41
Net Income / (Loss) Continuing Operations	-41	-27	-22
Consolidated Net Income / (Loss)	-41	-27	-22
Depreciation Expense	69	70	65
Amortization Expense	3.50	2.80	5.20
Non-Cash Adjustments To Reconcile Net Income	13	-9.10	5.70
Changes in Operating Assets and Liabilities, net	-43	16	-13
Net Cash From Investing Activities	-38	-52	-33
Net Cash From Continuing Investing Activities	-38	-52	-33
Purchase of Property, Plant & Equipment	-45	-55	-33
Acquisitions	-1.00	0.00	0.00
Purchase of Investments	-2.10	0.00	-4.80
Sale of Property, Plant & Equipment	0.00	2.90	0.00
Divestitures	0.00	0.00	5.40
Sale and/or Maturity of Investments	10	0.00	0.00
Net Cash From Financing Activities	-4.50	-1.80	1.80
Net Cash From Continuing Financing Activities	-4.50	-1.80	1.80
Repayment of Debt	-1.10	-2.90	-406
Issuance of Debt	0.00	0.00	410
Other Financing Activities, net	-3.40	1.10	-2.60
Effect of Exchange Rate Changes	0.20	0.80	3.40

This table details how cash moves in and out of Ranpak's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	2.10	1.50	-4.20	-4.70	-1.80	9.90	-6.90	10	4.40	6.60
Net Cash From Operating Activities	6.80	11	7.50	9.10	6.40	30	5.20	20	10	6.50
Net Cash From Continuing Operating Activities	6.80	11	7.50	9.10	6.40	30	5.20	20	10	6.50
Net Income / (Loss) Continuing Operations	-8.70	-7.30	-12	-2.10	-3.30	-9.30	-8.10	5.50	-8.10	-11
Consolidated Net Income / (Loss)	-8.70	-7.30	-12	-2.10	-3.30	-9.30	-8.10	5.50	-8.10	-11
Depreciation Expense	16	16	16	17	16	20	19	17	14	16
Amortization Expense	2.30	0.90	0.90	0.60	0.60	0.70	0.90	1.10	1.50	1.70
Non-Cash Adjustments To Reconcile Net Income	2.30	-0.70	3.30	-8.40	-5.70	1.70	0.30	-0.10	-0.80	6.30
Changes in Operating Assets and Liabilities, net	-5.30	1.50	-0.60	2.30	-1.60	16	-6.70	-3.60	3.60	-6.60
Net Cash From Investing Activities	-3.30	-11	-12	-13	-6.80	-20	-10	-8.80	-5.60	-7.80
Net Cash From Continuing Investing Activities	-3.30	-11	-12	-13	-6.80	-20	-10	-8.80	-5.60	-7.80
Purchase of Property, Plant & Equipment	-11	-11	-12	-13	-9.70	-20	-9.80	-9.90	-5.60	-7.80
Net Cash From Financing Activities	-0.60	-0.20	-0.30	-0.40	-0.70	-0.40	-1.30	-0.30	-0.70	4.10
Net Cash From Continuing Financing Activities	-0.60	-0.20	-0.30	-0.40	-0.70	-0.40	-1.30	-0.30	-0.70	4.10
Repayment of Debt	-0.40	0.10	-0.40	-0.90	-1.20	-0.40	-0.40	-0.40	-	-405
Other Financing Activities, net	-0.20	-0.30	0.10	0.50	0.50	-	-0.90	0.10	-0.70	-1.10
Effect of Exchange Rate Changes	-0.80	1.90	0.40	-	-0.70	1.10	-0.50	-0.50	0.60	3.80

This table presents Ranpak's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,134	1,123	1,104
Total Current Assets	140	125	151
Cash & Equivalents	63	62	76
Accounts Receivable	33	32	44
Inventories, net	25	17	22
Prepaid Expenses	17	13	7.70
Current Deferred & Refundable Income Taxes	2.10	0.90	1.80
Plant, Property, & Equipment, net	124	142	138
Total Noncurrent Assets	870	856	815
Goodwill	447	450	444
Intangible Assets	372	345	312
Noncurrent Deferred & Refundable Income Taxes	0.60	0.10	0.10
Other Noncurrent Operating Assets	51	60	59
Total Liabilities & Shareholders' Equity	1,134	1,123	1,104
Total Liabilities	521	551	556
Total Current Liabilities	39	48	68
Short-Term Debt	1.30	2.50	5.60
Accounts Payable	24	18	27
Accrued Expenses	11	22	29
Current Deferred Revenue	0.90	2.00	3.40
Other Current Liabilities	2.00	3.80	4.00
Total Noncurrent Liabilities	482	503	488
Long-Term Debt	392	398	401
Noncurrent Deferred & Payable Income Tax Liabilities	81	72	62
Other Noncurrent Operating Liabilities	9.10	33	25
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	613	572	548
Total Preferred & Common Equity	613	572	548
Total Common Equity	613	572	548
Common Stock	704	694	700
Retained Earnings	-97	-124	-145
Accumulated Other Comprehensive Income / (Loss)	5.20	2.10	-6.20

This table presents Ranpak's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	1,141	1,149	1,139	1,119	1,107	1,120	1,133
Total Current Assets	164	140	139	123	125	148	153
Cash & Equivalents	61	59	54	52	55	65	70
Accounts Receivable	36	34	35	32	33	37	40
Inventories, net	32	23	22	19	19	26	23
Prepaid Expenses	26	19	23	17	13	12	9.70
Current Deferred & Refundable Income Taxes	8.50	5.20	4.60	3.70	4.80	7.50	11
Plant, Property, & Equipment, net	119	127	128	135	139	139	144
Total Noncurrent Assets	857	882	872	861	844	833	836
Goodwill	438	449	448	445	448	447	451
Intangible Assets	372	366	359	350	336	329	324
Noncurrent Deferred & Refundable Income Taxes	0.00	0.60	0.60	0.60	0.10	0.10	0.10
Other Noncurrent Operating Assets	47	66	64	66	60	58	61
Total Liabilities & Shareholders' Equity	1,141	1,149	1,139	1,119	1,107	1,120	1,133
Total Liabilities	529	546	548	542	547	554	569
Total Current Liabilities	46	43	49	46	51	59	65
Short-Term Debt	0.90	1.40	2.40	2.30	2.60	2.60	2.70
Accounts Payable	24	22	25	20	21	26	24
Accrued Expenses	18	15	17	18	23	24	29
Current Deferred Revenue	1.60	1.60	2.70	2.80	1.60	2.40	4.80
Other Current Liabilities	1.80	2.70	2.70	3.00	3.80	3.90	4.00
Total Noncurrent Liabilities	483	503	499	496	496	495	504
Long-Term Debt	380	395	394	390	394	394	401
Noncurrent Deferred & Payable Income Tax Liabilities	92	82	80	78	72	72	71
Other Noncurrent Operating Liabilities	11	25	26	28	30	29	33
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	612	604	590	578	560	566	564
Total Preferred & Common Equity	612	604	590	578	560	566	564
Total Common Equity	612	604	590	578	560	566	564
Common Stock	707	707	697	692	695	696	698
Retained Earnings	-89	-109	-111	-115	-132	-126	-135
Accumulated Other Comprehensive Income / (Loss)	-5.80	6.00	4.20	0.00	-2.70	-3.50	0.90

This table displays calculated financial ratios and metrics derived from Ranpak's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	-14.95%	3.00%	9.69%
EBITDA Growth	-60.41%	79.18%	22.63%
EBIT Growth	-305.71%	80.56%	238.57%
NOPAT Growth	-448.36%	82.35%	-70.67%
Net Income Growth	-1,378.57%	34.54%	20.66%
EPS Growth	-1,175.00%	35.29%	21.21%
Operating Cash Flow Growth	-97.97%	4,681.82%	-21.29%
Free Cash Flow Firm Growth	-122.38%	170.29%	-16.43%
Invested Capital Growth	1.00%	-3.47%	-3.50%
Revenue Q/Q Growth	-8.34%	3.38%	4.12%
EBITDA Q/Q Growth	-14.52%	0.77%	4.16%
EBIT Q/Q Growth	-12.15%	-89.19%	203.13%
NOPAT Q/Q Growth	-18.72%	11.76%	31.91%
Net Income Q/Q Growth	-3.50%	-32.20%	-7.50%
EPS Q/Q Growth	42.70%	-1,000.00%	-8.33%
Operating Cash Flow Q/Q Growth	-72.50%	56.55%	-35.81%
Free Cash Flow Firm Q/Q Growth	-31.66%	289.36%	245.48%
Invested Capital Q/Q Growth	1.31%	-0.82%	-2.18%
Profitability Metrics	-	-	-
Gross Margin	30.51%	36.66%	37.90%
EBITDA Margin	11.18%	19.45%	21.74%
Operating Margin	-13.02%	-2.23%	-3.47%
EBIT Margin	-11.03%	-2.08%	2.63%
Profit (Net Income) Margin	-12.68%	-8.06%	-5.83%
Tax Burden Percent	73.02%	86.58%	90.72%
Interest Burden Percent	157.50%	447.14%	-244.33%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.17%	-0.57%	-1.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.88%	-7.10%	-4.75%
Return on Net Nonoperating Assets (RNNOA)	-3.46%	-4.01%	-2.84%
Return on Equity (ROE)	-6.63%	-4.57%	-3.84%
Cash Return on Invested Capital (CROIC)	-4.16%	2.96%	2.57%
Operating Return on Assets (OROA)	-3.07%	-0.62%	0.87%
Return on Assets (ROA)	-3.53%	-2.40%	-1.93%
Return on Common Equity (ROCE)	-6.63%	-4.57%	-3.84%
Return on Equity Simple (ROE_SIMPLE)	-6.76%	-4.74%	-3.92%
Net Operating Profit after Tax (NOPAT)	-30	-5.25	-8.96
NOPAT Margin	-9.11%	-1.56%	-2.43%
Net Nonoperating Expense Percent (NNEP)	3.71%	6.54%	3.75%
Return On Investment Capital (ROIC_SIMPLE)	-2.96%	-0.54%	-0.94%
Cost of Revenue to Revenue	69.49%	63.34%	62.10%
SG&A Expenses to Revenue	32.31%	27.30%	30.33%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.52%	38.89%	41.37%
Earnings before Interest and Taxes (EBIT)	-36	-7.00	9.70
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	37	65	80
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.77	0.84	1.05
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.45	1.43	1.55
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.85	0.90	1.03
Enterprise Value to Revenue (EV/Rev)	2.46	2.44	2.45
Enterprise Value to EBITDA (EV/EBITDA)	22.01	12.52	11.26
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	93.10
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	730.35	15.57	21.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	29.84	39.37
Leverage & Solvency	-	-	-
Debt to Equity	0.64	0.70	0.74
Long-Term Debt to Equity	0.64	0.70	0.73
Financial Leverage	0.50	0.56	0.60
Leverage Ratio	1.88	1.90	1.99
Compound Leverage Factor	2.96	8.51	-4.86
Debt to Total Capital	39.07%	41.17%	42.58%
Short-Term Debt to Total Capital	0.13%	0.26%	0.59%
Long-Term Debt to Total Capital	38.94%	40.91%	41.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	60.93%	58.83%	57.42%
Debt to EBITDA	10.77	6.12	5.07
Net Debt to EBITDA	9.05	5.17	4.12
Long-Term Debt to EBITDA	10.73	6.08	5.00
Debt to NOPAT	-13.21	-76.25	-45.36
Net Debt to NOPAT	-11.10	-64.44	-36.86
Long-Term Debt to NOPAT	-13.17	-75.77	-44.73
Altman Z-Score	0.72	0.73	0.89
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	3.57	2.60	2.21
Quick Ratio	2.45	1.95	1.75
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-39	27	23
Operating Cash Flow to CapEx	2.46%	100.38%	125.08%
Free Cash Flow to Firm to Interest Expense	-1.89	1.13	0.69
Operating Cash Flow to Interest Expense	0.05	2.16	1.24
Operating Cash Flow Less CapEx to Interest Expense	-2.11	0.01	0.25
Efficiency Ratios	-	-	-
Asset Turnover	0.28	0.30	0.33
Accounts Receivable Turnover	8.51	10.41	9.77
Inventory Turnover	7.84	10.07	11.75
Fixed Asset Turnover	2.61	2.53	2.64
Accounts Payable Turnover	7.85	10.17	10.30
Days Sales Outstanding (DSO)	42.87	35.06	37.35
Days Inventory Outstanding (DIO)	46.57	36.24	31.07
Days Payable Outstanding (DPO)	46.49	35.90	35.45
Cash Conversion Cycle (CCC)	42.95	35.40	32.97
Capital & Investment Metrics	-	-	-
Invested Capital	943	910	878
Invested Capital Turnover	0.35	0.36	0.41
Increase / (Decrease) in Invested Capital	9.30	-33	-32
Enterprise Value (EV)	803	819	903
Market Capitalization	473	481	573
Book Value per Share	$7.47	$6.92	$6.58
Tangible Book Value per Share	($2.51)	($2.71)	($2.50)
Total Capital	1,006	972	955
Total Debt	393	400	406
Total Long-Term Debt	392	398	401
Net Debt	330	338	330
Capital Expenditures (CapEx)	45	52	33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	39	17	12
Debt-free Net Working Capital (DFNWC)	102	79	88
Net Working Capital (NWC)	101	77	83
Net Nonoperating Expense (NNE)	12	22	13
Net Nonoperating Obligations (NNO)	330	338	330
Total Depreciation and Amortization (D&A)	73	72	71
Debt-free, Cash-free Net Working Capital to Revenue	11.94%	5.17%	3.33%
Debt-free Net Working Capital to Revenue	31.18%	23.61%	23.96%
Net Working Capital to Revenue	30.78%	22.87%	22.45%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($0.51)	($0.33)	($0.26)
Adjusted Weighted Average Basic Shares Outstanding	81.88M	82.37M	83.06M
Adjusted Diluted Earnings per Share	($0.51)	($0.33)	($0.26)
Adjusted Weighted Average Diluted Shares Outstanding	81.88M	82.37M	83.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	82.39M	82.62M	83.61M
Normalized Net Operating Profit after Tax (NOPAT)	-30	-5.25	-8.96
Normalized NOPAT Margin	-9.11%	-1.56%	-2.43%
Pre Tax Income Margin	-17.37%	-9.31%	-6.42%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-1.74	-0.29	0.29
NOPAT to Interest Expense	-1.44	-0.22	-0.27
EBIT Less CapEx to Interest Expense	-3.90	-2.44	-0.70
NOPAT Less CapEx to Interest Expense	-3.60	-2.37	-1.26
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Ranpak's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.88%	-27.22%	-1.58%	-5.65%	6.43%	13.85%	5.05%	5.49%	11.35%	16.15%
EBITDA Growth	-46.67%	-28.31%	82.61%	409.52%	61.67%	3.18%	94.05%	42.06%	-27.32%	19.75%
EBIT Growth	-271.05%	-156.00%	38.89%	129.93%	136.92%	-235.71%	61.36%	207.32%	-154.17%	138.30%
NOPAT Growth	-608.70%	-609.09%	35.51%	138.60%	113.68%	17.86%	46.07%	-227.20%	-362.50%	130.43%
Net Income Growth	-521.43%	-107.69%	12.06%	86.79%	62.07%	-244.44%	34.68%	361.90%	-145.45%	-16.13%
EPS Growth	-450.00%	200.00%	11.76%	92.86%	63.64%	-157.89%	33.33%	333.33%	-150.00%	-18.18%
Operating Cash Flow Growth	-32.00%	-21.48%	179.79%	231.88%	-5.88%	179.25%	-30.67%	115.38%	57.81%	-78.04%
Free Cash Flow Firm Growth	-1,337.08%	47.81%	104.90%	143.32%	210.40%	323.00%	1,437.55%	68.87%	19.41%	11.53%
Invested Capital Growth	0.50%	1.00%	-0.91%	-1.67%	-1.40%	-3.47%	-4.23%	-3.84%	-2.16%	-3.50%
Revenue Q/Q Growth	-10.37%	2.06%	2.27%	0.86%	1.10%	9.18%	-5.64%	1.29%	6.71%	13.88%
EBITDA Q/Q Growth	185.71%	30.83%	-46.50%	154.76%	-9.35%	-16.49%	0.62%	86.50%	-53.62%	37.59%
EBIT Q/Q Growth	52.55%	78.46%	-528.57%	146.59%	-41.46%	-295.83%	27.66%	470.59%	-110.32%	238.46%
NOPAT Q/Q Growth	-2.63%	52.14%	-58.93%	149.44%	-63.64%	-387.50%	-4.35%	-16.60%	24.96%	133.33%
Net Income Q/Q Growth	45.28%	68.97%	-359.26%	83.06%	-57.14%	-181.82%	12.90%	167.90%	-247.27%	-33.33%
EPS Q/Q Growth	73.81%	272.73%	-178.95%	80.00%	-33.33%	-175.00%	9.09%	170.00%	-242.86%	-30.00%
Operating Cash Flow Q/Q Growth	198.55%	55.88%	-29.25%	21.33%	-29.67%	362.50%	-82.43%	276.92%	-48.47%	-35.64%
Free Cash Flow Firm Q/Q Growth	70.65%	-3.36%	117.93%	696.62%	-25.21%	108.78%	23.61%	-12.51%	-47.12%	95.02%
Invested Capital Q/Q Growth	-1.90%	1.31%	-0.17%	-0.89%	-1.63%	-0.82%	-0.96%	-0.49%	0.09%	-2.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.36%	28.09%	33.87%	36.87%	38.04%	37.72%	37.87%	36.69%	37.31%	39.43%
EBITDA Margin	15.42%	19.77%	10.34%	26.13%	23.43%	17.92%	19.11%	35.19%	15.29%	18.48%
Operating Margin	-15.04%	-7.05%	-10.96%	5.37%	1.93%	-5.09%	-5.63%	-6.02%	-4.56%	1.33%
EBIT Margin	-8.35%	-1.76%	-10.84%	5.01%	2.90%	-5.20%	-3.99%	14.58%	-1.41%	1.71%
Profit (Net Income) Margin	-11.18%	-3.40%	-15.27%	-2.56%	-3.99%	-10.29%	-9.50%	6.37%	-8.79%	-10.29%
Tax Burden Percent	73.73%	21.26%	85.52%	116.67%	75.00%	87.74%	84.38%	75.34%	76.42%	100.00%
Interest Burden Percent	181.54%	907.14%	164.77%	-43.90%	-183.33%	225.53%	282.35%	57.94%	815.38%	-600.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.66%	0.00%	0.00%
Return on Invested Capital (ROIC)	-4.04%	-1.72%	-2.64%	1.28%	0.48%	-1.29%	-1.46%	-1.71%	-1.24%	0.39%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.20%	-1.33%	-4.52%	-0.26%	-0.86%	-3.11%	-2.85%	1.09%	-2.78%	-3.14%
Return on Net Nonoperating Assets (RNNOA)	-2.08%	-0.67%	-2.40%	-0.14%	-0.48%	-1.76%	-1.66%	0.63%	-1.64%	-1.87%
Return on Equity (ROE)	-6.11%	-2.39%	-5.04%	1.14%	0.00%	-3.05%	-3.12%	-1.08%	-2.88%	-1.49%
Cash Return on Invested Capital (CROIC)	-3.19%	-4.16%	-1.87%	0.06%	0.76%	2.96%	4.06%	2.92%	0.73%	2.57%
Operating Return on Assets (OROA)	-2.52%	-0.49%	-3.00%	1.39%	0.83%	-1.55%	-1.20%	4.45%	-0.44%	0.57%
Return on Assets (ROA)	-3.37%	-0.95%	-4.23%	-0.71%	-1.15%	-3.07%	-2.87%	1.94%	-2.76%	-3.41%
Return on Common Equity (ROCE)	-6.11%	-2.39%	-5.04%	1.14%	0.00%	-3.05%	-3.12%	-1.08%	-2.88%	-1.49%
Return on Equity Simple (ROE_SIMPLE)	-6.54%	0.00%	-6.58%	-4.39%	-3.55%	0.00%	-4.07%	-2.68%	-3.54%	0.00%
Net Operating Profit after Tax (NOPAT)	-8.19	-3.92	-6.23	3.08	1.12	-3.22	-3.36	-3.92	-2.94	0.98
NOPAT Margin	-10.53%	-4.94%	-7.67%	3.76%	1.35%	-3.56%	-3.94%	-4.53%	-3.19%	0.93%
Net Nonoperating Expense Percent (NNEP)	0.17%	-0.39%	1.88%	1.54%	1.34%	1.82%	1.40%	-2.80%	1.53%	3.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.39%	-	-	-	-0.33%	-	-	-	0.10%
Cost of Revenue to Revenue	68.64%	71.91%	66.13%	63.13%	61.96%	62.28%	62.13%	63.31%	62.69%	60.57%
SG&A Expenses to Revenue	34.45%	23.55%	33.50%	19.90%	25.24%	30.31%	32.71%	31.60%	31.24%	26.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	46.40%	35.14%	44.83%	31.50%	36.11%	42.81%	43.49%	42.71%	41.87%	38.10%
Earnings before Interest and Taxes (EBIT)	-6.50	-1.40	-8.80	4.10	2.40	-4.70	-3.40	13	-1.30	1.80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12	16	8.40	21	19	16	16	30	14	19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.46	0.77	0.71	0.63	0.78	0.84	1.16	0.94	0.96	1.05
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.79	1.45	1.32	1.16	1.38	1.43	1.91	1.55	1.53	1.55
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.64	0.85	0.82	0.77	0.86	0.90	1.10	0.96	0.98	1.03
Enterprise Value to Revenue (EV/Rev)	1.68	2.46	2.36	2.23	2.43	2.44	2.91	2.51	2.48	2.45
Enterprise Value to EBITDA (EV/EBITDA)	14.04	22.01	19.05	12.44	12.16	12.52	13.53	10.51	11.39	11.26
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	125.31	274.11	93.10
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	149.89	730.35	42.66	21.04	23.48	15.57	19.72	14.22	13.60	21.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	1,324.60	111.91	29.84	26.51	32.38	132.10	39.37
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.64	0.66	0.67	0.68	0.70	0.71	0.70	0.71	0.74
Long-Term Debt to Equity	0.62	0.64	0.65	0.67	0.68	0.70	0.70	0.70	0.71	0.73
Financial Leverage	0.49	0.50	0.53	0.56	0.55	0.56	0.58	0.58	0.59	0.60
Leverage Ratio	1.90	1.88	1.90	1.90	1.90	1.90	1.94	1.95	1.97	1.99
Compound Leverage Factor	3.45	17.05	3.13	-0.84	-3.48	4.29	5.48	1.13	16.08	-11.93
Debt to Total Capital	38.35%	39.07%	39.64%	40.20%	40.45%	41.17%	41.47%	41.16%	41.67%	42.58%
Short-Term Debt to Total Capital	0.09%	0.13%	0.14%	0.24%	0.24%	0.26%	0.27%	0.27%	0.28%	0.59%
Long-Term Debt to Total Capital	38.26%	38.94%	39.50%	39.95%	40.21%	40.91%	41.19%	40.89%	41.40%	41.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.65%	60.93%	60.36%	59.80%	59.55%	58.83%	58.53%	58.84%	58.33%	57.42%
Debt to EBITDA	8.91	10.77	9.84	6.90	6.04	6.12	5.41	4.81	5.24	5.07
Net Debt to EBITDA	7.48	9.05	8.38	5.96	5.24	5.17	4.66	4.02	4.33	4.12
Long-Term Debt to EBITDA	8.89	10.73	9.80	6.86	6.01	6.08	5.38	4.78	5.20	5.00
Debt to NOPAT	-15.18	-13.21	-15.06	-26.00	-65.93	-76.25	-166.68	-43.53	-30.64	-45.36
Net Debt to NOPAT	-12.74	-11.10	-12.83	-22.46	-57.18	-64.44	-143.53	-36.37	-25.36	-36.86
Long-Term Debt to NOPAT	-15.15	-13.17	-15.01	-25.84	-65.55	-75.77	-165.59	-43.24	-30.43	-44.73
Altman Z-Score	0.63	0.82	0.70	0.66	0.73	0.74	0.92	0.86	0.81	0.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.54	3.57	3.27	2.84	2.69	2.60	2.44	2.52	2.36	2.21
Quick Ratio	2.11	2.45	2.17	1.81	1.84	1.95	1.72	1.73	1.69	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-13	-13	2.37	19	14	29	36	32	17	33
Operating Cash Flow to CapEx	60.71%	98.15%	63.56%	67.91%	65.98%	145.10%	53.06%	197.98%	180.36%	83.33%
Free Cash Flow to Firm to Interest Expense	-2.41	-2.40	0.42	3.20	2.08	5.00	5.88	6.02	1.81	2.61
Operating Cash Flow to Interest Expense	1.28	1.93	1.32	1.54	0.94	5.02	0.84	3.70	1.09	0.52
Operating Cash Flow Less CapEx to Interest Expense	-0.83	-0.04	-0.75	-0.73	-0.49	1.56	-0.74	1.83	0.48	-0.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.28	0.28	0.28	0.29	0.30	0.30	0.31	0.31	0.33
Accounts Receivable Turnover	8.77	8.51	7.93	8.26	9.48	10.41	10.12	9.67	9.79	9.77
Inventory Turnover	7.68	7.84	6.98	6.62	8.40	10.07	10.13	8.90	10.79	11.75
Fixed Asset Turnover	2.90	2.61	2.60	2.58	2.57	2.53	2.56	2.58	2.54	2.64
Accounts Payable Turnover	8.12	7.85	7.27	7.71	9.70	10.17	9.94	8.48	10.06	10.30
Days Sales Outstanding (DSO)	41.60	42.87	46.02	44.21	38.49	35.06	36.08	37.73	37.29	37.35
Days Inventory Outstanding (DIO)	47.53	46.57	52.28	55.11	43.45	36.24	36.02	41.03	33.82	31.07
Days Payable Outstanding (DPO)	44.94	46.49	50.23	47.34	37.64	35.90	36.71	43.06	36.29	35.45
Cash Conversion Cycle (CCC)	44.19	42.95	48.07	51.99	44.29	35.40	35.39	35.69	34.82	32.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	931	943	941	933	918	910	902	897	898	878
Invested Capital Turnover	0.38	0.35	0.34	0.34	0.35	0.36	0.37	0.38	0.39	0.41
Increase / (Decrease) in Invested Capital	4.60	9.30	-8.60	-16	-13	-33	-40	-36	-20	-32
Enterprise Value (EV)	600	803	768	715	789	819	992	865	877	903
Market Capitalization	280	473	430	372	449	481	650	534	543	573
Book Value per Share	$7.46	$7.47	$7.36	$7.16	$7.00	$6.92	$6.78	$6.82	$6.78	$6.58
Tangible Book Value per Share	($2.42)	($2.51)	($2.58)	($2.63)	($2.63)	($2.71)	($2.71)	($2.52)	($2.54)	($2.50)
Total Capital	992	1,006	1,000	987	970	972	957	962	968	955
Total Debt	381	393	396	397	392	400	397	396	403	406
Total Long-Term Debt	380	392	395	394	390	398	394	394	401	401
Net Debt	319	330	338	343	340	338	342	331	334	330
Capital Expenditures (CapEx)	11	11	12	13	9.70	20	9.80	9.90	5.60	7.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	58	39	40	39	28	17	21	26	21	12
Debt-free Net Working Capital (DFNWC)	119	102	99	92	80	79	76	92	91	88
Net Working Capital (NWC)	118	101	97	90	78	77	74	89	88	83
Net Nonoperating Expense (NNE)	0.51	-1.22	6.17	5.18	4.42	6.08	4.74	-9.42	5.16	12
Net Nonoperating Obligations (NNO)	319	330	338	343	340	338	342	331	334	330
Total Depreciation and Amortization (D&A)	19	17	17	17	17	21	20	18	15	18
Debt-free, Cash-free Net Working Capital to Revenue	16.17%	11.94%	12.33%	12.02%	8.52%	5.17%	6.23%	7.65%	6.04%	3.33%
Debt-free Net Working Capital to Revenue	33.38%	31.18%	30.35%	28.85%	24.53%	23.61%	22.41%	26.53%	25.66%	23.96%
Net Working Capital to Revenue	33.13%	30.78%	29.92%	28.10%	23.82%	22.87%	21.65%	25.78%	24.89%	22.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.11)	$0.19	($0.15)	($0.09)	$0.00	($0.11)	($0.10)	$0.07	($0.10)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	81.98M	81.88M	82.14M	164.86M	0.00	82.37M	82.68M	83.07M	83.23M	83.06M
Adjusted Diluted Earnings per Share	($0.11)	$0.19	($0.15)	($0.09)	$0.00	($0.11)	($0.10)	$0.07	($0.10)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	81.98M	81.88M	82.14M	164.86M	0.00	82.37M	82.68M	83.12M	83.23M	83.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	82.01M	82.39M	82.41M	82.49M	0.00	82.62M	82.99M	83.22M	83.26M	83.61M
Normalized Net Operating Profit after Tax (NOPAT)	-8.19	-3.92	-6.23	3.08	1.12	-3.22	-3.36	-3.92	-2.94	0.98
Normalized NOPAT Margin	-10.53%	-4.94%	-7.67%	3.76%	1.35%	-3.56%	-3.94%	-4.53%	-3.19%	0.93%
Pre Tax Income Margin	-15.17%	-16.00%	-17.86%	-2.20%	-5.31%	-11.73%	-11.25%	8.45%	-11.50%	-10.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.23	-0.25	-1.54	0.69	0.35	-0.80	-0.55	2.38	-0.14	0.14
NOPAT to Interest Expense	-1.55	-0.71	-1.09	0.52	0.16	-0.55	-0.54	-0.74	-0.32	0.08
EBIT Less CapEx to Interest Expense	-3.34	-2.22	-3.61	-1.58	-1.07	-4.25	-2.13	0.51	-0.74	-0.48
NOPAT Less CapEx to Interest Expense	-3.66	-2.68	-3.16	-1.75	-1.26	-4.00	-2.12	-2.61	-0.92	-0.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Ranpak Holdings Corp. (NYSE: PACK) shows improving revenue trends and stronger operating cash flow in 2024 based on the provided quarterly data, while still reporting quarterly net losses. The following bullet points highlight the most relevant four-year (2021–2024) trends from the income statements, cash flow statements, and balance sheets supplied.

Revenue growth: 2024 quarters show rising revenue, with Q4 2024 at $105,000,000, up from $90,400,000 in Q4 2023. Quarterly totals for 2024 were also higher than 2023 levels (Q3 2024: $92,200,000; Q2 2024: $86,400,000; Q1 2024: $85,300,000).
Gross margin expansion: Q4 2024 gross profit was $41,400,000 on $105,000,000 in revenue (about 39.4% gross margin), up from Q4 2023 gross margin of roughly 37.7% (gross profit $34,100,000 on $90,400,000 revenue).
Operating cash flow improving: Positive cash from continuing operating activities in multiple 2024 quarters—Q2 2024 $19,600,000; Q3 2024 $10,100,000; Q4 2024 $6,500,000—along with Q4 2023 at $2,960,000, signaling better cash generation even as net losses persist.
Healthy liquidity and working capital: 2024 Q3 shows total current assets of $153,000,000 and total current liabilities of $64,800,000, yielding roughly $88,200,000 of working capital. Cash and equivalents hovered around $69–70,000,000, supporting liquidity.
Asset base and equity base holding up: Total assets around $1.133B in 2024 Q3, up modestly from 2023 Q3 ($1.119B). Total equity sits in the mid-$560M range (e.g., ~\$564.3M in 2024 Q3), indicating a stable capital structure alongside debt levels.
Moderate leverage with stable long-term debt: Long-term debt remains around $400M (e.g., $400.5M in 2024 Q3), with total liabilities near $0.569B and equity around $0.564B, suggesting a balanced leverage profile relative to asset base.
Data gaps: The dataset covers 2024, 2023, and 2022 quarters but does not include 2021 quarters, limiting a complete four-year trend assessment.
Quarterly operating income occasionally negative: 2024 Q3 shows operating income of about -$4.2M (despite improving gross margins), indicating ongoing earnings volatility across quarters.
Net income remains negative: Across many quarters, net income attributable to common shareholders remains a loss (e.g., Q4 2024 net income -$10,800,000; Q4 2023 -$9,300,000), highlighting ongoing profitability challenges.
Financing cash outflows due to debt repayments: Q4 2024 shows a substantial financing cash outflow from debt repayments of -$404,800,000, which can pressure near-term cash despite improving operating cash flow.

05/07/26 10:45 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ranpak's Financials

When does Ranpak's fiscal year end?

According to the most recent income statement we have on file, Ranpak's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ranpak's net income changed over the last 2 years?

Ranpak's net income appears to be on a downward trend, with a most recent value of -$21.50 million in 2024, falling from -$41.40 million in 2022. The previous period was -$27.10 million in 2023. See where experts think Ranpak is headed by visiting Ranpak's forecast page.

What is Ranpak's operating income?

Ranpak's total operating income in 2024 was -$12.80 million, based on the following breakdown:

Total Gross Profit: $139.80 million
Total Operating Expenses: $152.60 million

How has Ranpak's revenue changed over the last 2 years?

Over the last 2 years, Ranpak's total revenue changed from $326.50 million in 2022 to $368.90 million in 2024, a change of 13.0%.

How much debt does Ranpak have?

Ranpak's total liabilities were at $556.10 million at the end of 2024, a 1.0% increase from 2023, and a 6.8% increase since 2022.

How much cash does Ranpak have?

In the past 2 years, Ranpak's cash and equivalents has ranged from $62 million in 2023 to $76.10 million in 2024, and is currently $76.10 million as of their latest financial filing in 2024.

How has Ranpak's book value per share changed over the last 2 years?

Over the last 2 years, Ranpak's book value per share changed from 7.47 in 2022 to 6.58 in 2024, a change of -11.9%.

Related Companies

Financial statements for NYSE:PACK last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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