Ranpak Holdings Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Ranpak Holdings Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	244	268	298	384	327	336	369	395
Cost of revenue	132	153	176	235	227	213
Gross profit	112	115	123	149	99.6	123	140	131
Research and development	2.2	2.4	2.3	1.7	3.6	3.7	4.4	4.1
Selling, general and administrative	46.3	53.2	72.5	98.3	106	91.8	112	115
General and administrative		0.76
Operating expenses		3.73
Operating income	31.2	11	11.7	12.2	-42.5	-7.5	-12.8	-24.3
Interest expense	30.7	30.9	30.2	22.4	20.7	24.3	28.6	34.3
Interest income		5.12
Other non-operating income		5.12	0	0	4.3	0.2	20.9	5.8
Pre-tax income	-13.7	-15.7	-24.6	-4.9	-56.7	-31.3	-23.7	-47.5
Income tax	-41.4	-7.1	-1.2	-2.1	-15.3	-4.2	-2.2	-9.2
Net income	27.7	-8.6	-23.4	-2.8	-41.4	-27.1	-21.5	-38.3
EBITDA	92.3	75.5	74.4	85.8	26.5	62.1	52.5	42.4
EPS, basic	27,801.00	-8,698.00	-0.32	-0.04	-0.51	-0.33	-0.26	-0.45
EPS, diluted	27,801.00	-8,698.00	-0.32	-0.04	-0.51	-0.33	-0.26	-0.45
Shares, basic (weighted)	0	0	72.4	78.5	81.9	82.4	83.1	84.2
Shares, diluted (weighted)	0	0	72.4	78.5	81.9	82.4	83.1	84.2

Balance sheet

	FY2018	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0	17.5	48.5	104	62.8	62	76.1	63
Receivables		31.5	39.1	43.7	33	31.6	43.9	47.7
Inventory		11.8	16.1	32.9	25	17.3	21.7	30.6
Other current assets		4.1	3.4	8.3	16.7	13.1	7.7	10.6
Total current assets	0	68.3	107	192	140	125	151	154
Property, plant and equipment		73	124	126	124	142	138	139
Lease right-of-use assets			0	6.6	6	23.7	20.9	24
Goodwill	360	356	458	453	447	450	444	457
Intangible assets		294	441	407	372	345	312	292
Other non-current assets		2	2.9	29.4	44.5	36.4	38.5	59
Total assets	0.87	793	1,134	1,213	1,134	1,123	1,104	1,125
Accounts payable	0.72	12.3	24.9	33.5	24.3	17.6	26.9	36.7
Accrued liabilities		10.8
Deferred revenue		0.3	1.4	3.1	0.9	2	3.4	14
Short-term debt		4.4	0.5	0.4	0.6	1.6	4	3.9
Total current liabilities	0.82	27.8	57.5	71.5	39.1	48	68.4	84
Long-term debt		495	433	400	392	398	401	396
Lease liabilities			0	4.3	4	24.7	20.8	24.2
Other non-current liabilities		3.6	1.2	0.9	1.4	2.3	2.8	1.3
Total liabilities	0.82	596	611	577	521	551	556	590
Total debt		507	433	401	393	400	406	402
Paid-in capital	0.06	291	565	689	704	694	700	722
Retained earnings	-0.01	-69.9	-52.5	-55.3	-96.7	-124	-145	-184
Treasury stock		-1.5
Other comprehensive income		-23.6	10.7	2.6	5.2	2.1	-6.2	-3.8
Shareholders' equity	212	196	523	636	613	572	548	535
Total equity	212	196	523	636	613	572	548	535
Total liabilities and equity	0.87	793	1,134	1,213	1,134	1,123	1,104	1,125
Shares outstanding		0	75.5	81.4			83.3	84.4

Cash flow statement

	FY2018	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	27.7	-8.6	-23.4	-2.8	-41.4	-27.1	-21.5	-38.3
Depreciation and amortization	61.1	64.5	62.7	73.6	69	69.6	65.3	66.7
Stock-based compensation			7.2	22.5	18.3	-10.2	6.3	7.6
Deferred income tax	-52.1	-14.1	-5	-12.8	-19.7	-5.9	-6.9	-7.7
Change in receivables	-9	-2	0.9	-6.9	9.1	6.9	-11.6	-4.4
Change in inventory	-4.8	0.3	-4.6	-17.2	7.6	5.3	-4.8	-7.5
Change in payables	2.6	-1.2	10.3	5.7	-12.4	-0.7	9.1	8.5
Cash from operations	46.2	42	63.8	54.3	1.1	52.6	41.4	23.1
Capital expenditures	-27	-24.8	-32.3	-54.5	-44.8	-55.3
Acquisitions	-1.6	0	0	-14.1	-2.1
Cash from investing	-29.1	-25.3	-34.5	-69.8	-37.9	-52.4	-32.5	-32.8
Debt issued	45	0	0	0	0	0	410	0
Debt repaid	-56.9	-6.6	-1.6			-1.9	-391	-4.1
Stock issued	0	0	0	104	0	0
Share buybacks	-1.6	0	0	0
Cash from financing	-14.2	-7.7	-1.6	72	-4.5	-1.8	1.8	-7
Exchange rate effect	0.4	-0.1	1.1	-1.1	0.2	0.8	3.4	3.6
Net change in cash	3.3	8.9	28.8	55.4	-41.1	-0.8	14.1	-13.1
Free cash flow	19.2	17.2	31.5	-0.2	-43.7	-2.7
Interest paid	26.8	29	22.5	21.7	20.5	26	29.8	37.4
Income taxes paid	8.3	7.6	3.7	8.4	2.7	0	0	2.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.39 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.6%	Gross profit / revenue.
Operating margin	-3.1%	Operating income / revenue.
EBITDA margin	9.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.6%	Pre-tax income / revenue.
Net margin	-9.1%	Net income / revenue.
Operating cash flow margin	8.4%	Cash from operations / revenue.
Return on equity (ROE)	-7.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.5%	Net income / average total assets.
Return on invested capital (ROIC)	-1.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	27.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	12.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-19.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	17.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-10.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-44.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	175.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-18.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.79x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.77x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.7%	Total debt / total assets.
Liabilities / assets	52.6%	Total liabilities / total assets.
Net debt	$359.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	9.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.38x	Operating income / interest expense.
Working capital	$64.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	66.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$209.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	3.18x	Revenue / average property, plant and equipment.
Receivables turnover	8.46x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.88	Revenue / diluted weighted shares.
Operating cash flow per share	$0.41	Cash from operations / diluted weighted shares.
Book value per share	$6.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.45	Tangible book value / shares outstanding.
Cash per share	$0.50	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$376.5M	Share price x shares outstanding.
Enterprise value	$735.9M	Market cap + total debt - cash - short-term investments.
P/S	0.90x	Market cap / revenue.
P/B	0.72x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	10.7x	Market cap / cash from operations, when positive.
EV/Sales	1.76x	Enterprise value / revenue.
EV/EBITDA	19.0x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-10.1%	Net income / market cap (the inverse of P/E).

What was Ranpak Holdings Corp.'s revenue in fiscal 2025?

Ranpak Holdings Corp. reported revenue of $395.0M for fiscal 2025, 7.1% higher than the year before.

Was Ranpak Holdings Corp. profitable in fiscal 2025?

No. It reported a net loss of $38.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Ranpak Holdings Corp.