Ranpak Holdings Corp. is a US-listed company in the paper & plastic packaging products & materials industry. Its financial year ends in December.
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Under review: after-tax interest is 117% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.
Under review: after-tax interest is 117% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.
Ranpak Holdings Corp. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to September 2026 was $420m, up 8.3% on a year earlier, slower than the 9.8% growth a quarter earlier. Free-cash-flow margin rose to 8.7% from 1.5% a year earlier. Operating margin widened to -1.7% from -5.7%. Its fundamentals grade moves from C to C+.
Our model value for Ranpak Holdings is under review, so past values are not shown until it is resolved.
Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation
Revenue for the twelve months to June 2026 was $420m, up 8.3% on a year earlier, slower than the 9.8% growth a quarter earlier. Free-cash-flow margin rose to 8.7% from 1.5% a year earlier. Operating margin widened to -1.7% from -5.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 7 financial-health checks.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Ranpak Holdings Corp.'s trailing-twelve-month revenue grew 8.3% year on year, with a free-cash-flow margin of 8.7%. Where it stands out: gross margin of 33.8% ranks 1 of 10 paper & plastic packaging products & materials companies we cover. Where it lags: stock pay as % of revenue of 1.2% ranks 10 of 11 paper & plastic packaging products & materials companies we cover.
Our discounted-cash-flow model values the business at ~$10 per share in the base case (~$6.5–$15 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 529.3% while net income grew 12.1%: a 517pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Ranpak Holdings Corp. as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.32 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$0.1 | Left out: out of range vs price (0.02x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ranpak Holdings Corp. with Paper & Plastic Packaging Products & Materials in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Now |
|---|---|---|---|---|---|---|---|---|
| Share price | $10.03 | $13.44 | $37.58 | $5.77 | $5.82 | $6.88 | $5.41 | $3.15 |
| Market value | $9980 | $974m | $3.0bn | $472m | $479m | $571m | $455m | $268m |
| + Net debt (− = net cash) | $489m | $385m | $298m | $330m | $338m | $330m | $339m | $355m |
| Enterprise value | $489m | $1.4bn | $3.2bn | $803m | $818m | $902m | $794m | $623m |
| Multiples | ||||||||
| Price / sales | 0.0x | 3.3x | 7.7x | 1.4x | 1.4x | 1.5x | 1.2x | 0.6x |
| Price / earnings | — | — | — | — | — | — | — | — |
| Price / free cash flow | 0.0x | 30.9x | — | — | — | 15.6x | 23.0x | 7.3x |
| EV / EBITDA | 6.5x | 18.3x | 37.9x | 30.3x | 13.2x | 17.2x | 18.7x | 14.1x |
Moderate moat
How hard Ranpak Holdings's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median 2.6% of total assets over 6 years.
Gross margin has been a median 34.9%, moving by 3.1 percentage points (standard deviation) across 7 years.
Operating margin has been a median -2.6%; its worst year was -10.1%.
Free cash flow was positive in 5 of 7 years, at a median 4.9% of revenue.
The diluted share count rose 9.6% over five years; stock-based pay has been a median 2.0% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.07 | +75% | $434m | +10% |
| Next | −$0.01 | +86% | $473m | +9% |
The consensus EPS forecast for the current fiscal year is −41.7% on 90 days ago. In the last 30 days, 0 analysts raised Ranpak Holdings Corp.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.12 | −$0.06 |
| 60 days ago | −$0.12 | −$0.06 |
| 30 days ago | −$0.12 | −$0.06 |
| 7 days ago | −$0.12 | −$0.06 |
| Now | −$0.07 | −$0.01 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.00 | −$0.03 | 0.0% |
| Jun 2026 | −$0.08 | −$0.05 | +35.9% |
| Mar 2026 | −$0.09 | −$0.07 | +23.9% |
| Dec 2025 | −$0.02 | −$0.04 | −89.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −40.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $381m | $418m | +9.8% |
| P/S multiple | 1.2x | 0.6x | −45.1% |
| Share count | 84m | 85m | −1.4% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years +7.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $320m | $418m | +30.5% |
| P/S multiple | 0.7x | 0.6x | −14.6% |
| Share count | 82m | 85m | −3.1% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| PACK | +180% | −85% | +1% | +18% | −21% | −42% |
| Industry peers (median) | +4% | −15% | −5% | −6% | −6% | −2% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| PACK | 75% | 33% | 42% | 42% | 50% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| PACK | −23% | −93% | −67% | −32% | −64% | −59% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since March 13, 2018: 94% from November 19, 2021 to November 1, 2023. Getting back needed a 1469% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | −15.9% | −2.1% | — | — |
| July 30, 2026 | −12.3% | +2.4% | −7.0% | −16.1% |
| April 30, 2026 | +42.4% | +1.3% | +61.9% | +74.9% |
| March 5, 2026 | −27.0% | −1.9% | −38.8% | −33.1% |
| October 30, 2025 | −5.0% | −0.8% | −11.5% | −12.2% |
| August 5, 2025 | +21.8% | +0.3% | +22.6% | +39.8% |
| May 6, 2025 | −28.9% | −0.4% | −14.9% | −19.6% |
| March 6, 2025 | −3.4% | −1.2% | −11.1% | −36.9% |
| October 31, 2024 | +3.0% | −1.5% | +18.0% | +32.9% |
| August 1, 2024 | +7.5% | −3.3% | +7.6% | −1.8% |
| May 2, 2024 | −8.2% | +2.2% | −0.5% | −16.8% |
| March 11, 2024 | +45.4% | +1.0% | +61.4% | +62.5% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $336.3M |
| FY24 Q1 | $340.4M |
| FY24 Q2 | $344.9M |
| FY24 Q3 | $354.3M |
| FY24 Q4 | $368.9M |
| FY25 Q1 | $374.8M |
| FY25 Q2 | $380.7M |
| FY25 Q3 | $388.1M |
| FY25 Q4 | $395M |
| FY26 Q1 | $405M |
| FY26 Q2 | $417.9M |
| FY26 Q3 | $420.2M |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 3.0% |
| FY24 Q1 | 4.7% |
| FY24 Q2 | 7.7% |
| FY24 Q3 | 8.9% |
| FY24 Q4 | 9.7% |
| FY25 Q1 | 10.1% |
| FY25 Q2 | 10.4% |
| FY25 Q3 | 9.5% |
| FY25 Q4 | 7.1% |
| FY26 Q1 | 8.1% |
| FY26 Q2 | 9.8% |
| FY26 Q3 | 8.3% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -2.2% |
| FY24 Q1 | -1.0% |
| FY24 Q2 | -3.8% |
| FY24 Q3 | -5.3% |
| FY24 Q4 | -3.5% |
| FY25 Q1 | -4.3% |
| FY25 Q2 | -5.4% |
| FY25 Q3 | -5.7% |
| FY25 Q4 | -6.2% |
| FY26 Q1 | -5.0% |
| FY26 Q2 | -3.1% |
| FY26 Q3 | -1.7% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -0.8% |
| FY24 Q1 | 1.3% |
| FY24 Q2 | 7.6% |
| FY24 Q3 | 11.3% |
| FY24 Q4 | 9.9% |
| FY25 Q1 | 8.6% |
| FY25 Q2 | 2.4% |
| FY25 Q3 | 1.5% |
| FY25 Q4 | 5.0% |
| FY26 Q1 | 6.1% |
| FY26 Q2 | 7.3% |
| FY26 Q3 | 8.7% |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 244 | 268 | 298 | 384 | 327 | 336 | 369 | 395 | 420 |
| Gross profit | 112 | 115 | 123 | 149 | 100 | 123 | 140 | 131 | 142 |
| EBITDA | 92 | 76 | 74 | 86 | 27 | 62 | 53 | 42 | 44 |
| Operating income | 31 | 11 | 12 | 12 | −43 | −8 | −13 | −24 | −7 |
| Net income | 28 | −9 | −23 | −3 | −41 | −27 | −22 | −38 | −35 |
| Diluted EPS | $27801.44 | −$8697.61 | −$0.32 | −$0.04 | −$0.51 | −$0.33 | −$0.26 | −$0.45 | −$0.41 |
| Growth (year on year) | |||||||||
| Revenue | — | +9.8% | +11.3% | +28.7% | −15.0% | +3.0% | +9.7% | +7.1% | +8.3% |
| EBITDA | — | −18.2% | −1.5% | +15.3% | −69.1% | +134.3% | −15.5% | −19.2% | +63.3% |
| Operating income | — | −64.7% | +6.4% | +4.3% | −448.4% | — | — | — | — |
| Net income | — | −131.0% | — | — | — | — | — | — | — |
| Diluted EPS | — | −131.3% | — | — | — | — | — | — | — |
| Margins | |||||||||
| Gross margin | 46.0% | 42.8% | 41.1% | 38.8% | 30.5% | 36.7% | 37.9% | 33.1% | 33.8% |
| EBITDA margin | 37.8% | 28.2% | 24.9% | 22.3% | 8.1% | 18.5% | 14.2% | 10.7% | 10.5% |
| Operating margin | 12.8% | 4.1% | 3.9% | 3.2% | −13.0% | −2.2% | −3.5% | −6.2% | −1.7% |
| Net margin | 11.3% | −3.2% | −7.8% | −0.7% | −12.7% | −8.1% | −5.8% | −9.7% | −8.3% |
| Free-cash-flow margin | 7.9% | 6.4% | 10.6% | −0.1% | −13.4% | −0.8% | 9.9% | 5.0% | 8.7% |
| Cash flow | |||||||||
| Cash from operations | 46 | 42 | 64 | 54 | 1 | 53 | 41 | 23 | 44 |
| Capital spending | 27 | 25 | 32 | 55 | 45 | 55 | 5 | 3 | 8 |
| Free cash flow | 19 | 17 | 32 | −0 | −44 | −3 | 37 | 20 | 37 |
| Stock-based pay | — | — | 7 | 23 | 18 | −10 | 6 | 8 | 5 |
| Free cash flow after stock pay | — | — | 24 | −23 | −62 | 8 | 30 | 12 | 31 |
| Balance sheet | |||||||||
| Cash | 0 | 18 | 49 | 104 | 63 | 62 | 76 | 63 | 53 |
| Total debt | 0 | 507 | 433 | 401 | 393 | 400 | 406 | 402 | 408 |
| Net debt (negative = net cash) | −0 | 489 | 385 | 298 | 330 | 338 | 330 | 339 | 355 |
| Diluted shares | — | — | 72m | 79m | 82m | 82m | 83m | 84m | 85m |
| Returned to shareholders | |||||||||
| Buybacks | 2 | 0 | 0 | 0 | — | — | — | — | — |
| Total returned | 2 | 0 | 0 | 0 | — | — | — | — | — |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 105 | 91 | 92 | 100 | 112 | 101 | 105 | 102 |
| Gross profit | 41 | 31 | 29 | 34 | 37 | 35 | 35 | 36 |
| EBITDA | 17 | 7 | −1 | 4 | 16 | 13 | 6 | 9 |
| Operating income | 1 | −8 | −10 | −6 | −1 | −4 | −2 | 0 |
| Net income | −11 | −11 | −8 | −10 | −10 | −10 | −8 | −7 |
| Diluted EPS | −$0.13 | −$0.13 | −$0.09 | −$0.12 | −$0.11 | −$0.12 | −$0.09 | −$0.08 |
| Growth (year on year) | ||||||||
| Revenue | +16.2% | +6.9% | +6.8% | +8.0% | +6.6% | +11.0% | +14.0% | +2.3% |
| EBITDA | +10.9% | −49.3% | −129.0% | −12.5% | −6.9% | +83.1% | — | +151.4% |
| Net income | — | — | −236.4% | — | — | — | — | — |
| Diluted EPS | — | — | −228.6% | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 39.4% | 33.9% | 31.3% | 34.5% | 32.6% | 34.5% | 32.8% | 35.6% |
| EBITDA margin | 16.5% | 7.8% | −1.0% | 3.5% | 14.4% | 12.8% | 5.9% | 8.6% |
| Operating margin | 1.3% | −8.8% | −10.5% | −5.7% | −0.8% | −3.8% | −2.3% | 0.0% |
| Net margin | −10.3% | −12.0% | −8.1% | −10.4% | −8.5% | −10.1% | −7.5% | −7.1% |
| Free-cash-flow margin | 5.4% | −1.6% | −6.0% | 7.1% | 17.6% | 3.5% | 0.0% | 13.1% |
| Cash flow | ||||||||
| Cash from operations | 7 | −1 | −4 | 9 | 20 | 4 | 3 | 18 |
| Capital spending | 1 | 0 | 2 | 1 | −0 | 1 | 3 | 4 |
| Free cash flow | 6 | −2 | −6 | 7 | 20 | 4 | 0 | 13 |
| Stock-based pay | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| Free cash flow after stock pay | 4 | −4 | −8 | 5 | 18 | 2 | −1 | 12 |
| Last 12 months unless stated | PACK | CLW | MATV | SON | GPK | AVY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $420m | $1.5bn | $2.0bn | $7.4bn | $8.6bn | $9.2bn | $8.6bn |
| Revenue growth, last 12 months | 8.3% | −3.2% | 1.1% | 3.6% | 0.0% | 5.8% | 3.6% |
| Revenue growth, 3-year average | 8.9% | 43.6% | −2.6% | 18.9% | −3.7% | 2.9% | 6.0% |
| Revenue growth, latest quarter | 2.3% | −3.5% | 1.2% | −4.2% | −0.7% | 10.9% | 1.1% |
| Gross margin | 33.8% | 1.8% | 19.4% | 20.2% | 15.5% | 29.0% | 20.0% |
| Operating margin | −1.7% | −1.6% | 3.5% | 2.7% | 5.8% | — | 4.1% |
| Operating margin, 3-year average | −4.2% | −3.2% | −12.8% | 5.3% | 9.9% | — | 5.7% |
| Net margin | −8.3% | 0.2% | 4.5% | −3.1% | 2.2% | 7.6% | 1.6% |
| Cash from operations / revenue | 10.5% | 7.0% | 8.1% | 8.6% | 9.2% | 13.3% | 9.2% |
| Free-cash-flow margin | 8.7% | 3.8% | 6.4% | 4.8% | 2.7% | 11.5% | 4.8% |
| Free-cash-flow margin, 3-year average | 7.2% | −0.2% | 4.1% | 5.0% | 3.3% | 9.0% | 4.6% |
| Stock pay / revenue | 1.2% | 0.3% | 0.4% | 0.2% | 0.2% | 0.3% | 0.4% |
| Change in share count | 1.5% | −1.9% | 1.0% | 0.4% | −1.8% | −3.0% | 0.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 8.3% | 3.6% | 4 of 11 |
| Change in growth rate Growth | -1.5pp | -1.5pp | 6 of 11 |
| Gross margin Profitability | 33.8% | 20.1% | 1 of 10 |
| Operating margin Profitability | -1.7% | 3.5% | 8 of 9 |
| Net margin Profitability | -8.3% | 1.6% | 9 of 11 |
| Free-cash-flow margin Cash generation | 8.7% | 4.8% | 2 of 11 |
| Stock pay as % of revenue Cash generation | 1.2% | 0.4% | 10 of 11 |
| Long-term debt as % of assets Balance sheet | 36.6% | 36.0% | 7 of 11 |
| Change in share count Balance sheet | 1.5% | 1.0% | 6 of 9 |
| Days sales outstanding Balance sheet | 38 days | 55 days | 3 of 9 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Europe and Asia | $176M | ▼ 0.8% |
| North America | $157M | ▲ 13.5% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Ranpak Holdings Corp.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Js Capital Management LLC | $223M | 30.5M | 39.6% | 0.0% |
| Soros Capital Management LLC | $33.8M | 4.6M | 6.0% | 0.0% |
| Blackrock, Inc. | $26.1M | 3.6M | 4.6% | ▲ 14.3% |
| Dimensional Fund Advisors LP | $23.2M | 3.2M | 4.1% | ▲ 4.0% |
| Schusterman Interests, LLC | $22.1M | 3.0M | 3.9% | 0.0% |
| Petrus Trust Company, Lta | $19.8M | 2.7M | 3.5% | ▼ 8.6% |
| First Eagle Investment Management, LLC | $15.6M | 2.1M | 2.8% | ▲ 170.8% |
| Vanguard Capital Management LLC | $14.8M | 2.0M | 2.6% | ▲ 4.4% |
| Portolan Capital Management, LLC | $13.9M | 1.9M | 2.5% | ▼ 2.7% |
| Arrowmark Colorado Holdings LLC | $13.7M | 1.9M | 2.4% | ▼ 12.2% |
| Royce & Associates LP | $13.5M | 1.9M | 2.4% | ▲ 21.5% |
| Samjo Management, LLC | $10.4M | 1.4M | 1.8% | ▲ 6.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ranpak Holdings Corp.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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