Ranpak Holdings Corp. key statistics and ratios

In fiscal 2025, Ranpak Holdings Corp. had return on equity of -7.1%, an operating margin of -6.2%, debt equal to 75.1% of equity and a current ratio of 1.83. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ranpak Holdings Corp.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	46.0%	42.8%	41.1%	38.8%	30.5%	36.7%	37.9%	33.1%	33.8%
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%
Return on equity	13.0%	−4.2%	−6.5%	−0.5%	−6.6%	−4.6%	−3.8%	−7.1%	−6.6%
Return on assets	>999%	−2.2%	−2.4%	−0.2%	−3.5%	−2.4%	−1.9%	−3.4%	−3.1%
Asset turnover	280.31	0.68	0.31	0.33	0.28	0.30	0.33	0.35	0.38
Current ratio	0.00	2.46	1.86	2.68	3.57	2.60	2.21	1.83	1.79
Debt to equity	0.0%	257.9%	82.8%	63.1%	64.1%	70.0%	74.1%	75.1%	79.4%
Interest cover (operating income ÷ interest)	1.0x	0.4x	0.4x	0.5x	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	0.9%	0.9%	0.8%	0.4%	1.1%	1.1%	1.2%	1.0%	—
SG&A as % of revenue	19.0%	19.9%	24.3%	25.6%	32.3%	27.3%	30.3%	29.0%	26.1%
Capital spending as % of revenue	11.1%	9.3%	10.8%	14.2%	13.7%	16.4%	1.3%	0.8%	1.9%
Free cash flow ÷ net income	69.3%	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	8.3%	0.0%	0.0%	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Ranpak Holdings Corp.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	39.4%	33.9%	31.3%	34.5%	32.6%	34.5%	32.8%	35.6%
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%
Current ratio	2.21	1.78	1.74	1.88	1.83	1.73	1.79	1.79
Debt to equity	73.9%	74.2%	74.5%	74.7%	74.8%	76.6%	77.1%	79.1%
SG&A as % of revenue	26.6%	31.7%	31.2%	29.7%	24.3%	28.9%	26.2%	25.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 7 checks passed · September 30, 2026

What it owns · $1.1bn

Short-term assets $145mLonger-term assets $947m

What it owes, and who funded it · $1.1bn

Short-term liabilities $81mLonger-term liabilities $497mShareholders' equity $514m

Short-term assets cover short-term liabilities $145m of assets due within a year against $81m of liabilities due within a year.
Short-term assets cover long-term liabilities $145m short-term assets against $497m of longer-dated liabilities.
More cash than debt $53m of cash against $407m of debt.
Debt below 40% of shareholders' equity Debt is 79% of equity.
Debt burden no higher than five years ago Debt to equity moved from 63% to 79% over five years.
A year's operating cash flow covers at least 20% of debt $44m of operating cash flow against $407m of debt.
Operating profit covers interest at least five times over Operating income of −$7m against $34m of interest.

From Ranpak Holdings Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

45 /100

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.

Returns on capital 1 / 20

Cash operating profit has been a median 2.6% of total assets over 6 years.
Pricing power 11 / 20

Gross margin has been a median 34.9%, moving by 3.1 percentage points (standard deviation) across 7 years.
Durability 10 / 20

Operating margin has been a median -2.6%; its worst year was -10.1%.
Cash conversion 10 / 20

Free cash flow was positive in 5 of 7 years, at a median 4.9% of revenue.
Discipline 13 / 20

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.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Ranpak Holdings Corp.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ranpak Holdings Corp.