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PACK, Ranpak Holdings Corp

Containers & Packaging capital-intensive UnprofitableDistress / turnaroundCyclical

Ranpak Holdings Corp is a leading provider of Protective Packaging Solutions products and end-of-line automation solutions for e-commerce and industrial supply chains.

All of our packaging solutions are 100% recyclable, renewable, and biodegradable.

Our automation solutions reduce packing time and materials, resulting in significant cost savings for our customers.

Latest annual: FY2025 10-K

PACK · Ranpak Holdings Corp

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$333M

+5.5% YoY · 2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $337M 5-yr avg $319M

Gross margin 34% 5-yr avg 27%

Operating margin −6.0% 5-yr avg −5.2%

ROIC −2% 5-yr avg −1%

Owner-earnings margin 1% 5-yr avg −3%

Free cash flow margin 1% 5-yr avg −3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has reached 15% at its best but run negative through the cycle (median −2.6%) on a 33% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 11% of sales, below what it charges for depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −1%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
									Income statement
$210M	$229M	$298M	$384M	$276M	$285M	$316M	$333M	$337M	RevenueRevenue
37%	33%	41%	39%	18%	25%	—	—	34%	Gross marginGross mgn
22%	23%	24%	26%	38%	32%	35%	34%	34%	SG&A / revenueSG&A/rev
1%	1%	1%	0%	1%	1%	1%	1%	1%	R&D / revenueR&D/rev
$31M	$11M	$12M	$12M	($43M)	($8M)	($13M)	($24M)	($20M)	Operating incomeOp. inc.
14.9%	4.8%	3.9%	3.2%	−15.4%	−2.6%	−4.1%	−7.3%	−6.0%	Operating marginOp. mgn
$28M	($9M)	($23M)	($3M)	($41M)	($27M)	($22M)	($38M)	($38M)	Net incomeNet inc.
									Cash flow & returns
$46M	$42M	$64M	$54M	$1M	$53M	$41M	$23M	$29M	Operating cash flowOp. cash
$61M	$65M	$63M	$74M	$69M	$70M	$65M	$67M	$68M	DepreciationDeprec.
($43M)	($14M)	$25M	($17M)	($27M)	$10M	($2M)	($5M)	($2M)	Working capital & otherWC & other
$27M	$25M	$32M	$55M	$45M	$55M	$28M	$27M	$27M	CapexCapex
12.9%	10.8%	10.8%	14.2%	16.2%	19.4%	9.0%	8.1%	8.0%	Capex / revenueCapex/rev
$19M	$17M	$32M	($200K)	($44M)	($3M)	$13M	($4M)	$2M	Owner earningsOwner earn.
9.2%	7.5%	10.6%	−0.1%	−15.8%	−0.9%	4.2%	−1.2%	0.5%	Owner earnings marginOE mgn
$19M	$17M	$32M	($200K)	($44M)	($3M)	$13M	($4M)	$2M	Free cash flowFCF
9.2%	7.5%	10.6%	−0.1%	−15.8%	−0.9%	4.2%	−1.2%	0.5%	Free cash flow marginFCF mgn
$2M	$0	$0	$14M	$2M	—	—	—	$0	AcquisitionsAcquis.
$2M	$0	$0	$0	—	—	—	—	—	BuybacksBuybacks
—	—	—	1%	-4%	-1%	-1%	-2%	-2%	ROICROIC
13%	-4%	-4%	-0%	-7%	-5%	-4%	-7%	-7%	Return on equityROE
13%	−4%	−4%	−0%	−7%	−5%	−4%	−7%	−7%	Retained to equityRetained/eq
									Balance sheet
$2K	$18M	$49M	$104M	$63M	$62M	$76M	$63M	$49M	Cash & investmentsCash+inv
—	$32M	$39M	$44M	$33M	$32M	$44M	$48M	$44M	ReceivablesReceiv.
—	$12M	$16M	$33M	$25M	$17M	$22M	$31M	$34M	InventoryInvent.
—	$12M	$25M	$34M	$24M	$18M	$27M	$37M	$35M	Accounts payablePayables
—	$31M	$30M	$43M	$34M	$31M	$39M	$42M	$42M	Operating working capitalOper. WC
$2K	$68M	$107M	$192M	$140M	$125M	$151M	$154M	$144M	Current assetsCur. assets
$817K	$28M	$58M	$72M	$39M	$48M	$68M	$84M	$83M	Current liabilitiesCur. liab.
0.0×	2.5×	1.9×	2.7×	3.6×	2.6×	2.2×	1.8×	1.7×	Current ratioCurr. ratio
$360M	$356M	$458M	$453M	$447M	$450M	$444M	$457M	$454M	GoodwillGoodwill
$871K	$793M	$1.1B	$1.2B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	Total assetsAssets
—	$499M	$433M	$401M	$392M	$399M	$405M	$400M	$402M	Total debtDebt
—	$482M	$385M	$297M	$330M	$337M	$329M	$337M	$353M	Net debt / (cash)Net debt
1.0×	0.4×	0.4×	0.5×	-2.1×	-0.3×	-0.4×	-0.7×	-0.6×	Interest coverageInt. cov.
$212M	$196M	$523M	$636M	$613M	$572M	$548M	$535M	$525M	Shareholders’ equityEquity
									Per share
995K	995K	72.4M	78.5M	81.9M	82.4M	83.1M	84.2M	84.8M	Shares out (diluted)Shares
$210.75	$230.35	$4.12	$4.89	$3.38	$3.46	$3.80	$3.95	$3.97	Revenue / shareRev/sh
$27.84	$-8.64	$-0.32	$-0.04	$-0.51	$-0.33	$-0.26	$-0.45	$-0.44	EPS (diluted)EPS
$19.30	$17.29	$0.43	$-0.00	$-0.53	$-0.03	$0.16	$-0.05	$0.02	Owner earnings / shareOE/sh
$19.30	$17.29	$0.43	$-0.00	$-0.53	$-0.03	$0.16	$-0.05	$0.02	Free cash flow / shareFCF/sh
$27.14	$24.92	$0.45	$0.69	$0.55	$0.67	$0.34	$0.32	$0.32	Cap. spending / shareCapex/sh
$213.47	$197.39	$7.22	$8.10	$7.48	$6.94	$6.60	$6.35	$6.18	Book value / shareBVPS

The diluted share count moved ×72.8 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	−39.2%/yr	−0.8%/yr
Capital spending / share	−42.6%/yr	−6.4%/yr
Book value / share	−35.6%/yr	−2.5%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

84Mpeak FY2025

ROIC

−2%low FY2022

Gross margin

25%low FY2022

Net debt ÷ owner earnings

25.1×peak FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($4M)owner earningsvs.($38M)net incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $38M loss into ($4M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($38M)	($22M)	($27M)	($41M)	($3M)
Depreciation & amortizationnon-cash charge added back	+$67M	+$65M	+$70M	+$69M	+$74M
Working capital & othertiming of cash in and out, other non-cash items	−$5M	−$2M	+$10M	−$27M	−$17M
Cash from operations	$23M	$41M	$53M	$1M	$54M
Capital expenditurecash put back in to keep running and to grow	−$27M	−$28M	−$55M	−$45M	−$55M
Owner earnings	($4M)	$13M	($3M)	($44M)	($200K)
Owner-earnings marginowner earnings ÷ revenue	-1%	4%	-1%	-16%	0%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -0.7×

Does not cover its interest

Operating income ($24M) ÷ interest expense $34M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $337M

Net debt against an operating loss

Cash $63M − debt $400M

What this means
Netting $63M of cash and short-term investments against $400M of debt leaves $337M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 42d

Tight

DSO 52 + DIO 52 − DPO 63 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -1%

Below average through the cycle

5-yr median, range -4%–1%; -2% latest = NOPAT ($19M) ÷ invested capital $872M

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran -2% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -0%

Consumes cash through the cycle

8-yr median margin, range -16%–11%; latest ($4M) = operating cash $23M − maintenance capex $27M

Industry peers: median 7%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a -0% median across 8 years.
Are earnings backed by cash? $23M

Loss, but cash-generative

Net income ($38M) · cash from operations $23M

In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.40×

Harvesting

Capex $27M ÷ depreciation $67M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $333M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.83×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $400M vs $70M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (8-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.34/share (latest year $-0.45), the averaged base the calculator's gate runs on, and book value is $6.25/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 8

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 7 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 8% → −5% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 8% early to −5% lately, median −3% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −16%/yr

What this means
Owner earnings shrank about 16% a year over the record.
Worst year 2022 · −15.4% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“In 2021, we established R Squared Robotics, a division of Ranpak, that uses three-dimensional computer vision and artificial intelligence ("AI") technologies to enhance end-of-line packaging and logistics.”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$144M

Cash & short-term investments$49M
Receivables$44M
Inventory$34M
Other current assets$18M

Current liabilities$83M

Debt due within a year$5M
Accounts payable$35M
Other current liabilities$43M

Current ratio1.73×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.32×stricter: inventory excluded

Cash ratio0.58×strictest: cash alone against what's due

Working capital$61Mthe cushion left after near-term bills

Debt due this year vs. cash$5M due · $49M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+11.0%the freshest read on whether the business is still growing

Current ratio, recent quarters2.5× → 1.7×

Deeper floors

Tangible book value($213M)equity stripped of goodwill & intangibles

Net current asset value($439M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$428M$27M of it operating leases

Deferred revenue$13Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$4M

'27$4M

'28$4M

'29$4M

'30$4M

later$385M

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$4Mthe first rung: what must be repaid or rolled over within the year

Within two years$8Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$4Min 2026the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$406Mevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$49M

Together, against $4M due next year11.8×

Cash on hand as of Mar 31, 2026 comes to $49M against the $4M due in the twelve months after the Dec 31, 2025 schedule: 12 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2017–2025

Over the record, the business generated $325M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$294M · 91%
Buybacks$2M · 0%
Retained (debt / cash)$29M · 9%

Returned to owners$2M
5% of the owner earnings the business produced over the span, $0 as dividends and $2M as buybacks.
Average price paid for buybacks—
Buybacks ran $2M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count8426.4%
The diluted count rose from 1M to 85M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 8-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$749M67% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity85%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$18Mover 8 years buying other businesses, against $294M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 8-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Omar Asali	$23.4M	$41.7M	($200K)
2022	Omar Asali	$1.3M	−$35.0M	($44M)
2023	Omar Asali	$2.6M	$733k	($3M)
2024	Omar Asali	$2.1M	$515k	$13M
2025	Omar Asali	$1.9M	−$1.4M	($4M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership8.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Containers & Packaging

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AVYAvery Dennison Corporation	$8.9B	27%	9.9%	15%	7%
REYNReynolds Consumer Products Inc.	$3.7B	25%	14.4%	10%	9%
SLVMSylvamo Corporation	$3.4B	—	12.0%	17%	10%
MAGNMagnera Corporation	$3.2B	14%	2.6%	1%	3%
MATVMativ Holdings	$2.0B	23%	6.2%	6%	10%
MERCMercer International Inc.	$1.9B	52%	8.8%	6%	4%
RYAMRayonier Advanced Materials Inc.	$1.5B	8%	0.9%	0%	6%
PACKRanpak Holdings Corp	$333M	35%	0.3%	-1%	2%
Group median	—	25%	7.5%	6%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Ranpak Holdings Corp has delivered.

Today’s price $

Through the cycle, Ranpak Holdings Corp earns about $7M on its 2.1% median owner-earnings margin. This year’s −1.2% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($7M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’17→’25−16%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $2M on 86M shares outstanding, per the 10-Q cover, as of 2026-04-23; net debt $353M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PACK against another business →

Cite: Owner Scorecard, "Ranpak Holdings Corp (PACK), the owner's record," https://ownerscorecard.com/c/PACK, data as of 2026-07-09.

Manual order: ← PACB its page in the Manual PACS →

Industry order: ← OI the Containers & Packaging chapter PKG →