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Ranpak Holdings
(NYSE:PACK)
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Rating:51Neutral
Price Target:
$5.50
▼(-14.99% Downside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak financial performance (ongoing operating and net losses) and bearish technicals (price below key moving averages with negative MACD). The latest earnings call provides a meaningful offset via reiterated guidance, strong Automation growth, and improving adjusted EBITDA/cash expectations, while valuation remains difficult to support due to negative earnings and no dividend yield.
Positive Factors
Automation growth
Rapid Automation adoption expands Ranpak’s higher-growth platform and strengthens its strategic position with enterprise customers. Existing capacity can support over $100M of revenue, allowing scaling with lower incremental capital needs as utilization increases.
Negative Factors
Persistent operating losses
Negative EBIT and net income show that depreciation, financing, and other costs still prevent the business from achieving bottom-line profitability. Continued losses can erode equity and limit internally funded investment unless margin gains accelerate.
Read all positive and negative factors
Positive Factors
Negative Factors
Automation growth
Rapid Automation adoption expands Ranpak’s higher-growth platform and strengthens its strategic position with enterprise customers. Existing capacity can support over $100M of revenue, allowing scaling with lower incremental capital needs as utilization increases.
Read all positive factors
Ranpak Holdings (PACK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$435.65M
Dividend YieldN/A
Average Volume (3M)553.28K
Price to Earnings (P/E)―
Beta (1Y)2.20
Revenue Growth9.77%
EPS Growth-8.65%
CountryUS
Employees800
SectorConsumer Cyclical
Sector Strength84
IndustryPackaging & Containers
Share Statistics
EPS (TTM)-0.44
Shares Outstanding85,758,286
10 Day Avg. Volume782,317
30 Day Avg. Volume553,278
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)0.85
Price to Sales (P/S)1.15
P/FCF Ratio-63.25
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$430.82M
Ranpak Holdings Business Overview & Revenue Model
Company Description
Ranpak Holdings Corp., established in 1972 and headquartered in Concord Township, Ohio, specializes in crafting product protection solutions for both e-commerce and industrial logistics across North America, Europe, and Asia. The company offers a ...
How the Company Makes Money
Ranpak primarily makes money by selling paper-based packaging consumables and related packaging systems/services used by customers to produce protective packaging on demand. Key revenue streams include: (1) Paper consumables: Recurring revenue fro...
Ranpak Holdings Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call emphasized strong, recurring positives: exceptional Automation growth, solid consolidated revenue expansion, meaningful gross‑margin and adjusted EBITDA improvement, disciplined capex and liquidity, and a robust commercial pipeline with large customers and partnerships. Near‑term headwinds include distribution softness in North America PPS, timing‑related margin pressure in EMEA, macro/energy volatility, warrant‑related accounting impacts, and an elevated net leverage of 4.5x. Management provided clear actions (surcharges, price opportunity in North America, portfolio pruning, cost and Lean initiatives) and reiterated guidance and targets (Automation ~ $60M in 2026, leverage goal 2.5–3x), indicating confidence that positives outweigh the manageable risks.Positive Updates
Automation Revenue Surge
Automation revenue grew 139% year‑over‑year on a constant currency basis (excluding warrants); North America automation grew >250% (excluding warrants) and Europe automation grew 103.7%, driving strong top‑line momentum and pipeline visibility.
Negative Updates
Distribution Channel Weakness in North America PPS
PPS volumes were a slight detractor in North America as the distribution channel faced tougher comps and softer demand; management expects improvement in H2 but near‑term pressure persisted (PPS volumes increased only 2.4% YoY overall).
Read all updates
Q2-2026 Updates
Positive
Negative
Automation Revenue Surge
Automation revenue grew 139% year‑over‑year on a constant currency basis (excluding warrants); North America automation grew >250% (excluding warrants) and Europe automation grew 103.7%, driving strong top‑line momentum and pipeline visibility.
Read all positive updates
Company Guidance
Management reiterated it is on track to hit roughly $60 million of Automation revenue in 2026 and to get Automation to adjusted‑EBITDA breakeven by the end of the year (moving to EBITDA‑positive in 2027), and said it expects to meet full‑year guidance; longer term it is targeting $800 million of revenue by 2030. They closed Q2 with $43.2 million of cash, no revolver borrowings and reported net leverage of 4.5x LTM (down 0.2 turns from Q1) with a goal to reach 2.5–3.0x over the next 24 months, and said cash should improve meaningfully in the back half of 2026. Management highlighted continued margin progress (Q2 gross margin +150 bps YoY; adjusted EBITDA $19.1 million, up $2.6 million YoY and +13.9% in constant currency), emphasized disciplined CapEx ($6.6 million in Q2, down $3.2 million YoY) while noting existing Automation capacity can support $100M+ of revenue so CapEx as a percent of sales should decline as Automation scales, and pointed to strong Automation growth trends (Automation +139% YoY constant‑currency excl. warrants; ~250% growth in North America excl. warrants; 103.7% in EMEA/APAC) as drivers of the outlook.Ranpak Holdings Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
58
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 399.10M | 395.00M | 368.90M | 336.30M | 326.50M | 383.90M |
| Gross Profit | 113.10M | 94.70M | 139.80M | 123.30M | 99.60M | 148.90M |
| EBITDA | 51.90M | 50.50M | 63.60M | 55.40M | 48.70M | 87.60M |
| Net Income | -38.00M | -38.30M | -21.50M | -27.10M | -41.40M | -2.80M |
Balance Sheet | ||||||
| Total Assets | 1.10B | 1.12B | 1.10B | 1.12B | 1.13B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 43.20M | 63.00M | 76.10M | 62.00M | 62.80M | 103.90M |
| Total Debt | 428.20M | 430.00M | 431.20M | 428.80M | 399.00M | 408.10M |
| Total Liabilities | 576.80M | 590.00M | 556.10M | 550.70M | 520.70M | 577.20M |
| Stockholders Equity | 519.90M | 534.90M | 548.10M | 572.00M | 612.80M | 636.20M |
Cash Flow | ||||||
| Free Cash Flow | 7.20M | -7.20M | 8.30M | -2.70M | -44.70M | -1.40M |
| Operating Cash Flow | 35.10M | 23.10M | 41.40M | 52.60M | 1.10M | 54.30M |
| Investing Cash Flow | -37.90M | -32.80M | -32.50M | -52.40M | -37.90M | -69.80M |
| Financing Cash Flow | -3.20M | -7.00M | 1.80M | -1.80M | -4.50M | 72.00M |
Ranpak Holdings Risk Analysis
Ranpak Holdings disclosed 46 risk factors in its most recent earnings report. Ranpak Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ranpak Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.72B | 9.00 | 18.34% | 3.66% | 12.01% | ― | |
69 Neutral | $1.25B | 24.11 | 17.77% | 1.72% | -8.73% | 268.62% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
52 Neutral | $3.38B | 17.62 | 5.92% | 3.99% | 0.02% | -63.11% | |
51 Neutral | $435.65M | -11.48 | -7.18% | ― | 9.77% | -8.65% | |
49 Neutral | $1.01B | -0.85 | -107.76% | ― | -1.85% | -352.80% |
* Consumer Cyclical Sector Average
PACK
Ranpak Holdings
5.05
0.56
12.47%
GPK
Graphic Packaging
11.63
-10.64
-47.77%
MYE
Myers Industries
33.51
17.36
107.44%
OI
O-I Glass
6.38
-7.03
-52.42%
SON
Sonoco Products
58.33
12.75
27.97%
Ranpak Holdings Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Ranpak Shareholders Approve Directors, Pay and Walmart Warrant
Positive
May 22, 2026
At its annual meeting of stockholders held on May 21, 2026, Ranpak Holdings Corp. shareholders elected the three Class I director nominees proposed by management, with each candidate receiving strong majority support despite broker non-votes. Stoc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.