Latest Ratios: P/E Ratio -14.4x · EV/EBITDA 21.7x · ROE -7.1%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $554M | $455M | $571M | $479M | $472M | $3.0B | $974M | $577M | $414M | — |
| Enterprise Value | $921M | $822M | $927M | $846M | $809M | $3.3B | $1.4B | $978M | $415M | — |
| P/E Ratio → | -14.40 | — | — | — | — | — | — | — | 298.51 | — |
| P/S Ratio | 1.40 | 1.15 | 1.55 | 1.43 | 1.45 | 7.69 | 3.26 | 2.14 | 1.54 | — |
| P/B Ratio | 1.02 | 0.85 | 1.04 | 0.84 | 0.77 | 4.64 | 1.86 | 1.09 | 1.42 | — |
| P/FCF | — | — | 68.85 | — | — | — | 31.81 | — | — | — |
| P/OCF | 23.99 | 19.72 | 13.80 | 9.11 | 429.48 | 54.36 | 15.26 | 21.94 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.08 | 2.51 | 2.52 | 2.48 | 8.49 | 4.55 | 3.63 | 1.55 | — |
| EV / EBITDA | 21.73 | 19.40 | 17.65 | 13.63 | 30.51 | 37.98 | 18.26 | 16.16 | 6.83 | — |
| EV / EBIT | — | — | — | — | — | 232.77 | 81.82 | 98.76 | 25.77 | — |
| EV / FCF | — | — | 111.63 | — | — | — | 44.39 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.0% | 24.0% | 37.9% | 36.7% | 30.5% | 38.8% | 41.1% | 41.2% | 26.7% | 46.0% |
| Operating Margin | -6.2% | -6.2% | -3.5% | -2.2% | -13.0% | 3.2% | 3.9% | 0.8% | -1.4% | 12.8% |
| Net Profit Margin | -9.7% | -9.7% | -5.8% | -8.1% | -12.7% | -0.7% | -7.8% | -13.4% | 0.5% | 11.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.1% | -7.1% | -3.8% | -4.6% | -6.6% | -0.5% | -4.4% | -8.8% | 1.0% | 51310.5% |
| ROA | -3.4% | -3.4% | -1.9% | -2.4% | -3.5% | -0.2% | -2.1% | -5.1% | 0.9% | 3180.9% |
| ROIC | -2.0% | -2.0% | -1.0% | -0.6% | -3.4% | 1.0% | 1.0% | 0.3% | -1.9% | 16145.4% |
| ROCE | -2.3% | -2.3% | -1.2% | -0.7% | -3.8% | 1.1% | 1.1% | 0.3% | -2.5% | 57793.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.80 | 0.80 | 0.79 | 0.75 | 0.65 | 0.65 | 0.83 | 0.79 | 0.01 | 1.72 |
| Debt / EBITDA | 10.14 | 10.14 | 8.21 | 6.90 | 15.06 | 4.79 | 5.82 | 6.95 | 0.07 | 0.00 |
| Net Debt / Equity | — | 0.69 | 0.65 | 0.64 | 0.55 | 0.48 | 0.74 | 0.75 | 0.00 | 1.68 |
| Net Debt / EBITDA | 8.66 | 8.66 | 6.76 | 5.91 | 12.69 | 3.58 | 5.17 | 6.62 | 0.02 | 0.00 |
| Debt / FCF | — | — | 42.78 | — | — | — | 12.57 | — | — | 0.00 |
| Interest Coverage | -0.78 | -0.78 | -0.06 | -0.58 | -0.98 | 0.63 | 0.55 | 0.21 | 0.45 | 0.55 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.83 | 1.83 | 2.21 | 2.60 | 3.57 | 2.68 | 1.86 | 2.24 | 0.46 | 0.00 |
| Quick Ratio | 1.47 | 1.47 | 1.89 | 2.24 | 2.93 | 2.22 | 1.58 | 1.87 | -1.29 | 0.00 |
| Cash Ratio | 0.75 | 0.75 | 1.11 | 1.29 | 1.61 | 1.45 | 0.84 | 0.62 | 0.43 | 0.00 |
| Asset Turnover | — | 0.35 | 0.33 | 0.30 | 0.29 | 0.32 | 0.26 | 0.24 | 0.87 | 280.31 |
| Inventory Turnover | 9.81 | 9.81 | 10.56 | 12.31 | 9.08 | 7.14 | 10.91 | 13.67 | 16.65 | — |
| Days Sales Outstanding | — | 45.83 | 45.22 | 35.27 | 39.24 | 44.12 | 47.98 | 50.92 | 47.55 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 0.3% | — |
| FCF Yield | — | — | 1.5% | — | — | — | 3.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 27.4% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 27.4% | 0.0% | — |
| Shares Outstanding | — | $84M | $83M | $82M | $82M | $79M | $72M | $71M | $41M | $41M |
Persistent Operating Margin Deficit
According to current market data, Ranpak trades at an EV/EBITDA multiple of 23.40, which appears elevated compared to peers like Sonoco Products at 8.05, suggesting that investors are pricing in a recovery trajectory that remains unconfirmed by the company's recent negative net margin performance.
The lack of a positive P/E ratio forces reliance on EV/EBITDA, which, at 23.40, implies a premium valuation that may be difficult to justify without a clear path to sustained profitability. This valuation suggests the market is valuing the company as a growth-oriented technology play rather than a traditional packaging manufacturer, a premise that warrants skepticism given the current operational losses.
As reported in financial statements, Ranpak's ROIC has consistently languished in negative territory, reaching -0.3% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investment in proprietary converter machinery and global distribution infrastructure.
The persistent inability to generate a positive return on invested capital suggests that the capital-intensive nature of the 'razor-and-blade' model is not yet yielding the expected economies of scale. Investors should monitor whether the company can improve its asset utilization, as the current trend of negative returns indicates that capital allocation has not yet reached an efficient threshold.
Based on the company's reported figures, the cash conversion cycle has fluctuated between 34 and 54 days over the last ten quarters, reflecting an inconsistent ability to manage inventory and distributor receivables effectively in a volatile macroeconomic environment for industrial packaging.
The variability in the cash conversion cycle suggests that Ranpak's working capital management is highly sensitive to external distributor stocking cycles, which complicates cash flow forecasting. The relatively low asset turnover of 0.09 further implies that the company's heavy investment in placed equipment is not yet generating sufficient revenue velocity to support its fixed cost base.
As indicated by recent filings, the company's interest coverage ratio has frequently dipped into negative territory, including a -0.44 reading in 2026Q1, which highlights the significant risk posed by its debt-to-equity ratio of 0.80 in the absence of consistent operating income.
The reliance on debt to fund operations while operating margins remain negative creates a precarious financial position that limits management's flexibility. Investors should be concerned that the company's ability to service its obligations is currently dependent on external financing or cash reserves rather than internal cash generation, which is unsustainable in the long term.
The most commonly misapplied metric for Ranpak is the P/S ratio, which obscures the company's underlying unit economics by failing to account for the high depreciation and maintenance costs associated with the proprietary converter fleet that drives the top-line revenue growth.
Using P/S to value Ranpak ignores the fact that a significant portion of revenue is tied to capital-intensive equipment placements that carry heavy depreciation burdens. A more appropriate metric would be a cash-flow-adjusted EBITDA or a unit-level contribution margin analysis, which would better reflect the true profitability of the recurring paper consumable sales.
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying PACK stock.
Ranpak Holdings Corp.'s current P/E ratio is -14.4x. This places it at the 50th percentile of its historical range.
Ranpak Holdings Corp.'s current EV/EBITDA is 21.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.1x.
Ranpak Holdings Corp.'s return on equity (ROE) is -7.1%. The historical average is -4.4%.
Based on historical data, Ranpak Holdings Corp. is trading at a P/E of -14.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ranpak Holdings Corp. has 24.0% gross margin and -6.2% operating margin.
Ranpak Holdings Corp.'s Debt/EBITDA ratio is 10.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.