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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $75.6M, roughly 1.2× Armada Hoffler Properties, Inc.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs 0.8%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
AHH vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $93.7M |
| Net Profit | $2.4M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | 31.0% | -1.0% |
| Net Margin | 3.1% | — |
| Revenue YoY | 0.8% | 2.3% |
| Net Profit YoY | -89.8% | — |
| EPS (diluted) | $0.00 | $-0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $93.7M | ||
| Q3 25 | $72.7M | $83.6M | ||
| Q2 25 | $69.1M | $77.8M | ||
| Q1 25 | $67.8M | $77.6M | ||
| Q4 24 | $75.0M | $91.6M | ||
| Q3 24 | $114.4M | $78.6M | ||
| Q2 24 | $116.8M | $72.8M | ||
| Q1 24 | $127.0M | $72.5M |
| Q4 25 | $2.4M | — | ||
| Q3 25 | $80.0K | $-10.4M | ||
| Q2 25 | $5.9M | $-7.5M | ||
| Q1 25 | $-2.8M | $-10.9M | ||
| Q4 24 | $23.4M | — | ||
| Q3 24 | $-5.0M | $-8.1M | ||
| Q2 24 | $3.2M | $5.5M | ||
| Q1 24 | $14.1M | $-8.1M |
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | 45.0% | 43.8% | ||
| Q2 24 | 41.8% | 43.5% | ||
| Q1 24 | 37.9% | 44.6% |
| Q4 25 | 31.0% | -1.0% | ||
| Q3 25 | 29.2% | -6.8% | ||
| Q2 25 | 29.6% | -12.5% | ||
| Q1 25 | 23.2% | -10.3% | ||
| Q4 24 | 50.1% | 1.5% | ||
| Q3 24 | 19.0% | -5.3% | ||
| Q2 24 | 11.9% | -7.1% | ||
| Q1 24 | 15.1% | -6.6% |
| Q4 25 | 3.1% | — | ||
| Q3 25 | 0.1% | -12.4% | ||
| Q2 25 | 8.6% | -9.6% | ||
| Q1 25 | -4.1% | -14.0% | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | -4.4% | -10.3% | ||
| Q2 24 | 2.7% | 7.6% | ||
| Q1 24 | 11.1% | -11.2% |
| Q4 25 | $0.00 | $-0.11 | ||
| Q3 25 | $-0.04 | $-0.12 | ||
| Q2 25 | $0.04 | $-0.09 | ||
| Q1 25 | $-0.07 | $-0.13 | ||
| Q4 24 | $0.28 | $-0.13 | ||
| Q3 24 | $-0.11 | $-0.10 | ||
| Q2 24 | $0.00 | $0.07 | ||
| Q1 24 | $0.17 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $63.0M |
| Total DebtLower is stronger | $1.5B | $401.9M |
| Stockholders' EquityBook value | $627.8M | $534.9M |
| Total Assets | $2.6B | $1.1B |
| Debt / EquityLower = less leverage | 2.43× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $63.0M | ||
| Q3 25 | $46.5M | $49.9M | ||
| Q2 25 | $52.1M | $49.2M | ||
| Q1 25 | $45.7M | $65.5M | ||
| Q4 24 | $31.9M | $76.1M | ||
| Q3 24 | $43.9M | $69.5M | ||
| Q2 24 | $20.3M | $65.1M | ||
| Q1 24 | $41.9M | $55.1M |
| Q4 25 | $1.5B | $401.9M | ||
| Q3 25 | $1.5B | $403.1M | ||
| Q2 25 | $1.4B | $403.1M | ||
| Q1 25 | $1.3B | $405.2M | ||
| Q4 24 | $1.3B | $406.4M | ||
| Q3 24 | $1.3B | $403.2M | ||
| Q2 24 | $1.4B | $396.1M | ||
| Q1 24 | $1.4B | $396.7M |
| Q4 25 | $627.8M | $534.9M | ||
| Q3 25 | $638.8M | $537.8M | ||
| Q2 25 | $652.0M | $539.0M | ||
| Q1 25 | $657.4M | $544.1M | ||
| Q4 24 | $670.6M | $548.1M | ||
| Q3 24 | $663.9M | $564.3M | ||
| Q2 24 | $562.7M | $566.2M | ||
| Q1 24 | $571.4M | $560.0M |
| Q4 25 | $2.6B | $1.1B | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $2.6B | $1.1B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | $2.5B | $1.1B | ||
| Q3 24 | $2.6B | $1.1B | ||
| Q2 24 | $2.6B | $1.1B | ||
| Q1 24 | $2.6B | $1.1B |
| Q4 25 | 2.43× | 0.75× | ||
| Q3 25 | 2.33× | 0.75× | ||
| Q2 25 | 2.22× | 0.75× | ||
| Q1 25 | 2.01× | 0.74× | ||
| Q4 24 | 1.93× | 0.74× | ||
| Q3 24 | 2.00× | 0.71× | ||
| Q2 24 | 2.52× | 0.70× | ||
| Q1 24 | 2.50× | 0.71× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $19.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 26.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $19.5M | ||
| Q3 25 | $26.3M | $8.5M | ||
| Q2 25 | $11.1M | $-3.6M | ||
| Q1 25 | $107.0K | $-1.3M | ||
| Q4 24 | $112.0M | $6.5M | ||
| Q3 24 | $27.3M | $10.1M | ||
| Q2 24 | $17.4M | $19.6M | ||
| Q1 24 | $46.5M | $5.2M |
| Q4 25 | 26.99× | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | 3.56× | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
