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Side-by-side financial comparison of C3.ai, Inc. (AI) 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 $75.1M, roughly 1.2× C3.ai, Inc.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -20.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
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...
AI vs PACK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $93.7M |
| Net Profit | $-104.7M | — |
| Gross Margin | 40.4% | 39.0% |
| Operating Margin | -149.2% | -1.0% |
| Net Margin | -139.3% | — |
| Revenue YoY | -20.3% | 2.3% |
| Net Profit YoY | -58.7% | — |
| EPS (diluted) | $-0.75 | $-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 | $75.1M | $93.7M | ||
| Q3 25 | $70.3M | $83.6M | ||
| Q2 25 | $108.7M | $77.8M | ||
| Q1 25 | $98.8M | $77.6M | ||
| Q4 24 | $94.3M | $91.6M | ||
| Q3 24 | $87.2M | $78.6M | ||
| Q2 24 | $86.6M | $72.8M | ||
| Q1 24 | $78.4M | $72.5M |
| Q4 25 | $-104.7M | — | ||
| Q3 25 | $-116.8M | $-10.4M | ||
| Q2 25 | $-79.7M | $-7.5M | ||
| Q1 25 | $-80.2M | $-10.9M | ||
| Q4 24 | $-66.0M | — | ||
| Q3 24 | $-62.8M | $-8.1M | ||
| Q2 24 | $-72.9M | $5.5M | ||
| Q1 24 | $-72.6M | $-8.1M |
| Q4 25 | 40.4% | 39.0% | ||
| Q3 25 | 37.6% | 41.1% | ||
| Q2 25 | 62.1% | 37.1% | ||
| Q1 25 | 59.1% | 39.8% | ||
| Q4 24 | 61.3% | 45.2% | ||
| Q3 24 | 59.8% | 43.8% | ||
| Q2 24 | 59.6% | 43.5% | ||
| Q1 24 | 57.8% | 44.6% |
| Q4 25 | -149.2% | -1.0% | ||
| Q3 25 | -177.7% | -6.8% | ||
| Q2 25 | -81.8% | -12.5% | ||
| Q1 25 | -88.7% | -10.3% | ||
| Q4 24 | -79.8% | 1.5% | ||
| Q3 24 | -83.2% | -5.3% | ||
| Q2 24 | -95.1% | -7.1% | ||
| Q1 24 | -105.3% | -6.6% |
| Q4 25 | -139.3% | — | ||
| Q3 25 | -166.2% | -12.4% | ||
| Q2 25 | -73.3% | -9.6% | ||
| Q1 25 | -81.2% | -14.0% | ||
| Q4 24 | -69.9% | — | ||
| Q3 24 | -72.0% | -10.3% | ||
| Q2 24 | -84.2% | 7.6% | ||
| Q1 24 | -92.6% | -11.2% |
| Q4 25 | $-0.75 | $-0.11 | ||
| Q3 25 | $-0.86 | $-0.12 | ||
| Q2 25 | $-0.60 | $-0.09 | ||
| Q1 25 | $-0.62 | $-0.13 | ||
| Q4 24 | $-0.52 | $-0.13 | ||
| Q3 24 | $-0.50 | $-0.10 | ||
| Q2 24 | $-0.59 | $0.07 | ||
| Q1 24 | $-0.60 | $-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 | $675.0M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $771.9M | $534.9M |
| Total Assets | $961.3M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $63.0M | ||
| Q3 25 | $711.9M | $49.9M | ||
| Q2 25 | $742.7M | $49.2M | ||
| Q1 25 | $724.3M | $65.5M | ||
| Q4 24 | $730.4M | $76.1M | ||
| Q3 24 | $762.5M | $69.5M | ||
| Q2 24 | $750.4M | $65.1M | ||
| Q1 24 | $723.3M | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
| Q4 25 | $771.9M | $534.9M | ||
| Q3 25 | $798.8M | $537.8M | ||
| Q2 25 | $838.3M | $539.0M | ||
| Q1 25 | $860.2M | $544.1M | ||
| Q4 24 | $859.0M | $548.1M | ||
| Q3 24 | $874.9M | $564.3M | ||
| Q2 24 | $873.4M | $566.2M | ||
| Q1 24 | $898.0M | $560.0M |
| Q4 25 | $961.3M | $1.1B | ||
| Q3 25 | $968.7M | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $1.1B | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 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 | $-46.5M | $19.5M |
| Free Cash FlowOCF − Capex | $-46.9M | — |
| FCF MarginFCF / Revenue | -62.4% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $19.5M | ||
| Q3 25 | $-33.5M | $8.5M | ||
| Q2 25 | $11.3M | $-3.6M | ||
| Q1 25 | $-22.0M | $-1.3M | ||
| Q4 24 | $-38.7M | $6.5M | ||
| Q3 24 | $8.0M | $10.1M | ||
| Q2 24 | $21.3M | $19.6M | ||
| Q1 24 | $-39.1M | $5.2M |
| Q4 25 | $-46.9M | — | ||
| Q3 25 | $-34.3M | — | ||
| Q2 25 | $10.3M | — | ||
| Q1 25 | $-22.4M | — | ||
| Q4 24 | $-39.5M | — | ||
| Q3 24 | $7.1M | — | ||
| Q2 24 | $18.8M | — | ||
| Q1 24 | $-45.1M | — |
| Q4 25 | -62.4% | — | ||
| Q3 25 | -48.8% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | -22.7% | — | ||
| Q4 24 | -41.9% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | -57.6% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 7.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
