vs
Side-by-side financial comparison of Air Products (APD) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Air Products is the larger business by last-quarter revenue ($3.1B vs $93.7M, roughly 33.1× Ranpak Holdings Corp.). On growth, Air Products posted the faster year-over-year revenue change (5.8% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 2.9%).
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and services worldwide. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, syngas; specialty gases; and equipment for the production or processing of gases comprising air separation units and non-cryogenic generators for customers in various industries, including refining, chemical, gasificati...
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...
APD vs PACK — Head-to-Head
Income Statement — Q1 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.1B | $93.7M |
| Net Profit | $678.2M | — |
| Gross Margin | 32.1% | 39.0% |
| Operating Margin | 23.7% | -1.0% |
| Net Margin | 21.9% | — |
| Revenue YoY | 5.8% | 2.3% |
| Net Profit YoY | 9.8% | — |
| EPS (diluted) | $3.04 | $-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 | $3.1B | $93.7M | ||
| Q3 25 | $3.2B | $83.6M | ||
| Q2 25 | $3.0B | $77.8M | ||
| Q1 25 | $2.9B | $77.6M | ||
| Q4 24 | $2.9B | $91.6M | ||
| Q3 24 | $3.2B | $78.6M | ||
| Q2 24 | $3.0B | $72.8M | ||
| Q1 24 | $2.9B | $72.5M |
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | $-10.4M | ||
| Q2 25 | $713.8M | $-7.5M | ||
| Q1 25 | $-1.7B | $-10.9M | ||
| Q4 24 | $617.4M | — | ||
| Q3 24 | $1.9B | $-8.1M | ||
| Q2 24 | $696.6M | $5.5M | ||
| Q1 24 | $572.4M | $-8.1M |
| Q4 25 | 32.1% | 39.0% | ||
| Q3 25 | 32.3% | 41.1% | ||
| Q2 25 | 32.5% | 37.1% | ||
| Q1 25 | 29.6% | 39.8% | ||
| Q4 24 | 31.2% | 45.2% | ||
| Q3 24 | 34.0% | 43.8% | ||
| Q2 24 | 32.8% | 43.5% | ||
| Q1 24 | 32.0% | 44.6% |
| Q4 25 | 23.7% | -1.0% | ||
| Q3 25 | 0.5% | -6.8% | ||
| Q2 25 | 26.2% | -12.5% | ||
| Q1 25 | -79.8% | -10.3% | ||
| Q4 24 | 22.0% | 1.5% | ||
| Q3 24 | 76.1% | -5.3% | ||
| Q2 24 | 24.7% | -7.1% | ||
| Q1 24 | 21.7% | -6.6% |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | -12.4% | ||
| Q2 25 | 23.6% | -9.6% | ||
| Q1 25 | -59.3% | -14.0% | ||
| Q4 24 | 21.1% | — | ||
| Q3 24 | 61.2% | -10.3% | ||
| Q2 24 | 23.3% | 7.6% | ||
| Q1 24 | 19.5% | -11.2% |
| Q4 25 | $3.04 | $-0.11 | ||
| Q3 25 | $0.03 | $-0.12 | ||
| Q2 25 | $3.20 | $-0.09 | ||
| Q1 25 | $-7.77 | $-0.13 | ||
| Q4 24 | $2.77 | $-0.13 | ||
| Q3 24 | $8.75 | $-0.10 | ||
| Q2 24 | $3.13 | $0.07 | ||
| Q1 24 | $2.57 | $-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 | $1.0B | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $15.4B | $534.9M |
| Total Assets | $41.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $63.0M | ||
| Q3 25 | $1.9B | $49.9M | ||
| Q2 25 | $2.3B | $49.2M | ||
| Q1 25 | $1.6B | $65.5M | ||
| Q4 24 | $2.0B | $76.1M | ||
| Q3 24 | $3.0B | $69.5M | ||
| Q2 24 | $2.4B | $65.1M | ||
| Q1 24 | $2.6B | $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 | $15.4B | $534.9M | ||
| Q3 25 | $15.0B | $537.8M | ||
| Q2 25 | $15.5B | $539.0M | ||
| Q1 25 | $14.7B | $544.1M | ||
| Q4 24 | $16.7B | $548.1M | ||
| Q3 24 | $17.0B | $564.3M | ||
| Q2 24 | $15.1B | $566.2M | ||
| Q1 24 | $14.9B | $560.0M |
| Q4 25 | $41.2B | $1.1B | ||
| Q3 25 | $41.1B | $1.1B | ||
| Q2 25 | $41.7B | $1.1B | ||
| Q1 25 | $38.9B | $1.1B | ||
| Q4 24 | $40.0B | $1.1B | ||
| Q3 24 | $39.6B | $1.1B | ||
| Q2 24 | $37.0B | $1.1B | ||
| Q1 24 | $35.9B | $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 | $900.7M | $19.5M |
| Free Cash FlowOCF − Capex | $-350.5M | — |
| FCF MarginFCF / Revenue | -11.3% | — |
| Capex IntensityCapex / Revenue | 40.3% | — |
| Cash ConversionOCF / Net Profit | 1.33× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $900.7M | $19.5M | ||
| Q3 25 | — | $8.5M | ||
| Q2 25 | $855.8M | $-3.6M | ||
| Q1 25 | $328.1M | $-1.3M | ||
| Q4 24 | $811.7M | $6.5M | ||
| Q3 24 | — | $10.1M | ||
| Q2 24 | $1.3B | $19.6M | ||
| Q1 24 | $801.7M | $5.2M |
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | 3.56× | ||
| Q1 24 | 1.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
PACK
Segment breakdown not available.
