vs
Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $93.7M, roughly 1.4× Ranpak Holdings Corp.). On growth, BRANDYWINE REALTY TRUST posted the faster year-over-year revenue change (4.5% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 0.7%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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...
BDN vs PACK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $93.7M |
| Net Profit | $-48.8M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | 1.2% | -1.0% |
| Net Margin | -38.4% | — |
| Revenue YoY | 4.5% | 2.3% |
| Net Profit YoY | -80.4% | — |
| EPS (diluted) | $-0.28 | $-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.
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $93.7M | ||
| Q3 25 | $121.4M | $83.6M | ||
| Q2 25 | $120.6M | $77.8M | ||
| Q1 25 | $121.5M | $77.6M | ||
| Q4 24 | $121.9M | $91.6M | ||
| Q3 24 | $131.8M | $78.6M | ||
| Q2 24 | $125.3M | $72.8M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | — | ||
| Q3 25 | $-25.9M | $-10.4M | ||
| Q2 25 | $-88.7M | $-7.5M | ||
| Q1 25 | $-27.0M | $-10.9M | ||
| Q4 24 | $-44.5M | — | ||
| Q3 24 | $-165.2M | $-8.1M | ||
| Q2 24 | $30.2M | $5.5M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 39.0% | ||
| Q3 25 | 62.6% | 41.1% | ||
| Q2 25 | 62.4% | 37.1% | ||
| Q1 25 | 60.8% | 39.8% | ||
| Q4 24 | 61.2% | 45.2% | ||
| Q3 24 | 64.9% | 43.8% | ||
| Q2 24 | 63.1% | 43.5% |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | -1.0% | ||
| Q3 25 | 20.8% | -6.8% | ||
| Q2 25 | -34.3% | -12.5% | ||
| Q1 25 | 12.5% | -10.3% | ||
| Q4 24 | 18.0% | 1.5% | ||
| Q3 24 | -7.2% | -5.3% | ||
| Q2 24 | 15.5% | -7.1% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | — | ||
| Q3 25 | -21.3% | -12.4% | ||
| Q2 25 | -73.5% | -9.6% | ||
| Q1 25 | -22.2% | -14.0% | ||
| Q4 24 | -36.5% | — | ||
| Q3 24 | -125.4% | -10.3% | ||
| Q2 24 | 24.1% | 7.6% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $-0.11 | ||
| Q3 25 | $-0.15 | $-0.12 | ||
| Q2 25 | $-0.51 | $-0.09 | ||
| Q1 25 | $-0.16 | $-0.13 | ||
| Q4 24 | $-0.25 | $-0.13 | ||
| Q3 24 | $-0.96 | $-0.10 | ||
| Q2 24 | $0.17 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | — | $534.9M |
| Total Assets | $3.6B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $63.0M | ||
| Q3 25 | $75.5M | $49.9M | ||
| Q2 25 | $122.6M | $49.2M | ||
| Q1 25 | $29.4M | $65.5M | ||
| Q4 24 | $90.2M | $76.1M | ||
| Q3 24 | $36.5M | $69.5M | ||
| Q2 24 | $30.4M | $65.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $401.9M | ||
| Q3 25 | $2.3B | $403.1M | ||
| Q2 25 | $2.3B | $403.1M | ||
| Q1 25 | $2.2B | $405.2M | ||
| Q4 24 | $2.2B | $406.4M | ||
| Q3 24 | $2.3B | $403.2M | ||
| Q2 24 | $2.2B | $396.1M |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $534.9M | ||
| Q3 25 | $841.5M | $537.8M | ||
| Q2 25 | $879.8M | $539.0M | ||
| Q1 25 | $993.6M | $544.1M | ||
| Q4 24 | $1.0B | $548.1M | ||
| Q3 24 | $1.1B | $564.3M | ||
| Q2 24 | $1.3B | $566.2M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $1.1B | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $3.4B | $1.1B | ||
| Q1 25 | $3.4B | $1.1B | ||
| Q4 24 | $3.5B | $1.1B | ||
| Q3 24 | $3.6B | $1.1B | ||
| Q2 24 | $3.8B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 0.75× | ||
| Q3 25 | 2.70× | 0.75× | ||
| Q2 25 | 2.63× | 0.75× | ||
| Q1 25 | 2.23× | 0.74× | ||
| Q4 24 | 2.13× | 0.74× | ||
| Q3 24 | 2.06× | 0.71× | ||
| Q2 24 | 1.73× | 0.70× |
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 | — | $19.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $19.5M | ||
| Q3 25 | $47.5M | $8.5M | ||
| Q2 25 | $34.4M | $-3.6M | ||
| Q1 25 | $6.3M | $-1.3M | ||
| Q4 24 | $181.1M | $6.5M | ||
| Q3 24 | $52.2M | $10.1M | ||
| Q2 24 | $48.2M | $19.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | 3.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
