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Side-by-side financial comparison of BLACKLINE, INC. (BL) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $93.7M, roughly 2.0× Ranpak Holdings Corp.). On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 7.9%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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...
BL vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $93.7M |
| Net Profit | $4.9M | — |
| Gross Margin | 75.2% | 39.0% |
| Operating Margin | 3.7% | -1.0% |
| Net Margin | 2.7% | — |
| Revenue YoY | 8.1% | 2.3% |
| Net Profit YoY | -91.3% | — |
| EPS (diluted) | $0.07 | $-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 | $183.2M | $93.7M | ||
| Q3 25 | $178.3M | $83.6M | ||
| Q2 25 | $172.0M | $77.8M | ||
| Q1 25 | $166.9M | $77.6M | ||
| Q4 24 | $169.5M | $91.6M | ||
| Q3 24 | $165.9M | $78.6M | ||
| Q2 24 | $160.5M | $72.8M | ||
| Q1 24 | $157.5M | $72.5M |
| Q4 25 | $4.9M | — | ||
| Q3 25 | $5.3M | $-10.4M | ||
| Q2 25 | $8.3M | $-7.5M | ||
| Q1 25 | $6.1M | $-10.9M | ||
| Q4 24 | $56.4M | — | ||
| Q3 24 | $17.2M | $-8.1M | ||
| Q2 24 | $76.7M | $5.5M | ||
| Q1 24 | $10.8M | $-8.1M |
| Q4 25 | 75.2% | 39.0% | ||
| Q3 25 | 75.1% | 41.1% | ||
| Q2 25 | 75.2% | 37.1% | ||
| Q1 25 | 75.5% | 39.8% | ||
| Q4 24 | 75.6% | 45.2% | ||
| Q3 24 | 75.2% | 43.8% | ||
| Q2 24 | 74.9% | 43.5% | ||
| Q1 24 | 75.2% | 44.6% |
| Q4 25 | 3.7% | -1.0% | ||
| Q3 25 | 4.3% | -6.8% | ||
| Q2 25 | 4.4% | -12.5% | ||
| Q1 25 | 2.1% | -10.3% | ||
| Q4 24 | 3.7% | 1.5% | ||
| Q3 24 | 5.0% | -5.3% | ||
| Q2 24 | 1.4% | -7.1% | ||
| Q1 24 | 1.1% | -6.6% |
| Q4 25 | 2.7% | — | ||
| Q3 25 | 3.0% | -12.4% | ||
| Q2 25 | 4.8% | -9.6% | ||
| Q1 25 | 3.6% | -14.0% | ||
| Q4 24 | 33.3% | — | ||
| Q3 24 | 10.4% | -10.3% | ||
| Q2 24 | 47.8% | 7.6% | ||
| Q1 24 | 6.9% | -11.2% |
| Q4 25 | $0.07 | $-0.11 | ||
| Q3 25 | $0.09 | $-0.12 | ||
| Q2 25 | $0.13 | $-0.09 | ||
| Q1 25 | $0.10 | $-0.13 | ||
| Q4 24 | $0.79 | $-0.13 | ||
| Q3 24 | $0.27 | $-0.10 | ||
| Q2 24 | $0.22 | $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 | $390.0M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $332.3M | $534.9M |
| Total Assets | $1.8B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $63.0M | ||
| Q3 25 | $419.9M | $49.9M | ||
| Q2 25 | $459.1M | $49.2M | ||
| Q1 25 | $479.5M | $65.5M | ||
| Q4 24 | $885.9M | $76.1M | ||
| Q3 24 | $725.3M | $69.5M | ||
| Q2 24 | $616.6M | $65.1M | ||
| Q1 24 | $331.4M | $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 | $332.3M | $534.9M | ||
| Q3 25 | $328.3M | $537.8M | ||
| Q2 25 | $414.0M | $539.0M | ||
| Q1 25 | $417.9M | $544.1M | ||
| Q4 24 | $446.7M | $548.1M | ||
| Q3 24 | $367.9M | $564.3M | ||
| Q2 24 | $325.8M | $566.2M | ||
| Q1 24 | $279.8M | $560.0M |
| Q4 25 | $1.8B | $1.1B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.8B | $1.1B | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.7B | $1.1B | ||
| Q2 24 | $1.9B | $1.1B | ||
| Q1 24 | $2.1B | $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 | $26.7M | $19.5M |
| Free Cash FlowOCF − Capex | $26.1M | — |
| FCF MarginFCF / Revenue | 14.2% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 5.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $19.5M | ||
| Q3 25 | $63.8M | $8.5M | ||
| Q2 25 | $32.3M | $-3.6M | ||
| Q1 25 | $46.7M | $-1.3M | ||
| Q4 24 | $43.8M | $6.5M | ||
| Q3 24 | $55.9M | $10.1M | ||
| Q2 24 | $40.7M | $19.6M | ||
| Q1 24 | $50.4M | $5.2M |
| Q4 25 | $26.1M | — | ||
| Q3 25 | $63.3M | — | ||
| Q2 25 | $31.4M | — | ||
| Q1 25 | $40.8M | — | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $55.5M | — | ||
| Q2 24 | $40.0M | — | ||
| Q1 24 | $50.1M | — |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 35.5% | — | ||
| Q2 25 | 18.2% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 25.4% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 31.8% | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | 3.56× | ||
| Q1 24 | 4.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
