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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $93.7M, roughly 1.4× Ranpak Holdings Corp.). On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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...
EEX vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $93.7M |
| Net Profit | $-30.2M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | -11.8% | -1.0% |
| Net Margin | -22.8% | — |
| Revenue YoY | 24.3% | 2.3% |
| Net Profit YoY | -692.2% | — |
| EPS (diluted) | $-0.15 | $-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 | $132.7M | $93.7M | ||
| Q3 25 | $77.5M | $83.6M | ||
| Q2 25 | $105.5M | $77.8M | ||
| Q1 25 | $147.7M | $77.6M | ||
| Q4 24 | $106.8M | $91.6M | ||
| Q3 24 | $72.6M | $78.6M | ||
| Q2 24 | $86.0M | $72.8M | ||
| Q1 24 | $133.4M | $72.5M |
| Q4 25 | $-30.2M | — | ||
| Q3 25 | $-14.4M | $-10.4M | ||
| Q2 25 | $-1.4M | $-7.5M | ||
| Q1 25 | $15.3M | $-10.9M | ||
| Q4 24 | $5.1M | — | ||
| Q3 24 | $-11.1M | $-8.1M | ||
| Q2 24 | $-2.8M | $5.5M | ||
| Q1 24 | $11.0M | $-8.1M |
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 41.1% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 45.2% | ||
| Q3 24 | — | 43.8% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 44.6% |
| Q4 25 | -11.8% | -1.0% | ||
| Q3 25 | -10.1% | -6.8% | ||
| Q2 25 | 9.7% | -12.5% | ||
| Q1 25 | 24.2% | -10.3% | ||
| Q4 24 | 19.5% | 1.5% | ||
| Q3 24 | -6.5% | -5.3% | ||
| Q2 24 | 7.4% | -7.1% | ||
| Q1 24 | 18.2% | -6.6% |
| Q4 25 | -22.8% | — | ||
| Q3 25 | -18.6% | -12.4% | ||
| Q2 25 | -1.3% | -9.6% | ||
| Q1 25 | 10.4% | -14.0% | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | -15.3% | -10.3% | ||
| Q2 24 | -3.3% | 7.6% | ||
| Q1 24 | 8.2% | -11.2% |
| Q4 25 | $-0.15 | $-0.11 | ||
| Q3 25 | $-0.07 | $-0.12 | ||
| Q2 25 | $-0.01 | $-0.09 | ||
| Q1 25 | $0.08 | $-0.13 | ||
| Q4 24 | $0.01 | $-0.13 | ||
| Q3 24 | $-0.05 | $-0.10 | ||
| Q2 24 | $-0.03 | $0.07 | ||
| Q1 24 | $0.00 | $-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 | $100.9M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $338.8M | $534.9M |
| Total Assets | $1.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $63.0M | ||
| Q3 25 | $95.4M | $49.9M | ||
| Q2 25 | $156.4M | $49.2M | ||
| Q1 25 | $276.8M | $65.5M | ||
| Q4 24 | $194.8M | $76.1M | ||
| Q3 24 | $188.9M | $69.5M | ||
| Q2 24 | $193.2M | $65.1M | ||
| Q1 24 | $186.8M | $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 | $338.8M | $534.9M | ||
| Q3 25 | $369.5M | $537.8M | ||
| Q2 25 | $389.4M | $539.0M | ||
| Q1 25 | $392.1M | $544.1M | ||
| Q4 24 | $385.9M | $548.1M | ||
| Q3 24 | $391.1M | $564.3M | ||
| Q2 24 | $407.6M | $566.2M | ||
| Q1 24 | $-90.7M | $560.0M |
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | $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 | $12.3M | $19.5M |
| Free Cash FlowOCF − Capex | $11.7M | — |
| FCF MarginFCF / Revenue | 8.8% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $19.5M | ||
| Q3 25 | $1.8M | $8.5M | ||
| Q2 25 | $15.9M | $-3.6M | ||
| Q1 25 | $12.6M | $-1.3M | ||
| Q4 24 | $20.6M | $6.5M | ||
| Q3 24 | $9.1M | $10.1M | ||
| Q2 24 | $9.8M | $19.6M | ||
| Q1 24 | $7.3M | $5.2M |
| Q4 25 | $11.7M | — | ||
| Q3 25 | $1.5M | — | ||
| Q2 25 | $15.8M | — | ||
| Q1 25 | $12.4M | — | ||
| Q4 24 | $19.9M | — | ||
| Q3 24 | $9.0M | — | ||
| Q2 24 | $9.6M | — | ||
| Q1 24 | $7.0M | — |
| Q4 25 | 8.8% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 8.4% | — | ||
| Q4 24 | 18.6% | — | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.7% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 24 | 0.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
