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Side-by-side financial comparison of Flywire Corp (FLYW) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Flywire Corp is the larger business by last-quarter revenue ($157.5M vs $93.7M, roughly 1.7× Ranpak Holdings Corp.). On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs 2.3%). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs 13.7%).
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers 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...
FLYW vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.5M | $93.7M |
| Net Profit | $33.0K | — |
| Gross Margin | — | 39.0% |
| Operating Margin | -0.6% | -1.0% |
| Net Margin | 0.0% | — |
| Revenue YoY | 34.0% | 2.3% |
| Net Profit YoY | 100.2% | — |
| EPS (diluted) | $0.01 | $-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 | $157.5M | $93.7M | ||
| Q3 25 | $200.1M | $83.6M | ||
| Q2 25 | $131.9M | $77.8M | ||
| Q1 25 | $133.5M | $77.6M | ||
| Q4 24 | $117.5M | $91.6M | ||
| Q3 24 | $156.8M | $78.6M | ||
| Q2 24 | $103.7M | $72.8M | ||
| Q1 24 | $114.1M | $72.5M |
| Q4 25 | $33.0K | — | ||
| Q3 25 | $29.6M | $-10.4M | ||
| Q2 25 | $-12.0M | $-7.5M | ||
| Q1 25 | $-4.2M | $-10.9M | ||
| Q4 24 | $-15.9M | — | ||
| Q3 24 | $38.9M | $-8.1M | ||
| Q2 24 | $-13.9M | $5.5M | ||
| Q1 24 | $-6.2M | $-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 | -0.6% | -1.0% | ||
| Q3 25 | 16.1% | -6.8% | ||
| Q2 25 | -6.8% | -12.5% | ||
| Q1 25 | -8.2% | -10.3% | ||
| Q4 24 | -4.9% | 1.5% | ||
| Q3 24 | 12.9% | -5.3% | ||
| Q2 24 | -15.2% | -7.1% | ||
| Q1 24 | -5.2% | -6.6% |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 14.8% | -12.4% | ||
| Q2 25 | -9.1% | -9.6% | ||
| Q1 25 | -3.1% | -14.0% | ||
| Q4 24 | -13.5% | — | ||
| Q3 24 | 24.8% | -10.3% | ||
| Q2 24 | -13.4% | 7.6% | ||
| Q1 24 | -5.4% | -11.2% |
| Q4 25 | $0.01 | $-0.11 | ||
| Q3 25 | $0.23 | $-0.12 | ||
| Q2 25 | $-0.10 | $-0.09 | ||
| Q1 25 | $-0.03 | $-0.13 | ||
| Q4 24 | $-0.12 | $-0.13 | ||
| Q3 24 | $0.30 | $-0.10 | ||
| Q2 24 | $-0.11 | $0.07 | ||
| Q1 24 | $-0.05 | $-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 | $355.0M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $835.2M | $534.9M |
| Total Assets | $1.3B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $355.0M | $63.0M | ||
| Q3 25 | $377.3M | $49.9M | ||
| Q2 25 | $274.2M | $49.2M | ||
| Q1 25 | $255.3M | $65.5M | ||
| Q4 24 | $611.1M | $76.1M | ||
| Q3 24 | $681.1M | $69.5M | ||
| Q2 24 | $571.0M | $65.1M | ||
| Q1 24 | $619.0M | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | $15.0M | $403.1M | ||
| Q2 25 | $60.0M | $403.1M | ||
| Q1 25 | $60.0M | $405.2M | ||
| Q4 24 | $0 | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
| Q4 25 | $835.2M | $534.9M | ||
| Q3 25 | $829.1M | $537.8M | ||
| Q2 25 | $792.4M | $539.0M | ||
| Q1 25 | $784.3M | $544.1M | ||
| Q4 24 | $814.8M | $548.1M | ||
| Q3 24 | $843.2M | $564.3M | ||
| Q2 24 | $802.6M | $566.2M | ||
| Q1 24 | $-797.0M | $560.0M |
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $998.7M | $1.1B | ||
| Q1 24 | $998.7M | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | 0.02× | 0.75× | ||
| Q2 25 | 0.08× | 0.75× | ||
| Q1 25 | 0.08× | 0.74× | ||
| Q4 24 | 0.00× | 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 | $4.9M | $19.5M |
| Free Cash FlowOCF − Capex | $4.5M | — |
| FCF MarginFCF / Revenue | 2.9% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 148.06× | — |
| TTM Free Cash FlowTrailing 4 quarters | $98.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.9M | $19.5M | ||
| Q3 25 | $150.1M | $8.5M | ||
| Q2 25 | $24.1M | $-3.6M | ||
| Q1 25 | $-78.9M | $-1.3M | ||
| Q4 24 | $-28.6M | $6.5M | ||
| Q3 24 | $184.6M | $10.1M | ||
| Q2 24 | $-19.3M | $19.6M | ||
| Q1 24 | $-38.1M | $5.2M |
| Q4 25 | $4.5M | — | ||
| Q3 25 | $149.9M | — | ||
| Q2 25 | $23.5M | — | ||
| Q1 25 | $-79.1M | — | ||
| Q4 24 | $-28.7M | — | ||
| Q3 24 | $184.4M | — | ||
| Q2 24 | $-19.7M | — | ||
| Q1 24 | $-38.3M | — |
| Q4 25 | 2.9% | — | ||
| Q3 25 | 74.9% | — | ||
| Q2 25 | 17.8% | — | ||
| Q1 25 | -59.3% | — | ||
| Q4 24 | -24.4% | — | ||
| Q3 24 | 117.6% | — | ||
| Q2 24 | -19.0% | — | ||
| Q1 24 | -33.6% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | 148.06× | — | ||
| Q3 25 | 5.07× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.75× | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
