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Side-by-side financial comparison of Global Net Lease, Inc. (GNL) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Global Net Lease, Inc. is the larger business by last-quarter revenue ($117.0M vs $93.7M, roughly 1.2× Ranpak Holdings Corp.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -15.1%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -11.1%).
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
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...
GNL vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $117.0M | $93.7M |
| Net Profit | $48.2M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | 94.7% | -1.0% |
| Net Margin | 41.2% | — |
| Revenue YoY | -15.1% | 2.3% |
| Net Profit YoY | 838.7% | — |
| EPS (diluted) | $0.14 | $-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 | $117.0M | $93.7M | ||
| Q3 25 | $121.0M | $83.6M | ||
| Q2 25 | $124.9M | $77.8M | ||
| Q1 25 | $132.4M | $77.6M | ||
| Q4 24 | $137.8M | $91.6M | ||
| Q3 24 | $138.7M | $78.6M | ||
| Q2 24 | $145.5M | $72.8M | ||
| Q1 24 | $147.9M | $72.5M |
| Q4 25 | $48.2M | — | ||
| Q3 25 | $-60.1M | $-10.4M | ||
| Q2 25 | $-24.1M | $-7.5M | ||
| Q1 25 | $-189.4M | $-10.9M | ||
| Q4 24 | $-6.5M | — | ||
| Q3 24 | $-65.6M | $-8.1M | ||
| Q2 24 | $-35.7M | $5.5M | ||
| Q1 24 | $-23.8M | $-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 | 94.7% | -1.0% | ||
| Q3 25 | -11.7% | -6.8% | ||
| Q2 25 | 33.9% | -12.5% | ||
| Q1 25 | -21.1% | -10.3% | ||
| Q4 24 | 40.8% | 1.5% | ||
| Q3 24 | 9.3% | -5.3% | ||
| Q2 24 | 42.6% | -7.1% | ||
| Q1 24 | 38.6% | -6.6% |
| Q4 25 | 41.2% | — | ||
| Q3 25 | -49.7% | -12.4% | ||
| Q2 25 | -19.3% | -9.6% | ||
| Q1 25 | -143.0% | -14.0% | ||
| Q4 24 | -4.7% | — | ||
| Q3 24 | -47.3% | -10.3% | ||
| Q2 24 | -24.5% | 7.6% | ||
| Q1 24 | -16.1% | -11.2% |
| Q4 25 | $0.14 | $-0.11 | ||
| Q3 25 | $-0.32 | $-0.12 | ||
| Q2 25 | $-0.16 | $-0.09 | ||
| Q1 25 | $-0.87 | $-0.13 | ||
| Q4 24 | $-0.08 | $-0.13 | ||
| Q3 24 | $-0.33 | $-0.10 | ||
| Q2 24 | $-0.20 | $0.07 | ||
| Q1 24 | $-0.15 | $-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 | $180.1M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $1.7B | $534.9M |
| Total Assets | $4.3B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $180.1M | $63.0M | ||
| Q3 25 | $165.1M | $49.9M | ||
| Q2 25 | $144.8M | $49.2M | ||
| Q1 25 | $147.0M | $65.5M | ||
| Q4 24 | $159.7M | $76.1M | ||
| Q3 24 | $127.2M | $69.5M | ||
| Q2 24 | $122.2M | $65.1M | ||
| Q1 24 | $131.9M | $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 | $1.7B | $534.9M | ||
| Q3 25 | $1.7B | $537.8M | ||
| Q2 25 | $1.8B | $539.0M | ||
| Q1 25 | $1.9B | $544.1M | ||
| Q4 24 | $2.2B | $548.1M | ||
| Q3 24 | $2.3B | $564.3M | ||
| Q2 24 | $2.4B | $566.2M | ||
| Q1 24 | $2.5B | $560.0M |
| Q4 25 | $4.3B | $1.1B | ||
| Q3 25 | $4.8B | $1.1B | ||
| Q2 25 | $5.0B | $1.1B | ||
| Q1 25 | $5.8B | $1.1B | ||
| Q4 24 | $7.0B | $1.1B | ||
| Q3 24 | $7.3B | $1.1B | ||
| Q2 24 | $7.6B | $1.1B | ||
| Q1 24 | $8.0B | $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 | $222.8M | $19.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $222.8M | $19.5M | ||
| Q3 25 | $56.0M | $8.5M | ||
| Q2 25 | $52.0M | $-3.6M | ||
| Q1 25 | $59.2M | $-1.3M | ||
| Q4 24 | $299.5M | $6.5M | ||
| Q3 24 | $62.1M | $10.1M | ||
| Q2 24 | $70.4M | $19.6M | ||
| Q1 24 | $92.2M | $5.2M |
| Q4 25 | 4.62× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
