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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $93.7M, roughly 1.2× Ranpak Holdings Corp.). On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
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...
HASI vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $93.7M |
| Net Profit | $-53.8M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | -57.4% | -1.0% |
| Net Margin | -46.8% | — |
| Revenue YoY | 13.3% | 2.3% |
| Net Profit YoY | -176.7% | — |
| EPS (diluted) | $-0.38 | $-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 | $114.8M | $93.7M | ||
| Q3 25 | $103.1M | $83.6M | ||
| Q2 25 | $85.7M | $77.8M | ||
| Q1 25 | $96.9M | $77.6M | ||
| Q4 24 | $101.3M | $91.6M | ||
| Q3 24 | $82.0M | $78.6M | ||
| Q2 24 | $94.5M | $72.8M | ||
| Q1 24 | $105.8M | $72.5M |
| Q4 25 | $-53.8M | — | ||
| Q3 25 | $83.3M | $-10.4M | ||
| Q2 25 | $98.4M | $-7.5M | ||
| Q1 25 | $56.6M | $-10.9M | ||
| Q4 24 | $70.1M | — | ||
| Q3 24 | $-19.6M | $-8.1M | ||
| Q2 24 | $26.5M | $5.5M | ||
| Q1 24 | $123.0M | $-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 | -57.4% | -1.0% | ||
| Q3 25 | — | -6.8% | ||
| Q2 25 | — | -12.5% | ||
| Q1 25 | 84.7% | -10.3% | ||
| Q4 24 | 90.9% | 1.5% | ||
| Q3 24 | -32.1% | -5.3% | ||
| Q2 24 | 39.5% | -7.1% | ||
| Q1 24 | — | -6.6% |
| Q4 25 | -46.8% | — | ||
| Q3 25 | 80.8% | -12.4% | ||
| Q2 25 | 114.9% | -9.6% | ||
| Q1 25 | 58.4% | -14.0% | ||
| Q4 24 | 69.2% | — | ||
| Q3 24 | -23.9% | -10.3% | ||
| Q2 24 | 28.1% | 7.6% | ||
| Q1 24 | 116.3% | -11.2% |
| Q4 25 | $-0.38 | $-0.11 | ||
| Q3 25 | $0.61 | $-0.12 | ||
| Q2 25 | $0.74 | $-0.09 | ||
| Q1 25 | $0.44 | $-0.13 | ||
| Q4 24 | $0.58 | $-0.13 | ||
| Q3 24 | $-0.17 | $-0.10 | ||
| Q2 24 | $0.23 | $0.07 | ||
| Q1 24 | $0.98 | $-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 | $110.2M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $2.7B | $534.9M |
| Total Assets | $8.2B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $63.0M | ||
| Q3 25 | $301.8M | $49.9M | ||
| Q2 25 | $86.5M | $49.2M | ||
| Q1 25 | $67.4M | $65.5M | ||
| Q4 24 | $129.8M | $76.1M | ||
| Q3 24 | $44.1M | $69.5M | ||
| Q2 24 | $145.7M | $65.1M | ||
| Q1 24 | $61.4M | $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 | $2.7B | $534.9M | ||
| Q3 25 | $2.7B | $537.8M | ||
| Q2 25 | $2.6B | $539.0M | ||
| Q1 25 | $2.5B | $544.1M | ||
| Q4 24 | $2.4B | $548.1M | ||
| Q3 24 | $2.3B | $564.3M | ||
| Q2 24 | $2.3B | $566.2M | ||
| Q1 24 | $2.3B | $560.0M |
| Q4 25 | $8.2B | $1.1B | ||
| Q3 25 | $8.2B | $1.1B | ||
| Q2 25 | $7.6B | $1.1B | ||
| Q1 25 | $7.5B | $1.1B | ||
| Q4 24 | $7.1B | $1.1B | ||
| Q3 24 | $6.7B | $1.1B | ||
| Q2 24 | $6.7B | $1.1B | ||
| Q1 24 | $6.7B | $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 | $167.3M | $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.
| Q4 25 | $167.3M | $19.5M | ||
| Q3 25 | $-121.8M | $8.5M | ||
| Q2 25 | $79.6M | $-3.6M | ||
| Q1 25 | $-37.1M | $-1.3M | ||
| Q4 24 | $5.9M | $6.5M | ||
| Q3 24 | $21.9M | $10.1M | ||
| Q2 24 | $-24.8M | $19.6M | ||
| Q1 24 | $20.9M | $5.2M |
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | 3.56× | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
