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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Industrial Logistics Properties Trust is the larger business by last-quarter revenue ($113.9M vs $93.7M, roughly 1.2× Ranpak Holdings Corp.). On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 0.7%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
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...
ILPT vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $93.7M |
| Net Profit | $-1.8M | — |
| Gross Margin | — | 39.0% |
| Operating Margin | -22.1% | -1.0% |
| Net Margin | -1.6% | — |
| Revenue YoY | 3.1% | 2.3% |
| Net Profit YoY | 92.6% | — |
| EPS (diluted) | $-0.02 | $-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 | $113.9M | $93.7M | ||
| Q3 25 | $110.9M | $83.6M | ||
| Q2 25 | $112.1M | $77.8M | ||
| Q1 25 | $111.9M | $77.6M | ||
| Q4 24 | $110.5M | $91.6M | ||
| Q3 24 | $108.9M | $78.6M | ||
| Q2 24 | $110.6M | $72.8M | ||
| Q1 24 | $112.2M | $72.5M |
| Q4 25 | $-1.8M | — | ||
| Q3 25 | $-21.6M | $-10.4M | ||
| Q2 25 | $-21.3M | $-7.5M | ||
| Q1 25 | $-21.5M | $-10.9M | ||
| Q4 24 | $-24.1M | — | ||
| Q3 24 | $-25.0M | $-8.1M | ||
| Q2 24 | $-23.2M | $5.5M | ||
| Q1 24 | $-23.4M | $-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 | -22.1% | -1.0% | ||
| Q3 25 | -29.4% | -6.8% | ||
| Q2 25 | -30.8% | -12.5% | ||
| Q1 25 | -26.9% | -10.3% | ||
| Q4 24 | -31.1% | 1.5% | ||
| Q3 24 | -33.5% | -5.3% | ||
| Q2 24 | -32.4% | -7.1% | ||
| Q1 24 | -31.7% | -6.6% |
| Q4 25 | -1.6% | — | ||
| Q3 25 | -19.4% | -12.4% | ||
| Q2 25 | -19.0% | -9.6% | ||
| Q1 25 | -19.2% | -14.0% | ||
| Q4 24 | -21.8% | — | ||
| Q3 24 | -22.9% | -10.3% | ||
| Q2 24 | -20.9% | 7.6% | ||
| Q1 24 | -20.9% | -11.2% |
| Q4 25 | $-0.02 | $-0.11 | ||
| Q3 25 | $-0.33 | $-0.12 | ||
| Q2 25 | $-0.32 | $-0.09 | ||
| Q1 25 | $-0.33 | $-0.13 | ||
| Q4 24 | $-0.37 | $-0.13 | ||
| Q3 24 | $-0.38 | $-0.10 | ||
| Q2 24 | $-0.35 | $0.07 | ||
| Q1 24 | $-0.36 | $-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 | $94.8M | $63.0M |
| Total DebtLower is stronger | $4.2B | $401.9M |
| Stockholders' EquityBook value | $489.7M | $534.9M |
| Total Assets | $5.2B | $1.1B |
| Debt / EquityLower = less leverage | 8.56× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $63.0M | ||
| Q3 25 | $83.2M | $49.9M | ||
| Q2 25 | $58.6M | $49.2M | ||
| Q1 25 | $108.0M | $65.5M | ||
| Q4 24 | $131.7M | $76.1M | ||
| Q3 24 | $153.9M | $69.5M | ||
| Q2 24 | $146.2M | $65.1M | ||
| Q1 24 | $128.4M | $55.1M |
| Q4 25 | $4.2B | $401.9M | ||
| Q3 25 | $4.2B | $403.1M | ||
| Q2 25 | $4.2B | $403.1M | ||
| Q1 25 | $4.3B | $405.2M | ||
| Q4 24 | $4.3B | $406.4M | ||
| Q3 24 | $4.3B | $403.2M | ||
| Q2 24 | $4.3B | $396.1M | ||
| Q1 24 | $4.3B | $396.7M |
| Q4 25 | $489.7M | $534.9M | ||
| Q3 25 | $494.1M | $537.8M | ||
| Q2 25 | $519.1M | $539.0M | ||
| Q1 25 | $539.5M | $544.1M | ||
| Q4 24 | $562.0M | $548.1M | ||
| Q3 24 | $585.9M | $564.3M | ||
| Q2 24 | $618.3M | $566.2M | ||
| Q1 24 | $643.2M | $560.0M |
| Q4 25 | $5.2B | $1.1B | ||
| Q3 25 | $5.2B | $1.1B | ||
| Q2 25 | $5.2B | $1.1B | ||
| Q1 25 | $5.4B | $1.1B | ||
| Q4 24 | $5.4B | $1.1B | ||
| Q3 24 | $5.5B | $1.1B | ||
| Q2 24 | $5.5B | $1.1B | ||
| Q1 24 | $5.5B | $1.1B |
| Q4 25 | 8.56× | 0.75× | ||
| Q3 25 | 8.49× | 0.75× | ||
| Q2 25 | 8.09× | 0.75× | ||
| Q1 25 | 7.96× | 0.74× | ||
| Q4 24 | 7.65× | 0.74× | ||
| Q3 24 | 7.35× | 0.71× | ||
| Q2 24 | 6.96× | 0.70× | ||
| Q1 24 | 6.70× | 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 | $60.7M | $19.5M |
| Free Cash FlowOCF − Capex | $42.0M | — |
| FCF MarginFCF / Revenue | 36.9% | — |
| Capex IntensityCapex / Revenue | 16.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $19.5M | ||
| Q3 25 | $22.7M | $8.5M | ||
| Q2 25 | $18.4M | $-3.6M | ||
| Q1 25 | $11.4M | $-1.3M | ||
| Q4 24 | $2.0M | $6.5M | ||
| Q3 24 | $-3.4M | $10.1M | ||
| Q2 24 | $10.8M | $19.6M | ||
| Q1 24 | $8.0M | $5.2M |
| Q4 25 | $42.0M | — | ||
| Q3 25 | $17.6M | — | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $-3.7M | — | ||
| Q3 24 | $-5.9M | — | ||
| Q2 24 | $9.4M | — | ||
| Q1 24 | $5.9M | — |
| Q4 25 | 36.9% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | 13.5% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | -3.4% | — | ||
| Q3 24 | -5.5% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 16.4% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | — | — | ||
| 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
ILPT
Segment breakdown not available.
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
