vs
Side-by-side financial comparison of indie Semiconductor, Inc. (INDI) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $58.0M, roughly 1.6× indie Semiconductor, Inc.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -0.0%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 5.3%).
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
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...
INDI vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $58.0M | $93.7M |
| Net Profit | $-31.2M | — |
| Gross Margin | 37.3% | 39.0% |
| Operating Margin | -58.5% | -1.0% |
| Net Margin | -53.8% | — |
| Revenue YoY | -0.0% | 2.3% |
| Net Profit YoY | 9.1% | — |
| EPS (diluted) | $-0.16 | $-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 | $58.0M | $93.7M | ||
| Q3 25 | $53.7M | $83.6M | ||
| Q2 25 | $51.6M | $77.8M | ||
| Q1 25 | $54.1M | $77.6M | ||
| Q4 24 | $58.0M | $91.6M | ||
| Q3 24 | $54.0M | $78.6M | ||
| Q2 24 | $52.4M | $72.8M | ||
| Q1 24 | $52.4M | $72.5M |
| Q4 25 | $-31.2M | — | ||
| Q3 25 | $-38.3M | $-10.4M | ||
| Q2 25 | $-39.0M | $-7.5M | ||
| Q1 25 | $-34.5M | $-10.9M | ||
| Q4 24 | $-34.4M | — | ||
| Q3 24 | $-49.7M | $-8.1M | ||
| Q2 24 | $-19.2M | $5.5M | ||
| Q1 24 | $-31.2M | $-8.1M |
| Q4 25 | 37.3% | 39.0% | ||
| Q3 25 | 40.1% | 41.1% | ||
| Q2 25 | 40.6% | 37.1% | ||
| Q1 25 | 41.7% | 39.8% | ||
| Q4 24 | 42.6% | 45.2% | ||
| Q3 24 | 39.3% | 43.8% | ||
| Q2 24 | 42.2% | 43.5% | ||
| Q1 24 | 42.5% | 44.6% |
| Q4 25 | -58.5% | -1.0% | ||
| Q3 25 | -71.4% | -6.8% | ||
| Q2 25 | -83.3% | -12.5% | ||
| Q1 25 | -72.0% | -10.3% | ||
| Q4 24 | -58.4% | 1.5% | ||
| Q3 24 | -92.5% | -5.3% | ||
| Q2 24 | -70.0% | -7.1% | ||
| Q1 24 | -94.8% | -6.6% |
| Q4 25 | -53.8% | — | ||
| Q3 25 | -71.3% | -12.4% | ||
| Q2 25 | -75.6% | -9.6% | ||
| Q1 25 | -63.9% | -14.0% | ||
| Q4 24 | -59.2% | — | ||
| Q3 24 | -92.1% | -10.3% | ||
| Q2 24 | -36.6% | 7.6% | ||
| Q1 24 | -59.6% | -11.2% |
| Q4 25 | $-0.16 | $-0.11 | ||
| Q3 25 | $-0.19 | $-0.12 | ||
| Q2 25 | $-0.20 | $-0.09 | ||
| Q1 25 | $-0.18 | $-0.13 | ||
| Q4 24 | $-0.18 | $-0.13 | ||
| Q3 24 | $-0.28 | $-0.10 | ||
| Q2 24 | $-0.11 | $0.07 | ||
| Q1 24 | $-0.19 | $-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 | $145.5M | $63.0M |
| Total DebtLower is stronger | $353.4M | $401.9M |
| Stockholders' EquityBook value | $358.0M | $534.9M |
| Total Assets | $840.8M | $1.1B |
| Debt / EquityLower = less leverage | 0.99× | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $145.5M | $63.0M | ||
| Q3 25 | $160.9M | $49.9M | ||
| Q2 25 | $192.6M | $49.2M | ||
| Q1 25 | $236.6M | $65.5M | ||
| Q4 24 | $274.2M | $76.1M | ||
| Q3 24 | $96.9M | $69.5M | ||
| Q2 24 | $112.3M | $65.1M | ||
| Q1 24 | $138.2M | $55.1M |
| Q4 25 | $353.4M | $401.9M | ||
| Q3 25 | $353.5M | $403.1M | ||
| Q2 25 | $352.5M | $403.1M | ||
| Q1 25 | $379.0M | $405.2M | ||
| Q4 24 | $381.3M | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
| Q4 25 | $358.0M | $534.9M | ||
| Q3 25 | $369.2M | $537.8M | ||
| Q2 25 | $390.4M | $539.0M | ||
| Q1 25 | $405.6M | $544.1M | ||
| Q4 24 | $417.9M | $548.1M | ||
| Q3 24 | $458.6M | $564.3M | ||
| Q2 24 | $470.7M | $566.2M | ||
| Q1 24 | $432.9M | $560.0M |
| Q4 25 | $840.8M | $1.1B | ||
| Q3 25 | $855.1M | $1.1B | ||
| Q2 25 | $867.6M | $1.1B | ||
| Q1 25 | $909.0M | $1.1B | ||
| Q4 24 | $941.4M | $1.1B | ||
| Q3 24 | $797.5M | $1.1B | ||
| Q2 24 | $797.3M | $1.1B | ||
| Q1 24 | $803.6M | $1.1B |
| Q4 25 | 0.99× | 0.75× | ||
| Q3 25 | 0.96× | 0.75× | ||
| Q2 25 | 0.90× | 0.75× | ||
| Q1 25 | 0.93× | 0.74× | ||
| Q4 24 | 0.91× | 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 | $-14.4M | $19.5M |
| Free Cash FlowOCF − Capex | $-16.1M | — |
| FCF MarginFCF / Revenue | -27.8% | — |
| Capex IntensityCapex / Revenue | 3.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-71.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.4M | $19.5M | ||
| Q3 25 | $-6.2M | $8.5M | ||
| Q2 25 | $-7.6M | $-3.6M | ||
| Q1 25 | $-29.0M | $-1.3M | ||
| Q4 24 | $-6.7M | $6.5M | ||
| Q3 24 | $-22.8M | $10.1M | ||
| Q2 24 | $-19.7M | $19.6M | ||
| Q1 24 | $-9.3M | $5.2M |
| Q4 25 | $-16.1M | — | ||
| Q3 25 | $-10.3M | — | ||
| Q2 25 | $-13.6M | — | ||
| Q1 25 | $-31.4M | — | ||
| Q4 24 | $-8.6M | — | ||
| Q3 24 | $-29.3M | — | ||
| Q2 24 | $-23.4M | — | ||
| Q1 24 | $-11.7M | — |
| Q4 25 | -27.8% | — | ||
| Q3 25 | -19.2% | — | ||
| Q2 25 | -26.4% | — | ||
| Q1 25 | -58.0% | — | ||
| Q4 24 | -14.8% | — | ||
| Q3 24 | -54.3% | — | ||
| Q2 24 | -44.7% | — | ||
| Q1 24 | -22.3% | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | 7.8% | — | ||
| Q2 25 | 11.6% | — | ||
| Q1 25 | 4.4% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 12.1% | — | ||
| Q2 24 | 7.0% | — | ||
| Q1 24 | 4.4% | — |
| 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
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
