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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $93.7M, roughly 1.8× Ranpak Holdings Corp.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 2.2%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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...
IRT vs PACK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $93.7M |
| Net Profit | — | — |
| Gross Margin | — | 39.0% |
| Operating Margin | — | -1.0% |
| Net Margin | — | — |
| Revenue YoY | 2.5% | 2.3% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.00 | $-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.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | $93.7M | ||
| Q3 25 | $167.1M | $83.6M | ||
| Q2 25 | $162.2M | $77.8M | ||
| Q1 25 | $161.2M | $77.6M | ||
| Q4 24 | $161.0M | $91.6M | ||
| Q3 24 | $160.1M | $78.6M | ||
| Q2 24 | $158.4M | $72.8M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | — | ||
| Q3 25 | $6.9M | $-10.4M | ||
| Q2 25 | $8.0M | $-7.5M | ||
| Q1 25 | $8.4M | $-10.9M | ||
| Q4 24 | $-1.0M | — | ||
| Q3 24 | $12.4M | $-8.1M | ||
| Q2 24 | $10.4M | $5.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | -1.0% | ||
| Q3 25 | — | -6.8% | ||
| Q2 25 | — | -12.5% | ||
| Q1 25 | — | -10.3% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | -5.3% | ||
| Q2 24 | — | -7.1% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | — | ||
| Q3 25 | 4.1% | -12.4% | ||
| Q2 25 | 5.0% | -9.6% | ||
| Q1 25 | 5.2% | -14.0% | ||
| Q4 24 | -0.6% | — | ||
| Q3 24 | 7.7% | -10.3% | ||
| Q2 24 | 6.5% | 7.6% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $-0.11 | ||
| Q3 25 | $0.03 | $-0.12 | ||
| Q2 25 | $0.03 | $-0.09 | ||
| Q1 25 | $0.04 | $-0.13 | ||
| Q4 24 | $-0.01 | $-0.13 | ||
| Q3 24 | $0.05 | $-0.10 | ||
| Q2 24 | $0.05 | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $3.4B | $534.9M |
| Total Assets | $6.1B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $63.0M | ||
| Q3 25 | $23.3M | $49.9M | ||
| Q2 25 | $19.5M | $49.2M | ||
| Q1 25 | $29.1M | $65.5M | ||
| Q4 24 | $21.2M | $76.1M | ||
| Q3 24 | $17.6M | $69.5M | ||
| Q2 24 | $21.0M | $65.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $401.9M | ||
| Q3 25 | $2.3B | $403.1M | ||
| Q2 25 | $2.2B | $403.1M | ||
| Q1 25 | $2.3B | $405.2M | ||
| Q4 24 | $2.3B | $406.4M | ||
| Q3 24 | $2.3B | $403.2M | ||
| Q2 24 | $2.3B | $396.1M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $534.9M | ||
| Q3 25 | $3.5B | $537.8M | ||
| Q2 25 | $3.4B | $539.0M | ||
| Q1 25 | $3.5B | $544.1M | ||
| Q4 24 | $3.4B | $548.1M | ||
| Q3 24 | $3.4B | $564.3M | ||
| Q2 24 | $3.4B | $566.2M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $1.1B | ||
| Q3 25 | $6.1B | $1.1B | ||
| Q2 25 | $6.0B | $1.1B | ||
| Q1 25 | $6.0B | $1.1B | ||
| Q4 24 | $6.1B | $1.1B | ||
| Q3 24 | $5.9B | $1.1B | ||
| Q2 24 | $5.9B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | 0.75× | ||
| Q3 25 | 0.66× | 0.75× | ||
| Q2 25 | 0.66× | 0.75× | ||
| Q1 25 | 0.65× | 0.74× | ||
| Q4 24 | 0.68× | 0.74× | ||
| Q3 24 | 0.68× | 0.71× | ||
| Q2 24 | 0.66× | 0.70× |
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 | — | $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.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $19.5M | ||
| Q3 25 | $79.3M | $8.5M | ||
| Q2 25 | $82.2M | $-3.6M | ||
| Q1 25 | $60.4M | $-1.3M | ||
| Q4 24 | $259.8M | $6.5M | ||
| Q3 24 | $69.2M | $10.1M | ||
| Q2 24 | $83.0M | $19.6M |
| Q1 26 | — | — | ||
| Q4 25 | 8.48× | — | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | — | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | 3.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
