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Side-by-side financial comparison of Karman Holdings Inc. (KRMN) and Ranpak Holdings Corp. (PACK). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $93.7M, roughly 1.4× Ranpak Holdings Corp.). On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 2.3%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% CAGR vs 13.7%).
Karman Holdings is an American fabricator of space and defense systems based in Huntington Beach, California. The company, which is valued at approximately US$4 billion, recently underwent an initial public offering.
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...
KRMN vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.5M | $93.7M |
| Net Profit | $7.7M | — |
| Gross Margin | 39.9% | 39.0% |
| Operating Margin | 15.7% | -1.0% |
| Net Margin | 5.7% | — |
| Revenue YoY | 47.4% | 2.3% |
| Net Profit YoY | 358.3% | — |
| EPS (diluted) | $0.06 | $-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 | $134.5M | $93.7M | ||
| Q3 25 | $121.8M | $83.6M | ||
| Q2 25 | $115.1M | $77.8M | ||
| Q1 25 | $100.1M | $77.6M | ||
| Q4 24 | $91.2M | $91.6M | ||
| Q3 24 | $86.0M | $78.6M | ||
| Q2 24 | $85.0M | $72.8M | ||
| Q1 24 | $83.0M | $72.5M |
| Q4 25 | $7.7M | — | ||
| Q3 25 | $7.6M | $-10.4M | ||
| Q2 25 | $6.8M | $-7.5M | ||
| Q1 25 | $-4.8M | $-10.9M | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $4.3M | $-8.1M | ||
| Q2 24 | $4.6M | $5.5M | ||
| Q1 24 | $2.1M | $-8.1M |
| Q4 25 | 39.9% | 39.0% | ||
| Q3 25 | 41.0% | 41.1% | ||
| Q2 25 | 40.9% | 37.1% | ||
| Q1 25 | 39.4% | 39.8% | ||
| Q4 24 | 38.1% | 45.2% | ||
| Q3 24 | 39.3% | 43.8% | ||
| Q2 24 | 40.7% | 43.5% | ||
| Q1 24 | 34.9% | 44.6% |
| Q4 25 | 15.7% | -1.0% | ||
| Q3 25 | 17.9% | -6.8% | ||
| Q2 25 | 17.5% | -12.5% | ||
| Q1 25 | 10.0% | -10.3% | ||
| Q4 24 | 15.8% | 1.5% | ||
| Q3 24 | 20.2% | -5.3% | ||
| Q2 24 | 21.5% | -7.1% | ||
| Q1 24 | 16.3% | -6.6% |
| Q4 25 | 5.7% | — | ||
| Q3 25 | 6.3% | -12.4% | ||
| Q2 25 | 5.9% | -9.6% | ||
| Q1 25 | -4.8% | -14.0% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 5.0% | -10.3% | ||
| Q2 24 | 5.4% | 7.6% | ||
| Q1 24 | 2.6% | -11.2% |
| Q4 25 | $0.06 | $-0.11 | ||
| Q3 25 | $0.06 | $-0.12 | ||
| Q2 25 | $0.05 | $-0.09 | ||
| Q1 25 | $-0.04 | $-0.13 | ||
| Q4 24 | $0.01 | $-0.13 | ||
| Q3 24 | $0.03 | $-0.10 | ||
| Q2 24 | $0.03 | $0.07 | ||
| Q1 24 | $0.01 | $-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 | $34.0M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $382.7M | $534.9M |
| Total Assets | $1.1B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.0M | $63.0M | ||
| Q3 25 | $18.7M | $49.9M | ||
| Q2 25 | $27.4M | $49.2M | ||
| Q1 25 | $113.7M | $65.5M | ||
| Q4 24 | $11.5M | $76.1M | ||
| Q3 24 | — | $69.5M | ||
| Q2 24 | — | $65.1M | ||
| Q1 24 | — | $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 | $382.7M | $534.9M | ||
| Q3 25 | $369.1M | $537.8M | ||
| Q2 25 | $361.5M | $539.0M | ||
| Q1 25 | $348.9M | $544.1M | ||
| Q4 24 | $196.0M | $548.1M | ||
| Q3 24 | $194.1M | $564.3M | ||
| Q2 24 | $189.6M | $566.2M | ||
| Q1 24 | $184.8M | $560.0M |
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $968.1M | $1.1B | ||
| Q2 25 | $953.9M | $1.1B | ||
| Q1 25 | $875.4M | $1.1B | ||
| Q4 24 | $774.0M | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $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 | $8.7M | $19.5M |
| Free Cash FlowOCF − Capex | $4.0M | — |
| FCF MarginFCF / Revenue | 3.0% | — |
| Capex IntensityCapex / Revenue | 3.5% | — |
| Cash ConversionOCF / Net Profit | 1.13× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-42.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $19.5M | ||
| Q3 25 | $131.0K | $8.5M | ||
| Q2 25 | $-17.4M | $-3.6M | ||
| Q1 25 | $-13.6M | $-1.3M | ||
| Q4 24 | — | $6.5M | ||
| Q3 24 | — | $10.1M | ||
| Q2 24 | — | $19.6M | ||
| Q1 24 | $3.1M | $5.2M |
| Q4 25 | $4.0M | — | ||
| Q3 25 | $-6.8M | — | ||
| Q2 25 | $-21.0M | — | ||
| Q1 25 | $-18.6M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.5M | — |
| Q4 25 | 3.0% | — | ||
| Q3 25 | -5.6% | — | ||
| Q2 25 | -18.2% | — | ||
| Q1 25 | -18.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.8% | — |
| Q4 25 | 3.5% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.56× | ||
| Q1 24 | 1.45× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
