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Side-by-side financial comparison of OneSpan Inc. (OSPN) 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 $65.9M, roughly 1.4× OneSpan Inc.). On growth, OneSpan Inc. posted the faster year-over-year revenue change (4.1% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 4.0%).
OneSpan Inc. is an information security company based in Boston, Massachusetts. Services include an internet fraud prevention platform, multi-factor authentication tools and electronic signature software.
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...
OSPN vs PACK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $65.9M | $93.7M |
| Net Profit | $11.6M | — |
| Gross Margin | 73.6% | 39.0% |
| Operating Margin | 22.5% | -1.0% |
| Net Margin | 17.5% | — |
| Revenue YoY | 4.1% | 2.3% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.39 | $-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 | $65.9M | — | ||
| Q4 25 | $62.9M | $93.7M | ||
| Q3 25 | $57.1M | $83.6M | ||
| Q2 25 | $59.8M | $77.8M | ||
| Q1 25 | $63.4M | $77.6M | ||
| Q4 24 | $61.2M | $91.6M | ||
| Q3 24 | $56.2M | $78.6M | ||
| Q2 24 | $60.9M | $72.8M |
| Q1 26 | $11.6M | — | ||
| Q4 25 | $43.5M | — | ||
| Q3 25 | $6.5M | $-10.4M | ||
| Q2 25 | $8.3M | $-7.5M | ||
| Q1 25 | $14.5M | $-10.9M | ||
| Q4 24 | $28.8M | — | ||
| Q3 24 | $8.3M | $-8.1M | ||
| Q2 24 | $6.6M | $5.5M |
| Q1 26 | 73.6% | — | ||
| Q4 25 | 73.6% | 39.0% | ||
| Q3 25 | 73.6% | 41.1% | ||
| Q2 25 | 73.5% | 37.1% | ||
| Q1 25 | 74.3% | 39.8% | ||
| Q4 24 | 74.0% | 45.2% | ||
| Q3 24 | 73.9% | 43.8% | ||
| Q2 24 | 66.2% | 43.5% |
| Q1 26 | 22.5% | — | ||
| Q4 25 | 19.9% | -1.0% | ||
| Q3 25 | 14.4% | -6.8% | ||
| Q2 25 | 17.6% | -12.5% | ||
| Q1 25 | 27.1% | -10.3% | ||
| Q4 24 | 19.3% | 1.5% | ||
| Q3 24 | 20.0% | -5.3% | ||
| Q2 24 | 12.5% | -7.1% |
| Q1 26 | 17.5% | — | ||
| Q4 25 | 69.2% | — | ||
| Q3 25 | 11.4% | -12.4% | ||
| Q2 25 | 13.9% | -9.6% | ||
| Q1 25 | 22.9% | -14.0% | ||
| Q4 24 | 47.1% | — | ||
| Q3 24 | 14.7% | -10.3% | ||
| Q2 24 | 10.8% | 7.6% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $1.13 | $-0.11 | ||
| Q3 25 | $0.17 | $-0.12 | ||
| Q2 25 | $0.21 | $-0.09 | ||
| Q1 25 | $0.37 | $-0.13 | ||
| Q4 24 | $0.73 | $-0.13 | ||
| Q3 24 | $0.21 | $-0.10 | ||
| Q2 24 | $0.17 | $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 | $49.8M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $272.0M | $534.9M |
| Total Assets | $383.1M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $49.8M | — | ||
| Q4 25 | $70.5M | $63.0M | ||
| Q3 25 | $85.6M | $49.9M | ||
| Q2 25 | $92.9M | $49.2M | ||
| Q1 25 | $105.2M | $65.5M | ||
| Q4 24 | $83.2M | $76.1M | ||
| Q3 24 | $77.5M | $69.5M | ||
| Q2 24 | $63.8M | $65.1M |
| Q1 26 | — | — | ||
| 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 26 | $272.0M | — | ||
| Q4 25 | $271.8M | $534.9M | ||
| Q3 25 | $238.3M | $537.8M | ||
| Q2 25 | $242.5M | $539.0M | ||
| Q1 25 | $231.1M | $544.1M | ||
| Q4 24 | $212.5M | $548.1M | ||
| Q3 24 | $194.6M | $564.3M | ||
| Q2 24 | $178.6M | $566.2M |
| Q1 26 | $383.1M | — | ||
| Q4 25 | $397.7M | $1.1B | ||
| Q3 25 | $343.5M | $1.1B | ||
| Q2 25 | $357.1M | $1.1B | ||
| Q1 25 | $333.8M | $1.1B | ||
| Q4 24 | $338.7M | $1.1B | ||
| Q3 24 | $289.3M | $1.1B | ||
| Q2 24 | $286.9M | $1.1B |
| Q1 26 | — | — | ||
| 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× |
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 | $28.2M | $19.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 2.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.2M | — | ||
| Q4 25 | $12.6M | $19.5M | ||
| Q3 25 | $11.3M | $8.5M | ||
| Q2 25 | $6.2M | $-3.6M | ||
| Q1 25 | $29.4M | $-1.3M | ||
| Q4 24 | $12.4M | $6.5M | ||
| Q3 24 | $14.0M | $10.1M | ||
| Q2 24 | $2.3M | $19.6M |
| Q1 26 | — | — | ||
| Q4 25 | $9.6M | — | ||
| Q3 25 | $8.8M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $27.7M | — | ||
| Q4 24 | $10.5M | — | ||
| Q3 24 | $12.0M | — | ||
| Q2 24 | $26.0K | — |
| Q1 26 | — | — | ||
| Q4 25 | 15.3% | — | ||
| Q3 25 | 15.4% | — | ||
| Q2 25 | 7.3% | — | ||
| Q1 25 | 43.8% | — | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | 21.4% | — | ||
| Q2 24 | 0.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | — | ||
| Q3 25 | 4.4% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | 3.7% | — |
| Q1 26 | 2.44× | — | ||
| Q4 25 | 0.29× | — | ||
| Q3 25 | 1.74× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 0.35× | 3.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
