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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $93.7M, roughly 2.0× Ranpak Holdings Corp.). On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 2.3%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 13.7%).
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...
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
PACK vs PANL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $183.9M |
| Net Profit | — | $11.9M |
| Gross Margin | 39.0% | — |
| Operating Margin | -1.0% | 9.5% |
| Net Margin | — | 6.5% |
| Revenue YoY | 2.3% | 24.9% |
| Net Profit YoY | — | 40.9% |
| EPS (diluted) | $-0.11 | $0.18 |
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 | $93.7M | $183.9M | ||
| Q3 25 | $83.6M | $168.7M | ||
| Q2 25 | $77.8M | $156.7M | ||
| Q1 25 | $77.6M | $122.8M | ||
| Q4 24 | $91.6M | $147.2M | ||
| Q3 24 | $78.6M | $153.1M | ||
| Q2 24 | $72.8M | $131.5M | ||
| Q1 24 | $72.5M | $104.7M |
| Q4 25 | — | $11.9M | ||
| Q3 25 | $-10.4M | $12.2M | ||
| Q2 25 | $-7.5M | $-2.7M | ||
| Q1 25 | $-10.9M | $-2.0M | ||
| Q4 24 | — | $8.4M | ||
| Q3 24 | $-8.1M | $5.1M | ||
| Q2 24 | $5.5M | $3.7M | ||
| Q1 24 | $-8.1M | $11.7M |
| 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 | -1.0% | 9.5% | ||
| Q3 25 | -6.8% | 10.0% | ||
| Q2 25 | -12.5% | 2.3% | ||
| Q1 25 | -10.3% | 2.4% | ||
| Q4 24 | 1.5% | 10.1% | ||
| Q3 24 | -5.3% | 9.8% | ||
| Q2 24 | -7.1% | 5.8% | ||
| Q1 24 | -6.6% | 10.5% |
| Q4 25 | — | 6.5% | ||
| Q3 25 | -12.4% | 7.2% | ||
| Q2 25 | -9.6% | -1.8% | ||
| Q1 25 | -14.0% | -1.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | -10.3% | 3.3% | ||
| Q2 24 | 7.6% | 2.8% | ||
| Q1 24 | -11.2% | 11.1% |
| Q4 25 | $-0.11 | $0.18 | ||
| Q3 25 | $-0.12 | $0.19 | ||
| Q2 25 | $-0.09 | $-0.04 | ||
| Q1 25 | $-0.13 | $-0.03 | ||
| Q4 24 | $-0.13 | $0.19 | ||
| Q3 24 | $-0.10 | $0.11 | ||
| Q2 24 | $0.07 | $0.08 | ||
| Q1 24 | $-0.10 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $63.0M | $103.1M |
| Total DebtLower is stronger | $401.9M | $249.6M |
| Stockholders' EquityBook value | $534.9M | $429.3M |
| Total Assets | $1.1B | $928.1M |
| Debt / EquityLower = less leverage | 0.75× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $103.1M | ||
| Q3 25 | $49.9M | $94.0M | ||
| Q2 25 | $49.2M | $59.3M | ||
| Q1 25 | $65.5M | $63.9M | ||
| Q4 24 | $76.1M | $86.8M | ||
| Q3 24 | $69.5M | $93.1M | ||
| Q2 24 | $65.1M | $77.9M | ||
| Q1 24 | $55.1M | $95.9M |
| Q4 25 | $401.9M | $249.6M | ||
| Q3 25 | $403.1M | $256.2M | ||
| Q2 25 | $403.1M | $244.7M | ||
| Q1 25 | $405.2M | $251.0M | ||
| Q4 24 | $406.4M | $257.2M | ||
| Q3 24 | $403.2M | $133.6M | ||
| Q2 24 | $396.1M | $90.5M | ||
| Q1 24 | $396.7M | $95.9M |
| Q4 25 | $534.9M | $429.3M | ||
| Q3 25 | $537.8M | $420.3M | ||
| Q2 25 | $539.0M | $414.4M | ||
| Q1 25 | $544.1M | $420.8M | ||
| Q4 24 | $548.1M | $427.8M | ||
| Q3 24 | $564.3M | $332.6M | ||
| Q2 24 | $566.2M | $331.5M | ||
| Q1 24 | $560.0M | $332.0M |
| Q4 25 | $1.1B | $928.1M | ||
| Q3 25 | $1.1B | $932.1M | ||
| Q2 25 | $1.1B | $916.0M | ||
| Q1 25 | $1.1B | $918.0M | ||
| Q4 24 | $1.1B | $936.5M | ||
| Q3 24 | $1.1B | $749.2M | ||
| Q2 24 | $1.1B | $692.9M | ||
| Q1 24 | $1.1B | $703.3M |
| Q4 25 | 0.75× | 0.58× | ||
| Q3 25 | 0.75× | 0.61× | ||
| Q2 25 | 0.75× | 0.59× | ||
| Q1 25 | 0.74× | 0.60× | ||
| Q4 24 | 0.74× | 0.60× | ||
| Q3 24 | 0.71× | 0.40× | ||
| Q2 24 | 0.70× | 0.27× | ||
| Q1 24 | 0.71× | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $15.1M | ||
| Q3 25 | $8.5M | $28.6M | ||
| Q2 25 | $-3.6M | $14.4M | ||
| Q1 25 | $-1.3M | $-4.4M | ||
| Q4 24 | $6.5M | $19.3M | ||
| Q3 24 | $10.1M | $28.5M | ||
| Q2 24 | $19.6M | $9.0M | ||
| Q1 24 | $5.2M | $9.0M |
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | 2.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.29× | ||
| Q3 24 | — | 5.57× | ||
| Q2 24 | 3.56× | 2.43× | ||
| Q1 24 | — | 0.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
