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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $93.7M, roughly 1.6× Ranpak Holdings Corp.). On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs 2.3%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% 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...
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
PACK vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $152.8M |
| Net Profit | — | $-690.7M |
| Gross Margin | 39.0% | — |
| Operating Margin | -1.0% | -447.9% |
| Net Margin | — | -452.0% |
| Revenue YoY | 2.3% | 7.2% |
| Net Profit YoY | — | -606.3% |
| EPS (diluted) | $-0.11 | $-1.89 |
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 | $152.8M | ||
| Q3 25 | $83.6M | $180.2M | ||
| Q2 25 | $77.8M | $153.0M | ||
| Q1 25 | $77.6M | $161.4M | ||
| Q4 24 | $91.6M | $142.6M | ||
| Q3 24 | $78.6M | $84.8M | ||
| Q2 24 | $72.8M | $70.0M | ||
| Q1 24 | $72.5M | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $-10.4M | $104.5M | ||
| Q2 25 | $-7.5M | $219.5M | ||
| Q1 25 | $-10.9M | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $-8.1M | $-154.4M | ||
| Q2 24 | $5.5M | $-84.4M | ||
| Q1 24 | $-8.1M | $211.8M |
| 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% | -447.9% | ||
| Q3 25 | -6.8% | 44.4% | ||
| Q2 25 | -12.5% | — | ||
| Q1 25 | -10.3% | -144.9% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | -5.3% | -143.3% | ||
| Q2 24 | -7.1% | -167.2% | ||
| Q1 24 | -6.6% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | -12.4% | 58.0% | ||
| Q2 25 | -9.6% | 143.4% | ||
| Q1 25 | -14.0% | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | -10.3% | -182.1% | ||
| Q2 24 | 7.6% | -120.6% | ||
| Q1 24 | -11.2% | 267.1% |
| Q4 25 | $-0.11 | $-1.89 | ||
| Q3 25 | $-0.12 | $0.26 | ||
| Q2 25 | $-0.09 | $0.58 | ||
| Q1 25 | $-0.13 | $-0.90 | ||
| Q4 24 | $-0.13 | $0.39 | ||
| Q3 24 | $-0.10 | $-0.54 | ||
| Q2 24 | $0.07 | $-0.32 | ||
| Q1 24 | $-0.10 | $0.51 |
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 | $233.5M |
| Total DebtLower is stronger | $401.9M | $840.8M |
| Stockholders' EquityBook value | $534.9M | $2.9B |
| Total Assets | $1.1B | $3.9B |
| Debt / EquityLower = less leverage | 0.75× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $233.5M | ||
| Q3 25 | $49.9M | $330.7M | ||
| Q2 25 | $49.2M | $255.4M | ||
| Q1 25 | $65.5M | $163.7M | ||
| Q4 24 | $76.1M | $277.9M | ||
| Q3 24 | $69.5M | $355.7M | ||
| Q2 24 | $65.1M | $481.2M | ||
| Q1 24 | $55.1M | $688.5M |
| Q4 25 | $401.9M | $840.8M | ||
| Q3 25 | $403.1M | $5.3M | ||
| Q2 25 | $403.1M | $5.3M | ||
| Q1 25 | $405.2M | $5.3M | ||
| Q4 24 | $406.4M | $584.6M | ||
| Q3 24 | $403.2M | $5.7M | ||
| Q2 24 | $396.1M | — | ||
| Q1 24 | $396.7M | — |
| Q4 25 | $534.9M | $2.9B | ||
| Q3 25 | $537.8M | $3.5B | ||
| Q2 25 | $539.0M | $3.3B | ||
| Q1 25 | $544.1M | $2.9B | ||
| Q4 24 | $548.1M | $3.1B | ||
| Q3 24 | $564.3M | $2.7B | ||
| Q2 24 | $566.2M | $2.6B | ||
| Q1 24 | $560.0M | $2.5B |
| Q4 25 | $1.1B | $3.9B | ||
| Q3 25 | $1.1B | $4.5B | ||
| Q2 25 | $1.1B | $4.3B | ||
| Q1 25 | $1.1B | $3.7B | ||
| Q4 24 | $1.1B | $3.9B | ||
| Q3 24 | $1.1B | $2.9B | ||
| Q2 24 | $1.1B | $2.7B | ||
| Q1 24 | $1.1B | $2.6B |
| Q4 25 | 0.75× | 0.29× | ||
| Q3 25 | 0.75× | 0.00× | ||
| Q2 25 | 0.75× | 0.00× | ||
| Q1 25 | 0.74× | 0.00× | ||
| Q4 24 | 0.74× | 0.19× | ||
| Q3 24 | 0.71× | 0.00× | ||
| 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 | $19.5M | $-572.9M |
| Free Cash FlowOCF − Capex | — | $-774.3M |
| FCF MarginFCF / Revenue | — | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $-572.9M | ||
| Q3 25 | $8.5M | $-114.0M | ||
| Q2 25 | $-3.6M | $-231.3M | ||
| Q1 25 | $-1.3M | $-122.1M | ||
| Q4 24 | $6.5M | $-255.1M | ||
| Q3 24 | $10.1M | $-56.3M | ||
| Q2 24 | $19.6M | $-42.5M | ||
| Q1 24 | $5.2M | $-57.9M |
| Q4 25 | — | $-774.3M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M | ||
| Q1 24 | — | $-115.2M |
| Q4 25 | — | -506.6% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% | ||
| Q1 24 | — | -145.2% |
| Q4 25 | — | 131.8% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% | ||
| Q1 24 | — | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.56× | — | ||
| Q1 24 | — | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
