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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $93.7M, roughly 1.0× Ranpak Holdings Corp.). On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 2.5%).
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...
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
PACK vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $97.9M |
| Net Profit | — | $27.9M |
| Gross Margin | 39.0% | 98.6% |
| Operating Margin | -1.0% | 27.4% |
| Net Margin | — | 28.5% |
| Revenue YoY | 2.3% | 6.5% |
| Net Profit YoY | — | 7.1% |
| EPS (diluted) | $-0.11 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $83.6M | $96.2M | ||
| Q2 25 | $77.8M | $93.8M | ||
| Q1 25 | $77.6M | $97.7M | ||
| Q4 24 | $91.6M | $91.9M | ||
| Q3 24 | $78.6M | $90.7M | ||
| Q2 24 | $72.8M | $89.9M | ||
| Q1 24 | $72.5M | $93.2M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-10.4M | $29.3M | ||
| Q2 25 | $-7.5M | $27.9M | ||
| Q1 25 | $-10.9M | $29.4M | ||
| Q4 24 | — | $26.0M | ||
| Q3 24 | $-8.1M | $19.3M | ||
| Q2 24 | $5.5M | $29.7M | ||
| Q1 24 | $-8.1M | $30.7M |
| Q4 25 | 39.0% | 98.6% | ||
| Q3 25 | 41.1% | 98.5% | ||
| Q2 25 | 37.1% | 99.1% | ||
| Q1 25 | 39.8% | 98.8% | ||
| Q4 24 | 45.2% | 98.8% | ||
| Q3 24 | 43.8% | 98.8% | ||
| Q2 24 | 43.5% | 98.8% | ||
| Q1 24 | 44.6% | 98.8% |
| Q4 25 | -1.0% | 27.4% | ||
| Q3 25 | -6.8% | 25.9% | ||
| Q2 25 | -12.5% | 25.5% | ||
| Q1 25 | -10.3% | 25.9% | ||
| Q4 24 | 1.5% | 24.6% | ||
| Q3 24 | -5.3% | 17.5% | ||
| Q2 24 | -7.1% | 26.7% | ||
| Q1 24 | -6.6% | 26.4% |
| Q4 25 | — | 28.5% | ||
| Q3 25 | -12.4% | 30.5% | ||
| Q2 25 | -9.6% | 29.8% | ||
| Q1 25 | -14.0% | 30.1% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | -10.3% | 21.3% | ||
| Q2 24 | 7.6% | 33.0% | ||
| Q1 24 | -11.2% | 33.0% |
| Q4 25 | $-0.11 | $0.38 | ||
| Q3 25 | $-0.12 | $0.41 | ||
| Q2 25 | $-0.09 | $0.39 | ||
| Q1 25 | $-0.13 | $0.41 | ||
| Q4 24 | $-0.13 | $0.36 | ||
| Q3 24 | $-0.10 | $0.27 | ||
| Q2 24 | $0.07 | $0.42 | ||
| Q1 24 | $-0.10 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | $401.9M | $4.6B |
| Stockholders' EquityBook value | $534.9M | $2.4B |
| Total Assets | $1.1B | $7.2B |
| Debt / EquityLower = less leverage | 0.75× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $21.7M | ||
| Q3 25 | $49.9M | $12.1M | ||
| Q2 25 | $49.2M | $13.9M | ||
| Q1 25 | $65.5M | $17.3M | ||
| Q4 24 | $76.1M | $8.3M | ||
| Q3 24 | $69.5M | $15.6M | ||
| Q2 24 | $65.1M | $13.4M | ||
| Q1 24 | $55.1M | $11.3M |
| Q4 25 | $401.9M | $4.6B | ||
| Q3 25 | $403.1M | $4.5B | ||
| Q2 25 | $403.1M | $4.4B | ||
| Q1 25 | $405.2M | $4.3B | ||
| Q4 24 | $406.4M | $4.3B | ||
| Q3 24 | $403.2M | $4.3B | ||
| Q2 24 | $396.1M | $4.2B | ||
| Q1 24 | $396.7M | $4.1B |
| Q4 25 | $534.9M | $2.4B | ||
| Q3 25 | $537.8M | $2.4B | ||
| Q2 25 | $539.0M | $2.4B | ||
| Q1 25 | $544.1M | $2.4B | ||
| Q4 24 | $548.1M | $2.3B | ||
| Q3 24 | $564.3M | $2.3B | ||
| Q2 24 | $566.2M | $2.3B | ||
| Q1 24 | $560.0M | $2.3B |
| Q4 25 | $1.1B | $7.2B | ||
| Q3 25 | $1.1B | $7.1B | ||
| Q2 25 | $1.1B | $7.1B | ||
| Q1 25 | $1.1B | $6.9B | ||
| Q4 24 | $1.1B | $6.9B | ||
| Q3 24 | $1.1B | $6.8B | ||
| Q2 24 | $1.1B | $6.8B | ||
| Q1 24 | $1.1B | $6.7B |
| Q4 25 | 0.75× | 1.90× | ||
| Q3 25 | 0.75× | 1.89× | ||
| Q2 25 | 0.75× | 1.87× | ||
| Q1 25 | 0.74× | 1.85× | ||
| Q4 24 | 0.74× | 1.84× | ||
| Q3 24 | 0.71× | 1.88× | ||
| Q2 24 | 0.70× | 1.81× | ||
| Q1 24 | 0.71× | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $47.8M | ||
| Q3 25 | $8.5M | $-1.4M | ||
| Q2 25 | $-3.6M | $28.0M | ||
| Q1 25 | $-1.3M | $8.9M | ||
| Q4 24 | $6.5M | $37.9M | ||
| Q3 24 | $10.1M | $8.3M | ||
| Q2 24 | $19.6M | $24.8M | ||
| Q1 24 | $5.2M | $-3.1M |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | 3.56× | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
