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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $93.7M, roughly 1.6× Ranpak Holdings Corp.). On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 2.3%). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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...
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
PACK vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $148.3M |
| Net Profit | — | $8.1M |
| Gross Margin | 39.0% | 31.6% |
| Operating Margin | -1.0% | 11.7% |
| Net Margin | — | 5.5% |
| Revenue YoY | 2.3% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | $-0.11 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $83.6M | $135.8M | ||
| Q2 25 | $77.8M | $110.8M | ||
| Q1 25 | $77.6M | $80.4M | ||
| Q4 24 | $91.6M | $107.0M | ||
| Q3 24 | $78.6M | $102.2M | ||
| Q2 24 | $72.8M | $99.2M | ||
| Q1 24 | $72.5M | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-10.4M | $11.9M | ||
| Q2 25 | $-7.5M | $13.9M | ||
| Q1 25 | $-10.9M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-8.1M | $-267.0K | ||
| Q2 24 | $5.5M | $11.8M | ||
| Q1 24 | $-8.1M | $4.8M |
| Q4 25 | 39.0% | 31.6% | ||
| Q3 25 | 41.1% | 37.0% | ||
| Q2 25 | 37.1% | 37.2% | ||
| Q1 25 | 39.8% | 35.0% | ||
| Q4 24 | 45.2% | 37.6% | ||
| Q3 24 | 43.8% | 24.8% | ||
| Q2 24 | 43.5% | 40.3% | ||
| Q1 24 | 44.6% | 40.2% |
| Q4 25 | -1.0% | 11.7% | ||
| Q3 25 | -6.8% | 13.7% | ||
| Q2 25 | -12.5% | 14.4% | ||
| Q1 25 | -10.3% | 5.4% | ||
| Q4 24 | 1.5% | 15.4% | ||
| Q3 24 | -5.3% | 4.4% | ||
| Q2 24 | -7.1% | 18.7% | ||
| Q1 24 | -6.6% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | -12.4% | 8.7% | ||
| Q2 25 | -9.6% | 12.5% | ||
| Q1 25 | -14.0% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -10.3% | -0.3% | ||
| Q2 24 | 7.6% | 11.9% | ||
| Q1 24 | -11.2% | 5.3% |
| Q4 25 | $-0.11 | $0.05 | ||
| Q3 25 | $-0.12 | $0.07 | ||
| Q2 25 | $-0.09 | $0.08 | ||
| Q1 25 | $-0.13 | $0.00 | ||
| Q4 24 | $-0.13 | $0.04 | ||
| Q3 24 | $-0.10 | $0.00 | ||
| Q2 24 | $0.07 | $0.07 | ||
| Q1 24 | $-0.10 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $401.9M | — |
| Stockholders' EquityBook value | $534.9M | $600.0M |
| Total Assets | $1.1B | $904.1M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $7.3M | ||
| Q3 25 | $49.9M | $8.6M | ||
| Q2 25 | $49.2M | $4.7M | ||
| Q1 25 | $65.5M | $35.6M | ||
| Q4 24 | $76.1M | $23.5M | ||
| Q3 24 | $69.5M | $11.1M | ||
| Q2 24 | $65.1M | $3.2M | ||
| Q1 24 | $55.1M | $15.2M |
| Q4 25 | $401.9M | — | ||
| Q3 25 | $403.1M | — | ||
| Q2 25 | $403.1M | — | ||
| Q1 25 | $405.2M | $141.8M | ||
| Q4 24 | $406.4M | $141.8M | ||
| Q3 24 | $403.2M | $141.8M | ||
| Q2 24 | $396.1M | $146.8M | ||
| Q1 24 | $396.7M | $168.8M |
| Q4 25 | $534.9M | $600.0M | ||
| Q3 25 | $537.8M | $589.6M | ||
| Q2 25 | $539.0M | $575.4M | ||
| Q1 25 | $544.1M | $558.9M | ||
| Q4 24 | $548.1M | $556.8M | ||
| Q3 24 | $564.3M | $545.2M | ||
| Q2 24 | $566.2M | $544.6M | ||
| Q1 24 | $560.0M | $554.0M |
| Q4 25 | $1.1B | $904.1M | ||
| Q3 25 | $1.1B | $851.8M | ||
| Q2 25 | $1.1B | $795.0M | ||
| Q1 25 | $1.1B | $788.4M | ||
| Q4 24 | $1.1B | $793.1M | ||
| Q3 24 | $1.1B | $801.3M | ||
| Q2 24 | $1.1B | $788.4M | ||
| Q1 24 | $1.1B | $825.3M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 0.74× | 0.25× | ||
| Q4 24 | 0.74× | 0.25× | ||
| Q3 24 | 0.71× | 0.26× | ||
| Q2 24 | 0.70× | 0.27× | ||
| Q1 24 | 0.71× | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | — | $-11.3M |
| FCF MarginFCF / Revenue | — | -7.6% |
| Capex IntensityCapex / Revenue | — | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $-4.1M | ||
| Q3 25 | $8.5M | $19.4M | ||
| Q2 25 | $-3.6M | $-13.8M | ||
| Q1 25 | $-1.3M | $15.6M | ||
| Q4 24 | $6.5M | $14.0M | ||
| Q3 24 | $10.1M | $15.7M | ||
| Q2 24 | $19.6M | $37.8M | ||
| Q1 24 | $5.2M | $12.9M |
| Q4 25 | — | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | — | $10.4M |
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | — | 11.4% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.56× | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
