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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $86.0M, roughly 1.1× Smart Sand, Inc.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -5.8%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 1.8%).
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...
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
PACK vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $86.0M |
| Net Profit | — | $1.2M |
| Gross Margin | 39.0% | 13.0% |
| Operating Margin | -1.0% | -3.1% |
| Net Margin | — | 1.4% |
| Revenue YoY | 2.3% | -5.8% |
| Net Profit YoY | — | -68.5% |
| EPS (diluted) | $-0.11 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $83.6M | $92.8M | ||
| Q2 25 | $77.8M | $85.8M | ||
| Q1 25 | $77.6M | $65.6M | ||
| Q4 24 | $91.6M | $91.4M | ||
| Q3 24 | $78.6M | $63.2M | ||
| Q2 24 | $72.8M | $73.8M | ||
| Q1 24 | $72.5M | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $-10.4M | $3.0M | ||
| Q2 25 | $-7.5M | $21.4M | ||
| Q1 25 | $-10.9M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $-8.1M | $-98.0K | ||
| Q2 24 | $5.5M | $-430.0K | ||
| Q1 24 | $-8.1M | $-216.0K |
| Q4 25 | 39.0% | 13.0% | ||
| Q3 25 | 41.1% | 16.1% | ||
| Q2 25 | 37.1% | 10.4% | ||
| Q1 25 | 39.8% | 4.2% | ||
| Q4 24 | 45.2% | 14.7% | ||
| Q3 24 | 43.8% | 10.3% | ||
| Q2 24 | 43.5% | 17.7% | ||
| Q1 24 | 44.6% | 14.2% |
| Q4 25 | -1.0% | -3.1% | ||
| Q3 25 | -6.8% | 5.8% | ||
| Q2 25 | -12.5% | -0.1% | ||
| Q1 25 | -10.3% | -10.8% | ||
| Q4 24 | 1.5% | 3.9% | ||
| Q3 24 | -5.3% | -7.8% | ||
| Q2 24 | -7.1% | 4.8% | ||
| Q1 24 | -6.6% | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | -12.4% | 3.2% | ||
| Q2 25 | -9.6% | 24.9% | ||
| Q1 25 | -14.0% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | -10.3% | -0.2% | ||
| Q2 24 | 7.6% | -0.6% | ||
| Q1 24 | -11.2% | -0.3% |
| Q4 25 | $-0.11 | $0.03 | ||
| Q3 25 | $-0.12 | $0.08 | ||
| Q2 25 | $-0.09 | $0.54 | ||
| Q1 25 | $-0.13 | $-0.62 | ||
| Q4 24 | $-0.13 | $0.10 | ||
| Q3 24 | $-0.10 | $0.00 | ||
| Q2 24 | $0.07 | $-0.01 | ||
| Q1 24 | $-0.10 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | $401.9M | $15.0M |
| Stockholders' EquityBook value | $534.9M | $239.7M |
| Total Assets | $1.1B | $340.0M |
| Debt / EquityLower = less leverage | 0.75× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $22.6M | ||
| Q3 25 | $49.9M | $5.1M | ||
| Q2 25 | $49.2M | $4.3M | ||
| Q1 25 | $65.5M | $5.1M | ||
| Q4 24 | $76.1M | $1.6M | ||
| Q3 24 | $69.5M | $7.2M | ||
| Q2 24 | $65.1M | $6.3M | ||
| Q1 24 | $55.1M | $4.6M |
| Q4 25 | $401.9M | $15.0M | ||
| Q3 25 | $403.1M | $14.3M | ||
| Q2 25 | $403.1M | $23.5M | ||
| Q1 25 | $405.2M | $13.7M | ||
| Q4 24 | $406.4M | $14.7M | ||
| Q3 24 | $403.2M | $15.7M | ||
| Q2 24 | $396.1M | $17.1M | ||
| Q1 24 | $396.7M | $25.5M |
| Q4 25 | $534.9M | $239.7M | ||
| Q3 25 | $537.8M | $239.9M | ||
| Q2 25 | $539.0M | $240.5M | ||
| Q1 25 | $544.1M | $219.9M | ||
| Q4 24 | $548.1M | $243.8M | ||
| Q3 24 | $564.3M | $243.6M | ||
| Q2 24 | $566.2M | $242.9M | ||
| Q1 24 | $560.0M | $242.5M |
| Q4 25 | $1.1B | $340.0M | ||
| Q3 25 | $1.1B | $343.1M | ||
| Q2 25 | $1.1B | $345.8M | ||
| Q1 25 | $1.1B | $326.9M | ||
| Q4 24 | $1.1B | $341.5M | ||
| Q3 24 | $1.1B | $335.8M | ||
| Q2 24 | $1.1B | $341.8M | ||
| Q1 24 | $1.1B | $349.3M |
| Q4 25 | 0.75× | 0.06× | ||
| Q3 25 | 0.75× | 0.06× | ||
| Q2 25 | 0.75× | 0.10× | ||
| Q1 25 | 0.74× | 0.06× | ||
| Q4 24 | 0.74× | 0.06× | ||
| Q3 24 | 0.71× | 0.06× | ||
| Q2 24 | 0.70× | 0.07× | ||
| Q1 24 | 0.71× | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $22.4M | ||
| Q3 25 | $8.5M | $18.2M | ||
| Q2 25 | $-3.6M | $-5.1M | ||
| Q1 25 | $-1.3M | $8.7M | ||
| Q4 24 | $6.5M | $1.0M | ||
| Q3 24 | $10.1M | $5.8M | ||
| Q2 24 | $19.6M | $14.9M | ||
| Q1 24 | $5.2M | $-3.9M |
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | — | $-840.0K | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | — | $13.5M | ||
| Q1 24 | — | $-5.5M |
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 18.3% | ||
| Q1 24 | — | -6.6% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.56× | — | ||
| Q1 24 | — | — |
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
