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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
Latham Group, Inc. is the larger business by last-quarter revenue ($100.0M vs $93.7M, roughly 1.1× Ranpak Holdings Corp.). On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -4.9%).
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...
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
PACK vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $100.0M |
| Net Profit | — | $-7.0M |
| Gross Margin | 39.0% | 28.0% |
| Operating Margin | -1.0% | -10.7% |
| Net Margin | — | -7.0% |
| Revenue YoY | 2.3% | 14.5% |
| Net Profit YoY | — | 76.0% |
| EPS (diluted) | $-0.11 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $83.6M | $161.9M | ||
| Q2 25 | $77.8M | $172.6M | ||
| Q1 25 | $77.6M | $111.4M | ||
| Q4 24 | $91.6M | $87.3M | ||
| Q3 24 | $78.6M | $150.5M | ||
| Q2 24 | $72.8M | $160.1M | ||
| Q1 24 | $72.5M | $110.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | $-10.4M | $8.1M | ||
| Q2 25 | $-7.5M | $16.0M | ||
| Q1 25 | $-10.9M | $-6.0M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | $-8.1M | $5.9M | ||
| Q2 24 | $5.5M | $13.3M | ||
| Q1 24 | $-8.1M | $-7.9M |
| Q4 25 | 39.0% | 28.0% | ||
| Q3 25 | 41.1% | 35.4% | ||
| Q2 25 | 37.1% | 37.1% | ||
| Q1 25 | 39.8% | 29.5% | ||
| Q4 24 | 45.2% | 24.6% | ||
| Q3 24 | 43.8% | 32.4% | ||
| Q2 24 | 43.5% | 33.1% | ||
| Q1 24 | 44.6% | 27.7% |
| Q4 25 | -1.0% | -10.7% | ||
| Q3 25 | -6.8% | 13.3% | ||
| Q2 25 | -12.5% | 14.3% | ||
| Q1 25 | -10.3% | -4.4% | ||
| Q4 24 | 1.5% | -14.9% | ||
| Q3 24 | -5.3% | 8.9% | ||
| Q2 24 | -7.1% | 12.5% | ||
| Q1 24 | -6.6% | -1.9% |
| Q4 25 | — | -7.0% | ||
| Q3 25 | -12.4% | 5.0% | ||
| Q2 25 | -9.6% | 9.3% | ||
| Q1 25 | -14.0% | -5.4% | ||
| Q4 24 | — | -33.4% | ||
| Q3 24 | -10.3% | 3.9% | ||
| Q2 24 | 7.6% | 8.3% | ||
| Q1 24 | -11.2% | -7.1% |
| Q4 25 | $-0.11 | $-0.06 | ||
| Q3 25 | $-0.12 | $0.07 | ||
| Q2 25 | $-0.09 | $0.13 | ||
| Q1 25 | $-0.13 | $-0.05 | ||
| Q4 24 | $-0.13 | $-0.24 | ||
| Q3 24 | $-0.10 | $0.05 | ||
| Q2 24 | $0.07 | $0.11 | ||
| Q1 24 | $-0.10 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $401.9M | $279.8M |
| Stockholders' EquityBook value | $534.9M | $405.9M |
| Total Assets | $1.1B | $823.2M |
| Debt / EquityLower = less leverage | 0.75× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | — | ||
| Q3 25 | $49.9M | — | ||
| Q2 25 | $49.2M | — | ||
| Q1 25 | $65.5M | — | ||
| Q4 24 | $76.1M | — | ||
| Q3 24 | $69.5M | — | ||
| Q2 24 | $65.1M | — | ||
| Q1 24 | $55.1M | — |
| Q4 25 | $401.9M | $279.8M | ||
| Q3 25 | $403.1M | $281.1M | ||
| Q2 25 | $403.1M | $281.5M | ||
| Q1 25 | $405.2M | $306.9M | ||
| Q4 24 | $406.4M | $281.5M | ||
| Q3 24 | $403.2M | $282.8M | ||
| Q2 24 | $396.1M | $282.4M | ||
| Q1 24 | $396.7M | $282.8M |
| Q4 25 | $534.9M | $405.9M | ||
| Q3 25 | $537.8M | $408.4M | ||
| Q2 25 | $539.0M | $398.4M | ||
| Q1 25 | $544.1M | $381.1M | ||
| Q4 24 | $548.1M | $387.2M | ||
| Q3 24 | $564.3M | $416.6M | ||
| Q2 24 | $566.2M | $408.1M | ||
| Q1 24 | $560.0M | $391.8M |
| Q4 25 | $1.1B | $823.2M | ||
| Q3 25 | $1.1B | $844.4M | ||
| Q2 25 | $1.1B | $822.1M | ||
| Q1 25 | $1.1B | $824.6M | ||
| Q4 24 | $1.1B | $794.2M | ||
| Q3 24 | $1.1B | $853.4M | ||
| Q2 24 | $1.1B | $830.0M | ||
| Q1 24 | $1.1B | $808.6M |
| Q4 25 | 0.75× | 0.69× | ||
| Q3 25 | 0.75× | 0.69× | ||
| Q2 25 | 0.75× | 0.71× | ||
| Q1 25 | 0.74× | 0.81× | ||
| Q4 24 | 0.74× | 0.73× | ||
| Q3 24 | 0.71× | 0.68× | ||
| Q2 24 | 0.70× | 0.69× | ||
| Q1 24 | 0.71× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $23.3M | ||
| Q3 25 | $8.5M | $51.0M | ||
| Q2 25 | $-3.6M | $36.0M | ||
| Q1 25 | $-1.3M | $-46.9M | ||
| Q4 24 | $6.5M | $6.2M | ||
| Q3 24 | $10.1M | $37.2M | ||
| Q2 24 | $19.6M | $52.4M | ||
| Q1 24 | $5.2M | $-34.5M |
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | — | -36.0% |
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | 3.56× | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
