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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $73.5M, roughly 1.3× Target Hospitality Corp.). On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 2.3%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs 0.7%).
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...
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
PACK vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $73.5M |
| Net Profit | — | $-14.9M |
| Gross Margin | 39.0% | 9.6% |
| Operating Margin | -1.0% | -22.9% |
| Net Margin | — | -20.3% |
| Revenue YoY | 2.3% | 22.0% |
| Net Profit YoY | — | -219.1% |
| EPS (diluted) | $-0.11 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $83.6M | $91.6M | ||
| Q2 25 | $77.8M | $54.9M | ||
| Q1 25 | $77.6M | $54.9M | ||
| Q4 24 | $91.6M | $60.2M | ||
| Q3 24 | $78.6M | $65.8M | ||
| Q2 24 | $72.8M | $67.5M | ||
| Q1 24 | $72.5M | $72.4M |
| Q4 25 | — | $-14.9M | ||
| Q3 25 | $-10.4M | $-795.0K | ||
| Q2 25 | $-7.5M | $-14.9M | ||
| Q1 25 | $-10.9M | $-6.5M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | $-8.1M | $20.0M | ||
| Q2 24 | $5.5M | $18.4M | ||
| Q1 24 | $-8.1M | $20.4M |
| Q4 25 | 39.0% | 9.6% | ||
| Q3 25 | 41.1% | 19.6% | ||
| Q2 25 | 37.1% | -0.6% | ||
| Q1 25 | 39.8% | 32.7% | ||
| Q4 24 | 45.2% | 61.5% | ||
| Q3 24 | 43.8% | 68.7% | ||
| Q2 24 | 43.5% | 69.4% | ||
| Q1 24 | 44.6% | 67.8% |
| Q4 25 | -1.0% | -22.9% | ||
| Q3 25 | -6.8% | 0.1% | ||
| Q2 25 | -12.5% | -30.8% | ||
| Q1 25 | -10.3% | -2.0% | ||
| Q4 24 | 1.5% | 34.5% | ||
| Q3 24 | -5.3% | 42.5% | ||
| Q2 24 | -7.1% | 43.8% | ||
| Q1 24 | -6.6% | 42.0% |
| Q4 25 | — | -20.3% | ||
| Q3 25 | -12.4% | -0.9% | ||
| Q2 25 | -9.6% | -27.2% | ||
| Q1 25 | -14.0% | -11.8% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | -10.3% | 30.4% | ||
| Q2 24 | 7.6% | 27.2% | ||
| Q1 24 | -11.2% | 28.2% |
| Q4 25 | $-0.11 | $-0.14 | ||
| Q3 25 | $-0.12 | $-0.01 | ||
| Q2 25 | $-0.09 | $-0.15 | ||
| Q1 25 | $-0.13 | $-0.07 | ||
| Q4 24 | $-0.13 | $0.12 | ||
| Q3 24 | $-0.10 | $0.20 | ||
| Q2 24 | $0.07 | $0.18 | ||
| Q1 24 | $-0.10 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $401.9M | $1.7M |
| Stockholders' EquityBook value | $534.9M | $389.3M |
| Total Assets | $1.1B | $530.2M |
| Debt / EquityLower = less leverage | 0.75× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $8.3M | ||
| Q3 25 | $49.9M | $30.4M | ||
| Q2 25 | $49.2M | $19.2M | ||
| Q1 25 | $65.5M | $34.5M | ||
| Q4 24 | $76.1M | $190.7M | ||
| Q3 24 | $69.5M | $177.7M | ||
| Q2 24 | $65.1M | $154.3M | ||
| Q1 24 | $55.1M | $124.3M |
| Q4 25 | $401.9M | $1.7M | ||
| Q3 25 | $403.1M | $2.0M | ||
| Q2 25 | $403.1M | $26.3M | ||
| Q1 25 | $405.2M | $42.9M | ||
| Q4 24 | $406.4M | $1.5M | ||
| Q3 24 | $403.2M | $994.0K | ||
| Q2 24 | $396.1M | $1.1M | ||
| Q1 24 | $396.7M | $179.9M |
| Q4 25 | $534.9M | $389.3M | ||
| Q3 25 | $537.8M | $402.4M | ||
| Q2 25 | $539.0M | $401.3M | ||
| Q1 25 | $544.1M | $415.3M | ||
| Q4 24 | $548.1M | $421.1M | ||
| Q3 24 | $564.3M | $417.6M | ||
| Q2 24 | $566.2M | $397.2M | ||
| Q1 24 | $560.0M | $375.5M |
| Q4 25 | $1.1B | $530.2M | ||
| Q3 25 | $1.1B | $541.2M | ||
| Q2 25 | $1.1B | $533.7M | ||
| Q1 25 | $1.1B | $562.5M | ||
| Q4 24 | $1.1B | $725.8M | ||
| Q3 24 | $1.1B | $709.8M | ||
| Q2 24 | $1.1B | $697.0M | ||
| Q1 24 | $1.1B | $687.2M |
| Q4 25 | 0.75× | 0.00× | ||
| Q3 25 | 0.75× | 0.01× | ||
| Q2 25 | 0.75× | 0.07× | ||
| Q1 25 | 0.74× | 0.10× | ||
| Q4 24 | 0.74× | 0.00× | ||
| Q3 24 | 0.71× | 0.00× | ||
| Q2 24 | 0.70× | 0.00× | ||
| Q1 24 | 0.71× | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $5.7M | ||
| Q3 25 | $8.5M | $53.4M | ||
| Q2 25 | $-3.6M | $11.1M | ||
| Q1 25 | $-1.3M | $3.9M | ||
| Q4 24 | $6.5M | $30.6M | ||
| Q3 24 | $10.1M | $31.4M | ||
| Q2 24 | $19.6M | $39.1M | ||
| Q1 24 | $5.2M | $50.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-11.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | 3.56× | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
