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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and TSS, Inc. (TSSI). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $60.9M, roughly 1.5× TSS, Inc.). On growth, TSS, Inc. posted the faster year-over-year revenue change (21.8% vs 2.3%). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% 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...
PACK vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $60.9M |
| Net Profit | — | $12.2M |
| Gross Margin | 39.0% | 17.6% |
| Operating Margin | -1.0% | 1.5% |
| Net Margin | — | 20.0% |
| Revenue YoY | 2.3% | 21.8% |
| Net Profit YoY | — | 535.7% |
| EPS (diluted) | $-0.11 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $83.6M | $41.9M | ||
| Q2 25 | $77.8M | $44.0M | ||
| Q1 25 | $77.6M | $99.0M | ||
| Q4 24 | $91.6M | $50.0M | ||
| Q3 24 | $78.6M | $70.1M | ||
| Q2 24 | $72.8M | $12.2M | ||
| Q1 24 | $72.5M | $15.9M |
| Q4 25 | — | $12.2M | ||
| Q3 25 | $-10.4M | $-1.5M | ||
| Q2 25 | $-7.5M | $1.5M | ||
| Q1 25 | $-10.9M | $3.0M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | $-8.1M | $2.6M | ||
| Q2 24 | $5.5M | $1.4M | ||
| Q1 24 | $-8.1M | $15.0K |
| Q4 25 | 39.0% | 17.6% | ||
| Q3 25 | 41.1% | 11.1% | ||
| Q2 25 | 37.1% | 17.8% | ||
| Q1 25 | 39.8% | 9.3% | ||
| Q4 24 | 45.2% | 14.4% | ||
| Q3 24 | 43.8% | 11.3% | ||
| Q2 24 | 43.5% | 37.3% | ||
| Q1 24 | 44.6% | 17.1% |
| Q4 25 | -1.0% | 1.5% | ||
| Q3 25 | -6.8% | -2.2% | ||
| Q2 25 | -12.5% | 5.1% | ||
| Q1 25 | -10.3% | 4.2% | ||
| Q4 24 | 1.5% | 0.0% | ||
| Q3 24 | -5.3% | 5.4% | ||
| Q2 24 | -7.1% | 14.0% | ||
| Q1 24 | -6.6% | 1.6% |
| Q4 25 | — | 20.0% | ||
| Q3 25 | -12.4% | -3.6% | ||
| Q2 25 | -9.6% | 3.4% | ||
| Q1 25 | -14.0% | 3.0% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | -10.3% | 3.8% | ||
| Q2 24 | 7.6% | 11.5% | ||
| Q1 24 | -11.2% | 0.1% |
| Q4 25 | $-0.11 | $0.44 | ||
| Q3 25 | $-0.12 | $-0.06 | ||
| Q2 25 | $-0.09 | $0.06 | ||
| Q1 25 | $-0.13 | $0.12 | ||
| Q4 24 | $-0.13 | $0.08 | ||
| Q3 24 | $-0.10 | $0.10 | ||
| Q2 24 | $0.07 | $0.06 | ||
| Q1 24 | $-0.10 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $401.9M | — |
| Stockholders' EquityBook value | $534.9M | $76.6M |
| Total Assets | $1.1B | $184.9M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $85.5M | ||
| Q3 25 | $49.9M | $70.7M | ||
| Q2 25 | $49.2M | — | ||
| Q1 25 | $65.5M | — | ||
| Q4 24 | $76.1M | $23.2M | ||
| Q3 24 | $69.5M | $46.4M | ||
| Q2 24 | $65.1M | $8.3M | ||
| Q1 24 | $55.1M | $14.4M |
| Q4 25 | $401.9M | — | ||
| Q3 25 | $403.1M | — | ||
| Q2 25 | $403.1M | — | ||
| Q1 25 | $405.2M | — | ||
| Q4 24 | $406.4M | — | ||
| Q3 24 | $403.2M | — | ||
| Q2 24 | $396.1M | — | ||
| Q1 24 | $396.7M | — |
| Q4 25 | $534.9M | $76.6M | ||
| Q3 25 | $537.8M | $63.4M | ||
| Q2 25 | $539.0M | $9.5M | ||
| Q1 25 | $544.1M | $9.4M | ||
| Q4 24 | $548.1M | $7.1M | ||
| Q3 24 | $564.3M | $7.7M | ||
| Q2 24 | $566.2M | $5.2M | ||
| Q1 24 | $560.0M | $3.7M |
| Q4 25 | $1.1B | $184.9M | ||
| Q3 25 | $1.1B | $165.4M | ||
| Q2 25 | $1.1B | $139.5M | ||
| Q1 25 | $1.1B | $113.5M | ||
| Q4 24 | $1.1B | $96.6M | ||
| Q3 24 | $1.1B | $67.3M | ||
| Q2 24 | $1.1B | $28.9M | ||
| Q1 24 | $1.1B | $26.8M |
| Q4 25 | 0.75× | — | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 0.74× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.71× | — | ||
| Q2 24 | 0.70× | — | ||
| Q1 24 | 0.71× | — |
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 | $16.3M |
| Free Cash FlowOCF − Capex | — | $15.8M |
| FCF MarginFCF / Revenue | — | 25.9% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $16.3M | ||
| Q3 25 | $8.5M | $-18.4M | ||
| Q2 25 | $-3.6M | $16.3M | ||
| Q1 25 | $-1.3M | $20.6M | ||
| Q4 24 | $6.5M | $-21.6M | ||
| Q3 24 | $10.1M | $38.6M | ||
| Q2 24 | $19.6M | $-4.3M | ||
| Q1 24 | $5.2M | $2.6M |
| Q4 25 | — | $15.8M | ||
| Q3 25 | — | $-24.9M | ||
| Q2 25 | — | $5.4M | ||
| Q1 25 | — | $5.8M | ||
| Q4 24 | — | $-28.4M | ||
| Q3 24 | — | $38.6M | ||
| Q2 24 | — | $-6.0M | ||
| Q1 24 | — | $2.6M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | -59.3% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 5.8% | ||
| Q4 24 | — | -56.7% | ||
| Q3 24 | — | 55.1% | ||
| Q2 24 | — | -49.4% | ||
| Q1 24 | — | 16.4% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 15.3% | ||
| Q2 25 | — | 24.8% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | — | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | 3.56× | -3.09× | ||
| Q1 24 | — | 176.40× |
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% |
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
