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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $93.7M, roughly 2.0× Ranpak Holdings Corp.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -10.2%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -3.4%).
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...
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
PACK vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $183.8M |
| Net Profit | — | $-28.9M |
| Gross Margin | 39.0% | 14.3% |
| Operating Margin | -1.0% | -0.9% |
| Net Margin | — | -15.7% |
| Revenue YoY | 2.3% | -10.2% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | $-0.11 | $-0.04 |
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 | $183.8M | ||
| Q3 25 | $83.6M | $185.5M | ||
| Q2 25 | $77.8M | $189.6M | ||
| Q1 25 | $77.6M | $177.5M | ||
| Q4 24 | $91.6M | $204.8M | ||
| Q3 24 | $78.6M | $193.9M | ||
| Q2 24 | $72.8M | $196.3M | ||
| Q1 24 | $72.5M | $197.1M |
| Q4 25 | — | $-28.9M | ||
| Q3 25 | $-10.4M | $-83.7M | ||
| Q2 25 | $-7.5M | $-82.3M | ||
| Q1 25 | $-10.9M | $-99.3M | ||
| Q4 24 | — | $-87.5M | ||
| Q3 24 | $-8.1M | $-57.7M | ||
| Q2 24 | $5.5M | $-97.0M | ||
| Q1 24 | $-8.1M | $-97.4M |
| Q4 25 | 39.0% | 14.3% | ||
| Q3 25 | 41.1% | 6.8% | ||
| Q2 25 | 37.1% | 8.3% | ||
| Q1 25 | 39.8% | 10.8% | ||
| Q4 24 | 45.2% | 13.9% | ||
| Q3 24 | 43.8% | 13.9% | ||
| Q2 24 | 43.5% | 2.3% | ||
| Q1 24 | 44.6% | -0.6% |
| Q4 25 | -1.0% | -0.9% | ||
| Q3 25 | -6.8% | -33.1% | ||
| Q2 25 | -12.5% | -31.4% | ||
| Q1 25 | -10.3% | -45.5% | ||
| Q4 24 | 1.5% | -26.0% | ||
| Q3 24 | -5.3% | -21.6% | ||
| Q2 24 | -7.1% | -40.3% | ||
| Q1 24 | -6.6% | -42.9% |
| Q4 25 | — | -15.7% | ||
| Q3 25 | -12.4% | -45.1% | ||
| Q2 25 | -9.6% | -43.4% | ||
| Q1 25 | -14.0% | -55.9% | ||
| Q4 24 | — | -42.7% | ||
| Q3 24 | -10.3% | -29.8% | ||
| Q2 24 | 7.6% | -49.4% | ||
| Q1 24 | -11.2% | -49.4% |
| Q4 25 | $-0.11 | $-0.04 | ||
| Q3 25 | $-0.12 | $-0.12 | ||
| Q2 25 | $-0.09 | $-0.12 | ||
| Q1 25 | $-0.13 | $-0.14 | ||
| Q4 24 | $-0.13 | $-0.13 | ||
| Q3 24 | $-0.10 | $-0.08 | ||
| Q2 24 | $0.07 | $-0.14 | ||
| Q1 24 | $-0.10 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | $401.9M | $671.3M |
| Stockholders' EquityBook value | $534.9M | $-392.1M |
| Total Assets | $1.1B | $968.8M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $133.9M | ||
| Q3 25 | $49.9M | $125.3M | ||
| Q2 25 | $49.2M | $107.0M | ||
| Q1 25 | $65.5M | $171.8M | ||
| Q4 24 | $76.1M | $216.4M | ||
| Q3 24 | $69.5M | $115.9M | ||
| Q2 24 | $65.1M | $141.5M | ||
| Q1 24 | $55.1M | $180.9M |
| Q4 25 | $401.9M | $671.3M | ||
| Q3 25 | $403.1M | $766.5M | ||
| Q2 25 | $403.1M | $770.5M | ||
| Q1 25 | $405.2M | $765.8M | ||
| Q4 24 | $406.4M | $761.3M | ||
| Q3 24 | $403.2M | $596.9M | ||
| Q2 24 | $396.1M | $597.4M | ||
| Q1 24 | $396.7M | $603.2M |
| Q4 25 | $534.9M | $-392.1M | ||
| Q3 25 | $537.8M | $-374.5M | ||
| Q2 25 | $539.0M | $-347.8M | ||
| Q1 25 | $544.1M | $-288.1M | ||
| Q4 24 | $548.1M | $-202.1M | ||
| Q3 24 | $564.3M | $-117.7M | ||
| Q2 24 | $566.2M | $-72.2M | ||
| Q1 24 | $560.0M | $936.0K |
| Q4 25 | $1.1B | $968.8M | ||
| Q3 25 | $1.1B | $973.0M | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $1.1B | $1.2B |
| 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× | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-58.3M |
| FCF MarginFCF / Revenue | — | -31.7% |
| Capex IntensityCapex / Revenue | — | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $-18.4M | ||
| Q3 25 | $8.5M | $-37.1M | ||
| Q2 25 | $-3.6M | $-62.9M | ||
| Q1 25 | $-1.3M | $-47.9M | ||
| Q4 24 | $6.5M | $37.9M | ||
| Q3 24 | $10.1M | $-16.9M | ||
| Q2 24 | $19.6M | $-25.2M | ||
| Q1 24 | $5.2M | $-73.8M |
| Q4 25 | — | $-58.3M | ||
| Q3 25 | — | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | — | $-70.2M | ||
| Q3 24 | — | $-21.9M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | — | $-77.8M |
| Q4 25 | — | -31.7% | ||
| Q3 25 | — | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | — | -34.3% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | — | -39.5% |
| Q4 25 | — | 21.7% | ||
| Q3 25 | — | 12.5% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 52.8% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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% |
UP
Segment breakdown not available.
