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Side-by-side financial comparison of Ranpak Holdings Corp. (PACK) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Ranpak Holdings Corp. is the larger business by last-quarter revenue ($93.7M vs $92.9M, roughly 1.0× Vericel Corp). On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 2.3%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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...
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
PACK vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $93.7M | $92.9M |
| Net Profit | — | $23.2M |
| Gross Margin | 39.0% | 78.7% |
| Operating Margin | -1.0% | 24.1% |
| Net Margin | — | 25.0% |
| Revenue YoY | 2.3% | 23.3% |
| Net Profit YoY | — | 17.3% |
| EPS (diluted) | $-0.11 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $83.6M | $67.5M | ||
| Q2 25 | $77.8M | $63.2M | ||
| Q1 25 | $77.6M | $52.6M | ||
| Q4 24 | $91.6M | $75.4M | ||
| Q3 24 | $78.6M | $57.9M | ||
| Q2 24 | $72.8M | $52.7M | ||
| Q1 24 | $72.5M | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-10.4M | $5.1M | ||
| Q2 25 | $-7.5M | $-553.0K | ||
| Q1 25 | $-10.9M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $-8.1M | $-901.0K | ||
| Q2 24 | $5.5M | $-4.7M | ||
| Q1 24 | $-8.1M | $-3.9M |
| Q4 25 | 39.0% | 78.7% | ||
| Q3 25 | 41.1% | 73.5% | ||
| Q2 25 | 37.1% | 73.7% | ||
| Q1 25 | 39.8% | 69.0% | ||
| Q4 24 | 45.2% | 77.6% | ||
| Q3 24 | 43.8% | 71.9% | ||
| Q2 24 | 43.5% | 69.5% | ||
| Q1 24 | 44.6% | 68.9% |
| Q4 25 | -1.0% | 24.1% | ||
| Q3 25 | -6.8% | 5.1% | ||
| Q2 25 | -12.5% | -3.2% | ||
| Q1 25 | -10.3% | -24.3% | ||
| Q4 24 | 1.5% | 24.5% | ||
| Q3 24 | -5.3% | -4.3% | ||
| Q2 24 | -7.1% | -11.5% | ||
| Q1 24 | -6.6% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | -12.4% | 7.5% | ||
| Q2 25 | -9.6% | -0.9% | ||
| Q1 25 | -14.0% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | -10.3% | -1.6% | ||
| Q2 24 | 7.6% | -8.9% | ||
| Q1 24 | -11.2% | -7.5% |
| Q4 25 | $-0.11 | $0.46 | ||
| Q3 25 | $-0.12 | $0.10 | ||
| Q2 25 | $-0.09 | $-0.01 | ||
| Q1 25 | $-0.13 | $-0.23 | ||
| Q4 24 | $-0.13 | $0.40 | ||
| Q3 24 | $-0.10 | $-0.02 | ||
| Q2 24 | $0.07 | $-0.10 | ||
| Q1 24 | $-0.10 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $401.9M | — |
| Stockholders' EquityBook value | $534.9M | $354.6M |
| Total Assets | $1.1B | $488.0M |
| Debt / EquityLower = less leverage | 0.75× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $63.0M | $137.5M | ||
| Q3 25 | $49.9M | $135.4M | ||
| Q2 25 | $49.2M | $116.9M | ||
| Q1 25 | $65.5M | $112.9M | ||
| Q4 24 | $76.1M | $116.2M | ||
| Q3 24 | $69.5M | $101.7M | ||
| Q2 24 | $65.1M | $102.5M | ||
| Q1 24 | $55.1M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $537.8M | $321.9M | ||
| Q2 25 | $539.0M | $306.8M | ||
| Q1 25 | $544.1M | $295.5M | ||
| Q4 24 | $548.1M | $292.0M | ||
| Q3 24 | $564.3M | $257.5M | ||
| Q2 24 | $566.2M | $243.0M | ||
| Q1 24 | $560.0M | $233.9M |
| Q4 25 | $1.1B | $488.0M | ||
| Q3 25 | $1.1B | $453.3M | ||
| Q2 25 | $1.1B | $435.6M | ||
| Q1 25 | $1.1B | $424.6M | ||
| Q4 24 | $1.1B | $432.7M | ||
| Q3 24 | $1.1B | $390.4M | ||
| Q2 24 | $1.1B | $376.8M | ||
| Q1 24 | $1.1B | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.5M | $15.0M | ||
| Q3 25 | $8.5M | $22.1M | ||
| Q2 25 | $-3.6M | $8.2M | ||
| Q1 25 | $-1.3M | $6.6M | ||
| Q4 24 | $6.5M | $22.2M | ||
| Q3 24 | $10.1M | $10.2M | ||
| Q2 24 | $19.6M | $18.5M | ||
| Q1 24 | $5.2M | $7.2M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | — | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | — | 11.2% | ||
| Q3 24 | — | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | -13.3% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | — | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
