Free cash flow generation remains highly volatile, with margins swinging from -14.5% in 2025Q2 to 10.7% in 2025Q4, reflecting the ongoing difficulty in managing working capital and high capital expenditure requirements.
Ranpak Holdings Corp. (PACK) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | 35.1M | 23.1M | 41.4M | 52.6M | 1.1M | 54.3M | 63.8M | 26.3M | -1.22M | 46.2M |
| Operating CF Margin % | - | 5.85% | 11.22% | 15.64% | 0.34% | 14.14% | 21.39% | 9.76% | -0.45% | 18.93% |
| Operating CF Growth % | 1130.95% | -44.2% | -21.29% | 4681.82% | -97.97% | -14.89% | 142.59% | 2259.25% | -102.64% | - |
| Net Income | -38M | -38.3M | -21.5M | -27.1M | -41.4M | -2.8M | -23.4M | -36.2M | 1.39M | 27.7M |
| Depreciation & Amortization | 67.7M | 66.7M | 65.3M | 69.6M | 69M | 73.6M | 62.7M | 58.3M | 64.5M | 61.1M |
| Stock-Based Compensation | 6M | 7.6M | 6.3M | -10.2M | 18.3M | 0 | 7.2M | 0 | 10.5M | 12.6M |
| Deferred Taxes | -8.5M | -7.7M | -6.9M | -5.9M | -19.7M | -12.8M | -5.4M | -15.2M | -14M | -52.2M |
| Other Non-Cash Items | 13.1M | -300K | 4.6M | 3.9M | -1.5M | 19.9M | 8.8M | 18.8M | -15.62M | 4.5M |
| Working Capital Changes | -5.2M | -4.9M | -6.4M | 22.3M | -23.6M | -23.6M | 14.1M | 600K | 2.51M | -7.5M |
| Change in Receivables | -9.1M | -4.4M | -12.6M | 7.3M | 9.7M | -6.9M | 11.1M | -5.9M | -1.9M | -4.1M |
| Change in Inventory | 5M | -7.5M | -4.8M | 5.3M | 7.6M | -17.2M | -4.6M | 3.2M | 300K | -4.8M |
| Change in Payables | 4.1M | 8.5M | 9.1M | -700K | -12.4M | 5.7M | 10.3M | -16.3M | 2.74M | 2.6M |
| Cash from Investing | -37.9M | -32.8M | -32.5M | -52.4M | -37.9M | -69.8M | -34.5M | -667.9M | -301M | -29.1M |
| Capital Expenditures | -27.9M | -30.3M | -33.1M | -55.3M | -44.8M | -55.7M | -33.2M | -30.4M | -25.3M | -27.5M |
| CapEx % of Revenue | 6.99% | 7.67% | 8.97% | 16.44% | 13.72% | 14.51% | 11.13% | 11.28% | 9.44% | 11.27% |
| Acquisitions | 0 | -2.5M | 0 | 0 | -2.1M | -14.1M | 0 | -945.6M | 0 | -1.6M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 600K | 2.9M | 1.1M | 0 | -1.3M | 308.1M | -301M | -500K |
| Cash from Financing | -3.2M | -7M | 1.8M | -1.8M | -4.5M | 72M | -1.6M | 651M | 305.11M | -14.2M |
| Debt Issued (Net) | -4.1M | -6.4M | 16.9M | -300K | -2M | -23.2M | -1.6M | 408.5M | -6.6M | -11.9M |
| Equity Issued (Net) | 0 | 0 | -400K | 0 | 0 | 104M | 0 | 268.7M | 0 | -1.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -400K | 0 | 0 | 0 | 0 | -158.3M | 0 | -1.6M |
| Other Financing | 900K | -600K | -14.7M | -1.5M | -2.5M | -8.8M | 0 | -26.2M | -1.1M | -700K |
| Net Change in Cash | -6M | -13.1M | 14.1M | -800K | -41.1M | 55.4M | 28.8M | 10.7M | 2.89M | 3.3M |
| Free Cash Flow | 7.2M | -7.2M | 8.3M | -2.7M | -44.7M | -1.4M | 30.6M | -4.1M | -26.52M | 18.7M |
| FCF Margin % | 1.8% | -1.82% | 2.25% | -0.8% | -13.69% | -0.36% | 10.26% | -1.52% | -9.9% | 7.66% |
| FCF Growth % | 124% | -186.75% | 407.41% | 93.96% | -3092.86% | -104.58% | 846.34% | 84.54% | -241.81% | - |
| FCF per Share | 0.08 | -0.09 | 0.10 | -0.03 | -0.55 | -0.02 | 0.42 | -0.06 | -0.64 | 0.45 |
| FCF Conversion (FCF/Net Income) | -0.19x | -0.60x | -1.93x | -1.94x | -0.03x | -19.39x | -2.73x | -0.73x | -0.88x | 1.67x |
| Interest Paid | 25.4M | 0 | 29.8M | 26M | 20.5M | 21.7M | 22.5M | 0 | 0 | 0 |
| Taxes Paid | 500K | 0 | 2.2M | 2.8M | 2.7M | 8.4M | 3.7M | 0 | 0 | 0 |
Quick answers to the most common questions about buying PACK stock.
Ranpak Holdings Corp. (PACK) generated $23.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ranpak Holdings Corp. (PACK) reported negative free cash flow of $7.2M in 2025, indicating capital requirements exceeded cash from operations.
Ranpak Holdings Corp. (PACK) spent $30.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent Negative Operating Cash
Metrics are mathematically derived from official filings.
Earnings and Cash Flow Disconnect
As reported in recent financial filings, Ranpak's operating cash flow frequently diverges from net income, with the OCF/NI ratio fluctuating wildly, including a -0.43 reading in 2026Q1, which suggests that accounting losses are not being fully offset by non-cash charges or efficient working capital management.
The persistent gap between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect underlying cash burn. Investors should monitor whether the reliance on non-cash depreciation to bridge this gap remains sustainable as the converter fleet ages.
Volatile Free Cash Flow Generation
Based on the company's quarterly statements, free cash flow margins have remained highly inconsistent, ranging from a low of -14.5% in 2025Q2 to a peak of 11.2% in 2024Q2, indicating that the business model struggles to generate reliable cash surpluses to fund its ongoing operational requirements.
The inability to maintain positive FCF margins suggests that the company's growth strategy is currently consuming more capital than it produces. This volatility warrants further investigation into whether the business can achieve self-sustaining cash generation without recurring external financing or further balance sheet strain.
Capital Intensity of Converter Fleet
According to historical data, Ranpak maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 8% and peaking at 22.6% in 2023Q4, reflecting the significant ongoing investment required to deploy and maintain the proprietary converter machines that underpin the company's recurring revenue model.
This high level of capital expenditure appears to be a structural necessity rather than a discretionary choice, as the machines are essential for locking in long-term paper consumable sales. The persistent cash outflow for these assets suggests that the company's growth is inherently expensive and capital-heavy.
Working Capital Efficiency Remains Elusive
As indicated by the quarterly cash flow statements, working capital changes have been erratic, with a notable $14.7M inflow in 2025Q4 followed by a $6.4M outflow in 2026Q1, suggesting that the company's cash conversion cycle is highly sensitive to inventory stocking and distributor payment timing.
The lack of stability in working capital management implies that the company may be struggling to optimize its supply chain or manage distributor relationships effectively. Such fluctuations make it difficult to forecast cash availability and may indicate underlying issues with inventory management or collection efficiency.