Operating cash flow has been positive in several recent quarters, including $17.7M in 2026Q3, but free cash flow has swung between -$13.4M and $32.6M as capex ran 4.6% to 11.5% of revenue, suggesting cash generation remains inconsistent and warrants monitoring of liquidity with cash of $53.4M.
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 | 44.3M | 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 % | 921.7% | -44.2% | -21.29% | 4681.82% | -97.97% | -14.89% | 142.59% | 2259.25% | -102.64% | - |
| Net Income | -34.8M | -38.3M | -21.5M | -27.1M | -41.4M | -2.8M | -23.4M | -36.2M | 1.39M | 27.7M |
| Depreciation & Amortization | 62.6M | 66.7M | 65.3M | 69.6M | 69M | 73.6M | 62.7M | 58.3M | 64.5M | 61.1M |
| Stock-Based Compensation | 5.1M | 7.6M | 6.3M | -10.2M | 18.3M | 0 | 7.2M | 0 | 10.5M | 12.6M |
| Deferred Taxes | -10.9M | -7.7M | -6.9M | -5.9M | -19.7M | -12.8M | -5.4M | -15.2M | -14M | -52.2M |
| Other Non-Cash Items | 17.8M | -300K | 4.6M | 3.9M | -1.5M | 19.9M | 8.8M | 18.8M | -15.62M | 4.5M |
| Working Capital Changes | 4.5M | -4.9M | -6.4M | 22.3M | -23.6M | -23.6M | 14.1M | 600K | 2.51M | -7.5M |
| Change in Receivables | 400K | -4.4M | -12.6M | 7.3M | 9.7M | -6.9M | 11.1M | -5.9M | -1.9M | -4.1M |
| Change in Inventory | 6.8M | -7.5M | -4.8M | 5.3M | 7.6M | -17.2M | -4.6M | 3.2M | 300K | -4.8M |
| Change in Payables | -2.5M | 8.5M | 9.1M | -700K | -12.4M | 5.7M | 10.3M | -16.3M | 2.74M | 2.6M |
| Cash from Investing | -40.4M | -32.8M | -32.5M | -52.4M | -37.9M | -69.8M | -34.5M | -667.9M | -301M | -29.1M |
| Capital Expenditures | -5.2M | -30.3M | -33.1M | -55.3M | -44.8M | -55.7M | -33.2M | -30.4M | -25.3M | -27.5M |
| CapEx % of Revenue | 1.3% | 7.67% | 8.97% | 16.44% | 13.72% | 14.51% | 11.13% | 11.28% | 9.44% | 11.27% |
| Acquisitions | 0 | 0 | 0 | 0 | -2.1M | -14.1M | 0 | -945.6M | 0 | -1.6M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -35.2M | 0 | 5.4M | 2.9M | 1.1M | 0 | -1.3M | 308.1M | -301M | -500K |
| Cash from Financing | 100K | -7M | 1.8M | -1.8M | -4.5M | 72M | -1.6M | 651M | 305.11M | -14.2M |
| Debt Issued (Net) | 1.6M | -6.5M | 16.9M | -300K | -2M | -23.2M | -1.6M | 408.5M | -6.6M | -11.9M |
| Equity Issued (Net) | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | -158.3M | 0 | -1.6M |
| Other Financing | -1.5M | -500K | -15.1M | -1.5M | -2.5M | -8.8M | 0 | -26.2M | -1.1M | -700K |
| Net Change in Cash | 3.5M | -13.1M | 14.1M | -800K | -41.1M | 55.4M | 28.8M | 10.7M | 2.89M | 3.3M |
| Free Cash Flow | 39.1M | -7.2M | 8.3M | -2.7M | -44.7M | -1.4M | 30.6M | -4.1M | -26.52M | 18.7M |
| FCF Margin % | 9.74% | -1.82% | 2.25% | -0.8% | -13.69% | -0.36% | 10.26% | -1.52% | -9.9% | 7.66% |
| FCF Growth % | 271.49% | -186.75% | 407.41% | 93.96% | -3092.86% | -104.58% | 846.34% | 84.54% | -241.81% | - |
| FCF per Share | 0.46 | -0.09 | 0.10 | -0.03 | -0.55 | -0.02 | 0.42 | -0.06 | -0.64 | 0.45 |
| FCF Conversion (FCF/Net Income) | -1.12x | -0.60x | -1.93x | -1.94x | -0.03x | -19.39x | -2.73x | -0.73x | -0.88x | 1.67x |
| Interest Paid | 25.4M | 37.4M | 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
Negative conversion and inconsistent free cash flow
Metrics are mathematically derived from official filings.
Operating Cash Flow Diverges From Net Losses
Based on reported quarterly figures, PACK generated positive operating cash flow in several periods while posting net losses in nine of ten quarters, producing OCF/NI ratios that swing sharply and offer little reliable signal about earnings quality.
The reported net losses in most quarters, ranging from roughly -$7M to -$11M, contrast with operating cash flow that was positive in six of ten periods, peaking at $19.6M in 2024Q2 and $19.5M in 2025Q4. Because the OCF/NI ratio is mathematically unstable when net income is negative, the gap is better interpreted as a sign that non-cash charges, particularly D&A of $14M to $19M per quarter, are masking underlying profitability. This warrants further investigation into whether depreciation and working capital timing, rather than durable cash earnings, account for the positive operating cash flow.
Free Cash Flow Turns Volatile Quarter to Quarter
As reported in financial statements, PACK's free cash flow moved between -$13.4M and $32.6M over the last ten quarters, with the 2026Q3 reading of 32.0% margin appearing to be an outlier against a generally weak pattern.
Free cash flow was negative in five of ten quarters, and the swing toward $32.6M in 2026Q3 was driven largely by a $4.5M working capital inflow and a sharp drop in capex to a positive-signed figure, which may not be repeatable. Excluding that quarter, FCF margins have mostly hovered between -14.5% and 12.8%, suggesting the business does not yet produce stable discretionary cash. Investors should monitor whether the recent improvement persists once working capital normalizes.
Capex Intensity Near Eight Percent of Revenue
According to recent reported figures, PACK's capital expenditures have typically run between 4.6% and 11.5% of revenue, a level that absorbs a substantial share of operating cash generated during weaker quarters.
Capex of $5M to $10M per quarter sits well below D&A of $14M to $19M, which suggests the company is spending less on the asset base than it is depreciating, a pattern that can support near-term cash but may signal underinvestment over time. The variability between quarters makes it difficult to separate maintenance from growth spending using the available data. The implication is that sustained capex discipline could help preserve cash, but it may also constrain capacity if not matched by future reinvestment.
Working Capital Drives Quarterly Cash Swings
Based on PACK's reported figures, working capital changes ranged from roughly -$8.5M to +$14.7M per quarter, and these movements appear to explain much of the gap between reported earnings and operating cash flow.
The $14.7M working capital inflow in 2025Q4 coincided with a $19.5M operating cash flow quarter, while several negative working capital quarters aligned with weak OCF, implying cash generation is tied to timing of collections and payables rather than steady operating improvement. This pattern may indicate that the positive cash readings are partly transitory. Investors should treat working capital reversals as a key monitoring item before extrapolating recent cash strength.
Cash Strength May Mask Persistent Losses
Based on reported figures, PACK's operating cash flow and depreciation add-backs may be presenting a more favorable picture than the net loss record of nine negative quarters out of ten would support.
Peers such as Sealed Air and Sonoco reported net margins of 9.4% and 5.3% alongside FCF margins of 8.6% and 5.4%, while PACK's reported net profitability remained negative across most of the period, highlighting a meaningful gap in earnings quality. Stock-based compensation was modest at $1M to $2M per quarter, so it does not explain the difference. The analytical concern is that depreciation-heavy cash flow may not be sustainable without a path back to net profitability.