Ranpak Holdings Corp
NYSE:PACK
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Ranpak Holdings Corp
Ranpak Holdings Corp. engages in the provision of product protection solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. The company is headquartered in Concord Township, Ohio and currently employs 875 full-time employees. The company went IPO on 2018-02-26. The firm products include Void-Fill, Cushioning, Wrapping, and Automation. The firm sells its Void-Fill products under the brand name FillPak, which are designed to convert paper to fill empty spaces in secondary packages and limit object movement during the shipping process. The company sells its cushioning products under the brand name PadPak, which provides protection for fragile objects from shocks and vibrations experienced during the shipping process. The company sells its wrapping products under the brand names WrapPak, Geami, and ReadyRoll. The firm sells a customized automation solution under the brand name Ranpak Automation. Its WrapPak protective packaging systems crimp kraft paper into flat pads. The firm provides a suite of paper-based protective packaging solutions for end-users.
Ranpak Holdings Corp. engages in the provision of product protection solutions for e-commerce and industrial supply chains in North America, Europe, and Asia. The company is headquartered in Concord Township, Ohio and currently employs 875 full-time employees. The company went IPO on 2018-02-26. The firm products include Void-Fill, Cushioning, Wrapping, and Automation. The firm sells its Void-Fill products under the brand name FillPak, which are designed to convert paper to fill empty spaces in secondary packages and limit object movement during the shipping process. The company sells its cushioning products under the brand name PadPak, which provides protection for fragile objects from shocks and vibrations experienced during the shipping process. The company sells its wrapping products under the brand names WrapPak, Geami, and ReadyRoll. The firm sells a customized automation solution under the brand name Ranpak Automation. Its WrapPak protective packaging systems crimp kraft paper into flat pads. The firm provides a suite of paper-based protective packaging solutions for end-users.
Strategic Walmart Deal: Ranpak announced a major 10-year partnership with Walmart, potentially worth $700 million in total product spend, including $300 million excluding paper, in exchange for warrants for Walmart to acquire up to 22.5 million Ranpak shares at $6.83 per share.
Automation Growth: Automation revenue surged 56% year-over-year on a constant currency basis, with Ranpak on track to reach its full-year automation revenue target of $40 million to $45 million.
Revenue Up: Q3 net revenue increased by 4.4% year-over-year on a constant currency basis, driven by strong North American performance and automation, partially offset by softness in Europe and Asia Pacific.
Margin Recovery: Gross margin improved to 34.5% from 31.3% in Q2 2025, reflecting early success from margin enhancement initiatives and cost controls.
Guidance Update: Management expects to finish the year at the low end of its second-half revenue guidance ($216M–$230M) and adjusted EBITDA guidance ($44.5M–$54.5M), largely due to ongoing challenges in Europe and Asia Pacific.
Cash & Leverage: Ranpak ended the quarter with $49.9 million in cash and expects to finish the year with $65–$70 million, targeting further deleveraging to 2.5x net leverage.
Long-Term Ambition: Ranpak set a new five-year organic revenue target of $800 million, with automation to comprise at least 15% and EBITDA margins to exceed 25%.