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Ranpak

Logo: Ranpak, CC BY-SA 4.0, via Wikimedia Commons4

American paper products manufacturer

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.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

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  • TickerPACK on NYSE1
  • IndustryConverted Paper & Paperboard Prods (No Contaners/Boxes)1
  • HeadquartersConcord Township, Ohio1
  • Websitewww.ranpak.com
  • Incorporated inCayman Islands5
  • Business address7990 Auburn Road, Concord Township, Oh 440775
  • Filer categoryAccelerated filer5

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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 purposes, and is sometimes known as dunnage. Ranpak counts customers globally like Amazon, IKEA, and Walmart.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

39.3%Gross margin7
-7.3%Operating margin7
-11.5%Net margin7
5.5%Revenue growth, 20257
-7.2%Return on equity7
0.74×Debt to equity7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development1¢$4.1M
  • Selling, general and admin34¢$114.5M
  • Other costs62¢$204.9M
  • Income tax3¢$9.2M

Out of $332.7M in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$23.1M

Out of $23.1M of cash from operations.7

Financial statements

Revenue89107$332.7M in 2025+12% since 2020
0$100.0M$200.0M$300.0M$400.0M2020: $298.2M$298.2M20202021: $383.9M$383.9M2021+29%2022: $276.4M$276.4M2022−28%2023: $284.8M$284.8M2023+3%2024: $315.5M$315.5M2024+11%2025: $332.7M$332.7M2025+5%
Gross profit89107$130.7M in 2025+7% since 2020
0$50.0M$100.0M$150.0M2020: $122.6M$122.6M20202021: $148.9M$148.9M2021+21%2022: $99.6M$99.6M2022−33%2023: $123.3M$123.3M2023+24%2024: $139.8M$139.8M2024+13%2025: $130.7M$130.7M2025−7%
Operating income89107-$24.3M in 2025
-$60.0M-$40.0M-$20.0M0$20.0M2020: $11.7M$11.7M20202021: $12.2M$12.2M2021+4%2022: -$42.5M-$42.5M20222023: -$7.5M-$7.5M2023−82%2024: -$12.8M-$12.8M2024+71%2025: -$24.3M-$24.3M2025+90%
Net income89107-$38.3M in 2025+64% since 2020
-$60.0M-$40.0M-$20.0M02020: -$23.4M-$23.4M20202021: -$2.8M-$2.8M2021−88%2022: -$41.4M-$41.4M2022+1379%2023: -$27.1M-$27.1M2023−35%2024: -$21.5M-$21.5M2024−21%2025: -$38.3M-$38.3M2025+78%
Fiscal year2019202020212022202320242025
Revenue$298.2M8$383.9M9$276.4M10$284.8M7$315.5M7$332.7M7
Cost of revenue$175.6M8$235.0M9$226.9M9$213.0M9
Gross profit$122.6M8$148.9M9$99.6M10$123.3M7$139.8M7$130.7M7
Research and development$2.3M8$1.7M9$3.6M10$3.7M7$4.4M7$4.1M7
Selling, general and admin$72.5M8$98.3M9$105.5M10$91.8M7$111.9M7$114.5M7
Operating income$11.7M8$12.2M9-$42.5M10-$7.5M7-$12.8M7-$24.3M7
Interest$30.2M8$22.4M9$20.7M9$24.3M9
Income before tax-$4.9M9-$56.7M10-$31.3M7-$23.7M7-$47.5M7
Income tax-$1.2M8-$2.1M9-$15.3M10-$4.2M7-$2.2M7-$9.2M7
Net income-$23.4M8-$2.8M9-$41.4M10-$27.1M7-$21.5M7-$38.3M7
Earnings per share-$0.328-$0.049-$0.5110-$0.337-$0.267-$0.457
Earnings per share (diluted)-$0.328-$0.049-$0.5110-$0.337-$0.267-$0.457
Shares (weighted, basic)78.5M shares981.9M shares1082.4M shares783.1M shares784.2M shares7
Shares (weighted, diluted)78.5M shares981.9M shares1082.4M shares783.1M shares784.2M shares7

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The story

The company (the Ranpak name standing for Random Packaging) traces its origins to a machine patented by George R. Johnson in 1970 that converted kraft paper into shock absorbing crinkled paper for use in cushioning auto-parts to prevent such items being damaged in shipment.

Johnson, working with entrepreneur and engineer, Raymond Q. Armington, an inventor with several packing- and storage related patents to his name, incorporated the company in 1972. Armington became its chairman, a position he held until his death in 1993. In early 2002, David M. Gabrielsen was appointed president and CEO of Ranpak replacing Steven E. Armington, son of the co-founder.

In December 1991 Ranpak opened its first foreign manufacturing center in Heerlen, Holland. The plant produced packing material and packing machines for the European market.

Ranpak's acquisitions include:

Eco-Pak Industries, a Kent, Washington–based company specializing in biodegradable and recyclable packing material founded by entrepreneur and actor, John Ratzenberger, best known as Cliff Claven of Cheers. Ratzenberger held partial ownership for a period after the sale.

Geami, a packaging company in Raleigh, North Carolina, specializing in recyclable, paper-based materials.

e3neo, a French-based company specializing in automated packing and packaging machinery and inventory and logistics management software.

Creapaper GmbH, a German supplier of grasspaper and grasspaper products, acquired in October, 2021.

Read the full text

Recycold Cool Solutions BV, a Dutch-based manufacturer of sustainable cool packs made from plant-based materials, purchased in 2021.

From Wikipedia’s article on Ranpak, shared under CC BY-SA 4.0.6

Leadership

Who has led Ranpak, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Omar Asali2018–2019
  2. J. Mark Borseth2019

Chair

  1. Omar Asali2018–now

Chief financial officer

  1. Bharani Bobba2018
  2. Trent Meyerhoefer2019–2020
  3. William Drew2020–now

Chief operating officer

  1. Paul Aram2025–now
20202025
Board members and other officers (21)

Former names

  • One Madison CorpJul 24, 2017 to May 29, 20195

Timeline

  1. Jun 4, 2019New chief executive J. Mark Borseth becomes CEO15
  2. Jan 17, 2018New chief executive Omar Asali becomes CEO16

Filings

339 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 40 major events, 235 insider forms, 10 large holders, 33 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Jul 30, 202610-Q EDGAR
  5. Jul 30, 20268-K EDGAR
  6. Jul 6, 20264 EDGAR
  7. Jul 6, 20264 EDGAR
  8. Jul 6, 20264 EDGAR
  9. May 26, 20264 EDGAR
  10. May 26, 20264 EDGAR
  11. May 26, 20264 EDGAR
  12. May 26, 20264 EDGAR
  13. May 26, 20264 EDGAR
  14. May 26, 20264 EDGAR
  15. May 26, 20264 EDGAR
  16. May 22, 20268-K EDGAR
  17. Apr 30, 202610-Q EDGAR
  18. Apr 30, 20268-K EDGAR
  19. Apr 24, 2026DEFA14A EDGAR
  20. Apr 9, 2026ARS EDGAR

The 339 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

39 open-market trades by officers, directors and large owners since October 2021: 32 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 30, 2024Jones Michael AnthonyDirectorSale15,625$6.41$100.2KForm 4
Nov 28, 2023Siebert Mark A.MD, North AmericaBuy5$4.10$20Form 4
Nov 27, 2023Siebert Mark A.MD, North AmericaBuy267$3.98$1.1KForm 4
Nov 14, 2023Tranen Alicia M.DirectorBuy5,000$3.22$16.1KForm 4
Nov 13, 2023Siebert Mark A.MD, North AmericaBuy1,730$2.90$5.0KForm 4
Nov 8, 2023Tranen Alicia M.DirectorBuy12,500$3.05$38.2KForm 4
Nov 6, 2023Laurensse EricManaging Director, EuropeBuy19,000$2.85$54.1KForm 4
Nov 6, 2023Tranen Alicia M.DirectorBuy10,000$2.92$29.2KForm 4
Nov 3, 2023Tranen Alicia M.DirectorBuy71,500$3.02$215.9KForm 4
Nov 2, 2023Grassotti AntonioManaging Director, APACBuy7,000$2.76$19.3KForm 4
Nov 2, 2023Tranen Alicia M.DirectorBuy50,500$2.79$140.9KForm 4
Aug 28, 2023Tranen Alicia M.DirectorBuy500$5.70$2.9KForm 4
Aug 28, 2023Tranen Alicia M.DirectorBuy17,500$5.72$100.1KForm 4
Aug 15, 2023Zumwalt KurtDirectorSale13,369$5.39$72.1KForm 4
Jun 8, 2023Seshadri SalilDirectorBuy5,125$4.33$22.2KForm 4
Jun 7, 2023Seshadri SalilDirectorBuy94,875$4.20$398.5KForm 4
May 10, 2023ASALI OMARCEO & Executive ChairmanBuy18,940$3.30$62.5KForm 4
May 9, 2023Tranen Alicia M.DirectorBuy36,500$2.91$106.1KForm 4
May 9, 2023ASALI OMARCEO & Executive ChairmanBuy61,060$2.92$178.3KForm 4
Nov 17, 2022Tranen Alicia M.DirectorBuy5,000$5.72$28.6KForm 4

All 39 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
JS Capital Management LLC30,530,897$223.2M100.0%No change
Soros Capital Management LLC4,630,292$33.8M6.1%No change
BlackRock, Inc.3,573,167$26.1M0.0%+448,224
Dimensional Fund Advisors LP3,168,435$23.2M0.0%+123,129
Schusterman Interests, LLC3,018,616$22.1M5.8%No change
Petrus Trust Company, LTA2,711,537$19.8M1.9%−254,819
First Eagle Investment Management, LLC2,136,324$15.6M0.0%+1,347,485
Vanguard Capital Management LLC2,029,237$14.8M0.0%+84,939
Portolan Capital Management, LLC1,894,855$13.9M0.5%−52,826
ArrowMark Colorado Holdings LLC1,879,249$13.7M0.6%−261,381
Royce & Associates LP1,853,540$13.5M0.1%+327,540
Samjo Management, LLC1,419,675$10.4M3.5%+88,900
G2 Investment Partners Management LLC1,250,000$9.1M1.7%−1,570,285
Geode Capital Management, LLC1,179,520$8.6M0.0%+78,343
Simcoe Capital LLC1,098,157$8.0M4.9%+409,275
State Street Corp945,613$6.9M0.0%+28,757
Bridgeway Capital Management, LLC897,270$6.6M0.1%+68,725
Millennium Management LLC888,984$6.5M0.0%−604,196
CenterBook Partners LP875,845$6.4M0.3%−932,131
Meros Investment Management, LP717,764$5.2M1.7%−269,725
CastleKnight Management LP568,100$4.2M0.2%−232,900
Russell Investments Group, Ltd.526,726$3.9M0.0%−31,920
Algert Global LLC523,435$3.8M0.0%+183,131
Formula Growth Ltd522,055$3.8M1.3%−172,472
Ulysses Management LLC515,885$3.8M1.3%−176,400

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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