Forensic Analysis · General / Diversified · as of Jun 27, 2026
Ranpak Holdings Corp. (PACK)
A forensic read on Ranpak Holdings Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.7
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-7.0%
ROE
$625M
Market cap
Ranpak Holdings Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.7, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-2%Return on invested capital.Return on invested capital is -2% and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
2% of revStock-based comp load.Stock-based compensation ran 2% of revenue and 38% of free cash flow in FY2025 — about $0.09 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
stoppedShareholder returns — halted.Capital returns have STOPPED — $2M of buybacks + dividends in FY2017, but ~$0 in FY2021. A halt usually means the company is conserving cash; understand why before reading it as neutral.
42dInventory days.Days inventory outstanding moved from 35 to 42 FY2024→FY2025 (against cost of goods sold; inventory +41% vs +15% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
+0.9%/yrShare-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+0.9%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Key fundamentals
Net Margin-9.7%
Debt / Equity0.75x
Free Cash Flow$19.8M
Latest Revenue$395.0M
Return on Equity-7.2%
Revenue Growth YoY+7.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Ranpak Holdings Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PACK's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown