Ranpak Holdings Corp. (NYSE: PACK)

Ranpak Holdings Corp. is a leading provider of protective packaging solutions and end of line automation solutions for ecommerce and industrial supply chains. Since its founding in 1972 the company has built a broad portfolio of paper based products that are 100% recyclable renewable and biodegradable. Its protective packaging systems convert paper into void fill cushioning and wrapping materials that protect goods during transit. The automation line includes machines that size boxes insert dunnage and provide vision based inspection to improve packing efficiency. These solutions help customers lower labor costs reduce material waste and achieve sustainability goals.

The company generates the majority of its revenue from the sale of high margin paper consumables that are designed to work exclusively with its proprietary protective packaging systems. This razor/razor blade model means that while the hardware is often provided for a low fee the ongoing demand for consumables drives recurring income. In addition the company sells automation systems outright and offers installation maintenance and spare parts services that contribute to total sales. According to its 2025 results protective packaging products represented about 90% of net revenue and automation products accounted for roughly 10%. Geographically approximately 47% of 2025 net revenue came from North America 45% from Europe and 8% from Asia and other regions.

Ranpak Holdings Corp. differentiates itself by focusing solely on sustainable fiber based protective packaging while many competitors still rely on plastic foam or air pillows. Its primary competitors in the protective packaging arena are Sealed Air Protective Division, Pregis, Intertape Polymer Group, Storopack, and Sprick. In the automation field it competes with firms such as Packsize, CMC Packaging Automation, and Smurfit WestRock that emphasize box right sizing and high speed case erectors. The company’s competitive advantages include its razor/razor blade business model, its extensive patent portfolio, and its global network of over 250 distributors. Additionally its commitment to zero plastic in core products, and its ability to provide data driven insights through machine vision solutions strengthen its market position.

The company serves a wide array of customers ranging from small ecommerce retailers to large multinational manufacturers that need reliable protective packaging. Approximately 40% of its 2025 net revenue derived from ecommerce customers while industrial manufacturing and machinery contributed about 11% and 6% respectively. Other important sectors include automotive aftermarket, electronics, pharmaceuticals, home furnishing, food and beverage, and warehousing. As of the end of 2025 Ranpak reported over 145,000 installed systems serving more than 30,000 end users across more than 50 countries. This broad installed base supports a recurring revenue stream because each system requires ongoing consumption of proprietary paper consumables.