Ranpak Holdings Corp. Financial Ratios — PACK Stock

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	-8.76	-9.94	-4.44	-0.48	-6.63	-4.57	-3.84	-7.07
Return on Assets (%)	- -	-2.17	-3.82	-2.09	-0.24	-3.53	-2.4	-1.93	-3.44
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	46.05	42.78	41.15	41.11	38.79	30.51	36.66	37.9	33.09
EBITDA Margin (%)	37.98	29.41	25.31	25.69	22.35	8.12	18.47	14.23	10.73
Operating Margin (%)	12.95	5.34	3.67	4.66	3.18	-13.02	-2.23	-3.47	-6.15
Incremental Operating Margin (%)	- -	-72.69	-275	13.94	-1.98	- -	- -	- -	- -
Pretax Margin (%)	-5.61	-5.86	-16.25	-8.25	-1.28	-17.37	-9.31	-6.42	-12.03
Profit Margin (%)	11.35	-3.21	-13.43	-7.85	-0.73	-12.68	-8.06	-5.83	-9.7
Net Income to Common Margin (%)	11.35	-3.21	-13.43	-7.85	-0.73	-12.68	-8.06	-5.83	-9.7
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	-8.76	-9.94	-4.44	-0.48	-6.63	-4.57	-3.84	-7.07

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	499	420	433	408	399	429	431	430
ST Debt	- -	4	2	- -	3	3	6	10	9
LT Debt	- -	495	419	433	405	396	422	422	421
Total Debt/EBITDA	- -	6.34	6.16	5.66	4.76	15.06	6.9	8.21	10.14
Net Debt/EBITDA	- -	6.11	5.88	5.02	3.45	12.43	5.43	6.26	7.96
Total Debt/EBIT	- -	34.92	42.46	31.17	33.45	-9.39	-57.17	-33.69	-17.7
Net Debt/EBIT	- -	33.69	40.47	27.68	24.26	-7.75	-44.99	-25.68	-13.88
EBITDA to Interest Expense	3.02	2.55	1.44	2.54	3.83	1.28	2.56	1.84	1.24
EBITDA-CapEx/Interest Expense	3	2.53	1.42	2.51	3.83	-0.88	0.28	0.68	0.35
EBIT to Interest Expense	1.03	0.46	0.21	0.46	0.54	-2.05	-0.31	-0.45	-0.71
Interest Expense	31	31	48	30	22	21	24	29	34
Common Equity/Total Assets	6.2	24.78	48.15	46.13	52.43	54.06	50.95	49.64	47.55
Long-Term Debt/Equity (%)	- -	251.99	78.75	82.75	63.61	64.57	73.86	76.92	78.63
Long-Term Debt/Capital (%)	- -	71.14	43.98	45.26	38.75	39.11	42.22	43.05	43.59
Long-Term Debt/Total Assets (%)	- -	62.43	37.92	38.17	33.35	34.91	37.63	38.18	37.39
Total Debt/Equity (%)	171.98	254.23	79.05	82.85	64.15	65.11	74.97	78.67	80.39
Total Debt/Capital (%)	63.23	71.77	44.15	45.31	39.08	39.43	42.85	44.03	44.56
Total Debt/Total Assets (%)	10.66	62.99	38.07	38.22	33.63	35.2	38.19	39.05	38.23
Net Debt to Equity	168.47	245.32	75.35	73.57	46.53	53.77	58.99	59.97	63.06
Net Debt/Capital (%)	62.75	71.04	42.97	42.39	31.48	34.72	35.94	36.39	37.4
EBITDA	93	79	68	77	86	26	62	52	42
EBITDA-CapEx	92	78	68	76	86	-18	7	19	12
Operating Income (Loss)	32	14	10	14	12	-42	-8	-13	-24

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.63	0.62	0.84	1.45	1.61	1.29	1.11	0.75
Current Ratio	- -	2.46	2.24	1.86	2.68	3.57	2.6	2.21	1.83
Quick Ratio	- -	1.88	1.8	1.53	2.1	2.5	1.97	1.78	1.34
CFO/Avg Current Liab	- -	2.94	0.88	1.43	0.84	0.02	1.21	0.71	0.3
Common Equity/Total Assets	6.2	24.78	48.15	46.13	52.43	54.06	50.95	49.64	47.55
Long-Term Debt/Equity (%)	- -	251.99	78.75	82.75	63.61	64.57	73.86	76.92	78.63
Long-Term Debt/Capital (%)	- -	71.14	43.98	45.26	38.75	39.11	42.22	43.05	43.59
Long-Term Debt/Total Assets (%)	- -	62.43	37.92	38.17	33.35	34.91	37.63	38.18	37.39
Total Debt/Equity (%)	171.98	254.23	79.05	82.85	64.15	65.11	74.97	78.67	80.39
Total Debt/Capital (%)	63.23	71.77	44.15	45.31	39.08	39.43	42.85	44.03	44.56
Total Debt/Total Assets (%)	10.66	62.99	38.07	38.22	33.63	35.2	38.19	39.05	38.23
CFO/Total Liabilities	5,656.01	7.04	4.59	10.45	9.41	0.21	9.55	7.44	3.92
CFO/CapEx	92.4	84	37.57	70.89	- -	0.02	0.95	1.25	0.76
Altman's Z-Score	398.93	2.27	2.17	2.41	4.57	1.09	1.23	1.26	0.84

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	17.01	7.97	7.93	9.27	8.51	10.41	9.77	8.62
Days Sales Outstanding	- -	21.46	45.78	46.02	39.36	42.87	35.06	37.35	42.32
Inventory Turnover	- -	25.98	13.56	12.68	9.59	7.84	10.07	11.75	10.11
Days Inventory Outstanding	- -	14.05	26.93	28.79	38.05	46.57	36.24	31.07	36.11
Accounts Payable Turnover	- -	26.85	12.88	9.68	8.62	7.58	9.8	10.49	8.59
Accounts Payable Turnover Days	- -	13.6	28.34	37.7	42.33	48.17	37.25	34.78	42.49
Cash Conversion Cycle	- -	21.91	44.36	37.12	35.09	41.28	34.05	33.64	35.95
Inventory to Cash Days	- -	7.41	18.85	17.23	1.31	-3.7	-1.19	6.28	6.21
Inventories	- -	12	12	16	33	25	17	22	31
Raw Materials	- -	4	7	10	20	12	12	12	14
Work In Process	- -	- -	- -	- -	1	6	1	- -	6
Finished Goods	- -	8	5	7	12	7	4	9	11
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	414	577	1,015	3,059	473	481	573	457
- Cash & Cash Equivalents	- -	18	20	48	104	63	62	76	63
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	499	420	433	408	399	429	431	430
Enterprise Value	- -	896	978	1,400	3,363	809	848	928	824
Total Capital	- -	696	952	956	1,044	1,012	1,001	979	965
Total Debt/Capital (%)	63.23	71.77	44.15	45.31	39.08	39.43	42.85	44.03	44.56
Total Debt / EV	1.02	0.56	0.43	0.31	0.12	0.49	0.51	0.46	0.52
EV/Sales	- -	3.34	3.63	4.69	8.76	2.48	2.52	2.52	2.08
EV/EBITDA	- -	11.36	14.34	18.27	39.2	30.54	13.65	17.68	19.42
EV/EBIT	- -	62.62	98.76	100.69	275.68	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	15.2	14.91	15.13	50.12	49.92	11.51	13.78	16.23
EV/Free Cash Flow to Firm	- -	15.07	14.76	14.98	50.12	13.27	6.57	9.24	10.16
Diluted Market Cap	- -	414	577	974	2,952	472	479	571	455
Diluted Enterprise Value	- -	896	978	1,358	3,256	809	846	927	822
EV per Share	- -	21.71	13.81	18.53	41.32	9.87	10.26	11.14	9.76
TTM Sales	244	268	270	298	384	326	336	369	395
TTM EBITDA	93	79	68	77	86	26	62	52	42
TTM Operating Income	32	14	10	14	12	-42	-8	-13	-24
TTM Cash Flow to Firm	-16	59	66	93	67	16	74	67	51
TTM Free Cash Flow to Firm	-15	59	66	93	67	61	129	100	81

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	9.74	21.37	15.05	54.36	10.29	4.44	7.67	8.53
EV/EBIT	- -	62.62	98.76	100.69	275.68	- -	- -	- -	- -
Enterprise Value	- -	896	978	1,400	3,363	809	848	928	824
Low Price	- -	9.49	4.32	5.7	13.08	2.9	2.63	3.85	2.91
EV/Sales	- -	3.34	3.63	4.69	8.76	2.48	2.52	2.52	2.08
EV/EBITDA	- -	11.36	14.34	18.27	39.2	30.54	13.65	17.68	19.42
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	-46.57	-16.13	-27.07	-725.31	-24.18	-15.22	-24.91	-10.91
Price/Earnings High	- -	-48.44	-20.24	-42.01	-1,205.35	-78.93	-25.05	-34.92	-19.12
Price/Earnings Low	- -	-45.52	-8.44	-17.64	-366.91	-5.74	-7.99	-14.87	-6.4
Price/Book Value	- -	2.11	1.09	1.94	4.81	0.77	0.84	1.05	0.85
Price/Book Value Average	- -	2.04	1.1	1.26	3.31	1.64	0.72	0.98	0.78
Price/Book Value High	- -	2.12	1.38	1.96	5.5	5.34	1.19	1.37	1.37
Price/Book Value Low	- -	1.99	0.57	0.82	1.67	0.39	0.38	0.58	0.46
Price/Tangible Book Value	- -	-0.91	-1.54	-2.7	-13.7	-2.3	-2.15	-2.76	-2.13
Price/Tangible Book Value Average	- -	-0.88	-1.55	-1.76	-9.43	-4.87	-1.85	-2.58	-1.96
Price/Tangible Book Value High	- -	-0.92	-1.95	-2.72	-15.66	-15.89	-3.05	-3.62	-3.43
Price/Tangible Book Value Low	- -	-0.86	-0.81	-1.14	-4.77	-1.15	-0.97	-1.54	-1.15
Price/Sales	- -	1.54	2.14	3.26	7.69	1.45	1.43	1.55	1.15
Price/Sales Average	- -	1.5	2.17	2.12	5.29	3.07	1.23	1.45	1.06
Price/Sales High	- -	1.56	2.72	3.3	8.79	10.01	2.02	2.04	1.85
Price/Sales Low	- -	1.46	1.13	1.38	2.68	0.73	0.64	0.87	0.62
Price/Cash Flow	- -	9.85	21.94	15.26	54.36	429.48	9.11	13.8	19.72
Price/Cash Flow Average	- -	9.54	22.2	9.93	37.4	910.02	7.84	12.94	18.09
Price/Cash Flow High	- -	9.92	27.86	15.41	62.15	2,970.66	12.9	18.14	31.7
Price/Cash Flow Low	- -	9.32	11.62	6.47	18.92	215.86	4.12	7.72	10.6
Price/Free Cash Flow Average	- -	9.42	21.62	9.79	37.4	21.81	3.82	7.19	7.83
Price/Free Cash Flow High	- -	9.8	27.14	15.19	62.15	71.19	6.29	10.08	13.72
Price/Free Cash Flow Low	- -	9.21	11.32	6.38	18.92	5.17	2.01	4.29	4.59
EV/Sales Average	- -	3.29	3.65	3.5	6.28	4.1	2.32	2.42	1.99
EV/Sales High	- -	3.35	4.21	4.73	9.9	11.05	3.11	3	2.79
EV/Sales Low	- -	3.26	2.62	2.73	3.57	1.76	1.74	1.83	1.55
EV/EBITDA Average	- -	11.2	14.44	13.64	28.08	50.52	12.57	16.99	18.54
EV/EBITDA High	- -	11.4	16.62	18.4	44.31	136.19	16.87	21.1	25.97
EV/EBITDA Low	- -	11.08	10.36	10.64	15.96	21.66	9.41	12.87	14.45
EV/EBIT Average	- -	61.7	99.44	75.19	197.46	-31.5	-104.06	-69.69	-32.34
EV/EBIT High	- -	62.83	114.5	101.4	311.65	-84.92	-139.66	-86.55	-45.32
EV/EBIT Low	- -	61.07	71.34	58.64	112.21	-13.51	-77.87	-52.79	-25.21
Last Price	- -	10.03	8.15	13.44	37.58	5.77	5.82	6.88	5.41
High Price	- -	10.1	10.35	13.57	42.97	39.91	8.24	9.04	8.7
Enterprise Value Average	- -	882	984	1,045	2,409	1,339	780	892	786
Enterprise Value High	- -	898	1,134	1,409	3,802	3,609	1,047	1,108	1,101
Enterprise Value Low	- -	873	706	815	1,369	574	584	676	613

Shares Outstanding	41	41	71	76	81	82	83	83	84
Diluted Weighted Avg Shares	41	41	71	72	79	82	82	83	84
Basic Weighted Avg Shares	41	41	71	72	79	82	82	83	84
Revenue per Share	5.92	6.49	3.81	4.12	4.89	3.99	4.08	4.44	4.69
EBITDA per Share	2.25	1.91	0.96	1.06	1.09	0.32	0.75	0.63	0.5
Operating Income per Share	0.77	0.35	0.14	0.19	0.16	-0.52	-0.09	-0.15	-0.29
Basic EPS, GAAP	0.67	-0.21	-0.51	-0.32	-0.04	-0.51	-0.33	-0.26	-0.45
Basic EPS from Cont Ops	0.67	-0.21	-0.51	-0.32	-0.04	-0.51	-0.33	-0.26	-0.45
Diluted EPS, GAAP	0.67	-0.21	-0.51	-0.32	-0.04	-0.51	-0.33	-0.26	-0.45
Diluted EPS from Cont Ops	0.67	-0.21	-0.51	-0.32	-0.04	-0.51	-0.33	-0.26	-0.45
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.12	1.02	0.37	0.88	0.69	0.01	0.64	0.5	0.27
Free Cash Flow per Basic Share	1.11	1.01	0.36	0.87	0.69	-0.53	-0.03	0.1	-0.09
Cash & Equivalents per Share	- -	0.42	0.28	0.64	1.28	0.77	0.75	0.91	0.75
Book Value per Share	- -	4.76	7.51	6.92	7.82	7.47	6.92	6.58	6.34
Tangible Book Value per Share	- -	-10.98	-5.3	-4.98	-2.74	-2.51	-2.71	-2.5	-2.54

Ranpak Holdings Corp.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)