Ranpak

What Ranpak does

Ranpak Holdings Corp. (NYSE: PACK), founded in 1972 and headquartered in Concord Township, Ohio, is one of the world's largest producers of paper-based in-the-box protective packaging materials and systems. The company operates two integrated business lines: (1) manual and automated paper converter systems (FillPak void fill, PadPak cushioning, Geami honeycomb wrapping, Climaliner/Climaliner Plus cold-chain thermal liners, NatureMailer padded mailers, and the new PaperWrap pallet-wrapping solution developed with Mondi), and (2) end-of-line automation equipment that applies AI and machine vision to packaging operations (AutoFill, DecisionTower, Cut'it! EVO/Multi-Lid/XL, Form'it! case and tray erectors, Print'it! on-demand printing, Flap'it!, Lid'it!, and Rabot). Ranpak's solutions are designed to replace single-use plastic packaging with 100% curbside-recyclable paper alternatives.

The business model is a hybrid hardware-plus-consumables model: Ranpak sells or leases converter and automation equipment to enterprise and mid-market customers, then generates recurring revenue from proprietary paper consumables that are specification-matched to the installed equipment base of approximately 144,100 PPS machines as of March 31, 2026. Go-to-market is primarily direct enterprise sales with consultative packaging-engineering support (including ISTA-certified laboratory testing), supplemented by channel partners (3PL providers and distributors) and localized digital presence in 17+ countries. Customer segments span e-commerce and fulfillment, third-party logistics, industrial manufacturing, food and beverage, medical supplies, electronics, home furnishings, automotive, and publishing, with notable enterprise customers including Walmart, Amazon, Medline, Helly Hansen, Omoda, and Rivière Maison.

FY2025 revenue was $395 million (up 7.1% YoY), with Q1 2026 revenue of $101.2 million (up 11% YoY) and Q1 2026 Adjusted EBITDA of $18.9 million. The automation segment is the primary growth engine, with revenue up 112.7% year-over-year; management has guided the segment to $60 million in 2026 and $100 million-plus in the near term. Despite top-line growth, the company has reported net losses each year from 2022 through 2025, with FY2025 net loss of $38.3 million on $54.4 million of EBITDA, indicating that margin expansion and operating leverage have not yet materialized at scale. Strategic priorities visible in the data include deepening enterprise automation partnerships (Walmart, Amazon, Medline), launching new sustainable products (PaperWrap, FillPak Mini, NatureMailer, Geami MV), and selective ecosystem investments (Pickle Robot, KNAPP integration, Mondi partnership).

Name

Ranpak

Legal name

Ranpak Holdings Corp.

Website

https://ranpak.com

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

101–250 employees

Short description

Ranpak (NYSE: PACK), founded in 1972, is one of the world's largest producers of paper-based in-the-box protective packaging materials and automated end-of-line packaging systems, serving e-commerce, 3PL, healthcare, food and beverage, and industrial customers across 50+ countries.

Ownership category

akta.pro rank

Product category

Protective Packaging

NAICS

Other Paperboard Container Manufacturing (322219), Folding Paperboard Box Manufacturing (322212), Packaging Machinery Manufacturing (333993)

SIC

Paperboard Containers & Boxes (2650), Converted Paper & Paperboard Prods (No Contaners/Boxes) (2670)

akta.pro industry

PRIMARYCRADALAL

Paper-Based Packaging & Single-Use Paper Products (Paper Bags, Wraps, Cartons)

Consumer Products & Retail/Consumer Packaged Goods (CPG) Manufacturing & Brands/Paper Goods & Disposables (Tissue, Diapers, Feminine Care)

SECONDARYIMALACAL

Paper & Paperboard Packaging Converting & Finishing (Die-Cutting, Gluing, Windowing, Coating)

Industrials, Manufacturing & Construction/Packaging & Containers/Paper & Paperboard Packaging (Cartons, Corrugated, Folding Boxboard)

SECONDARYIMALAHAM

Foodservice/To-Go Packaging (Cups, Clamshells, Cutlery)

Industrials, Manufacturing & Construction/Packaging & Containers/Food & Beverage Packaging

Keywords

• Protective packaging systems
• Paper-based packaging materials
• Automated packaging machinery
• Cold chain shipping solutions
• Sustainable void fill

Headquarters

HQ city

New Concord

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Automation Equipment Sales: Sale of automated packaging machinery including AutoFill, Cut'it! EVO, DecisionTower, Form'it!, and other automation systems. Revenue from automation segment grew 112.7% year-over-year, with management targeting $60 million in 2026 and $100 million-plus in the near term.
2. Packaging Materials and Consumables: Ongoing revenue from paper-based packaging materials including FillPak paper, Geami wrapping materials, PadPak cushioning, Climaliner cold chain products, and NatureMailer padded mailers. Sold as converters that produce packaging materials on-demand.
3. Service and Support: Package engineering services, customization, installation, training, and ongoing maintenance support for automation solutions and packaging configurations.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Ranpak manufactures and sells paper-based protective packaging materials and the converter equipment that produces them, plus automated end-of-line packaging machinery enhanced with AI and machine vision. Its portfolio covers void fill (FillPak), cushioning (PadPak), wrapping (Geami), cold chain liners (Climaliner, RecyCold), and mailers (NatureMailer), together with rightsizing and case-forming automation such as Cut'it! EVO, AutoFill, DecisionTower, and Form'it!. The offering is sold primarily to e-commerce, 3PL, healthcare, food and industrial shippers that need sustainable alternatives to plastic packaging.

Product overview

Ranpak offers a comprehensive portfolio of paper-based packaging solutions organized around three core pillars: manual packaging converters (FillPak void fill, PadPak cushioning, Geami wrapping, Climaliner cold chain, and NatureMailer mailers), automation systems (Cut'it! rightsizing, AutoFill void fill, DecisionTower AI vision, Form'it! case/tray erection, Print'it! printing, Flap'it! small-item packing, Lid'it! closing, and PaperWrap pallet wrapping), and value-added services (Package Engineering, Cold Chain Testing, Data & Analytics). The company's automated solutions are modular and scalable, designed to work together as an integrated end-of-line packaging system. The FillPak family (Trident, Trident Mini, SL, TT, TTC, M, Go) provides paper void fill at various volume levels. PadPak systems (Auto-Coiler, Guardian, CC, LC, SR, JR) offer paper cushioning from manual to automated configurations. Geami converters (MV, MS Mini, Wrap 'n Go, EX, EX Mini, MX, ME, HV) expand kraft paper into protective honeycomb structures for wrapping applications. Cold chain solutions include Climaliner and Climaliner Plus thermal liners plus RecyCold cool packs. Key automation products include Cut'it! EVO/Multi-Lid/XL for box height reduction, DecisionTower AI vision system, AutoFill machine vision void fill, Form'it! case/tray erectors, Print'it! on-demand printing, Flap'it! small-item automation, and Rabot AI pack station monitoring. All solutions use 100% recyclable paper materials to replace single-use plastic packaging.

Differentiator

Problem solved

Functional benefit

Brands

• NatureMailer: Eco-friendly padded mailer solution using honeycomb paper material that is fully curbside recyclable, featuring self-sealing adhesive and pull tab tear strip.
• PaperWrap
• FillPak
• PadPak
• Geami
• RecyCold
• AutoFill
• Cut'it!
• Form'it!
• DecisionTower
• Rabot
• Print'it!

Products and services

• FillPak Trident Paper void fill system that converts fanfold kraft paper into cushioning material for filling empty spaces in shipping boxes, delivering 15%+ reduction in paper usage.
• FillPak Trident Mini Compact paper void fill converter for tight pack station environments with approximately 20-25% cost savings versus traditional packaging methods.
• FillPak SL High-volume paper void fill system that prevents products from shifting during transit, dispensed on-demand from a patented paper packaging system.
• FillPak TT Fast void fill system that converts single-ply fanfold kraft paper into high-volume void-fill material for maximum packing efficiency.
• FillPak TTC Ergonomical box filling solution with kraft paper void-fill material and cutting mechanism with EDS mode for convenient operation at pack stations.
• FillPak M Manual paper void fill solution allowing packers to self-serve material without electricity for flexible pack station deployment.
• FillPak Go On-demand paper void fill system designed for efficiency and ease of use, providing a compact solution for various pack station environments.
• FillPak Mini Ranpak's smallest paper void fill converter for sustainable, space-constrained pack stations with fast operation, launched in Europe and Asia-Pacific.
• PadPak Auto-Coiler Cushioning technology that protects heavy, dense and fragile items with automated paper pad coiling for ultimate cushioning performance.
• PadPak Guardian Compact, high-speed cushioning solution designed for light to heavy cushioning applications across various product types.
• PadPak CC Compact cushioning solution that forms shock-absorbent paper pads around products including monitors, automotive parts, fine china and circuit boards.
• PadPak LC High-speed cushioning solution for light cushioning and void filling, converting paper into protective pads for fragile products packed manually into shipping boxes.
• PadPak SR High-volume solution for heavy cushioning applications, designed for demanding pack station environments requiring robust product protection.
• PadPak JR Compact cushioning solution for low volumes of small and heavy packaging, suited for pack stations with limited space requirements.
• Geami MV Compact powered converter that expands die-cut kraft paper into a protective 3D honeycomb structure, replacing plastic air bubbles with a modular sustainable solution.
• Geami MS Mini Narrow, compact single-ply paper wrapping solution for crowded pack stations, designed for back-of-store to omni-channel fulfillment.
• Geami EX Self-contained, disposable, recyclable dispenser box that expands die-cut kraft paper into 3D honeycomb structure for tabletop or packaging area use.
• Geami EX Mini Compact dispenser box version expanding die-cut kraft paper into 3D honeycomb structure for limited-space packaging areas.
• Geami MX Manual converter expanding die-cut kraft paper into 3D honeycomb structure without electricity, suited for mid-volume applications.
• Geami HV High-volume electrically operated wrapping system that automatically expands die-cut kraft paper into 3D honeycomb structure for improved throughput.
• Climaliner Paper thermal liner protecting temperature-sensitive items during shipping, maintaining frozen, chilled and ambient products for up to 48 hours.
• Climaliner Plus Enhanced paper thermal liner with superior insulation performance for cold chain applications and extended duration shipments.
• RecyCold Cool Pack Sustainable cool packs for products requiring cooling during unconditioned transport, available in various sizes and weights with low environmental impact materials.
• NatureMailer Eco-friendly paper padded mailer using honeycomb paper material with self-sealing adhesive and pull tab tear strip, fully curbside recyclable in five lightweight sizes.
• Cut'it! EVO Automated in-line packing machine that reduces voids by shortening cartons to match their highest filling point and gluing lids, processing up to 15 boxes per minute.
• Cut'it! EVO Multi-Lid Extended Cut'it! EVO that chooses between up to 4 different lids on a universal box from a single packaging line for multi-brand operations.
• Cut'it! XL Rightsizing automation for extra-large boxes, automating 1D box height reduction and lid application for bulky, large and multi-item orders at up to 7 large boxes per minute.
• AutoFill AI-powered automated void-fill system using machine vision to measure empty space inside boxes and dispense optimal paper void fill, filling and closing up to 9 boxes per minute.
• DecisionTower AI machine vision system for end-of-line packaging that detects out-of-scope boxes, optimizes packing, prevents machine stops and captures data to prevent future errors.
• Form'it! Case Erector Automated case erecting solution for end-of-line packaging in three frames and two sealing types with single or multiple magazines.
• Form'it! Tray Automated tray erection machine available in three versions handling a wide variety of tray sizes with high reliability.
• Print'it! On-demand full-color printing solution for box tops integrated with automated packaging lines, enabling individualized consumer messaging at up to 15 boxes per minute.
• Flap'it! Automated packing system for small, compact products like books, video games, DVDs, spare-parts and small electronics, with built-in corner bumpers reducing transport damage.
• Lid'it! Automated lid application system providing precision-controlled lids that lock cases in square position and improve stacking and palletizing.
• PaperWrap Sustainable pallet wrapping solution replacing plastic stretch film with fully recyclable kraft paper, available in semi-automatic and fully automatic configurations with up to 62% lower CO2 emissions.
• Rabot Computer vision and AI system for packing stations that connects pack stations with AI processor and cameras for real-time monitoring, improving packer efficiency up to 25% and quality assurance up to 60%.
• WrapPak Protector Waved paper wrapping solution providing protection across a wide range of applications from box lining to thermal insulation as an eco-friendly alternative to plastic.
• Package Engineering Services Consultative packaging engineering services including ISTA-certified laboratory testing, custom solution design, and configuration development for enterprise customers.
• Cold Chain Testing Testing services for cold chain packaging solutions to validate temperature maintenance and thermal performance for shipping temperature-sensitive products.

Quantifiable outcome

• 25% reduction in corrugate usage through robotics-driven packaging optimization
• +14 more outcomes

Named customers15 records

Segments10 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability7 records

Feature10 records

Partnerships

Four partnerships are on record, tiered core.

• MedlinecoreStrategic or Co-development Partner · 1 January 2026Expanded multi-year partnership to deploy Cut'it! EVO right-sizing machines and Form'it! case erectors at Medline's distribution centers, handling over 10,000 cartons daily and reducing packaging SKUs from 18 to four while improving order cycle time by over 50%.
• WalmartcoreStrategic or Co-development Partner · 1 January 20252025 multi-year strategic partnership to deploy AutoFill systems across five fulfillment centers, representing a flagship automation partnership with one of the world's largest retailers for e-commerce packaging automation.
• AmazoncoreStrategic or Co-development PartnerStrategic agreements with Amazon as a key driver of performance, with automation sales contributing significantly to revenue growth and deepening the relationship as a major e-commerce customer.
• MondicoreTechnology or IntegrationStrategic partnership for PaperWrap pallet wrapping solution using Mondi's Ad/Vantage StretchWrap recyclable kraft paper, creating a one-stop-shop for machines, services, and paper with up to 62% lower CO2 emissions than plastic alternatives.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Smurfit Westrock: Global paper-based packaging giant formed by the Smurfit Kappa / WestRock merger. Operates across corrugated, containerboard, and protective paper packaging — broader portfolio but overlapping customer set and sustainability positioning.
• International Paper Company: Largest U.S.-based pulp and paper packaging company with broad product portfolio across containerboard, corrugated packaging, and sustainable paper solutions. Comparable in sustainability positioning and customer overlap.
• DS Smith: International Paper (now part of Smurfit Westrock) and DS Smith are both major paper-based packaging incumbents serving e-commerce, retail, and industrial customers with sustainable packaging solutions overlapping Ranpak's addressable market.

Direct peers

• Sealed Air Corporation: Global protective and food packaging manufacturer (SEE) competing directly in protective void-fill, cushioning, and automated packaging systems. Highly comparable product portfolio and enterprise customer base to Ranpak.
• Pregis LLC: Private protective packaging manufacturer offering paper-based void fill, cushioning, and automated packaging systems. Most direct head-to-head competitor in Ranpak's core paper void fill and cushioning lines.
• Storopack Hans Reichenecker GmbH: German-headquartered protective packaging specialist offering paper-based and foam void-fill solutions plus packaging automation. Closely comparable in product mix, especially in European markets.
• Mondi Group: Global paper and packaging manufacturer and existing Ranpak partner (PaperWrap uses Mondi's Ad/Vantage StretchWrap paper). Directly comparable in kraft-paper-based protective packaging and an indirect competitor across e-commerce/industrial customers.
• Quadient S.A. Provider of mail, customer communication, and parcel packaging automation solutions. Overlaps with Ranpak in automated packaging hardware and software for enterprise shipping operations, particularly in Europe.

Emerging players

• Sparck Technologies (Quadient CVP): European-based automated fit-to-size packaging systems maker (formerly Quadient's CVP business). Direct competitor in rightsizing/box-on-demand automation serving similar e-commerce and 3PL customers.
• Packsize International: On-demand, right-sized corrugated packaging manufacturer with automated box-making systems. Directly comparable to Ranpak's Cut'it! EVO rightsizing value proposition and competing for the same e-commerce/3PL automation budgets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/RanpakCorp
• YouTubeyoutube.com/@RanpakPackaging
• LinkedInlinkedin.com/company/ranpak
• Instagraminstagram.com/ranpak_global
• Facebookfacebook.com/ranpakcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ranpak