Ranpak Holdings Corp (NYSE: PACK) is a protective packaging company that designs, manufactures, and supplies paper-based dunnage systems and automation equipment for e-commerce and industrial shipping operations. The company makes money primarily through a razor/razor-blade model: it places proprietary Paper Protective Systems (PPS) with distributors and end-users for a nominal recurring fee, then derives the majority of net revenue from the sale of paper consumables that work exclusively with those systems. Automation products, sold outright, represented a secondary and growing revenue stream. Void-fill generated $177.1 million (45% of total net revenue) in FY2025, cushioning generated $142.1 million, wrapping generated $36.7 million, and Automation generated $39.1 million in FY2025. The installed base of FillPak void-fill units stood at approximately 88,800 as of December 31, 2025. Ranpak operates two geographic segments, North America and Europe/Asia, with manufacturing and assembly facilities in Ohio, Missouri, Nevada, Connecticut, the Netherlands, Czech Republic, and Malaysia. Omar M. Asali serves as Chairman and CEO, and William Drew as CFO.

Revenue model

Razor/razor-blade on PPS: proprietary converter systems placed with customers for a nominal per-unit recurring fee, with revenue driven by exclusive high-margin paper consumable sales tied to those systems. Automation (AS and APS) products are sold outright, with additional revenue from installation, servicing, data subscriptions, extended warranties, and spare parts.

Products and services

FillPak void-fill systems and paper consumables; cushioning systems and paper consumables; wrapping systems and paper consumables; Automated Paper Solutions (APS) using machine vision for automated dunnage insertion and box closure; Automated Solutions (AS) sold outright for end-of-line fulfillment automation. All paper consumables are proprietary and exclusive to Ranpak PPS systems.

Customers and end markets

E-commerce fulfillment operators and industrial shippers served through distributors and integration partners. End markets include e-commerce (driving void-fill volume growth in North America in FY2025) and general industrial (cushioning demand linked to industrial activity). Customer base is similar across both geographic segments.

Value-chain role

Manufacturer and system provider of end-of-line protective packaging equipment and paper consumables. Sits between raw paper supply and the distribution/end-user layer. Retains ownership of PPS converter systems; sells Automation systems outright. Supports customers through sales, engineering, installation, and servicing.

Geographic exposure

Two reporting segments as of FY2025: North America (operations in Ohio, Missouri, Nevada, Connecticut) and Europe/Asia (operations in the Netherlands, Czech Republic, Malaysia, and Singapore). Foreign currency fluctuations contributed 2.4% to net revenue growth in FY2025.

Source: SEC 10-K, filed 2026-03-05

Industry: Converted Paper & Paperboard Prods (No Contaners/Boxes) Peers: Avery Dennison Corp Eightco Holdings Inc SEALED AIR CORP/DE Graphic Packaging Holding Co Pactiv Evergreen Inc. Sonoco Products Co WestRock Co