Ranpak Holdings Corp. (PACK) · 10+ Years of Financial Ratios

Profitability	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	0.89	-5.19	-2.09	-0.24	-3.53	-2.4
Return on Capital (%)	- -	32.72	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	3.89	- -	- -	- -	- -	- -
Gross Margin (%)	46.05	42.78	41.15	41.11	38.79	30.51	36.66
EBITDA Margin (%)	37.98	22.68	24.53	25.69	22.35	8.12	19.36
Operating Margin (%)	12.95	-1.39	2.89	4.66	3.18	-13.02	-2.23
Incremental Operating Margin (%)	- -	- -	720.73	21.25	-1.98	- -	- -
Pretax Margin (%)	-5.61	0.52	-16.22	-8.25	-1.28	-17.37	-9.31
Profit Margin (%)	11.35	0.52	-13.62	-7.85	-0.73	-12.68	-8.06
Net Income to Common Margin (%)	11.35	0.52	-13.62	-7.85	-0.73	-12.68	-8.06
Effective Tax Rate (%)	- -	511.99	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -

Credit	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	499	420	433	408	399	429
ST Debt	- -	4	2	- -	3	3	6
LT Debt	- -	495	419	433	405	396	422
Total Debt/EBITDA	- -	8.21	6.36	5.66	4.76	15.06	6.59
Net Debt/EBITDA	- -	8.16	6.06	5.02	3.47	12.46	5.18
Total Debt/EBIT	- -	-133.69	53.9	31.17	33.45	-9.39	-57.17
Net Debt/EBIT	- -	-132.92	51.37	27.68	24.39	-7.77	-44.99
EBITDA to Interest Expense	3.02	-1.97	1.39	2.54	3.83	1.28	2.68
EBITDA-CapEx/Interest Expense	2.11	-1.15	0.74	1.41	1.34	-0.93	0.4
EBIT to Interest Expense	1.03	0.12	0.16	0.46	0.54	-2.05	-0.31
Interest Expense	31	-31	48	30	22	21	24
Common Equity/Total Assets	-0.85	93	-2.63	-4.63	-4.56	-8.53	-11.03
Long-Term Debt/Equity (%)	- -	169.95	78.75	82.75	63.61	64.57	73.86
Long-Term Debt/Capital (%)	- -	62.93	107.03	113.66	114.71	130.9	138.52
Long-Term Debt/Total Assets (%)	- -	160.04	37.92	38.17	33.35	34.91	37.63
Total Debt/Equity (%)	171.98	171.33	79.05	82.85	64.15	65.11	74.97
Total Debt/Capital (%)	108.65	63.43	107.44	113.79	115.67	131.99	140.59
Total Debt/Total Assets (%)	10.66	161.33	38.07	38.22	33.63	35.2	38.19
Net Debt to Equity	168.47	170.33	75.35	73.57	46.76	53.88	58.99
Net Debt/Capital (%)	108.84	63.3	107.83	115.8	119.53	137.87	138.85
EBITDA	93	61	66	77	86	26	65
EBITDA-CapEx	65	35	35	42	30	-19	10
Operating Income (Loss)	32	-4	8	14	12	-42	-8

Liquidity	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	0.43	0.62	0.84	1.45	1.61	1.29
Current Ratio	- -	0.46	2.24	1.86	2.68	3.57	2.6
Quick Ratio	- -	5.61	1.8	1.53	2.1	2.5	1.97
CFO/Avg Current Liab	- -	-0.32	1.36	1.43	0.84	0.01	1.21
Common Equity/Total Assets	-0.85	93	-2.63	-4.63	-4.56	-8.53	-11.03
Long-Term Debt/Equity (%)	- -	169.95	78.75	82.75	63.61	64.57	73.86
Long-Term Debt/Capital (%)	- -	62.93	107.03	113.66	114.71	130.9	138.52
Long-Term Debt/Total Assets (%)	- -	160.04	37.92	38.17	33.35	34.91	37.63
Total Debt/Equity (%)	171.98	171.33	79.05	82.85	64.15	65.11	74.97
Total Debt/Capital (%)	108.65	63.43	107.44	113.79	115.67	131.99	140.59
Total Debt/Total Assets (%)	10.66	161.33	38.07	38.22	33.63	35.2	38.19
CFO/Total Liabilities	5,656.01	-6.75	4.59	10.45	9.41	0.13	9.55
CFO/CapEx	1.65	-0.05	0.85	1.87	0.97	0.02	0.95
Altman's Z-Score	398.93	13.02	2.14	2.39	4.49	1.08	1.25

Working Capital	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	17.01	7.97	7.93	9.27	8.51	10.41
Days Sales Outstanding	- -	21.46	45.78	46.02	39.36	42.87	35.06
Inventory Turnover	- -	25.98	13.56	12.68	9.59	7.84	10.07
Days Inventory Outstanding	- -	14.05	26.93	28.79	38.05	46.57	36.24
Accounts Payable Turnover	- -	120.62	21.07	9.68	8.62	7.58	9.8
Accounts Payable Turnover Days	- -	3.03	17.33	37.7	42.33	48.17	37.25
Cash Conversion Cycle	- -	32.48	55.38	37.12	35.09	41.28	34.05
Inventory to Cash Days	- -	7.41	18.85	17.23	1.31	-3.7	-1.19
Inventories	- -	12	12	16	33	25	17
Raw Materials	- -	4	7	10	20	12	12
Work In Process	- -	- -	- -	- -	1	6	1
Finished Goods	- -	8	5	7	12	7	4
Other Inventory	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	414	576	996	2,986	461	499
- Cash & Cash Equivalents	- -	3	20	48	104	63	62
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	499	420	433	408	399	429
Enterprise Value	- -	910	976	1,381	3,290	797	866
Total Capital	- -	786	391	381	353	302	305
Total Debt/Capital (%)	108.65	63.43	107.44	113.79	115.67	131.99	140.59
Total Debt / EV	1.02	0.55	0.43	0.31	0.12	0.5	0.5
EV/Sales	- -	3.4	3.62	4.63	8.57	2.44	2.57
EV/EBITDA	- -	14.97	14.77	18.03	38.35	30.08	13.3
EV/EBIT	- -	- -	125.17	99.33	269.68	- -	- -
EV/Cash Flow to Firm	- -	7.22	14.75	14.92	49.03	50.4	11.76
EV/Free Cash Flow to Firm	0.01	6.01	10.04	10.9	26.79	12.94	6.71
Diluted Market Cap	- -	414	576	955	2,881	460	498
Diluted Enterprise Value	- -	910	976	1,340	3,185	796	864
EV per Share	- -	22.05	13.79	18.28	40.42	9.72	10.48
TTM Sales	244	268	270	298	384	326	336
TTM EBITDA	93	61	66	77	86	26	65
TTM Operating Income	32	-4	8	14	12	-42	-8
TTM Cash Flow to Firm	-16	126	66	93	67	16	74
TTM Free Cash Flow to Firm	12	151	97	127	123	62	129

Multiples	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	298.35	- -	- -	- -	- -	- -
Price/Earnings Average	- -	288.69	-15.95	-27.04	-723.88	-24.36	-15.23
Price/Earnings High	- -	299.24	-19.87	-40.12	-1,157.39	-75.21	-23.71
Price/Earnings Low	- -	284.07	-8.84	-18.39	-393	-5.76	-8.18
Price/Book Value	- -	1.44	-19.78	-18.97	-53.99	-4.77	-4.03
Price/Book Value Average	- -	1.39	-20.11	-12.56	-37.99	-10.45	-3.34
Price/Book Value High	- -	1.44	-25.06	-18.64	-60.74	-32.25	-5.2
Price/Book Value Low	- -	1.37	-11.14	-8.54	-20.62	-2.47	-1.79
Price/Tangible Book Value	- -	-1.16	-1.53	-2.65	-13.37	-2.24	-2.23
Price/Tangible Book Value Average	- -	-1.12	-1.56	-1.75	-9.41	-4.9	-1.85
Price/Tangible Book Value High	- -	-1.16	-1.94	-2.6	-15.04	-15.14	-2.88
Price/Tangible Book Value Low	- -	-1.1	-0.86	-1.19	-5.11	-1.16	-0.99
Price/Sales	- -	1.54	2.14	3.2	7.5	1.41	1.48
Price/Sales Average	- -	1.49	2.17	2.12	5.28	3.09	1.23
Price/Sales High	- -	1.55	2.71	3.15	8.44	9.54	1.91
Price/Sales Low	- -	1.47	1.2	1.44	2.87	0.73	0.66
Price/Cash Flow	- -	-339.68	21.89	14.98	53.06	657.36	9.46
Price/Cash Flow Average	- -	-328.68	22.25	9.92	37.33	1,440.99	7.84
Price/Cash Flow High	- -	-340.7	27.73	14.71	59.68	4,448.26	12.22
Price/Cash Flow Low	- -	-323.43	12.33	6.74	20.26	340.37	4.21
Price/Free Cash Flow	- -	17.18	10.03	9.76	26.19	9.9	4.61
Price/Free Cash Flow Average	- -	16.62	10.2	6.46	18.43	21.69	3.82
Price/Free Cash Flow High	- -	17.23	12.71	9.59	29.46	66.96	5.95
Price/Free Cash Flow Low	- -	16.36	5.65	4.39	10	5.12	2.05
EV/Sales	- -	3.4	3.62	4.63	8.57	2.44	2.57
EV/Sales Average	- -	3.35	3.66	3.5	6.26	4.12	2.32
EV/Sales High	- -	3.4	4.19	4.57	9.54	10.58	3.01
EV/Sales Low	- -	3.32	2.69	2.79	3.76	1.76	1.75
EV/EBITDA	- -	14.97	14.77	18.03	38.35	30.08	13.3
EV/EBITDA Average	- -	14.75	14.92	13.63	28.03	50.81	11.99
EV/EBITDA High	- -	14.99	17.1	17.8	42.69	130.37	15.53
EV/EBITDA Low	- -	14.64	10.97	10.88	16.84	21.69	9.05
EV/EBIT	- -	- -	125.17	99.33	269.68	- -	- -
EV/EBIT Average	- -	-240.2	126.41	75.13	197.12	-31.68	-104.07
EV/EBIT High	- -	-244.12	144.87	98.09	300.24	-81.29	-134.82
EV/EBIT Low	- -	-238.48	92.95	59.95	118.41	-13.53	-78.53
Last Price	- -	10.03	8.13	13.19	36.68	5.62	6.04
High Price	- -	10.06	10.3	12.96	41.26	38.03	7.8
Low Price	- -	9.55	4.58	5.94	14.01	2.91	2.69
Enterprise Value	- -	910	976	1,381	3,290	797	866
Enterprise Value Average	- -	896	986	1,044	2,405	1,346	781
Enterprise Value High	- -	911	1,130	1,363	3,663	3,455	1,011
Enterprise Value Low	- -	890	725	833	1,445	575	589

Per Share Data Items	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	41	41	71	76	81	82	83
Diluted Weighted Avg Shares	41	41	71	72	79	82	82
Basic Weighted Avg Shares	41	41	71	72	79	82	82
Revenue per Share	5.92	6.49	3.81	4.12	4.89	3.99	4.08
EBITDA per Share	2.25	1.47	0.93	1.06	1.09	0.32	0.79
Operating Income per Share	0.77	-0.09	0.11	0.19	0.16	-0.52	-0.09
Basic EPS, GAAP	0.67	0.03	-0.52	-0.32	-0.04	-0.51	-0.33
Basic EPS from Cont Ops	0.67	0.03	-0.52	-0.32	-0.04	-0.51	-0.33
Diluted EPS, GAAP	0.67	0.03	-0.52	-0.32	-0.04	-0.51	-0.33
Diluted EPS from Cont Ops	0.67	0.03	-0.52	-0.32	-0.04	-0.51	-0.33
Dividend per Share	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.12	-0.03	0.37	0.88	0.69	0.01	0.64
Free Cash Flow per Basic Share	0.44	-0.64	-0.07	0.41	-0.02	-0.55	-0.03
Cash & Equivalents per Share	4.6	0.07	0.28	0.64	1.28	0.77	0.75
Book Value per Share	- -	6.97	-0.41	-0.7	-0.68	-1.18	-1.5
Tangible Book Value per Share	- -	-8.68	-5.3	-4.98	-2.74	-2.51	-2.71

Ranpak Holdings Corp.

PACK US

5.66