Ranpak Holdings Corp (PACK) vs TriMas Corporation (TRS)

Ranpak Holdings Corp and TriMas Corporation are both Packaging & Containers companies. TriMas Corporation is the larger, with a market value of $1.4B against $361.9M — 4.0× the size. Ranpak Holdings Corp has negative trailing earnings, so its P/E is not meaningful; TriMas Corporation trades at 1.6×. TriMas Corporation grew revenue faster over the last twelve months: 57.5% against 9.77%. TriMas Corporation has the higher net margin (117.9% vs −9.09%) and the higher return on invested capital (−0.77% vs −0.91%). Across the 19 metrics below, TriMas Corporation leads on 13 and Ranpak Holdings Corp on 6.

Valuation

Metric PACK TRS Packaging & Containers median
P/E n/m 1.63 15.79
P/S 0.90 1.83 0.88
P/B 0.72 0.97 1.60
Price to free cash flow 29.84 n/m 13.41
EV/EBITDA 13.13 11.91 9.04
EV/Sales 1.76 0.73 1.31
Earnings yield (10.02%) 61.46% 5.04%
Free cash flow yield 3.35% (0.81%) 6.34%

Profitability

Metric PACK TRS Packaging & Containers median
Gross margin 33.57% 22.28% 20.03%
Operating margin (3.06%) (0.95%) 8.36%
Net margin (9.09%) 117.92% 4.53%
Free cash flow margin 1.72% (1.48%) 5.14%
Return on equity (7.18%) 83.90% 11.28%
Return on assets (3.40%) 49.05% 4.29%
Return on invested capital (0.91%) (0.77%) 6.43%

Growth

Metric PACK TRS Packaging & Containers median
Revenue growth (TTM) 9.77% 57.49% 9.10%
EPS growth (last fiscal year) (95.65%) 400.00% —
Revenue growth, 5-year CAGR 5.78% (3.46%) 5.66%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric PACK TRS Packaging & Containers median
Debt to equity 0.77 0.28 0.78
Current ratio 1.79 5.44 1.29
Net debt to EBITDA 7.76 4.42 2.65

Dividend

Metric PACK TRS Packaging & Containers median
Dividend yield — 0.66% 2.79%
Payout ratio 0.00 0.14 0.28

Size

Metric PACK TRS Packaging & Containers median
Market cap 361.90m 1.43b 3.71b

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