Ranpak Holdings Corp. (PACK) presents a deeply negative liquidation recovery posture as of March 31, 2026, consistent with prior periods. MFFAIS CLV is reported at -$455.8M, LLV at -$412.2M, and OLV at -$378.5M, all confirming that liquidated assets at haircut recoveries fall well short of face-value liabilities. The balance sheet carries $1.107B in total assets against $582.6M in total liabilities and $524.5M in book equity, but that equity figure is largely illusory under liquidation assumptions. The asset base is dominated by goodwill ($454.4M) and finite-lived intangibles ($176.8M net), which receive zero recovery under the liquidation lens. Combined, goodwill and intangibles represent approximately $631M, or 57% of total assets — evaporating entirely in a stop-operations scenario. Tangible asset recovery is limited: cash of $48.5M recovers at par, net AR of $43.6M recovers at 90-95% (~$39-41M), inventory of $33.7M recovers at 60% (~$20M), and net PP&E of $135.3M (gross $355.4M less $220.1M accumulated depreciation) recovers at 50-70% (~$68-95M). Strategic investments classified in Other noncurrent assets ($67.6M, which includes Pickle Robot Co. at $32.1M carrying value and Creapaper at $4.7M) have no readily determinable market value and would recover at a deep discount if at all in distress — the Pickle position includes a $10M SAFE note entered February 2026 with no observable market exit. The primary liability driver is $403.1M in long-term debt (net of $8.3M deferred financing costs; gross ~$411.4M per MD&A), secured by substantially all assets, leaving negligible residual for unsecured creditors or equity. The $29.0M derivative liability (cross-currency swap, noncurrent) and $49.5M deferred tax liability further compress recovery. Operating lease obligations total $26.6M (present value) with $40.1M in undiscounted future payments through 2031+, and finance lease obligations total $3.1M — these don't extinguish on windup. Total lease liability face value stands at $29.7M. Deferred revenue (ContractWithCustomerLiability) of $13.1M is a face-value liability. Since the prior filing (10-K, December 31, 2025), the material change is the $10.0M SAFE note investment in Pickle Robot Co. executed February 5, 2026, funded by cash outflow, which reduced the cash position from $63.0M to $48.5M and added a speculative, illiquid asset. Gross debt increased marginally from $410.5M to $411.4M. The warrant obligations to Amazon and Walmart (recorded as equity-classified instruments with total grant-date fair values of $60.5M and $57.6M respectively) are not balance-sheet liabilities but represent ongoing dilution risk and non-cash revenue reductions ($1.7M in Q1 2026 vs. $0.8M in Q1 2025). The filing does not separately XBRL-tag the total warrant dilution exposure or the SAFE note as a distinct balance sheet line — both are discussed in MD&A and footnotes but subsumed within OtherAssetsNoncurrent. The company was in compliance with all debt covenants as of March 31, 2026, and the Revolving Facility had $44.2M net availability, providing near-term liquidity buffer.
▼ Community Notes