PACK · CIK 0001712463
What Ranpak Holdings Corp. told the SEC could break it.
Ranpak's sharpest exposure is its raw material: it buys about 60% of its North American paper (27% globally) from a single supplier, Smurfit WestRock, and sources several specialized paper grades single-source, so consolidation or a disruption at that supplier could halt production. Layered on top are other concentrations — one customer made up 12.6% of 2025 net revenue and 33.2% of accounts receivable, and 52.9% of revenue ($209.0 million) was denominated in non-USD currencies, substantially all Euro, so a 10% Euro move would swing reported revenue by roughly $20.9 million. It also assembles its protective systems from China-imported parts, leaving it exposed to the 20% U.S. tariffs assessed in early 2025 and any further China trade restrictions.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- single-source raw kraft paper (Smurfit WestRock, 60% of NA supply)high
Ranpak buys ~60% of its North American (27% global) raw paper from a single supplier, Smurfit WestRock, and uses several single-sourced paper grades; supplier consolidation or a Smurfit disruption could halt production.
“there are several grades or types of paper that we use in our products that we obtain from a single source due to the specificity of our requirements and limitations in the available paper products in a given market.”
Customer concentration
- one customer 12.6% of net revenue and 33.2% of accounts receivablemedium
Ranpak's revenue and receivables are concentrated — one customer was 12.6% of 2025 net revenue and 33.2% of accounts receivable — so losing it or its payment difficulty would materially affect results.
“During 2025 and 2024, one customer comprised 12.6 % and 10.2 % of our net revenue, respectively. During 2023, no customers exceeded 10% of net revenue.”
SEC filing →As of 2026
Currency (FX)
- Euro / non-USD revenue exposure (52.9% of revenue)medium
52.9% of Ranpak's 2025 net revenue ($209.0M) was denominated in non-USD currencies, substantially all Euro; a 10% Euro move would swing reported revenue by ~$20.9M.
“For 2025, net revenue denominated in currencies other than USD amounted to $209.0 million or 52.9% of our net revenue for the period. Substantially all of this amount was denominated in Euro.”
SEC filing →As of 2026
Regulatory & policy
- U.S.-China tariffs on imported componentsmedium
Ranpak imports parts from China to assemble its protective systems; 2025 tariffs of 20% on many goods (with refund/legal uncertainty) and possible further China trade restrictions could raise costs and disrupt assembly.
“in February and March 2025, the U.S. government assessed tariffs of 20% on thousands of categories of goods, including parts that we import from China to our domestic facilities to assemble our protective systems, and legal uncertainty remains regarding the tariffs and the availability of any tariffs refunds.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“on January 28, 2025, we entered into a transaction agreement with Amazon.com, Inc. (“Amazon”) under which, among other things, we agreed to issue to a wholly-owned affiliate of Amazon a warrant to acquire up to 18,716,456 shares of the Company's Class A common stock (subject to customary anti-dilution adjustments) at an exercise price of $6.8308 per share on the terms and conditions set forth in the warrant.”
Cited →
Its suppliers
“For example, in 2025, we purchased approximately 60% and 27% of our raw paper requirements in North America and globally, respectively, from a single supplier, Smurfit WestRock Company (“Smurfit”).”
Cited →
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