Ratio Hornblower is one of a few demons who took the form of puppets in order to take over a local children's television show. In contrast to the rest of his gang, Ratio if a full-bodied costume puppet who speaks only in a series of squeeks. Presumably the most mystically savvy of the group, Ratio perfects the nest egg system that serves as their energy conduit for sucking the life force out of children. He seemingly meets his demise at the hands of Fred and Wesley who shoot and dismember the puppet, respectively.
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According to the Spike: Shadow Puppets comic book mini series, Ratio survived the events of "Smile Time" and hooks up with the gang of demon puppets in Japan who plan to take their efforts to a global level.