Ranger Energy Services, Inc.
RNGRdata completeness 100%11 fiscal years on fileRanger Energy Services, Inc. earns about 6% on invested capital, below its ~9% cost of capital, but has diluted owners by 67% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $6.9 and $132.86 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $293.1M1 | $608.5M2 | $636.6M3 | $571.1M4 | $546.9M4 |
| Net income | $8.6M5 | $15.1M6 | $23.8M7 | $18.4M8 | $12.3M8 |
| Operating cash flow | −$39.4M9 | $44.5M10 | $90.8M11 | $84.5M12 | $69M12 |
| Capital expenditure | $5.6M13 | $13.8M14 | $36.5M15 | $34.1M16 | $26.1M16 |
| Free cash flow (derived) | −$45M9 | $30.7M10 | $54.3M11 | $50.4M12 | $42.9M12 |
| Total debt | $125M17 | $36.8M18 | $200,00019 | $019 | $3.5M20 |
| Cash & equivalents | $600,00021 | $3.7M22 | $15.7M23 | $40.9M24 | $10.3M24 |
| Diluted shares | 13.6M | 23.4M | 25.0M | 22.9M | 22.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $132.35 of net worth that earned you $5.42 and generated $18.92 of cash last year, against $1.54 of debt.
It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 67% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 97% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $6.9 and $132.86 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$50.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$50.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$15.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $32.06 |
| Base | 20.0% | $72.77 |
| Bull | 20.0% | $72.77 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001699039-23-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001699039-24-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001699039-25-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015248 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001699039-23-000016 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001699039-24-000025 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001699039-25-000015 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015248 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001699039-23-000016 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001699039-24-000025 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001699039-25-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015248 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001699039-23-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001699039-24-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001699039-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015248 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001699039-23-000016 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001699039-24-000025 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001699039-25-000015 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-12-31 · accession 0001628280-26-015248 (LongTermDebtCurrent)
- 10-K · period ending 2021-12-31 · accession 0001699039-23-000016 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001699039-24-000025 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001699039-25-000015 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-015248 (CashAndCashEquivalentsAtCarryingValue)