MeritValue

RANGE RESOURCES CORP

RRCdata completeness 88%19 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

RANGE RESOURCES CORP earns about 21% on equity, and has bought back 4% of its shares over 5 years. The applicable estimate puts fair value near $28.44 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.58B1$5.33B2$2.54B3$2.35B3$2.99B3
Net income$411.8M4$1.18B5$871.1M6$266.3M6$658M6
Operating cash flow$792.9M7$1.86B8$977.9M9$944.5M9$1.17B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$5.85B10$3.68B10$3.55B11$3.4B12$2.4B12
Cash & equivalents$214.4M13$207,00014$212M15$304.5M16$204,00016
Diluted shares249.3M246.4M239.8M242.7M239.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$180.1
your share of equity
Profit it earned you last year
$27.44
Free cash flow it threw off
—
Debt you’d be carrying
$99.95

10 shares is a claim on $180.1 of net worth that earned you $27.44 last year, against $99.95 of debt.

iii. Is this a good business?
Moat signal · return on equity
21% avg · 5y
FY21 20%FY22 41%FY23 23%FY24 7%FY25 15%

It earned an average 21% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 59% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$28.44
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$658M
  • growthAssumed0.0%
Graham Number
$33.32
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-018046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-026789 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-067292 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-018046 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-026789 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-067292 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-018046 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-026789 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-067292 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-004687 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-026789 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-067292 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004687 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-018046 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-026789 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-067292 (CashAndCashEquivalentsAtCarryingValue)