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olivLaw · US equity research

Ranger Energy Services, Inc. RNGR

Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)

13.57USD−3.07% · 1 dayClose 04 Nov 2026

Ranger Energy Services provides high specification well service rigs, wireline services and processing and ancillary solutions to oil and gas operators in the United States, with growing weight in the Permian after the AWS acquisition. Second quarter 2026 revenue reached 176.5 million dollars.

At the close of 04 Nov 2026, Ranger Energy Services, Inc. (RNGR) stock was 13.57 USD (−3.07% on the day), with P/E 21.6 on diluted EPS of 0.63 USD over the last 12 months, dividend yield 0.44%, beta 1.04, 52-week range 12.75–18.43 USD. Latest reported quarter (Q1 2026): revenue of 159.1 m USD (+17.7% YoY), net income of 3.0 m USD (+400.0% YoY), diluted EPS 0.12 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
21.6
Diluted EPS TTM 0.63 · TTM to 31 Mar 2026
E/P (TTM)
4.63%
TTM to 31 Mar 2026
Dividend yield
0.44%
DPS 12m 0.06
Beta (2y)
1.04
Volatility (1y) 35%
52-week range
12.7518.43

Price history

Loading chart…

Technical reading

RSI (14)
31.2
weak (30–45)
Bollinger (20, 2)
13.80 – 15.80
below the lower band · %B -0.11 · band width 13.5%
SMA 50 / 200
15.63 / 16.22
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.38 / -0.31
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−15.1%−1.1%−14.0 pp—
3 months−14.3%−0.5%−13.9 pp—
6 months−17.5%+4.4%−21.9 pp—
Year to date−2.9%+12.3%−15.2 pp—
1 year−0.3%+13.5%−13.8 pp+10.9%
3 years+17.3%+76.4%−59.1 pp−31.7%
5 years+33.6%+63.7%−30.1 pp—
Max drawdown (1y)
−26.4%
27 Apr 2026 → 04 Nov 2026
Max drawdown (5y)
−41.1%
18 Feb 2025 → 30 May 2025
Compound annual growth (5y)
+6.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2026 · 31 Mar 2026

Revenue
159.1 m USD
+17.7% YoY
Net income
3.0 m USD
+400.0% YoY
Diluted EPS
0.12
+300.0% YoY
net / operating
1.9% / 3.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue138.1 m153.0 m143.1 m135.2 m140.6 m128.9 m142.2 m159.1 m
Cost of revenue113.2 m122.0 m116.8 m115.4 m115.0 m109.1 m117.1 m130.6 m
Operating income7.3 m12.9 m8.9 m1.0 m8.6 m2.6 m3.2 m5.1 m
Depreciation & amortisation11.0 m11.1 m10.8 m10.6 m10.9 m11.0 m13.8 m16.2 m
Interest expense600.0 k700.0 k500.0 k500.0 k100.0 k400.0 k200.0 k800.0 k
Pre-tax income6.7 m12.2 m8.4 m500.0 k10.1 m2.5 m4.7 m4.0 m
Income tax2.0 m3.5 m2.6 m-100.0 k2.8 m1.3 m1.5 m1.0 m
Net income4.7 m8.7 m5.8 m600.0 k7.3 m1.2 m3.2 m3.0 m
Diluted EPS0.210.390.25 ≈0.030.320.050.14 ≈0.12
Operating cash flow22.1 m ≈17.7 m ≈32.7 m10.6 m20.7 m ≈13.6 m ≈24.1 m-3.4 m
Capex15.3 m ≈6.9 m ≈5.4 m7.2 m6.3 m ≈5.6 m ≈7.0 m18.3 m
Dividends paid2.3 m ≈1.1 m1.1 m1.3 m1.5 m ≈1.3 m ≈1.4 m0
Share repurchases5.3 m ≈1.7 m ≈003.3 m ≈8.2 m ≈700.0 k500.0 k

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 67 percentile of its own 21-quarter history (min 7.7, median 17.7, max 73.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue303.1 m336.9 m187.8 m293.1 m608.5 m636.6 m571.1 m546.9 m
Revenue YoY+96.8%+11.2%−44.3%+56.1%+107.6%+4.6%−10.3%−4.2%
Net income-3.3 m1.8 m-10.3 m8.6 m15.1 m23.8 m18.4 m12.3 m
Net income YoYunavailableunavailable−672.2%unavailable+75.6%+57.6%−22.7%−33.2%
Diluted EPS-0.390.21-1.210.630.650.950.810.54
Diluted EPS YoYunavailableunavailable−676.2%unavailable+3.2%+46.2%−14.7%−33.3%
net %-1.1%0.5%-5.5%2.9%2.5%3.7%3.2%2.2%
Free cash flow-48.3 m27.7 m18.3 m-45.0 m30.7 m54.3 m50.4 m42.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
10.3 m USD
Financial debt
3.5 m USD
Net debt
-6.8 m USD
Equity
300.1 m USD
Total assets
419.3 m USD
Debt / equity
0.01x
Current ratio
1.75x
ROE
4.3%
ROA
3.1%
FCF margin
7.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
636.6 m
2024
571.1 m
2025
546.9 m

SEC (XBRL)· 05 Mar 2026verified

Cost of revenue
2023
531.7 m
2024
472.8 m
2025
456.6 m

SEC (XBRL)· 05 Mar 2026verified

Gross profit
2023
104.9 m ≈
2024
98.3 m ≈
2025
90.3 m ≈

SEC (XBRL)· 05 Mar 2026derived

Operating income
2023
36.9 m
2024
28.6 m
2025
15.4 m

SEC (XBRL)· 05 Mar 2026verified

Depreciation & amortisation
2023
39.9 m
2024
44.1 m
2025
46.3 m

SEC (XBRL)· 05 Mar 2026verified

EBITDA
2023
76.8 m ≈
2024
72.7 m ≈
2025
61.7 m ≈

SEC (XBRL)· 05 Mar 2026derived

Interest expense
2023
3.5 m
2024
2.6 m
2025
1.2 m

SEC (XBRL)· 05 Mar 2026verified

Pre-tax income
2023
31.0 m
2024
26.0 m
2025
17.8 m

SEC (XBRL)· 05 Mar 2026verified

Income tax
2023
7.2 m
2024
7.6 m
2025
5.5 m

SEC (XBRL)· 05 Mar 2026verified

Net income
2023
23.8 m
2024
18.4 m
2025
12.3 m

SEC (XBRL)· 05 Mar 2026verified

Diluted EPS
2023
0.95
2024
0.81
2025
0.54

SEC (XBRL)· 05 Mar 2026verified

Weighted average diluted shares
2023
25.0 m
2024
22.9 m
2025
22.7 m

SEC (XBRL)· 05 Mar 2026verified

Dividend per share
2023
0.05
2024
—
2025
0.06

SEC (XBRL)· 05 Mar 2026verified

Balance sheet · USD

Cash
2023
15.7 m
2024
40.9 m
2025
10.3 m

SEC (XBRL)· 05 Mar 2026verified

Receivables
2023
85.4 m
2024
68.4 m
2025
77.9 m

SEC (XBRL)· 05 Mar 2026verified

Inventories
2023
6.4 m
2024
5.7 m
2025
3.1 m

SEC (XBRL)· 05 Mar 2026verified

Current assets
2023
135.4 m
2024
143.9 m
2025
121.2 m

SEC (XBRL)· 05 Mar 2026verified

Property, plant & equipment, net
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Mar 2022verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Jul 2021verified

Intangibles (excl. goodwill)
2023
6.3 m
2024
5.6 m
2025
4.9 m

SEC (XBRL)· 05 Mar 2026verified

Total assets
2023
378.0 m
2024
381.6 m
2025
419.3 m

SEC (XBRL)· 05 Mar 2026verified

Accounts payable
2023
31.3 m
2024
27.2 m
2025
25.3 m

SEC (XBRL)· 05 Mar 2026verified

Short-term debt
2023
100.0 k
2024
0
2025
3.5 m

SEC (XBRL)· 05 Mar 2026verified

Long-term debt
2023
0
2024
0
2025
—

SEC (XBRL)· 04 Mar 2025verified

Current liabilities
2023
69.0 m
2024
65.2 m
2025
69.2 m

SEC (XBRL)· 05 Mar 2026verified

Total liabilities
2023
106.2 m
2024
107.8 m
2025
119.2 m

SEC (XBRL)· 05 Mar 2026verified

Equity
2023
271.8 m †
2024
273.8 m †
2025
300.1 m †

SEC (XBRL)· 05 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
90.8 m
2024
84.5 m
2025
69.0 m

SEC (XBRL)· 05 Mar 2026verified

Capex
2023
36.5 m
2024
34.1 m
2025
26.1 m

SEC (XBRL)· 05 Mar 2026verified

Free cash flow
2023
54.3 m ≈
2024
50.4 m ≈
2025
42.9 m ≈

SEC (XBRL)· 05 Mar 2026derived

Investing cash flow
2023
-29.7 m
2024
-31.1 m
2025
-76.1 m

SEC (XBRL)· 05 Mar 2026verified

Financing cash flow
2023
-49.1 m
2024
-28.2 m
2025
-23.5 m

SEC (XBRL)· 05 Mar 2026verified

Dividends paid
2023
2.4 m
2024
4.5 m
2025
5.5 m

SEC (XBRL)· 05 Mar 2026verified

Share repurchases
2023
19.3 m
2024
15.5 m
2025
12.2 m

SEC (XBRL)· 05 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-4.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-3.5%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
23.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-46.2%
computed by olivLawFY 2025
Net income growth (YoY)
-33.2%
computed by olivLawFY 2025
Net income CAGR 3Y
-6.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-33.3%
computed by olivLawFY 2025
EPS CAGR 3Y
-6.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-14.9%
computed by olivLawFY 2025

Profitability

Gross margin
17.3%
computed by olivLawTTM to 31 Mar 2026
EBITDA margin
12.5%
computed by olivLawTTM to 31 Mar 2026
EBIT margin
3.4%
computed by olivLawTTM to 31 Mar 2026
Net margin
2.6%
computed by olivLawTTM to 31 Mar 2026
FCF margin
3.1%
computed by olivLawTTM to 31 Mar 2026

Returns

ROE
5.1%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROA
3.5%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROIC
4.9%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROCE
5.4%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Payout ratio (EPS)
9.5%
computed by olivLawTTM to 31 Mar 2026
Payout ratio (FCF)
23.6%
computed by olivLawTTM to 31 Mar 2026

Balance sheet

Net debt
19.9 m USD
computed by olivLawbalance sheet at 31 Mar 2026
Net debt / EBITDA
0.3x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Mar 2026
Interest coverage
13.0x
computed by olivLawTTM to 31 Mar 2026

Liquidity

Current ratio
1.7x
computed by olivLawbalance sheet at 31 Mar 2026
Quick ratio
1.6x
computed by olivLawbalance sheet at 31 Mar 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Mar 2026

Cash

Operating cash flow
55.0 m USD
computed by olivLawTTM to 31 Mar 2026
Capital expenditure
37.2 m USD
computed by olivLawTTM to 31 Mar 2026
Free cash flow
17.8 m USD
computed by olivLawTTM to 31 Mar 2026
FCF conversion
121.1%
computed by olivLawTTM to 31 Mar 2026
Cash conversion
77.0%
computed by olivLawTTM to 31 Mar 2026

Efficiency

Days sales outstanding
60 days
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Days inventory outstanding
3 days
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Days payables outstanding
19 days
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Cash conversion cycle
44 days
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
21.6x
computed by olivLawTTM to 31 Mar 2026
Earnings yield
4.6%
computed by olivLawTTM to 31 Mar 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.4%
computed by olivLawTTM to 31 Mar 2026
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Neutral profile

Score: 56 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

13.57 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
21.6x
computed by olivLawTTM to 31 Mar 2026
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
5.1%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Net margin
2.6%
computed by olivLawTTM to 31 Mar 2026
Revenue growth (YoY)
-4.2%
computed by olivLawFY 2025
Dividend yield
0.4%
computed by olivLawTTM to 31 Mar 2026

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Source: SEC (XBRL)published 28 Apr 2026
verified 1377derived 116

Score by group

  • Balance sheet81
  • Valuation55
  • Quality67
  • Growth0
  • Returns100

Estimated value range

Low
8.67
USD per share
Mid
13.39
USD per share
High
14.58
USD per share
Price: 13.57 USD
The price is within the range
Potential to the central value: -1.3% (value / price − 1)
Margin of safety: -1.3% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.67 – 14.58 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E8.67 – 14.58 (Mid 13.39)
    9 companies used · median multiple 21.3x · quartiles 13.8x – 23.2x
    CLB, HAL, HOS, NESR, NGS, OII, SLB, TUSK, WTTR
  • Dividend discount (DDM)outside the aggregate0.79 – 1.06 (Mid 0.90)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Multiple comparisons use the SIC vertical: Oil & Gas Field Services, NEC (SIC 1389)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 56/100

FactorValueScoreWeight used
ROIC · Quality4.9%58 (vs peers)14%
Net margin · Quality2.6%50 (vs peers)8%
FCF conversion · Quality121.1%100 (on a fixed band)8%
Revenue CAGR 3Y · Growth-3.5%0 (on a fixed band)11%
EPS CAGR 3Y · Growth-6.0%0 (on a fixed band)11%
Net debt / EBITDA · Balance sheet0.3x73 (vs peers)14%
Interest coverage · Balance sheet13.0x100 (on a fixed band)8%
Current ratio · Balance sheet1.7x72 (on a fixed band)6%
P/E (TTM) · Valuation21.6x55 (vs peers)14%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns23.6%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet81/100 · 3/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality67/100 · 3/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial55/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

RANGER ENERGY SERVICES, INC. (RNGR). Latest full fiscal year: 2025; data up to 2026-03-31.

Figures computed from the financial statements: revenue 546.9 m USD in 2025; YoY growth -4.2%; net margin 2.6%; ROE 5.1%; net debt/EBITDA 0.3x.

The estimated value range is 8.67–14.58 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.39 USD, the price of 13.57 USD leaves a potential of -1.3% (value / price − 1) and a margin of safety of -1.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 121.1%
  • Net debt / EBITDA: 0.3x
  • Interest coverage: 13.0x
  • Current ratio: 1.7x
  • Payout ratio (FCF): 23.6%

What contradicts it

  • Revenue CAGR 3Y: -3.5%
  • EPS CAGR 3Y: -6.0%

Not assessed (insufficient data or a ratio without meaning): EV/EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies

Multiples and returns vs the median

P/E
21.6x
vertical median 23.0x
below median (−6.1%)
EV/EBITDA
—
vertical median 8.1x
P/S
—
vertical median 0.7x
P/B
—
vertical median 1.2x
ROE
5.1%
vertical median 3.5%
above median (+48.3%)
Net margin
2.6%
vertical median 2.4%
above median (+5.8%)
EBIT margin
3.4%
vertical median 3.5%
at median
Revenue YoY
-4.2%
vertical median -0.5%
below median
Net debt/EBITDA
0.3x
vertical median 1.7x
below median (−83.5%)
Dividend yield
0.4%
vertical median 1.6%
below median (−72.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SLBSlb Limited76.1 bn25.112.0%8.4%−1.6%+42% / −1%
HALHalliburton Company27.3 bn13.818.8%8.9%−3.3%+26% / −11%
OIIOceaneering International Inc3.6 bn11.031.1%11.4%+4.6%+49% / +76%
NESRNational Energy Services Reunited Corp.2.2 bn23.29.4%5.8%+1.7%+54% / unavailable
RESRpc, Inc.1.3 bn—-3.0%-1.8%+15.0%+11% / −19%
HOSHornbeck Offshore Services, Inc.904.9 m23.02.5%3.0%−4.9%−8% / −34%
PUMPProPetro Holding Corp.788.8 m—0.2%0.2%−12.1%−33% / −30%
ACDCProFrac Holding Corp.723.0 m—-57.4%-22.8%−11.4%+12% / −51%
WTTRSelect Water Solutions, Inc.681.6 m21.33.5%2.2%−3.1%+67% / +127%
CLBCore Laboratories Inc.442.2 m28.65.7%3.0%+0.5%−36% / −46%
NGSNatural Gas Services Group, Inc.373.4 m18.07.3%10.8%+9.9%−7% / +89%
TUSKMammoth Energy Services, Inc.145.3 m10.35.3%17.1%−2.9%+64% / −32%
NINENine Energy Service, Inc.101.3 m—-214.6%-9.1%+1.4%unavailable / unavailable
KLXEKLX Energy Services Holdings, Inc.21.5 m——-9.7%−10.2%−39% / −89%
RCONRecon Technology, Ltd8.9 m—-5.9%-27.0%+75.0%−100% / −100%
WBIWaterBridge Infrastructure LLC—434.00.5%0.5%+66.2%+14% / unavailable
LBRTLiberty Energy Inc.—54.22.0%0.9%−7.2%−26% / −34%
NOANorth American Construction Group Ltd.——8.0%2.6%+10.2%−20% / −45%
RNGRRanger Energy Services, Inc.—21.65.1%2.6%−4.2%−0% / +17%

1- and 3-year price returns: for RNGR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Ranger Energy Services provides high specification well service rigs, wireline services and processing and ancillary solutions to oil and gas operators in the United States, with growing weight in the Permian after the AWS acquisition. Second quarter 2026 revenue reached 176.5 million dollars 3.

SWOT

Strengths

  • A modern active rig fleet and high equipment utilisation, supported by a broad set of interlinked services 13.
  • Sequential growth in adjusted EBITDA and a consistent approach to returning capital to shareholders 3.
  • Long relationships with large Lower 48 operators that anchor a diversified customer base 1.

Weaknesses

  • Reliance on a few large customers that account for a significant share of revenue 1.
  • Rig segment margins were hit in the second quarter of 2026 by a tax audit and make-ready costs 3.
  • The wireline segment is volatile and declined sharply in fiscal 2025 1.

Opportunities

  • Continued build-out of the ECHO hybrid electric rig fleet with new contracts from core customers 3.
  • Selective acquisitions that could add new service lines 3.
  • Rising demand for gas processing and flaring reduction could support Torrent services 2.

Threats

  • Volatile oil and gas prices can reduce customer capital spending 1.
  • Competitive pressure and price-based bidding could weigh on margins 1.
  • A downturn in Permian activity could affect the company disproportionately 1.

Risks

  • Customer concentrationhigh

    A small group of customers generates a large share of revenue, and losing one could hit results 1.

  • Permian exposurehigh

    Operations are concentrated in the Permian, so regional conditions can weigh heavily on results 1.

  • Oil price volatilitymedium

    Sharp price swings can cut service demand and equipment utilisation 12.

  • Operational and insurance risksmedium

    Accidents and losses could exceed insurance cover or fall outside policies 1.

  • Acquisition integrationlow

    Integrating AWS and other new assets could take longer or cost more than planned 3.

Investment thesis

What would need to be true (bull case)

  • If customer activity keeps rising, margins could benefit from better fleet utilisation and the AWS contribution 3.
  • The ECHO fleet and new contracts could open higher-return growth paths 3.
  • A steady dividend and buyback programme could support shareholder confidence 3.

What would break the thesis

  • If oil prices fall back after a temporary spike, customer spending could drop quickly 2.
  • The company itself expects reduced wireline activity in the second half of 2026 3.
  • A fragmented market and pricing pressure could limit margin gains 1.

What to watch

  • Adjusted EBITDA and margin trend in the wireline segmentQ3 2026
  • AWS integration and its contribution to EBITDA2026
  • Pace of ECHO rig deliveries and new contractsnext 10-K
  • Customer concentration and top-five revenue sharenext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Ranger Energy Services, Inc. (NYSE: RNGR) is a provider of onshore high specification well service rigs, wireline services and ancillary services in the United States 1. The company supports E&P operators through well completion, workovers and maintenance across the productive life of a well 1. Its rigs, wireline units and gas processing equipment are shared across segments, letting customers spend more across the well lifecycle 1.

Segments

High Specification Rigs

The segment provides completion support, workovers and periodic well maintenance, designed for horizontal well demands 1. Revenue was 347.0 million dollars in fiscal 2025 1.

Wireline Services

The segment covers production, completion and pump down services that bring and maintain wells on production 1. Revenue fell in fiscal 2025 on lower completion activity and pricing pressure from competitors 1.

Processing Solutions and Ancillary Services

The segment includes equipment rentals, plug and abandonment, coil tubing, chemicals and gas processing solutions 13. Revenue reached 44.5 million dollars in the second quarter of 2026 3.

Market context

Demand depends on U.S. operator capital spending and oil and gas prices 1. WTI averaged about 96 dollars per barrel in the second quarter of 2026, against about 65 dollars in the same quarter of 2025 2.

Trends

  • Elevated oil pricesmixed

    Middle East disruptions lifted prices, which could support customer activity in the near term, though prolonged disruption may weaken demand 2.

  • AWS integration in the Permiantailwind

    The AWS acquisition deepened the company's Permian presence, and management says its benefits are still being realised 23.

  • Operator capital disciplineheadwind

    Operators remain disciplined, and activity gains mostly translate into better utilisation of existing rigs 3.

  • Gas flaring rules and gas demandtailwind

    Flaring requirements and gas demand could support gas processing solutions, although direct gas exposure is limited 12.

Competitive position

The U.S. oilfield services market is highly competitive and fragmented, with many small private providers 1. Competitors named by the company include RPC, ProPetro, Select Water Solutions and KLX Energy Services 1. Many contracts are awarded on a bid basis, which adds pressure on pricing 1.

  • RPC, Inc.RES

    Named by the company as a competitor in U.S. land services 1.

  • ProPetro Holding Corp.PUMP

    Named by the company as a competitor in completion and pumping services 1.

  • Select Water Solutions, Inc.WTTR

    Named by the company as a competitor in water and oilfield infrastructure services 1.

  • KLX Energy Services Holdings, Inc.KLXE

    Named by the company as a competitor in rig and completion services 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ranger Energy Services, Inc. · 05 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ranger Energy Services, Inc. · 28 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ranger Energy Services, Inc. · 27 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.