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what it is
Ranger gets oil and gas wells finished, fixed, maintained, and shut down, then also processes gas at the well site.
how it gets paid
Last year Ranger Energy Serv made $547M in revenue. well completion support was the main engine at $186M, or 34% of sales.
why growth slowed
Revenue fell about 4.2% in 2025 vs 2024. The latest reported quarter (Q4 2025) was $142.2M in revenue.
what just happened
Q4 2025 revenue was $142.2M, roughly flat vs Q4 2024; diluted EPS was $0.14 vs $0.25 a year earlier.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
~26x trailing p/e on FY2025 EPS — check dilution & cycles
1.4% dividend yield — cash in your pocket every quarter
6.7% return on capital — nothing to write home about
xvary composite: 52/100 — below average
What they do
Ranger gets oil and gas wells finished, fixed, maintained, and shut down, then also processes gas at the well site.
Ranger's edge is simple: 68 well service rigs in the field and only $21M of long-term debt, or 5% of capital. That means you get a contractor with equipment ready to work and less balance-sheet stress when oilfield demand gets weird.
How they make money
$547M
annual revenue · their business grew -4.2% last year
well completion support
$186M
flat
work-over services
$142M
dn
well maintenance
$104M
flat
decommissioning services
$60M
up
wireline, snubbing, fluid management, rentals, and gas processing
$55M
up
The products that matter
maintains and services wells
High-Spec Workover Rigs
$~383M · ~70% of revenue
this is the main business. roughly $383M of a $547M segment mix comes from rigs, so utilization and pricing here decide most of the income statement.
core engine
newer rig deployment strategy
EchoRig Deployments
2026 target linked to $100M+ EBITDA
management is putting growth capital here, and the reason is simple: if ranger is going to clear more than $100M in EBITDA by 2026, this strategy has to work.
execution bet
well completion support
Wireline Services
$~164M · ~30% of revenue
wireline is smaller than rigs but still material at roughly $164M of revenue, and management already flagged near-term revenue and margin pressure here.
pressure point
Key numbers
$21M
long-term debt
That is just 5% of capital, which means Ranger has less debt stress than many oilfield peers when business slows.
$547M
annual revenue
This tells you Ranger is a real operating business, but still a small one in a brutal industry.
2.8%
operating margin (FY2025)
Margin is profit left after running the business. FY2025 GAAP operating income was about 2.8% of revenue — thin, typical of cyclical oilfield services.
$0.54
FY2025 EPS (diluted)
Earnings per share means profit per share you own. FY2025 was $0.54 diluted vs $0.81 in FY2024 — profit stepped down with the cycle and mix.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $21M (5% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RNGR right now.
source: institutional data · return history unavailable
What just happened
margin pressure
Q4 2025 revenue was $142.2M (about flat vs. prior year); diluted EPS was $0.14 vs $0.25 in Q4 2024.
Full-year 2025 revenue was $546.9M, down modestly from 2024. The AWS acquisition added scale in Q4, but wireline margin compression still showed up in vs. prior year profit.
$142.2M
Q4 revenue
$0.14
Q4 EPS (diluted)
2.3%
Q4 op. margin
the number that mattered
Q4 revenue inflected sequentially with AWS, but EPS still trailed the prior-year quarter — so the market focused on mix and wireline, not just top-line dollars.
source: company earnings report, 2026
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What could go wrong
the #1 risk is wireline services margin compression.
high
wireline pressure spreads
wireline is about 30% of revenue at roughly $164M, and management already flagged pressure on both revenue and margins. in a company with ~3% GAAP operating margin (FY2025), that weakness shows up fast.
~30% of revenue sits in the segment management called out
med
the EBITDA target may be doing a lot of work
management is targeting more than $100M of EBITDA by 2026. that sounds good. it also sets a public bar that the current quarter still sits well below on an annualized basis.
execution has to bridge from $20.3M in quarterly EBITDA to $100M+ annually
med
premium multiple on a no-moat business
the stock trades at a mid-20s trailing multiple on FY2025 earnings while earnings predictability is only 15 / 100 and return on capital is 6.7%. that is not a disaster. it is just not the kind of profile that deserves much benefit of the doubt.
valuation has less cushion if execution slips
low
capital returns versus growth spend
ranger returned more than 40% of free cash flow through dividends and buybacks last year. that is shareholder-friendly, but it matters whether that pace can coexist with growth capital going into newer rigs.
cash has two jobs now: reward shareholders and fund growth
wireline is roughly 30% of revenue, and any stumble there hits a company already running on a low single-digit GAAP operating margin. that is why the margin discussion matters more than headline revenue.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
wireline margin trend
management already called out pressure here. if wireline stays soft, the rest of the model has to work harder to protect a low single-digit GAAP operating margin.
calendar
next earnings report
expected on or around may 5, 2026. you want an update on wireline, EchoRig deployment, and whether quarterly EBITDA is moving closer to the 2026 goal.
metric
the $100M+ EBITDA path
one quarter at $20.3M of EBITDA is not enough. you need a string of quarters that makes the 2026 target look earned rather than narrated.
trend
capital returns versus capex
ranger returned more than 40% of free cash flow last year. watch whether that remains true while growth capital is still being directed into newer rig deployments.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not view ranger's earnings stream as dependable. expect quarter-to-quarter noise.
balance sheet grade
B
the balance sheet is serviceable, with just $21M of long-term debt. that lowers solvency risk, but it does not fix weak operating economics.
source: institutional data
Institutional activity
institutional ownership data for RNGR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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