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RNGR, Ranger Energy Services Inc.

Oilfield Services & Equipment capital-intensive Cyclical

Ranger Energy Services Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States.

Ranger Energy Services Inc. provides an extensive range of well site services to leading U.S.

E&P companies that are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well.

Latest annual: FY2025 10-K

RNGR · Ranger Energy Services Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$547M

−4.2% YoY · 24% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $571M 5-yr avg $531M

Operating margin 3.4% 5-yr avg 0.6%

ROIC 4% 5-yr avg 3%

Owner-earnings margin 3% 5-yr avg 3%

Free cash flow margin 3% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is High Specification Rigs (63%), Processing Solutions and Ancillary Services (24%) and Wireline Services (13%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run around −0.7% through the cycle, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Read this kind of business on the commodity price, and the cost to lift a barrel. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 1%, above 15% in 0 of 8 years). By owner earnings: roughly 6% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

High Specification Rigs is 63% of revenue, with Processing Solutions and Ancillary Services the other meaningful line at 24%.

Revenue by product line, FY2025

High Specification Rigs63%$347M
Processing Solutions and Ancillary Services24%$131M
Wireline Services13%$69M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$53M	$154M	$303M	$337M	$188M	$293M	$609M	$637M	$571M	$547M	$571M	RevenueRevenue
22%	20%	10%	8%	12%	12%	7%	5%	5%	5%	5%	SG&A / revenueSG&A/rev
($5M)	($21M)	($2M)	$12M	($17M)	($41M)	$20M	$37M	$29M	$15M	$20M	Operating incomeOp. inc.
−8.5%	−13.4%	−0.7%	3.7%	−9.2%	−13.8%	3.2%	5.8%	5.0%	2.8%	3.4%	Operating marginOp. mgn
($5M)	($7M)	($3M)	$2M	($10M)	$9M	$15M	$24M	$18M	$12M	$15M	Net incomeNet inc.
—	—	—	55%	—	—	6%	23%	29%	31%	31%	Effective tax rateTax rate
											Cash flow & returns
($5M)	($17M)	$28M	$52M	$26M	($39M)	$45M	$91M	$85M	$69M	$55M	Operating cash flowOp. cash
$7M	$18M	$30M	$35M	$35M	$37M	$44M	$40M	$44M	$46M	$52M	DepreciationDeprec.
($7M)	($30M)	($2M)	$12M	($3M)	($88M)	($19M)	$22M	$16M	$4M	($18M)	Working capital & otherWC & other
$11M	$22M	$76M	$24M	$7M	$6M	$14M	$37M	$34M	$26M	$37M	CapexCapex
21.2%	14.1%	25.0%	7.2%	3.8%	1.9%	2.3%	5.7%	6.0%	4.8%	6.5%	Capex / revenueCapex/rev
($12M)	($39M)	($3M)	$28M	$18M	($45M)	$31M	$54M	$50M	$43M	$18M	Owner earningsOwner earn.
−22.3%	−25.3%	−0.9%	8.2%	9.7%	−15.4%	5.0%	8.5%	8.8%	7.8%	3.1%	Owner earnings marginOE mgn
($16M)	($39M)	($48M)	$28M	$18M	($45M)	$31M	$54M	$50M	$43M	$18M	Free cash flowFCF
−31.1%	−25.3%	−15.9%	8.2%	9.7%	−15.4%	5.0%	8.5%	8.8%	7.8%	3.1%	Free cash flow marginFCF mgn
$16M	$48M	$4M	$0	$0	$40M	$0	—	$0	$53M	$53M	AcquisitionsAcquis.
$3M	—	—	—	—	—	$0	$2M	$5M	$6M	$4M	Dividends paidDiv. paid
—	—	$0	$700K	$3M	$0	$0	$19M	$16M	$12M	—	BuybacksBuybacks
—	-15%	-1%	—	-11%	-13%	7%	11%	9%	4%	4%	ROICROIC
—	-6%	-3%	2%	-10%	3%	6%	9%	7%	4%	5%	Return on equityROE
—	—	—	—	—	—	6%	8%	5%	2%	3%	Retained to equityRetained/eq
											Balance sheet
$3M	$5M	$3M	$7M	$3M	$600K	$4M	$16M	$41M	$10M	$7M	Cash & investmentsCash+inv
$13M	$32M	$45M	$42M	$26M	$81M	$91M	$85M	$68M	$78M	$119M	ReceivablesReceiv.
—	$2M	$5M	$4M	$2M	$3M	$6M	$6M	$6M	$3M	$3M	InventoryInvent.
$5M	$32M	$17M	$14M	$11M	$21M	$24M	$31M	$27M	$25M	$23M	Accounts payablePayables
$9M	$2M	$33M	$32M	$18M	$63M	$73M	$61M	$47M	$56M	$99M	Operating working capitalOper. WC
$22M	$49M	$61M	$59M	$36M	$105M	$140M	$135M	$144M	$121M	$159M	Current assetsCur. assets
$12M	$53M	$59M	$55M	$33M	$103M	$75M	$69M	$65M	$69M	$96M	Current liabilitiesCur. liab.
1.9×	0.9×	1.0×	1.1×	1.1×	1.0×	1.9×	2.0×	2.2×	1.8×	1.7×	Current ratioCurr. ratio
$2M	$9M	$0	—	—	—	—	—	—	—	$2M	GoodwillGoodwill
$136M	$260M	$303M	$294M	$241M	$393M	$382M	$378M	$382M	$419M	$459M	Total assetsAssets
$12M	$7M	$61M	$42M	$25M	$63M	$18M	$100K	$0	$4M	$27M	Total debtDebt
$9M	$2M	$58M	$36M	$22M	$62M	$15M	($16M)	($41M)	($7M)	$20M	Net debt / (cash)Net debt
-9.0×	-3.3×	-0.6×	2.1×	-5.1×	-8.1×	2.7×	10.5×	11.0×	12.8×	13.0×	Interest coverageInt. cov.
—	$104M	$102M	$113M	$102M	$249M	$266M	$272M	$274M	$300M	$300M	Shareholders’ equityEquity
0.9%	0.8%	0.7%	1.0%	2.0%	1.1%	0.6%	0.8%	1.0%	1.2%	1.1%	Stock comp / revenueSBC/rev
											Per share
—	8.4M	8.4M	8.6M	8.5M	13.6M	23.4M	25.0M	22.9M	22.7M	24.0M	Shares out (diluted)Shares
—	$18.30	$35.97	$39.02	$22.01	$21.63	$26.04	$25.47	$24.99	$24.12	$23.75	Revenue / shareRev/sh
—	$-0.78	$-0.39	$0.21	$-1.21	$0.63	$0.65	$0.95	$0.81	$0.54	$0.61	EPS (diluted)EPS
—	$-4.64	$-0.32	$3.21	$2.14	$-3.32	$1.31	$2.17	$2.21	$1.89	$0.74	Owner earnings / shareOE/sh
—	$-4.64	$-5.73	$3.21	$2.14	$-3.32	$1.31	$2.17	$2.21	$1.89	$0.74	Free cash flow / shareFCF/sh
—	—	—	—	—	—	$0.00	$0.10	$0.20	$0.24	$0.17	Dividends / shareDiv/sh
—	$2.58	$9.01	$2.80	$0.84	$0.41	$0.59	$1.46	$1.49	$1.15	$1.55	Cap. spending / shareCapex/sh
—	$12.33	$12.09	$13.11	$11.94	$18.35	$11.39	$10.88	$11.98	$13.23	$12.50	Book value / shareBVPS

The diluted share count moved ×1.59 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.72 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.5%/yr (8-yr)	+1.8%/yr
Owner earnings / share	—	−2.5%/yr
Capital spending / share	−9.6%/yr (8-yr)	+6.4%/yr
Book value / share	+0.9%/yr (8-yr)	+2.1%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Net income-33.2%
“Net income for the year ended December 31, 2025 decreased $6.1 million, or 33%, to $12.3 million from $18.4 million for the year ended December 31, 2024. The decrease in net income was primarily driven by reduced activity in Wireline Services segment.”
✓ figure matches the filed record
Wireline Services-37.5%
“Wireline Services revenue decreased $41.3 million, or 37%, to $68.9 million for the year ended December 31, 2025 from $110.2 million for the year ended December 31, 2024. The decrease in wireline services revenue was attributable to reductions in the completions service line totaling $17.3 million illustrated by a 23% decrease in completed stage count to 7,200 from 9,400 in the prior year.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

23Mpeak FY2023

ROIC

4%low FY2017

Net debt ÷ owner earnings

-0.2×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$43Mowner earningsvs.$12Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $12M of profit into $43M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$12M

Owner earnings$43M · 8% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$12M	$18M	$24M	$15M	$9M
Depreciation & amortizationnon-cash charge added back	+$46M	+$44M	+$40M	+$44M	+$37M
Stock-based compensationreal costnon-cash, but a real cost	+$7M	+$6M	+$5M	+$4M	+$3M
Working capital & othertiming of cash in and out, other non-cash items	+$4M	+$16M	+$22M	−$19M	−$88M
Cash from operations	$69M	$85M	$91M	$45M	($39M)
Capital expenditurecash put back in to keep running and to grow	−$26M	−$34M	−$37M	−$14M	−$6M
Owner earnings	$43M	$50M	$54M	$31M	($45M)
Owner-earnings marginowner earnings ÷ revenue	8%	9%	9%	5%	-15%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $7M), owner earnings is nearer $36M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 12.8×

Comfortable

Operating income $15M ÷ interest expense $1M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$7M

Net cash

Cash $10M − debt $4M

What this means
Cash and short-term investments exceed every dollar of debt by $7M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital -1%

Below average through the cycle

8-yr median, range -15%–11%; 4% latest = NOPAT $11M ÷ invested capital $293M

Industry peers: median 3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 4% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 5%

Solid through the cycle

10-yr median margin, range -25%–10%; latest $43M = operating cash $69M − maintenance capex $26M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 8% of revenue this year, a 5% median across 10 years. Treating stock comp as the real expense it is (less $7M of SBC) leaves $36M.
Are earnings backed by cash? 5.61×

Cash-backed

Cash from ops $69M ÷ net income $12M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 41%

Returns about half

Dividends + buybacks $18M ÷ Owner Earnings $43M

What this means
Of $43M Owner Earnings, $18M (41%) went back to shareholders, $6M dividends, $12M buybacks. Net of $7M stock comp, the real buyback was about $6M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.56×

Harvesting

Capex $26M ÷ depreciation $46M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $547M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.75×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $4M vs $52M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 4 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.77/share (latest year $0.52), the averaged base the calculator's gate runs on, and book value is $12.71/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −8% → 5% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about −8% early to 5% lately, median −1% — pricing power intact or improving.
Reinvestment, incremental ROIC 22%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Worst year 2021 · −13.8% op. margin

What this means
Operations went underwater in 2021, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$159M

Cash & short-term investments$7M
Receivables$119M
Inventory$3M
Other current assets$30M

Current liabilities$96M

Debt due within a year$27M
Accounts payable$23M
Other current liabilities$46M

Current ratio1.66×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.63×stricter: inventory excluded

Cash ratio0.07×strictest: cash alone against what's due

Working capital$63Mthe cushion left after near-term bills

Debt due this year vs. cash$27M due · $7M cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+17.7%the freshest read on whether the business is still growing

Current ratio, recent quarters1.9× → 1.7×

Deeper floors

Tangible book value$294Mequity stripped of goodwill & intangibles

Net current asset value$100KGraham's net-net: current assets less all liabilities

Debt incl. operating leases$38M$11M of it operating leases

Deferred revenue$13Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $332M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$256M · 77%
Dividends$15M · 5%
Buybacks$51M · 15%
Retained (debt / cash)$9M · 3%

Returned to owners$66M
53% of the owner earnings the business produced over the span, $15M as dividends and $51M as buybacks.
Average price paid for buybacks—
Buybacks ran $51M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count185.7%
The diluted count rose from 8M to 24M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.24/sh
Paid in 4 of the years on record. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$5M1% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$161Mover 10 years buying other businesses, against $256M of capital spent building

$9M written down across 1 year (2018): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Stuart N. Bodden.	$2.9M	$2.4M	$54M
2024	Stuart N. Bodden.	$2.9M	$5.9M	$50M
2025	Stuart N. Bodden.	$3.7M	$1.7M	$43M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership2.8%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$7M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 42% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Ranger Energy Services Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereDid the share count rise anyway?185.7%
Diluted shares grew 185.7% over 2016–2025, even as the company spent $51M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Oilfield Services & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
RESRPC	$1.6B	26%	4.8%	7%	5%
XPROExpro Group Holdings N.V.	$1.6B	95%	-12.2%	-8%	-1%
NESRNational Energy Services Reunited Corp	$1.3B	13%	7.4%	8%	9%
HLXHelix Energy Solutions Group Inc.	$1.3B	12%	3.3%	1%	9%
PUMPProPetro Holding Corp.	$1.3B	—	0.1%	0%	7%
RNGRRanger Energy Services Inc.	$547M	—	1.1%	1%	6%
CLBCore Laboratories Inc.	$527M	20%	10.7%	11%	5%
WBIWaterbridge Infrastructure LLC	$526M	28%	17.8%	3%	0%
Group median	—	—	4.1%	2%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Ranger Energy Services Inc. has delivered.

Ranger Energy Services Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Ranger Energy Services Inc. earns about $35M on its 6.4% median owner-earnings margin. This year’s 7.8% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($35M) Net of stock comp (−$7M) Steady-state · maintenance capex ($29M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · since FY2022+12%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $18M on 24M shares outstanding (a weighted basic average, the only count this filer tags); net debt $20M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($37M) runs well above depreciation ($52M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $29M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh RNGR against another business →

Cite: Owner Scorecard, "Ranger Energy Services Inc. (RNGR), the owner's record," https://ownerscorecard.com/c/RNGR, data as of 2026-07-09.

Manual order: ← RNG its page in the Manual RNR →

Industry order: ← RIG the Oilfield Services & Equipment chapter SDRL →