RNG
RingCentral, Inc.
Next earnings Aug 3, 2026 (after close) · consensus $1.18 EPS, $657M rev
Last earnings -0.7% on 2026-05-07
$39.09
▲ +5.14%$39.09▲ +47.72%
over 1Y
L $23.54EODHDH $49.03
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+5.1%
1W+12.2%
1M-20.3%
3M+8.1%
YTD+42.2%
1Y+47.7%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 21 analysts
Buy
Beaten-down UCaaS name now throwing off ~$587M free cash flow against a $3.5B cap — cheap if the deleveraging holds.
Operating cash flow $617M · FY2025
The read
The fundamentals carry the rating, but the price is rich (~53% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
The GAAP optics are ugly and misleading. RNG trades at an 81x P/E and carries negative stockholders' equity of -$588M with a -$1.71B accumulated deficit — the scar tissue of years of losses (FY2022 net income was -$879M). But the cash engine tells a different story: FY2025 operating cash flow was $617M (+27.8% YoY) against just $30.1M of capex, i.e. roughly $587M of free cash flow on a $3.50B market cap — a ~17% FCF yield. Layered on net debt of ~$1.1B (total debt $1.25B vs. $133M cash), enterprise value is ~$4.6B, so the business trades around 8x FCF. That is distress-level pricing for a 71.2% gross-margin subscription business where, per the MD&A, subscriptions are over 90% of revenue.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.59B | $1.99B | $2.20B | $2.40B | $2.52B |
| Gross profit | $1.15B | $1.35B | $1.54B | $1.69B | $1.79B |
| Operating income | -$302M | -$649M | -$199M | $2.67M | $121M |
| Net income | -$376M | -$879M | -$165M | -$58.3M | $43.4M |
| Diluted EPS | -$4.10 | -$9.23 | -$1.74 | -$0.63 | $0.48 |
| Net margin | -23.6% | -44.2% | -7.5% | -2.4% | 1.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.62B
EV / EBITDA13.5
EV / Sales1.8
EV / FCF7.9
P / FCF6.0
PEG (trailing)0.47
Earnings yield1.2%
FCF yield16.8%
Quality & risk
ROIC (est.)—
Free cash flow$587M
Total debt$1.25B
Net cash-$1.12B
Altman Z-Score1.10 distress
Piotroski F-Score8/9
Capital returns
Buyback yield9.6%
Dividend yield (est.)—
Shareholder yield9.6%
Shares Δ YoY-2.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 10-Q Quarterly report2026-05-11
Q1 FY26 10-Q: sustained profitability and strong operating cash flow
- 8-K Earnings results2026-05-07
Q1 FY26 results released; stock +5% on continued post-turnaround profitability
- 10-K/A Restated periodic report2026-04-30
FY25 10-K amendment (Part III/proxy data); no financial change
- 10-K Annual report2026-02-27
FY25: first full-year GAAP profit $43M, op income up sharply, OCF $617M
- 8-K Earnings results2026-02-19
Q4/FY25 results plus other disclosure; FY25 swung to first GAAP profit
- 8-K Shareholder vote2026-01-05
Reported results of a shareholder vote (Item 5.07); routine governance
- DEF 14A Proxy statement2025-12-09
Annual proxy statement; routine board/comp/governance items
- 10-Q Quarterly report2025-11-05
Q3 FY25 10-Q: revenue growth ~5%, SBC down, margins expanding
- 8-K Earnings results2025-11-03
Q3 FY25 earnings release; margin/FCF expansion on track
Recent filings
all on EDGAR ↗4Period ending 2026-06-152026-06-17open ↗144Filing2026-06-15open ↗4Period ending 2026-06-102026-06-12open ↗144Filing2026-06-10open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗4Period ending 2026-05-292026-06-02open ↗144Filing2026-06-02open ↗144Filing2026-06-01open ↗144Filing2026-05-29open ↗
Frequently asked
- Is RingCentral, Inc. (RNG) a buy?
- RNG currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Beaten-down UCaaS name now throwing off ~$587M free cash flow against a $3.5B cap — cheap if the deleveraging holds.
- What is RNG's fair value?
- A Modified-Graham model based on RNG's SEC fundamentals estimates a fair value of about $18.24. It is an estimate from reported earnings, not a price target.
- Is RNG overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, RNG currently appears overvalued relative to its SEC-grounded earnings power.
- What is RingCentral, Inc.'s quality score?
- RNG scores 54.2156862745098/100 (grade C-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001384905, latest 10-Q filed 2026-05-11) · EODHD · analysis by claude-code · as of 6/29/2026, 10:41:45 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.