Forensic Analysis · Energy / Oil & Gas · as of Jun 28, 2026
Ranger Energy Services, Inc. (RNGR)
A forensic read on Ranger Energy Services, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.1
Altman Z-score
Clean
Earnings quality
5
Forensic signals
25.5
P / E (ttm)
5.1%
ROE
$374M
Market cap
1.54%
Dividend yield
Ranger Energy Services, Inc. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 4.1, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+23.0%Accruals ratio.Net operating assets grew +23.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -22% of net operating assets.
52d DSOReceivables vs revenue.Days sales outstanding moved from 44 to 52 days FY2024→FY2025 (receivables +14% vs revenue -4%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
3%Return on invested capital.Return on invested capital is 3% and slipping from 6% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 15% of free cash flow in FY2025 — about $0.29 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
-20%Dividend — cut.The payout was CUT ~20% in FY2023 (from FY2016). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin2.2%
Debt / Equity0.01x
Free Cash Flow$42.9M
Latest Revenue$546.9M
Return on Equity4.1%
Revenue Growth YoY-4.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Ranger Energy Services, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RNGR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown