Ring Energy
REI on NYSEAmerican. Ring Energy sells oil, gas, and liquids from Texas wells to refineries and utilities. Market value $349m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Energy stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.74 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$1.34 a share, 61% above its 1-year low
Over the past year the price has ranged from $0.83 to $2.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $37 million in the past 12 months, $56 million in the year to December 2025.
| Revenue | |||||
| Revenue | $196m | $347m | $361m | $366m | $307m |
| Operating margin | |||||
| Operating margin | 48.8% | 55.2% | 40.4% | 36.3% | -11.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.20bn | 0.20bn | 0.21bn | 0.26bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 22.1% a year
- Buying back its own sharesNo, 49% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $105 million last quarter, up 27% on a year ago.
- Profit: $65 million, up 214% on a year ago.
- It loses 53 cents on each $1 of sales, after keeping 30 cents a year earlier.
- Spare cash over the past 12 months: $37 million, up from $33 million.
- 15% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $89m |
| December 2024 | $83m |
| March 2025 | $79m |
| June 2025 | $83m |
| September 2025 | $79m |
| December 2025 | $67m |
| March 2026 | $74m |
| June 2026 | $105m |
| Quarter to | Amount |
|---|---|
| September 2024 | $34m |
| December 2024 | $6m |
| March 2025 | $9m |
| June 2025 | $21m |
| September 2025 | -$52m |
| December 2025 | -$13m |
| March 2026 | -$221m |
| June 2026 | $65m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 143 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Century ManagementArnold Van Den Berg | $69,542 | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $13,679 | <0.1% | New |
Largest holders overall
- Peak6$18mAdded
- BlackRock$13mAdded
- Adage Capital Partners GP, L.L.C.$12mNew
- Vanguard Capital Management$10mAdded
- TWO Sigma Investments, LP$9mAdded
- Barclays$8mAdded
- Vanguard Portfolio Management$5mAdded
- Geode Capital Management$5mAdded
- Renaissance Technologies$4mAdded
- Acadian Asset Management$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Warburg Pincus & Company US, LLC.Passive investorat least 15.1%(filed with 1 related holder)Since 24 February 2025
- William R. KrusePassive investorat least 7.0%−0.3 pts(filed with 1 related holder)Since 31 December 2025
- PEAK6 Capital Management LLCPassive investorat least 6.6%0.0 pts(filed with 7 related holders)Since 30 June 2026
- PEAK6 LLCPassive investorat least 6.6%(filed with 1 related holder)Since 30 June 2026
- Warburg Pincus & Company US, LLCPassive investorat least 2.6%−11.4 pts(filed with 19 related holders)Since 30 June 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Warburg Pincus & Company US, LLC. Passive investor | at least 15.1% (filed with 1 related holder) | 24 February 2025 | |
William R. Kruse Passive investor | at least 7.0%−0.3 pts (filed with 1 related holder) | 31 December 2025 | |
PEAK6 Capital Management LLC Passive investor | at least 6.6%0.0 pts (filed with 7 related holders) | 30 June 2026 | |
PEAK6 LLC Passive investor | at least 6.6% (filed with 1 related holder) | 30 June 2026 | |
Warburg Pincus & Company US, LLC Passive investor | at least 2.6%−11.4 pts (filed with 19 related holders) | 30 June 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $339,010 of shares on the open market.
- McKinney Paul D.CEO and Chairman of the Board, DirectorBought
- Date
- 15 June 2026
- Shares
- 50,000
- Price
- $1.19
- Value
- $59,500
- Johl Sundip SinghEVP, Chief Financial OfficerBought
- Date
- 15 June 2026
- Shares
- 231,000
- Price
- $1.21
- Value
- $279,510
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 June 2026 | McKinney Paul D. CEO and Chairman of the Board, Director | Bought | 50,000 | $1.19 | $59,500 |
| 15 June 2026 | Johl Sundip Singh EVP, Chief Financial Officer | Bought | 231,000 | $1.21 | $279,510 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 6 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 67% last year. Losing that customer would hurt.
“Percentage of Oil, Natural Gas, and Natural Gas Liquids Revenues | Percentage of accounts receivables from the sale of our Oil, Natural Gas and NGL production Customer: Phillips 66 Company ("Phillips") | 67% | 66%”
From the 10-K filed 4 March 2026, Item 1. Business (table). Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.