RingCentral
RNG on NYSE. RingCentral sells cloud communications software to businesses for calls, messaging, and customer support. Market value $2.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.85 of spare cash in the past 12 months. A savings account pays about $4.
You pay 47.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -9 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 41 of 100. Our list needs 70 on quality and 60 on price.
$79.06 a share, 228% above its 1-year low
Over the past year the price has ranged from $24.14 to $81.90.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.6bn | $2.0bn | $2.2bn | $2.4bn | $2.5bn |
| Operating margin | |||||
| Operating margin | -18.9% | -32.7% | -9.0% | 0.1% | 4.8% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.10bn | 0.09bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 16.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $657 million last quarter, up 6% on a year ago.
- Profit: $39 million, up 196% on a year ago.
- It keeps 7 cents of each $1 of sales as operating profit, up from 3 cents a year earlier.
- Spare cash over the past 12 months: $638 million, up from $549 million.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $1 billion more than cash, down from $1.1 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $609m |
| December 2024 | $615m |
| March 2025 | $612m |
| June 2025 | $620m |
| September 2025 | $639m |
| December 2025 | $644m |
| March 2026 | $644m |
| June 2026 | $657m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$8m |
| December 2024 | -$7m |
| March 2025 | -$10m |
| June 2025 | $13m |
| September 2025 | $18m |
| December 2025 | $23m |
| March 2026 | $31m |
| June 2026 | $39m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 379 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $155m | 0.3% | Added |
| Gotham Asset ManagementJoel Greenblatt | $18m | <0.1% | Added |
| Boston PartnersBoston Partners team | $2m | <0.1% | Cut |
| Polen CapitalDan Davidowitz | $2m | <0.1% | New |
Largest holders overall
- Capital World Investors$432m
- BlackRock$421mCut
- Vanguard Portfolio Management$253mCut
- Ameriprise Financial$200mCut
- LSV Asset Management$155mAdded
- Vanguard Capital Management$130m
- State Street$118mAdded
- First Trust Advisors LP$91mAdded
- Quantinno Capital Management LP$87mAdded
- Alyeska Investment Group, L.P.$80mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Capital World InvestorsPassive investor14.5%+2.5 ptsSince 30 September 2025
- BlackRock, Inc.Passive investor12.8%−1.0 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor8.8%−1.7 ptsSince 30 June 2026
- LSV Asset ManagementPassive investor5.4%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- SYLEBRA CAPITAL LLCPassive investorat least 4.9%(filed with 3 related holders)Since 25 July 2025
What they said
N/A as this was a disposal of securities. The Reporting Persons previously filed a Schedule 13D to report beneficial ownership of the Issuer's Common Stock, reflecting an initial intent to potentially influence the Issuer's management or policies. Subsequently, the Reporting…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Capital World Investors Passive investor | 14.5%+2.5 pts | 30 September 2025 | |
BlackRock, Inc. Passive investor | 12.8%−1.0 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 8.8%−1.7 pts | 30 June 2026 | |
LSV Asset Management Passive investor | 5.4% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
SYLEBRA CAPITAL LLC Passive investor | at least 4.9% (filed with 3 related holders) | 25 July 2025 | What they saidN/A as this was a disposal of securities. The Reporting Persons previously filed a Schedule 13D to report beneficial ownership of the Issuer's Common Stock, reflecting an initial intent to potentially influence the Issuer's management or policies. Subsequently, the Reporting… Read the filing |
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
No insider bought shares on the open market in the last 12 months. 6 sold $24m, $24m of it under preset trading plans.
- Makagon KiraPresident and COOSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 36,185
- Price
- $70.11
- Value
- $3m
- Arora TarunChief Accounting OfficerSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 4,172
- Price
- $70.36
- Value
- $293,550
- Arora TarunChief Accounting OfficerSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 954
- Price
- $77.00
- Value
- $73,458
- Shmunis VladimirCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 11,165
- Price
- $76.58
- Value
- $855,046
- Agarwal VaibhavChief Financial OfficerSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 7,046
- Price
- $72.10
- Value
- $508,024
- Shmunis VladimirCEO and Chairman, DirectorSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 15,556
- Price
- $71.78
- Value
- $1m
- Arora TarunChief Accounting OfficerSoldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 4,568
- Price
- $69.60
- Value
- $317,942
- Arora TarunChief Accounting OfficerSoldunder a preset trading plan
- Date
- 25 August 2026
- Shares
- 675
- Price
- $67.45
- Value
- $45,529
- Arora TarunChief Accounting OfficerSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 1,876
- Price
- $65.26
- Value
- $122,428
- Agarwal VaibhavChief Financial OfficerSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 4,044
- Price
- $65.07
- Value
- $263,143
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Makagon Kira President and COO | Sold under a preset trading plan | 36,185 | $70.11 | $3m |
| 9 September 2026 | Arora Tarun Chief Accounting Officer | Sold under a preset trading plan | 4,172 | $70.36 | $293,550 |
| 3 September 2026 | Arora Tarun Chief Accounting Officer | Sold under a preset trading plan | 954 | $77.00 | $73,458 |
| 3 September 2026 | Shmunis Vladimir CEO and Chairman, Director | Sold under a preset trading plan | 11,165 | $76.58 | $855,046 |
| 2 September 2026 | Agarwal Vaibhav Chief Financial Officer | Sold under a preset trading plan | 7,046 | $72.10 | $508,024 |
| 2 September 2026 | Shmunis Vladimir CEO and Chairman, Director | Sold under a preset trading plan | 15,556 | $71.78 | $1m |
| 28 August 2026 | Arora Tarun Chief Accounting Officer | Sold under a preset trading plan | 4,568 | $69.60 | $317,942 |
| 25 August 2026 | Arora Tarun Chief Accounting Officer | Sold under a preset trading plan | 675 | $67.45 | $45,529 |
| 21 August 2026 | Arora Tarun Chief Accounting Officer | Sold under a preset trading plan | 1,876 | $65.26 | $122,428 |
| 21 August 2026 | Agarwal Vaibhav Chief Financial Officer | Sold under a preset trading plan | 4,044 | $65.07 | $263,143 |
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 warning signs we check for were found.
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 27 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 3 later 8-Ks.
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
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 47.4× operating profit.
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.