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Ranger Energy Services, Inc. ( Ranger, Inc., Ranger, we, us, our or the Company ) is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States ( 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…
Operating margin is thin at 2.82%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.2% YoY. Margins deteriorated 2.2pp alongside, both lines moving the wrong way.
Free cash flow declined 15% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.11% to 3.15%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$571M
▼ -4.2% YoY
Net Income (TTM)
$15M
▼ -33.2% YoY
Op. Margin
3.42%
▼ -2.2pp YoY
ROIC
4.05%
▼ -4.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$18M
▼ -14.9% YoY
Op. Cash Flow (TTM)
$55M
▼ -18.3% YoY
Net Debt
$46M
Cash & Equiv.
$7M
5Y CAGR: +23.8%
5Y CAGR: +18.6%
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