Ring Energy, Inc. (REI) 10-Year Financial Performance & Capital Metrics

REI • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&POther Shale Play Operators

AboutRing Energy, Inc., an exploration and production company, engages in the acquisition, exploration, development, and production of oil and natural gas in Texas and New Mexico. As of December 31, 2021, the company's proved reserves consisted of approximately 77.8 million barrel of oil equivalent. It also had interests in 18,882 net developed acres and 1,406 net undeveloped acres in Andrews and Gaines counties, Texas; 18,437 net developed acres in Culberson and Reeves counties, Texas; and 13,662 net developed acres and 11,993 net undeveloped acres in Yoakum, Runnels, and Coke Counties, Texas and Lea County, New Mexico. Ring Energy, Inc. primarily sells its oil and natural gas production to end users, marketers, and other purchasers. The company was formerly known as Transglobal Mining Corp. and changed its name to Ring Energy, Inc. in March 2008. Ring Energy, Inc. was incorporated in 2004 and is headquartered in The Woodlands, Texas.Show more

Revenue $366M +1.5%
EBITDA $232M -1.2%
Net Income $67M -35.7%
EPS (Diluted) 0.34 -37.0%
Gross Margin 44.75% -8.4%
EBITDA Margin 63.22% -2.6%
Operating Margin 36.28% -10.1%
Net Margin 18.42% -36.6%
ROE 8.2% -43.4%
ROIC 8.1% -15.1%
Debt/Equity 0.45 -17.1%
Interest Coverage 3.07 -7.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.0%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.4%
✓Good 3Y average ROE of 17.2%
✓Trading at only 0.2x book value

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y25.4%

5Y13.36%

3Y23.12%

TTM-15.44%

Profit (Net Income) CAGR

10Y23.13%

5Y18%

3Y172.81%

TTM-114.4%

EPS CAGR

10Y0.3%

5Y-5.03%

3Y124.62%

TTM-69.49%

ROCE

10Y Avg1.5%

5Y Avg5.06%

3Y Avg14.89%

Latest10.36%

Peer Comparison

Other Shale Play Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGYMagnolia Oil & Gas Corporation	4.12B	22.49	11.59	7.25%	25.9%	17.05%	10.48%	0.21
KGEIKolibri Global Energy Inc.	126.93M	3.59	7.04	15.84%	24.74%	8.88%	6.02%	0.18
REPXRiley Exploration Permian, Inc.	616.01M	28.04	6.58	9.37%	21.73%	15.25%	18.89%	0.54
MNRMach Natural Resources LP	1.85B	11.01	5.79	27.2%	28.51%	14.85%	15.37%	0.64
CHRDChord Energy Corporation	5.23B	91.94	5.74	34.76%	3.31%	2.11%	17.56%	0.12
CIVICivitas Resources, Inc.	2.27B	26.55	3.14	49.76%	13.56%	9.55%	39.44%	0.68
REIRing Energy, Inc.	201.01M	0.97	2.85	1.46%	-5.01%	-1.91%	18.95%	0.45
PEDPEDEVCO Corp.	51.29M	0.54	2.69	28.49%	28.75%	8.29%	24.56%	0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	31.01M	30.85M	66.7M	120.07M	195.7M	113.03M	196.31M	347.25M	361.06M	366.33M
Revenue Growth %	-0.19%	-0.01%	1.16%	0.8%	0.63%	-0.42%	0.74%	0.77%	0.04%	0.01%
Cost of Goods Sold+	26.6M	22.86M	39.65M	72.46M	114.76M	85.21M	83.74M	127.43M	184.66M	202.41M
COGS % of Revenue	0.86%	0.74%	0.59%	0.6%	0.59%	0.75%	0.43%	0.37%	0.51%	0.55%
Gross Profit+	4.41M	7.99M	27.05M	47.61M	80.95M	27.82M	112.57M	219.82M	176.39M	163.92M
Gross Margin %	0.14%	0.26%	0.41%	0.4%	0.41%	0.25%	0.57%	0.63%	0.49%	0.45%
Gross Profit Growth %	-0.77%	0.81%	2.38%	0.76%	0.7%	-0.66%	3.05%	0.95%	-0.2%	-0.07%
Operating Expenses+	8.41M	8.51M	11.08M	13.47M	20.81M	296.48M	16.81M	28.08M	30.61M	31.02M
OpEx % of Revenue	0.27%	0.28%	0.17%	0.11%	0.11%	2.62%	0.09%	0.08%	0.08%	0.08%
Selling, General & Admin	8M	8.03M	10.52M	12.87M	19.87M	18.07M	16.07M	27.1M	29.19M	29.64M
SG&A % of Revenue	0.26%	0.26%	0.16%	0.11%	0.1%	0.16%	0.08%	0.08%	0.08%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	418.38K	487.18K	567.97K	606.46K	943.71K	278.41M	744.04K	983.43K	1.43M	1.38M
Operating Income+	-13.31M	-57.03M	15.97M	19.96M	60.14M	-268.66M	95.76M	191.74M	145.78M	132.9M
Operating Margin %	-0.43%	-1.85%	0.24%	0.17%	0.31%	-2.38%	0.49%	0.55%	0.4%	0.36%
Operating Income Growth %	-2.06%	-3.28%	1.28%	0.25%	2.01%	-5.47%	1.36%	1%	-0.24%	-0.09%
EBITDA+	1.86M	-45.06M	37.05M	59.59M	117.28M	-225.65M	132.92M	247.48M	234.39M	231.6M
EBITDA Margin %	0.06%	-1.46%	0.56%	0.5%	0.6%	-2%	0.68%	0.71%	0.65%	0.63%
EBITDA Growth %	-0.92%	-25.21%	1.82%	0.61%	0.97%	-2.92%	1.59%	0.86%	-0.05%	-0.01%
D&A (Non-Cash Add-back)	15.18M	11.97M	21.09M	39.63M	57.15M	43.01M	37.17M	55.74M	88.61M	98.7M
EBIT	-13.31M	-56.98M	12.17M	12.87M	57.15M	-241.8M	17.9M	170.21M	148.92M	131.22M
Net Interest Income+	-742.15K	-592.51K	291.08K	-330.04K	-13.85M	-17.62M	-14.49M	-23.17M	-43.67M	-42.82M
Interest Income	6.98K	56.5K	291.08K	97.86K	13.51K	8	1	4	257.15K	491.95K
Interest Expense	749.13K	649.01K	0	427.9K	13.87M	17.62M	14.49M	23.17M	43.93M	43.31M
Other Income/Expense	-742.15K	-592.51K	-3.8M	-7.52M	-16.85M	9.25M	-92.34M	-44.7M	-40.79M	-44.99M
Pretax Income+	-14.06M	-57.63M	12.17M	12.45M	43.28M	-259.41M	3.41M	147.04M	104.99M	87.91M
Pretax Margin %	-0.45%	-1.87%	0.18%	0.1%	0.22%	-2.3%	0.02%	0.42%	0.29%	0.24%
Income Tax+	-5M	-19.99M	10.42M	3.45M	13.79M	-6M	90.34K	8.41M	125.24K	20.44M
Effective Tax Rate %	0.64%	0.65%	0.14%	0.72%	0.68%	0.98%	0.97%	0.94%	1%	0.77%
Net Income+	-9.05M	-37.64M	1.75M	9M	29.5M	-253.41M	3.32M	138.64M	104.86M	67.47M
Net Margin %	-0.29%	-1.22%	0.03%	0.07%	0.15%	-2.24%	0.02%	0.4%	0.29%	0.18%
Net Income Growth %	-2.08%	-3.16%	1.05%	4.13%	2.28%	-9.59%	1.01%	40.72%	-0.24%	-0.36%
Net Income (Continuing)	-9.05M	-37.64M	1.75M	9M	29.5M	-253.41M	3.32M	138.64M	104.86M	67.47M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.32	-0.97	0.03	0.15	0.44	-3.48	0.03	0.98	0.54	0.34
EPS Growth %	-1.97%	-2.03%	1.03%	4%	1.93%	-8.91%	1.01%	31.67%	-0.45%	-0.37%
EPS (Basic)	-0.32	-0.97	0.03	0.15	0.44	-3.48	0.03	1.14	0.55	0.34
Diluted Shares Outstanding	28.18M	38.71M	52.81M	60.85M	66.76M	72.89M	121.19M	141.75M	195.36M	200.28M
Basic Shares Outstanding	28.18M	38.71M	51.38M	59.53M	66.57M	72.89M	99.39M	121.26M	190.59M	197.94M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.71M	75.22M	29.12M	16.84M	38.71M	20.8M	29.81M	63.17M	55.91M	50.45M
Cash & Short-Term Investments	4.43M	71.09M	15.01M	3.36M	10M	3.58M	2.41M	3.71M	296.38K	1.87M
Cash Only	4.43M	71.09M	15.01M	3.36M	10M	3.58M	2.41M	3.71M	296.38K	1.87M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.14M	3.91M	13.89M	13.22M	24.72M	16.83M	26.46M	43.43M	41.39M	37.26M
Days Sales Outstanding	48.69	46.23	76	40.19	46.11	54.33	49.2	45.65	41.84	37.12
Inventory	0	0	0	0	-5.89B	0	0	9.25M	6.14M	4.05M
Days Inventory Outstanding	-	-	-	-	-	-	-	26.5	12.13	7.3
Other Current Assets	146.12K	226.84K	0	0	5.89B	0	0	6.77M	8.09M	7.28M
Total Non-Current Assets+	242.15M	232.38M	384.98M	550.22M	934.3M	642.66M	654.35M	1.21B	1.32B	1.36B
Property, Plant & Equipment	241.27M	211.92M	373.61M	542.01M	931.08M	640.28M	652.64M	1.18B	1.3B	1.34B
Fixed Asset Turnover	0.13x	0.15x	0.18x	0.22x	0.21x	0.18x	0.30x	0.29x	0.28x	0.27x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	11.63M	5.47M
Other Non-Current Assets	820.9K	406.02K	135.34K	424.06K	-5.43B	2.38M	-88.58M	24.03M	13.03M	8.15M
Total Assets+	250.87M	307.6M	414.1M	567.07M	973.01M	663.46M	684.16M	1.27B	1.38B	1.41B
Asset Turnover	0.12x	0.10x	0.16x	0.21x	0.20x	0.17x	0.29x	0.27x	0.26x	0.26x
Asset Growth %	0.5%	0.23%	0.35%	0.37%	0.72%	-0.32%	0.03%	0.85%	0.08%	0.02%
Total Current Liabilities+	11.33M	9.1M	48.44M	51.91M	59.09M	36.94M	76.67M	141.79M	113.81M	105.04M
Accounts Payable	11.02M	9.1M	44.48M	51.91M	54.64M	32.5M	46.23M	111.4M	104.06M	95.73M
Days Payables Outstanding	151.25	145.31	409.43	261.49	173.78	139.22	201.53	319.09	205.69	172.63
Short-Term Debt	0	0	0	0	0	0	586.41K	499.88K	533.73K	496.4K
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	3.97M	0	3M	3.29M	29.24M	28.79M	7.69M	6.93M
Current Ratio	0.77x	8.27x	0.60x	0.32x	0.66x	0.56x	0.39x	0.45x	0.49x	0.48x
Quick Ratio	0.77x	8.27x	0.60x	0.32x	100.35x	0.56x	0.39x	0.38x	0.44x	0.44x
Cash Conversion Cycle	-	-	-	-	-	-	-	-246.94	-151.72	-128.21
Total Non-Current Liabilities+	53.3M	7.96M	9.06M	52.56M	390.4M	331.75M	306.86M	466.1M	476.11M	444.42M
Long-Term Debt	45.9M	0	0	39.5M	366.5M	313M	290M	415M	425M	385M
Capital Lease Obligations	0	0	0	0	1.12M	762.24K	1.48M	2.53M	2.96M	2.05M
Deferred Tax Liabilities	24.4M	10.09M	27.56M	33.89M	6M	0	90.29K	8.5M	8.55M	28.59M
Other Non-Current Liabilities	7.4M	7.96M	9.06M	13.06M	16.79M	17.99M	15.29M	40.08M	39.59M	28.78M
Total Liabilities	64.64M	17.06M	57.5M	104.47M	449.5M	368.69M	383.53M	607.9M	589.91M	549.46M
Total Debt+	45.9M	0	0	39.5M	369.07M	314.92M	292.68M	419.13M	430.02M	389.1M
Net Debt	41.47M	-71.09M	-15.01M	36.14M	359.07M	311.34M	290.27M	415.42M	429.72M	387.24M
Debt / Equity	0.25x	-	-	0.09x	0.70x	1.07x	0.97x	0.63x	0.55x	0.45x
Debt / EBITDA	24.66x	-	-	0.66x	3.15x	-	2.20x	1.69x	1.83x	1.68x
Net Debt / EBITDA	22.28x	-	-0.41x	0.61x	3.06x	-	2.18x	1.68x	1.83x	1.67x
Interest Coverage	-17.77x	-87.88x	-	46.65x	4.34x	-15.25x	6.61x	8.28x	3.32x	3.07x
Total Equity+	186.23M	290.54M	356.6M	462.6M	523.51M	294.77M	300.62M	661.1M	786.58M	858.64M
Equity Growth %	0.31%	0.56%	0.23%	0.3%	0.13%	-0.44%	0.02%	1.2%	0.19%	0.09%
Book Value per Share	6.61	7.51	6.75	7.60	7.84	4.04	2.48	4.66	4.03	4.29
Total Shareholders' Equity	186.23M	290.54M	356.6M	462.6M	523.51M	294.77M	300.62M	661.1M	786.58M	858.64M
Common Stock	30.39K	49.11K	54.22K	63.23K	67.99K	85.57K	100.19K	175.53K	196.84K	198.56K
Retained Earnings	-7.07M	-44.71M	-41.36M	-32.36M	-2.86M	-256.27M	-252.95M	-114.31M	-9.45M	58.02M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-29.86M	-41.35M	-61.86M	-100.58M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	9.84M	11.21M	42.81M	70.36M	106.62M	72.16M	72.73M	196.98M	198.17M	194.42M
Operating CF Margin %	0.32%	0.36%	0.64%	0.59%	0.54%	0.64%	0.37%	0.57%	0.55%	0.53%
Operating CF Growth %	-0.71%	0.14%	2.82%	0.64%	0.52%	-0.32%	0.01%	1.71%	0.01%	-0.02%
Net Income	-9.05M	-37.64M	1.75M	9M	29.5M	-253.41M	3.32M	138.64M	104.86M	67.47M
Depreciation & Amortization	15.18M	11.48M	20.52M	39.02M	63.06M	43.01M	114.85M	55.74K	88.61M	100.08M
Stock-Based Compensation	2.57M	2.27M	3.69M	3.87M	3.08M	5.36M	2.42M	7.16M	8.83M	5.51M
Deferred Taxes	-5M	-19.99M	10.47M	2.54M	9.93M	-3.98M	265.48K	8.72M	-425.27K	19.94M
Other Non-Cash Items	9.73M	56.76M	3.72M	11.14M	639.05K	278.07M	-53.55M	15.57M	-4.89M	2.32M
Working Capital Changes	-3.57M	-1.67M	2.66M	4.78M	405.99K	3.1M	5.42M	26.83M	1.18M	-888.09K
Change in Receivables	2.16M	229.32K	-9.98M	666.28K	-10.04M	7.9M	-9.48M	-17.21M	1.15M	3.59M
Change in Inventory	0	574.77K	1.03M	259.63K	-582.7K	0	0	-5.6M	3.11M	2.09M
Change in Payables	-4.93M	-2.23M	12.38M	4.44M	12.32M	-8.38M	15.45M	50.81M	-1.45M	-5.08M
Cash from Investing+	-110.11M	-38.34M	-157.91M	-203.42M	-423.04M	-43.83M	-51.24M	-308.88M	-222.57M	-150.85M
Capital Expenditures	-109.66M	-38.34M	-157.91M	-203.53M	-155.53M	-43.83M	-53.24M	-131.22M	-155.21M	-156.49M
CapEx % of Revenue	3.54%	1.24%	2.37%	1.7%	0.79%	0.39%	0.27%	0.38%	0.43%	0.43%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-446.19K	0	0	105.54K	8.55M	0	0	158.3K	13.38M	5.63M
Cash from Financing+	96.07M	93.78M	59.03M	121.42M	323.06M	-34.75M	-22.66M	113.21M	20.99M	-42M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	134.8K	112.5K	0	100K	-3.78M	-355.05K	-290.15K	-19.41M	-572.38K	-88.45K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-99.82M	-27.13M	-115.11M	-133.17M	-48.91M	28.33M	19.49M	65.76M	42.96M	38.08M
FCF Margin %	-3.22%	-0.88%	-1.73%	-1.11%	-0.25%	0.25%	0.1%	0.19%	0.12%	0.1%
FCF Growth %	-0.38%	0.73%	-3.24%	-0.16%	0.63%	1.58%	-0.31%	2.37%	-0.35%	-0.11%
FCF per Share	-3.54	-0.70	-2.18	-2.19	-0.73	0.39	0.16	0.46	0.22	0.19
FCF Conversion (FCF/Net Income)	-1.09x	-0.30x	24.41x	7.82x	3.61x	-0.28x	21.89x	1.42x	1.89x	2.88x
Interest Paid	0	0	0	0	0	16.91M	0	0	38.01M	39.2M
Taxes Paid	0	0	0	0	0	0	0	0	72.21K	72.21K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.51%	-15.79%	0.54%	2.2%	5.98%	-61.94%	1.12%	28.83%	14.49%	8.2%
Return on Invested Capital (ROIC)	-5.52%	-19.13%	4.27%	3.56%	6.53%	-27.07%	12%	17.25%	9.54%	8.1%
Gross Margin	14.22%	25.91%	40.56%	39.65%	41.36%	24.61%	57.34%	63.3%	48.86%	44.75%
Net Margin	-29.19%	-122%	2.63%	7.5%	15.07%	-224.21%	1.69%	39.92%	29.04%	18.42%
Debt / Equity	0.25x	-	-	0.09x	0.70x	1.07x	0.97x	0.63x	0.55x	0.45x
Interest Coverage	-17.77x	-87.88x	-	46.65x	4.34x	-15.25x	6.61x	8.28x	3.32x	3.07x
FCF Conversion	-1.09x	-0.30x	24.41x	7.82x	3.61x	-0.28x	21.89x	1.42x	1.89x	2.88x
Revenue Growth	-18.58%	-0.53%	116.2%	80.01%	63%	-42.25%	73.68%	76.89%	3.98%	1.46%

Revenue by Segment

	2024
Reportable	366.33M
Reportable Growth	-

Frequently Asked Questions

Valuation & Price

Ring Energy, Inc. (REI) has a price-to-earnings (P/E) ratio of 2.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ring Energy, Inc. (REI) reported $323.7M in revenue for fiscal year 2024. This represents a 12337394% increase from $0.0M in 2011.

Ring Energy, Inc. (REI) grew revenue by 1.5% over the past year. Growth has been modest.

Ring Energy, Inc. (REI) reported a net loss of $16.2M for fiscal year 2024.

Dividend & Returns

Ring Energy, Inc. (REI) has a return on equity (ROE) of 8.2%. This is below average, suggesting room for improvement.

Ring Energy, Inc. (REI) had negative free cash flow of $49.9M in fiscal year 2024, likely due to heavy capital investments.

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