Liquidity is under pressure as evidenced by a $21.7 million free cash flow burn in 2026Q1, driven by elevated capital expenditures that reached 11.5% of revenue.
| Cash from Operations | 55M | 69M | 84.5M | 90.8M | 44.5M | -39.4M | 25.5M | 51.9M | 27.6M | -17.3M | -5.2M | -5.2M |
| Operating CF Margin % | - | 12.62% | 14.8% | 14.26% | 7.31% | -13.44% | 13.58% | 15.41% | 9.11% | -11.23% | -9.85% | -24.53% |
| Operating CF Growth % | -187.87% | -18.34% | -6.94% | 104.04% | 212.94% | -254.51% | -50.87% | 88.04% | 259.54% | -232.69% | 0% | - |
| Net Income | 14.7M | 12.3M | 18.4M | 23.8M | 15.1M | -2.1M | -18.5M | 4.4M | -5.8M | -27.3M | -5M | -6.7M |
| Depreciation & Amortization | 51.9M | 46.3M | 44.1M | 39.9M | 44.4M | 36.8M | 35M | 34.8M | 30.3M | 17.8M | 6.6M | 2.1M |
| Stock-Based Compensation | 6.5M | 6.5M | 5.8M | 4.8M | 3.8M | 3.2M | 3.7M | 3.3M | 2.1M | 1.2M | 500K | 100K |
| Deferred Taxes | 6.3M | 5.4M | 6.9M | 6.6M | 1.2M | -6.2M | -2.1M | 800K | 9.2M | 300K | 0 | 0 |
| Other Non-Cash Items | -24.7M | 1.6M | -900K | 3.3M | -1.9M | -31.5M | 2.6M | 100K | 200K | 5.2M | 500K | 2.3M |
| Working Capital Changes | 300K | -3.1M | 10.2M | 12.4M | -18.1M | -39.6M | 4.8M | 8.5M | -8.4M | -14.5M | -7.8M | -3M |
| Change in Receivables | -24.5M | 15.9M | 17.7M | 14.5M | -10.7M | -49M | 15.6M | 5.2M | -13.5M | -12.4M | -8.7M | -2.1M |
| Change in Inventory | 200K | 200K | 400K | -900K | -3.4M | 2.7M | 400K | 1.1M | -3.4M | -1.3M | 0 | 900K |
| Change in Payables | -11M | -9.8M | -3.7M | 6.6M | 2.8M | 4.1M | -3.3M | -1.1M | 200K | 200K | 1.2M | -1.6M |
| Cash from Investing | -87.3M | -76.1M | -31.1M | -29.7M | 11.3M | -36.4M | -5.4M | -23.4M | -74.4M | -68.9M | -25.4M | -25.5M |
| Capital Expenditures | -37.2M | -26.1M | -34.1M | -36.5M | -13.8M | -5.6M | -7.2M | -24.2M | -75.9M | -21.7M | -11.2M | -26M |
| CapEx % of Revenue | 6.52% | 4.77% | 5.97% | 5.73% | 2.27% | 1.91% | 3.83% | 7.18% | 25.04% | 14.09% | 21.21% | 122.64% |
| Acquisitions | 0 | 0 | 0 | 0 | 800K | -39.9M | 1.8M | 800K | -4M | -47.7M | -16.3M | 500K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -50.1M | -50M | 3M | 6.8M | 24.3M | 9.1M | 1.8M | 800K | 5.5M | 500K | 2.1M | 500K |
| Cash from Financing | -1.1M | -23.5M | -28.2M | -49.1M | -52.7M | 73.6M | -24.2M | -24.2M | 44.1M | 89.9M | 31.1M | 28.9M |
| Debt Issued (Net) | -1.9M | -3.8M | -5.7M | -24.5M | -48.7M | 35.9M | -20.8M | -23.1M | 44.1M | 7.2M | 1.4M | 9.7M |
| Equity Issued (Net) | -10.3M | -12.2M | -15.5M | -19.3M | 0 | 42M | -3.1M | -1.1M | 0 | 0 | 0 | 0 |
| Dividends Paid | -4.2M | -5.5M | -4.5M | -2.4M | 0 | 0 | 0 | 0 | 0 | 0 | -3M | 0 |
| Share Repurchases | -10.8M | -12.2M | -15.5M | -20.3M | -1.2M | -1.2M | -3.4M | -1.1M | 0 | 0 | 0 | 0 |
| Other Financing | 15.3M | -2M | -2.5M | -2.9M | -4M | -4.3M | -300K | 0 | 0 | 80.9M | 32.7M | 19.2M |
| Net Change in Cash | -33.4M | -30.6M | 25.2M | 12M | 3.1M | -2.2M | -4.1M | 4.3M | -2.7M | 3.7M | 500K | -1.8M |
| Free Cash Flow | 17.8M | 42.9M | 50.4M | 54.3M | 30.7M | -45M | 18.3M | 27.7M | -48.3M | -39M | -16.4M | -31.2M |
| FCF Margin % | 3.12% | 7.84% | 8.83% | 8.53% | 5.05% | -15.35% | 9.74% | 8.22% | -15.94% | -25.32% | -31.06% | -147.17% |
| FCF Growth % | -63.15% | -14.88% | -7.18% | 76.87% | 168.22% | -345.9% | -33.93% | 157.35% | -23.85% | -137.8% | 47.44% | - |
| FCF per Share | 0.74 | 1.89 | 2.21 | 2.17 | 1.31 | -3.32 | 2.14 | 3.21 | -5.73 | -4.64 | -2.42 | -4.60 |
| FCF Conversion (FCF/Net Income) | 1.21x | 5.61x | 4.59x | 3.82x | 2.95x | 18.76x | -1.61x | 11.80x | -8.36x | 2.62x | 1.04x | 0.78x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Margin Compression Risk
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a negative 1.13 in 2026Q1 to a high of 17.67 in 2025Q1, suggesting that reported earnings are poor proxies for actual cash generation.
The extreme volatility in the OCF/NI ratio indicates that Ranger's net income is heavily influenced by non-cash items and working capital swings rather than core operational efficiency. Investors should monitor this divergence, as it suggests that the company's reported profitability may not be translating into the liquidity required to sustain its high-spec fleet.
Based on recent SEC filings, Ranger's free cash flow trajectory has been inconsistent, shifting from a peak of $29.1 million in 2023Q4 to a significant cash burn of $21.7 million in 2026Q1, reflecting the company's sensitivity to the cyclical nature of US onshore oilfield service demand.
The sharp transition into negative free cash flow in the most recent quarter highlights the difficulty of maintaining positive margins in a capital-intensive service environment. This trend suggests that the company's ability to self-fund operations is currently compromised, potentially forcing a reliance on external liquidity if market conditions do not improve.
According to the provided data, capital expenditures have remained elevated, with the CapEx/Revenue ratio spiking to 11.5% in 2026Q1, which indicates that the company is forced to reinvest heavily in its fleet just to maintain its competitive position in the high-spec rig market.
The persistent need for capital investment suggests that Ranger's assets are subject to significant wear and tear, necessitating constant refurbishment to meet the technical demands of modern lateral wells. This high capital intensity appears to be a structural headwind that limits the company's ability to generate meaningful free cash flow during cyclical downturns.
As evidenced by the quarterly cash flow data, working capital changes have been a primary driver of cash flow volatility, with a $22.2 million inflow in 2023Q4 contrasting sharply with periods of neutral or negative adjustments, complicating the assessment of the company's underlying operational cash conversion efficiency.
The lumpy nature of these working capital movements suggests that Ranger's cash flow is highly dependent on the timing of customer payments and inventory management. This variability makes it difficult to forecast cash availability and may mask underlying operational inefficiencies that are not immediately apparent in the headline net income figures.
Quick answers to the most common questions about buying RNGR stock.
Ranger Energy Services, Inc. (RNGR) generated $69.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ranger Energy Services, Inc. (RNGR) generated $42.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ranger Energy Services, Inc. (RNGR) spent $26.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ranger Energy Services, Inc. (RNGR) returned $5.5M to shareholders via cash dividends and spent $12.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.