A Business at a Glance
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RING ENERGY, INC.
REI
$259M
Mkt Cap
$1.27
-3.05%
RING ENERGY, INC. (REI) has a current P/E ratio of 3.7, compared to its historical median P/E of 4.7. The stock is currently considered Fair based on its historical valuation range.
RING ENERGY, INC. (REI) has a 5-year average return on invested capital (ROIC) of 10.8%. This indicates solid capital allocation.
RING ENERGY, INC. (REI) has a market capitalization of $266M. It is classified as a small-cap stock.
RING ENERGY, INC. (REI) does not currently pay a regular dividend.
Based on historical P/E analysis, RING ENERGY, INC. (REI) appears fair. The current P/E of 3.7 is 21% below its historical median of 4.7. The estimated fair value CAGR (P/E method) is 15.3%.
RING ENERGY, INC. (REI) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
RING ENERGY, INC. (REI) reported annual revenue of $307 million in its most recent fiscal year, based on SEC EDGAR filings.
Ring Energy, Inc., a Nevada corporation (“Ring,” “Ring Energy,” the “Company,” “we,” “us,” “our,” or similar terms), is a growth oriented independent oil and natural gas exploration and production company based in The Woodlands, Texas engaged in oil and natural gas development, production, acquisition, and exploration activities currently focused in the Permian Basin of Texas. Our drilling operations target the oil and liquids rich producing formations in the Northwest Shelf and the Central Basin Platform, in the Permian Basin in Texas. As of December 31, 2025, our leasehold acreage positions totaled 111,714 gross (96,234 net) acres and we held interests in 919 gross (758 net) producing wells. Proved reserves as of December 31, 2025 (based upon the report of our independent petroleum engineer of that date) were approximately 153.3 million Boe, of which we are the operator of approximately 99%.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 302M | 307M | 366M | 361M | 347M | 196M |
| Net Income | -264M | -35M | 67M | 105M | 139M | 3.3M |
| EPS | $-1.26 | $-0.17 | $0.34 | $0.54 | $0.98 | $0.03 |
| Free Cash Flow | 148M | 151M | 194M | 198M | 197M | 72M |
| ROIC | -15.0% | -4.1% | 8.3% | 12.7% | 21.7% | 15.6% |
| Gross Margin | - | -0.8% | 44.4% | 48.5% | 63.0% | 36.2% |
| Debt/Equity | 0.69 | 0.51 | 0.45 | 0.55 | 0.63 | 0.97 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | -199M | -34M | 133M | 146M | 192M | 96M |
| Operating Margin | -65.8% | -11.2% | 36.3% | 40.4% | 55.2% | 48.8% |
| ROE | -42.5% | -4.1% | 8.2% | 14.5% | 28.8% | 1.1% |
| Shares Outstanding | 209M | 204M | 198M | 194M | 141M | 111M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 38M | 31M | 31M | 67M | 120M | 196M | N/A | 196M | 347M | 361M | 366M | 307M | 302M |
| Gross Margin | 86.9% | 67.9% | 68.0% | 76.0% | 76.8% | 75.2% | N/A | 36.2% | 63.0% | 48.5% | 44.4% | -0.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 6.8M | 8.0M | 8.0M | 11M | 13M | 20M | 17M | 16M | 27M | 29M | 30M | 32M | 31M |
| EBIT | 13M | -13M | -57M | 16M | 20M | 60M | -269M | 96M | 192M | 146M | 133M | -34M | -199M |
| Op. Margin | 33.0% | -42.9% | -184.9% | 23.9% | 16.6% | 30.7% | N/A | 48.8% | 55.2% | 40.4% | 36.3% | -11.2% | -65.8% |
| Net Income | 8.4M | -9.1M | -38M | 1.8M | 9.0M | 29M | -253M | 3.3M | 139M | 105M | 67M | -35M | -264M |
| Net Margin | 22.1% | -29.2% | -122.0% | 2.6% | 7.5% | 15.1% | N/A | 1.7% | 39.9% | 29.0% | 18.4% | -11.3% | -87.6% |
| Non-Recurring | 0 | 9.3M | 57M | 0 | 14M | 0 | 278M | 0 | 0 | 0 | 90K | 109M | 109M |
| Returns on Capital | |||||||||||||
| ROIC | 6.2% | -3.9% | -13.0% | 2.7% | 3.2% | 8.1% | -61.9% | 15.6% | 21.7% | 12.7% | 8.3% | -4.1% | -15.0% |
| ROE | 5.9% | -4.9% | -13.0% | 0.5% | 1.9% | 5.6% | -61.9% | 1.1% | 28.8% | 14.5% | 8.2% | -4.1% | -42.5% |
| ROA | 5.0% | -3.6% | -12.2% | 0.4% | 1.6% | 3.0% | -31.0% | 0.5% | 14.2% | 7.9% | 4.8% | -2.5% | -21.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 34M | 9.4M | 11M | 43M | 70M | 107M | 72M | 73M | 197M | 198M | 194M | 151M | 148M |
| Free Cash Flow | 33M | 9.1M | 11M | 20M | 44M | 91M | 71M | 72M | 197M | 198M | 194M | 151M | 148M |
| Owner Earnings | 19M | -8.3M | -2.5M | 39M | 66M | 104M | 24M | 33M | 134M | 101M | 90M | 48M | 47M |
| CapEx | 952K | 330K | 0 | 23M | 26M | 15M | 1.4M | 569K | 320K | 492K | 186K | 180K | 145K |
| Maint. CapEx | 12M | 15M | 11M | 0 | 106K | 0 | 43M | 37M | 56M | 89M | 99M | 96M | 95M |
| Growth CapEx | 0 | 0 | N/A | N/A | 26M | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 12M | 15M | 11M | 0 | 106K | 0 | 43M | 37M | 56M | 89M | 99M | 96M | 95M |
| CapEx/OCF | N/A | N/A | N/A | 53.7% | 37.0% | 14.2% | 2.0% | 0.4% | 4.7% | 1.1% | 2.0% | N/A | 0.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 2.5M | 2.6M | 2.3M | 3.7M | 3.9M | 3.1M | 5.4M | 2.4M | 7.2M | 8.8M | 5.5M | 6.1M | 6.0M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 3.8M | 355K | 105K | 19M | 52K | 88K | 5.6M | 5.6M |
| Balance Sheet | |||||||||||||
| Net Debt | -7.2M | 83M | -142M | N/A | -6.7M | -19M | 311M | 290M | 415M | 429M | 387M | 422M | 426M |
| Cash & Equiv. | 8.6M | 4.4M | 71M | 15M | 3.4M | 10M | 3.6M | 2.4M | 3.7M | 296K | 1.9M | 903K | 1.0M |
| Long-Term Debt | N/A | 46M | N/A | N/A | 0 | 424K | 127K | 344K | 1.1M | 906K | 647K | 593K | 487K |
| Debt/Equity | 0.07 | 0.49 | 0.00 | 0.16 | 0.00 | 0.00 | 1.07 | 0.97 | 0.63 | 0.55 | 0.45 | 0.51 | 0.69 |
| Interest Coverage | N/A | -17.8 | -87.9 | N/A | 46.6 | 4.3 | -15.2 | 6.6 | 8.3 | 3.3 | 3.1 | -0.8 | -0.8 |
| Equity | 143M | 186M | 291M | 357M | 463M | 524M | 295M | 301M | 661M | 787M | 859M | 836M | 622M |
| Total Assets | 168M | 251M | 308M | 414M | 567M | 973M | 663M | 684M | 1.3B | 1.4B | 1.4B | 1.4B | 1.3B |
| Total Liabilities | 25M | 65M | 17M | 57M | 104M | 449M | 369M | 384M | 608M | 590M | 549M | 576M | 633M |
| Intangibles | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Retained Earnings | 2.0M | -7.1M | -45M | -41M | -32M | -2.9M | -256M | -253M | -114M | -9.4M | 58M | 23M | -192M |
| Working Capital | -1.2M | -2.6M | 66M | -19M | -35M | -20M | -16M | -47M | -79M | -58M | -55M | -39M | -89M |
| Current Assets | 15M | 8.7M | 75M | 29M | 17M | 39M | 21M | 30M | 63M | 56M | 50M | 62M | 59M |
| Current Liabilities | 16M | 11M | 9.1M | 48M | 52M | 59M | 37M | 77M | 142M | 114M | 105M | 101M | 148M |
| Per Share Data | |||||||||||||
| EPS | 0.33 | -0.32 | -0.97 | 0.03 | 0.15 | 0.44 | -3.48 | 0.03 | 0.98 | 0.54 | 0.34 | -0.17 | -1.26 |
| Owner EPS | 0.76 | -0.29 | -0.07 | 0.67 | 1.11 | 1.54 | 0.33 | 0.30 | 0.95 | 0.52 | 0.45 | 0.24 | 0.23 |
| Book Value | 5.59 | 6.58 | 7.49 | 6.10 | 7.71 | 7.81 | 4.05 | 2.71 | 4.67 | 4.05 | 4.33 | 4.09 | 2.97 |
| Cash Flow/Share | 1.32 | 0.33 | 0.29 | 0.73 | 1.17 | 1.59 | 0.99 | 0.66 | 1.39 | 1.02 | 0.98 | 0.74 | -0.81 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 25.5M | 28.3M | 38.8M | 58.5M | 60.0M | 67.0M | 72.8M | 110.8M | 141.5M | 194.2M | 198.4M | 204.3M | 209.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 485.0 | 34.7 | 5.8 | N/A | 79.7 | 2.4 | 2.8 | 3.7 | N/A | -1.0 |
| P/FCF | N/A | N/A | N/A | 42.9 | 7.0 | 1.9 | 0.7 | 3.7 | 1.7 | 1.5 | 1.3 | N/A | 1.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | 15.7 | 2.7 | N/A | 2.7 | 1.7 | 2.0 | 1.9 | N/A | N/A |
| Price/Book | N/A | N/A | N/A | 2.4 | 0.7 | 0.3 | 0.2 | 0.9 | 0.5 | 0.4 | 0.3 | N/A | 0.4 |
| Price/Sales | N/A | N/A | N/A | 11.2 | 6.0 | 1.2 | N/A | 1.4 | 1.3 | 1.0 | 0.9 | N/A | 0.9 |
| FCF Yield | N/A | N/A | N/A | 2.3% | 14.2% | 53.7% | 142.9% | 27.3% | 59.4% | 68.3% | 78.3% | N/A | 55.7% |
| Market Cap | 0 | 0 | 0 | 851M | 313M | 170M | 50M | 265M | 331M | 289M | 248M | 0 | 266M |
| Avg. Price | 0.00 | 0.00 | 0.00 | 12.73 | 12.08 | 3.61 | 1.10 | 2.47 | 3.16 | 1.92 | 1.66 | 0.00 | 1.27 |
| Year-End Price | 0.00 | 0.00 | 0.00 | 14.55 | 5.21 | 2.54 | 0.68 | 2.39 | 2.34 | 1.49 | 1.25 | 0.00 | 1.27 |
RING ENERGY, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
RING ENERGY, INC. trades at 3.7x trailing earnings, compared to its 15-year median P/E of 4.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 1.3x vs a median of 1.8x. The company's 5-year average ROIC is 10.8% with a gross margin of 38.3%. At current prices, the estimated annualized return to fair value is +0.6%.
RING ENERGY, INC. (REI) has a net profit margin of -11.3%. The company is currently unprofitable.
RING ENERGY, INC. (REI) generated $151 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RING ENERGY, INC. (REI) has a debt-to-equity ratio of 0.51. This indicates moderate leverage.
RING ENERGY, INC. (REI) reported earnings per share (EPS) of $-0.17 in its most recent fiscal year.
RING ENERGY, INC. (REI) has a return on equity (ROE) of -4.1%. A negative ROE may indicate losses or negative equity.
RING ENERGY, INC. (REI) has a 5-year average gross margin of 38.3%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for RING ENERGY, INC. (REI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RING ENERGY, INC. (REI) has a book value per share of $4.09, based on its most recent annual SEC filing.