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Ring Energy (REI) USD

At a glance: strengths & risks
✗Revenue declining (-16%)✗Profit falling (-151%)✗Loss-making last FY✗Margins compressing (63%→20%)✗High leverage (6.8x EBITDA)

Sector: Oil & gas

Geography: United States

COMM_REI

Price chart

1.34 USDDay -1.47%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1.34 USD · -1.47%
Market cap
278 mln USD

Growth

Δ revenue y/y
-6.9%
Δ EBITDA y/y
-367.8%

Multiples

P/E (LTM)
—
3y avg: 3.5x
P/B (FY)
0.3x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
3y avg: 3.0x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
-11.2%

Value creation

negative target market cap — net debt exceeds target EV (over-levered)
Upside (potential)
-141.2%
↓ details

Liquidity

Daily turnover (listing)
2.3 mln USD

Shares: yahoo_fundamentals_timeseries/REI

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK73.7
y/y -6.9%
-141.8
y/y -734.4%
21.4
y/y -5.4%
-120.4
y/y -367.8%
-220.6
y/y -2521.2%
25.9-32.51254.7
y/y -16.7%
622.0
y/y -29.5%
-121.0%427.4Link
2025-12-31Q4 2025 (3M)OK66.9
y/y -19.8%
-25.2
y/y -206.5%
23.0
y/y -6.3%
-2.2
y/y -104.5%
-12.8
y/y -327.0%
44.7-35.31411.9
y/y 0.3%
836.3
y/y -2.6%
-4.1%422.3Link
2025-09-30Q3 2025 (3M)OK78.6
y/y -11.9%
-55.0
y/y -284.3%
25.2
y/y -1.7%
-29.8
y/y -153.6%
-51.6
y/y -252.4%
44.5-23.31434.7
y/y 2.5%
847.7
y/y -0.4%
-7.9%431.6Link
2025-06-30Q2 2025 (3M)OK82.6
y/y -16.7%
23.5
y/y -43.9%
25.6
y/y 3.5%
49.0
y/y -26.3%
20.6
y/y -8.0%
33.3-18.41516.3
y/y 9.1%
897.9
y/y 9.8%
9.3%452.5Link
2025-03-31Q1 2025 (3M)OK79.1
y/y -16.3%
22.4
y/y -40.6%
22.6
y/y -4.9%
45.0
y/y -26.8%
9.1
y/y 65.2%
28.4-102.61505.6
y/y 8.7%
881.7
y/y 11.2%
4.2%462.4Link
2024-12-31Q4 2024 (3M)OK83.4
y/y -16.5%
23.6
y/y -42.2%
24.5
y/y -0.0%
48.2
y/y -26.4%
5.7
y/y -88.9%
47.3-35.61408.1
y/y 2.3%
858.6
y/y 9.2%
7.9%387.2Link
2024-09-30Q3 2024 (3M)OK89.2
y/y -4.7%
29.8
y/y -24.6%
25.7
y/y 16.7%
55.5
y/y -9.8%
33.9
y/y —
51.3-42.11399.8
y/y 2.7%
851.3
y/y 16.1%
5.4%396.5Link
2024-06-30Q2 2024 (3M)OK99.1
y/y 24.9%
41.8
y/y 41.0%
24.7
y/y 18.8%
66.5
y/y 31.8%
22.4
y/y -22.1%
50.6-36.91389.8
y/y 8.4%
817.4
y/y 10.6%
11.1%411.2Link
2024-03-31Q1 2024 (3M)OK94.5
y/y 7.3%
37.6
y/y 5.5%
23.8
y/y 11.9%
61.4
y/y 7.9%
5.5
y/y -83.1%
45.2-39.51384.7
y/y 8.1%
793.0
y/y 13.4%
2.8%425.0Link
2023-12-31Q4 2023 (3M)OK99.9
y/y —
40.9
y/y —
24.6
y/y —
65.5
y/y —
50.9
y/y —
55.7-44.21376.5
y/y —
786.6
y/y —
13.8%429.7Link
2023-09-30Q3 2023 (3M)OK93.7
y/y —
39.6
y/y —
22.0
y/y —
61.6
y/y —
-7.5
y/y —
55.4-87.31363.3
y/y —
733.5
y/y —
-1.4%433.0Link
2023-06-30Q2 2023 (3M)OK79.3
y/y —
29.7
y/y —
20.8
y/y —
50.5
y/y —
28.8
y/y —
43.4-35.61282.0
y/y —
738.8
y/y —
16.0%399.8Link
2023-03-31Q1 2023 (3M)OK88.1
y/y —
35.7
y/y —
21.3
y/y —
56.9
y/y —
32.7
y/y —
43.7-55.51281.4
y/y —
699.2
y/y —
—427.0Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)427
− Cash & equivalents1
Net debt427

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-150-100-500501002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-400%-300%-200%-100%0%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-80-60-40-200202023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01002003004005002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.39x of reported net profit; after capex, 0.54x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit21.89x1.42x1.89x2.88x—
accruals, % of assets-10.2%-4.6%-6.8%-9.0%-13.1%
net debt / EBITDA 6.8x · EBIT covers interest -0.8x · capex 1.6x of depreciation · share count +14.0% a year
● Net debt / EBITDA 6.8x at the last full year.
● Diluted share count grew 14.0% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
153.28 mln boe
2025
Reserve life (R/P)
20.7 yrs
reserves ÷ annual output
Annual production
7.39 mln boe
2025

Production, mln boe

3.1120214.5120226.6120237.1920247.392025

Proved reserves

YearReserves, mln boe
2025153.28
2024134.18
2023129.76
2022138.12
202177.80
202076.48
201936.60
201831.95
201727.74

Production

YearProduction, mln boeper day, mln boe
20261.74 * (3M)
+5.2%		0.02
20257.39
+2.8%		0.02
20247.19
+8.7%		0.02
20236.61
+46.6%		0.02
20224.51
+45.1%		0.01
20213.110.01
20200.88 * (3M)0.01

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 82spot vs LTM +22%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -141.2%

Main driver: WTI Crude Oil +25% vs LTM; revenue ×1.22 vs costs ×1.06; EBITDA 81→124; at 2.8× EV/EBITDA → -141%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+92%81.4165.1276.26+25%+17%
WTI Crude Oil (cost)-11%81.4165.1276.26+25%+17%
Henry Hub Gas (rev)+8%2.773.533.11-21%-12%
Truck Rate (spot) $/mile (cost)-3%2.302.122.15+9%+1%
Henry Hub Gas (cost)-1%2.773.533.11-21%-12%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue302
LTM EBITDA81
LTM cash costs (revenue − EBITDA)221
2 · Revenue projection
Revenue multiplier — spot×1.219 (+22%)
= Spot revenue368
Revenue multiplier — 3y price×1.154 (+15%)
= 3-year-price revenue348
3 · Costs projection
Cost multiplier — spot×1.062 (+6%)
= Spot cash costs235
Cost multiplier — 3y price×1.052 (+5%)
= 3-year-price cash costs232
4 · EBITDA projection (revenue − costs)
= Spot EBITDA133
= 3-year-price EBITDA116
Conservative EBITDA = min(spot, avg)124
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.8x
Target EV = EV/EBITDA × conservative EBITDA351
Net debt451
Target market cap = EV − net debt-100
Current market cap242

Upside = target market cap ÷ current − 1 = -141.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q27972+9.6%5045+12.2%
2023 Q39488+6.2%6258+6.4%
2023 Q410090+11.7%6558+13.6%
2024 Q19588+7.1%6156+9.5%
2024 Q29995+4.5%6762+7.4%
2024 Q38992-2.6%5658-4.5%
2024 Q48389-6.7%4856-13.4%
2025 Q17992-13.7%4557-21.4%
2025 Q28379+4.9%4945+10.2%
2025 Q37978+1.0%-3043-169.0%
2025 Q46773-8.6%18220+816.8%
2026 Q17485-13.1%-12069-274.7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -16% vs +1% the year before — a -17.6 pp move. 3-year CAGR -4%.
revenue growth by year: 2023 +4% · 2024 +1% · 2025 -16%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.4x · target 75th pct (3y) 3.7x · LTM avg 3.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ring Energy (REI) — from primary filings.

Ring Energy, Inc. is an independent oil and natural gas company that acquires, explores, develops, and produces oil and natural gas properties in the Permian Basin region of Texas and New Mexico.

Frequently asked questions

What is Ring Energy (REI)'s P/B ratio?
Ring Energy (REI) trades at a P/B of 0.3x.
What is Ring Energy (REI)'s return on equity (ROE)?
Ring Energy (REI)'s ROE is -121.0%.
What is Ring Energy (REI)'s market capitalization?
Ring Energy (REI)'s market cap is 278 mln USD.

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