RNG
RingCentral, Inc.
RNG's fundamentals are strong: it turned 25% of its revenue into free cash flow and its operating margin rose 4 points to 7.5%. At 10x earnings, it's trading less than half its usual 67x. Analysts expect earnings growth.
RNG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
RNG's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
RNG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $75.89 | — |
| Forward | 14x | $75.89 | — |
| Cheap | 43x | $328 | +332% |
| Fair | 65x | $491 | +547% |
| Expensive | 182x | $1,375 | +1712% |
Historical ranges are pointers, not guarantees.
RNG's PE is in its cheap range at 10x. On analysts' estimates for next year's earnings, today's price would be 14x.
RNG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for RNG, with profitability improving.
RNG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.41 | -28% |
| Q3 2026 | $7.56 | +4940% |
| Q2 2026 | $1.25 | +$1.38 |
| Q1 2026 | $0.94 | +$1.37 |
| Q4 2025 | $0.48 | +$1.11 |
| Q3 2025 | $0.15 | +$1.20 |
| Q2 2025 | -$0.13 | +$1.28 |
| Q1 2025 | -$0.43 | +$1.05 |
| Q4 2024 | -$0.63 | +$1.11 |
RNG's earnings per share have climbed steadily: $7.56 over the past year, more than ten times what it earned the year before, and higher year over year for 13 quarters in a row.
RNG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $676M | +5.9% |
| Q2 2026 | $657M | +5.9% |
| Q1 2026 | $644.2M | +5.3% |
| Q4 2025 | $644M | +4.8% |
| Q3 2025 | $638.7M | +4.9% |
| Q2 2025 | $620.4M | +4.6% |
| Q1 2025 | $612.1M | +4.8% |
| Q4 2024 | $614.5M | +7.6% |
RNG's revenue has grown year over year every quarter since late 2020: $676M last quarter, up 5.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8% | +3.1 points |
| Q2 2026 | 7.7% | +1.7 points |
| Q1 2026 | 7.8% | +6.1 points |
| Q4 2025 | 6.6% | +4 points |
| Q3 2025 | 4.8% | +4.3 points |
| Q2 2025 | 6% | +6.9 points |
| Q1 2025 | 1.7% | +3.6 points |
| Q4 2024 | 2.5% | +10 points |
RNG's operating margin was 8% last quarter, up 3.1 points from the same quarter a year ago, near the top of its range since 2019.
RNG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $172.9M | +20% |
| Q2 2026 | $195.8M | +24% |
| Q1 2026 | $157.5M | +9.3% |
| Q4 2025 | $141M | +11% |
| Q3 2025 | $143.8M | +20% |
| Q2 2025 | $158.5M | +30% |
| Q1 2025 | $144.1M | +60% |
| Q4 2024 | $126.5M | +17% |
RNG generated $667M in free cash flow over the past year, up 16% from the year before.
RNG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +1.1M shares |
| 1 year | -4.7% | -4.3M shares |
| 3 years | -7.3% | -6.9M shares |
| 5 years | -4.5% | -4.1M shares |
| Available history | +5.5% | +4.6M shares |
RNG has 88M diluted shares, down 4.7% from a year ago, with $328M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $18M |
| Q2 2026 | $93.7M |
| Q1 2026 | $81.3M |
| Q4 2025 | $135.4M |
| Q3 2025 | $117.2M |
| Q2 2025 | $31.8M |
| Q1 2025 | $50M |
| Q4 2024 | $77.4M |
RNG spent $328M buying back its own shares over the past year, up 19% from the year before.
RNG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 4.9x | High |
| Q4 2024 | 5.7x | High |
RNG's net debt is about 2.1 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
RNG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.9 | Neutral |
| Stochastic | 47.8 | Neutral |
RNG's weekly RSI is 63 (neutral) and its Stochastic is 48 (neutral).
RNG PE vs Technology Sector
| Metric | RNG | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 28x | 64% below |
| PE % | 2 | 35 | 33 pts below |
RNG is trading at 10x earnings, a 64% discount to the Technology sector's median of 28x.
RNG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $77.7 | 2.4% below |
| 20 week MA | $66.4 | 14% above |
| 50 week MA | $47.9 | 59% above |
| 100 week MA | $38.4 | 98% above |
| 200 week MA | $35.6 | 113% above |
RNG's trend is up, with a small recent dip: it's below only its 8-week average, and 113% above its 200-week average.
RNG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $169.0 | $398.5 | +136% |
| 2021 | $398.5 | $192.5 | -52% |
| 2022 | $192.5 | $33.7 | -83% |
| 2023 | $33.7 | $34.0 | +0.9% |
| 2024 | $34.0 | $36.1 | +6.4% |
| 2025 | $36.1 | $29.6 | -18% |
| 2026 YTD | $29.6 | $75.9 | +157% |
RNG's yearly returns have swung widely, from +136% in 2020 to −83% in 2022. It's up 157% so far in 2026.