undamentalytics Newsletter
Sign in

Ringcentral, Inc. (RNG) stock

Add to watchlist

Add holding +

NYSE: RNG NYSE Application Software Next results ~January 20, 2027

C+ Fundamentals grade

RingCentral has spent over two decades shifting business communications from on-premises systems to the cloud. Its portfolio centres on RingEX, a unified communications platform combining cloud telephony, business messaging, fax and video meetings; RingCentral Contact Center and RingCX for customer-service operations; a suite of AI assistants that handle calls, summarise meetings and analyse interactions; and a virtual and hybrid events platform. It also embeds its telephony into Microsoft Teams.

Customers range from large enterprises to small and medium-sized businesses across sectors such as healthcare, financial and professional services, retail, government, education and insurance. Most of its money comes from subscriptions, sold on monthly, annual or multi-year terms, with newer AI products priced by usage. It also resells pre-configured phones, which it does not manufacture, and sells professional services. Sales run through a direct force and through resellers, distributors and service providers.

RingCentral operates as a single segment from offices in Belmont, California. RingEX is sold in 45 countries, with phone numbers available in 100. At the end of 2025 it had 7,378 staff, around 74% based outside the United States across roughly 36 countries.

Based on Ringcentral, Inc.'s 10-K filed February 27, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$67

Cash-flow model

Base case. Range ~$48–$92 across our lower- and higher-growth cases (1.1%–11.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 16% above our base value.

Price used: $77.74, November 2, 2026

Ringcentral, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 80 sales by directors and officers, last 12 monthsInsider trades
  • Funds204 adding, 160 cuttingOf 51 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ringcentral files

10-Q filed October 23: Ringcentral

Revenue for the twelve months to September 2026 reached $2.62bn, up 5.5% on a year earlier and roughly the pace seen a quarter ago. Free-cash-flow margin improved to 25.5% from 23.0%, while operating margin widened to 7.5% from 3.8%. A 4.0% reduction in the diluted share count over the year lifts the value attached to each remaining share. These gains move the fundamentals grade from C to C+. Our model value is little changed at $54.85 a share, set against a market price of $79.42, so the rating stays Sell. At that price, the market is pricing in about 11.4% annual cash-flow growth for five years, close to the 10.4% a year revenue growth already delivered.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Ringcentral stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.58bn, up 5.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 24.7% from 22.3% a year earlier. Operating margin widened to 6.7% from 2.7%. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $43.94 a share, against a share price of $81.80. At that price, our model says the market is pricing in about 15.5% a year of cash-flow growth for five years, faster than the 10.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Ringcentral, Inc.'s trailing-twelve-month revenue grew 5.5% year on year, with a free-cash-flow margin of 25.5%. Where it stands out: net margin of 25.3% ranks 18 of 185 application software companies we cover. Where it lags: long-term debt as % of assets of 51.3% ranks 92 of 98 application software companies we cover.

Our discounted-cash-flow model values the business at ~$67 per share in the base case (~$48–$92 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 16.5% while net income grew 4904.5%: a 4888pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.7 points on a year ago.
  • Strong cash generation. 25.5% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 4.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 71% and a beta of 1.2 against the S&P 500.
  • Insiders selling. 6 insiders sold $24M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 51.3% ranks 92 of 98 application software companies we cover (median 16.9%).
  • Heavily shorted. 15.3% of the shares available to trade are sold short (4.2 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$1.33 against an average estimate of $1.27: beat by 4.3%
Revenue
$676m, up 5.9% on a year earlier
Share reaction
+1.2% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
subscriptions revenue $653m to $659m (Fourth Quarter 2026); total revenue $673m to $680m (Fourth Quarter 2026)
Next report
October 22, 2026; average EPS estimate $1.35

Ringcentral's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.5%
  • 1 week-9.9%
  • 1 month-0.7%
  • This year+170.6%
  • 1 year+159.5%
  • 5 years-67.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.6B
Operating margin
7.5%
Net margin
25.3%
EPS (TTM, diluted)
$7.55

Growth

Revenue growth
+5.5%
Change in growth rate
+0.2 pts
Share count change
−4.0%

Cash

Free cash flow (TTM)
$667M
FCF margin
25.5%
Stock pay % of revenue
9.2%

Earnings

Last results
October 22, 2026
Next results (est.)
January 20, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Leadership
  4. Results
  5. Guidance
  6. Partnership
  7. Announcement
  8. Results
  9. Announcement
  10. Insider trade
  11. Announcement
  12. Announcement
  13. Insider trade
  14. Announcement
  15. Partnership
  16. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ringcentral, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 8.0% a year of cash-flow growth for five years.That is close to the 10.4% a year revenue growth Ringcentral has delivered.

  • Priced in8.0%
  • Last 12 months5.5%
  • 3 years a year6.7%
  • 5 years a year10.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($77.07, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$67
Price used
$77.07close November 3, 2026
Implied change
▼ 13%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ringcentral, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($328M, FY2026 Q3 TTM), growing 5.2% and 5.6% in the next two years (forecasts, guidance and its record), then back to 6.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$48–~$92 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ringcentral, Inc.'s free cash flow after stock-based pay ( $328M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ringcentral, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.16 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$67 ~$48–$92 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$77 ~$63–$130 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$70 ~$67–$77 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ringcentral, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +10%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $44$63$89$122$166$223
8.5% $31$45$63$88$119$159
10% $23$34$48$67$91$121

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$23.45$20.49$48.14$82.00$167.77$376.95$186.35$35.21$33.77$34.82$28.73$77.74
Market value$1.6bn$1.5bn$3.7bn$6.5bn$13.9bn$33.4bn$17.1bn$3.4bn$3.2bn$3.2bn$2.6bn$6.8bn
+ Net debt (− = net cash)−$119m−$146m−$181m−$200m$43m$767m$1.1bn$1.4bn$1.3bn$1.3bn$1.1bn$907m
Enterprise value$1.5bn$1.4bn$3.5bn$6.3bn$14.0bn$34.2bn$18.2bn$4.7bn$4.5bn$4.5bn$3.7bn$7.7bn
Multiples
Price / sales 5.5x3.9x7.3x9.7x15.4x28.2x10.7x1.7x1.5x1.3x1.0x2.6x
Price / earnings ——————————60.4x10.3x
Price / free cash flow —96.7x169.5x144.8xn/m—138.8x21.1x8.5x7.0x4.5x10.2x
EV / EBITDA —n/mn/mn/m————129.3x20.0x10.9x21.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

49 /100

Moderate moat

How hard Ringcentral's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 11.5% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 72.5%, moving by 2.7 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -3.0%; its worst year was -26.0%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 8.2% of revenue.

  • Discipline 7 / 20

    The diluted share count fell 1.8% over five years; stock-based pay has been a median 13.3% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.10 +17% $2.7bn +6%
Next $5.53 +8% $2.8bn +5%

Next year's EPS estimate has moved +0.6% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.3% on 90 days ago. In the last 30 days, 13 analysts raised Ringcentral, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Ringcentral, Inc., last 90 days
$5.00 $5.20 $5.40 $5.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.04 Current fiscal year, 60 days ago: $5.03 Current fiscal year, 30 days ago: $5.03 Current fiscal year, 7 days ago: $5.03 Current fiscal year, Now: $5.10 $5.10 Next fiscal year, 90 days ago: $5.50 Next fiscal year, 60 days ago: $5.58 Next fiscal year, 30 days ago: $5.58 Next fiscal year, 7 days ago: $5.58 Next fiscal year, Now: $5.53 $5.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.04$5.50
60 days ago $5.03$5.58
30 days ago $5.03$5.58
7 days ago $5.03$5.58
Now $5.10$5.53

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.27 $1.33 +4.3%
Jun 2026 $1.17 $1.22 +4.0%
Mar 2026 $1.17 $1.20 +2.7%
Dec 2025 $1.13 $1.18 +4.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Total revenue full year 2026 $2.65bn to $2.657bn Raised
    “Raising total revenue range to $2.650 billion to $2.657 billion.” source
  • Total revenue Fourth Quarter 2026 $673m to $680m
    “Total revenue of $673 to $680 million.” source
  • Non-GAAP EPS full year 2026 $5.07 to $5.12 Non-GAAP Raised
    “Raising non-GAAP EPS of $5.07 to $5.12 based on 87.5 million fully diluted shares.” source
  • Non-GAAP EPS Fourth Quarter 2026 $1.32 to $1.37 Non-GAAP
    “Non-GAAP EPS of $1.32 to $1.37 based on approximately 88.7 million fully diluted shares.” source
  • GAAP operating margin full year 2026 9.2% to 9.6% GAAP Raised
    “Raising GAAP operating margin to 9.2% to 9.6%.” source
  • Non-GAAP operating margin full year 2026 24% to 24.2% Non-GAAP Raised
    “Raising non-GAAP operating margin to approximately 24.0% to 24.2%.” source
Show 7 more items
  • GAAP operating margin Fourth Quarter 2026 13.3% to 14.7% GAAP
    “GAAP operating margin of 13.3% to 14.7%.” source
  • Non-GAAP operating margin Fourth Quarter 2026 25% to 25.5% Non-GAAP
    “Non-GAAP operating margin of 25.0% to 25.5%.” source
  • Subscriptions revenue full year 2026 $2.563bn to $2.569bn Raised
    “Raising subscriptions revenue range to $2.563 billion to $2.569 billion.” source
  • Share-based compensation full year 2026 $240m to $245m Maintained vs 240m to 245m
    “Share-based compensation of $240 to $245 million.” source
  • Free cash flow full year 2026 $620m to $630m Non-GAAP Raised
    “Raising free cash flow guidance of $620 to $630 million.” source
  • Subscriptions revenue Fourth Quarter 2026 $653m to $659m
    “Subscriptions revenue of $653 to $659 million.” source
  • Share-based compensation Fourth Quarter 2026 $57m to $62m
    “Share-based compensation of $57 to $62 million.” source

How earlier guidance turned out

  • GAAP operating margin, Third Quarter 2026 guided 7.2% to 8.6% Within range: 7.970795%
  • Total revenue, Third Quarter 2026 guided $664m to $670m Above range: $676m
  • GAAP operating margin, Second Quarter 2026 guided 6.6% to 7.6% Above range: 7.653601%
  • Total revenue, Second Quarter 2026 guided $648m to $653m Above range: $657m
  • GAAP operating margin, First Quarter 2026 guided 7.1% to 8.2% Within range: 7.765923%
  • Total revenue, First Quarter 2026 guided $640m to $645m Within range: $644m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Ringcentral, Inc.'s revenue by +5.2% next year and +5.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.9%, weight 56%) , management guidance (+4.9%, weight 19%) and the company's own record (+6.1%, weight 25%) . How the weights are set.

Analyst recommendations

14 analysts, Nov 2026
Buy643%
Hold857%
Sell00%

Monthly trend

  1. Nov 202633814
  2. Oct 202633915
  3. Sep 202623914

Counts of recommendations published by analysts covering Ringcentral, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.3%
of tradable shares
Days to cover
4.17
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.0%
of shares
Employees
7,378
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +159.5%

$29.96 on October 31, 2025 to $77.74

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.6bn +5.2%
P/S multiple 1.1x 2.7x +139.7%
Share count 91m 89m +2.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +176.0%

$28.17 on November 3, 2023 to $77.74

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.6bn +22.6%
P/S multiple 1.3x 2.7x +109.2%
Share count 96m 89m +7.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RNG−51%−81%−4%+3%−18%+171%
Industry peers (median)−7%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RNG33%8%42%42%50%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RNG−60%−85%−48%−29%−42%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 95% from February 12, 2021 to April 8, 2025. Getting back needed a 1961% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$24.69 – $86.31
From 52-week high
−9.9%
vs 50-day average
+2.3%
vs 200-day average
+57.1%
Volatility (1 year)
71%
Beta vs S&P 500
1.16

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±11.0%
After a week
7 up, 5 down
typical move ±13.6%
After a month
7 up, 4 down
typical move ±19.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +1.2% −1.7% +1.6% —
July 23, 2026 +28.3% −1.1% +42.0% +78.3%
May 7, 2026 −0.2% +0.5% −13.9% −10.5%
February 19, 2026 +33.6% +0.5% +25.6% +27.5%
November 3, 2025 −8.8% −1.0% −10.0% −2.9%
August 5, 2025 +26.1% +0.3% +16.9% +28.3%
May 8, 2025 +6.2% +0.6% +7.4% +5.1%
February 20, 2025 −8.8% −2.1% −9.9% −15.2%
November 7, 2024 +1.3% +1.2% −2.0% +11.3%
August 1, 2024 +0.6% −3.3% −3.7% −4.9%
May 7, 2024 +13.4% +0.1% +24.3% +15.0%
February 20, 2024 +3.2% −0.5% +5.7% +18.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ringcentral, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

RNG Ringcentral, Inc. Grade C+ $77.36

Own 100 shares, sell the $85.00 call expiring December 18, 2026 (46 days) for $3.20 a share — $320 per contract.

Previous session · Bid $3.20, ask $4.30, quoted Mon 2 Nov, 17:35 New York time with RNG at $77.36. Option prices move with the shares: check the live chain at your broker before trading.

  • If RNG ends below $85.00: you keep your shares and the $320 — 4.1% extra on the position, 32.8% a year at that pace.
  • If it ends above $85.00: your shares are sold at $85.00, a total return of 14.0% including the premium — at or above our value of ~$67.
$1.1k $0 −$1.5k Our value $67.00 Break-even $74.16 Price $77.36
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$320
Annualised
32.8%
Break-even
$74.16
Max gain
$1,084
Chance of selling
~37%

Collar

Own the shares, buy the $65.00 put and sell the $85.00 call, both expiring December 18, 2026 (46 days).

  • Net credit of $1.35 a share ($135 per contract of 100 shares).
  • Worst case at expiry: -14.2%, if the shares fall below $65.00 (-16.0% from today).
  • Best case at expiry: +11.6%, if the shares rise above $85.00 (+9.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $67.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ringcentral, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ringcentral, Inc.
$2.2B $2.4B $2.6B $2.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2.3B Revenue (TTM), FY24 Q2: $2.3B Revenue (TTM), FY24 Q3: $2.4B Revenue (TTM), FY24 Q4: $2.4B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.5B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.5B Revenue (TTM), FY26 Q2: $2.6B Revenue (TTM), FY26 Q3: $2.6B $2.6B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.2B
FY24 Q1 $2.3B
FY24 Q2 $2.3B
FY24 Q3 $2.4B
FY24 Q4 $2.4B
FY25 Q1 $2.4B
FY25 Q2 $2.5B
FY25 Q3 $2.5B
FY25 Q4 $2.5B
FY26 Q1 $2.5B
FY26 Q2 $2.6B
FY26 Q3 $2.6B
Revenue growth, TTM YoY Ringcentral, Inc.
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 10.8% Revenue growth, TTM YoY, FY24 Q1: 9.7% Revenue growth, TTM YoY, FY24 Q2: 9.5% Revenue growth, TTM YoY, FY24 Q3: 9.3% Revenue growth, TTM YoY, FY24 Q4: 9.0% Revenue growth, TTM YoY, FY25 Q1: 7.8% Revenue growth, TTM YoY, FY25 Q2: 6.5% Revenue growth, TTM YoY, FY25 Q3: 5.5% Revenue growth, TTM YoY, FY25 Q4: 4.8% Revenue growth, TTM YoY, FY26 Q1: 4.9% Revenue growth, TTM YoY, FY26 Q2: 5.2% Revenue growth, TTM YoY, FY26 Q3: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 10.8%
FY24 Q1 9.7%
FY24 Q2 9.5%
FY24 Q3 9.3%
FY24 Q4 9.0%
FY25 Q1 7.8%
FY25 Q2 6.5%
FY25 Q3 5.5%
FY25 Q4 4.8%
FY26 Q1 4.9%
FY26 Q2 5.2%
FY26 Q3 5.5%
Operating margin (TTM) Ringcentral, Inc.
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -9.0% Operating margin (TTM), FY24 Q1: -6.9% Operating margin (TTM), FY24 Q2: -5.0% Operating margin (TTM), FY24 Q3: -2.5% Operating margin (TTM), FY24 Q4: 0.1% Operating margin (TTM), FY25 Q1: 1.0% Operating margin (TTM), FY25 Q2: 2.7% Operating margin (TTM), FY25 Q3: 3.8% Operating margin (TTM), FY25 Q4: 4.8% Operating margin (TTM), FY26 Q1: 6.3% Operating margin (TTM), FY26 Q2: 6.7% Operating margin (TTM), FY26 Q3: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -9.0%
FY24 Q1 -6.9%
FY24 Q2 -5.0%
FY24 Q3 -2.5%
FY24 Q4 0.1%
FY25 Q1 1.0%
FY25 Q2 2.7%
FY25 Q3 3.8%
FY25 Q4 4.8%
FY26 Q1 6.3%
FY26 Q2 6.7%
FY26 Q3 7.5%
FCF margin (TTM) Ringcentral, Inc.
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 17.1% FCF margin (TTM), FY24 Q1: 16.3% FCF margin (TTM), FY24 Q2: 17.4% FCF margin (TTM), FY24 Q3: 18.7% FCF margin (TTM), FY24 Q4: 19.1% FCF margin (TTM), FY25 Q1: 21.1% FCF margin (TTM), FY25 Q2: 22.3% FCF margin (TTM), FY25 Q3: 23.0% FCF margin (TTM), FY25 Q4: 23.4% FCF margin (TTM), FY26 Q1: 23.6% FCF margin (TTM), FY26 Q2: 24.7% FCF margin (TTM), FY26 Q3: 25.5% 25.5%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 17.1%
FY24 Q1 16.3%
FY24 Q2 17.4%
FY24 Q3 18.7%
FY24 Q4 19.1%
FY25 Q1 21.1%
FY25 Q2 22.3%
FY25 Q3 23.0%
FY25 Q4 23.4%
FY26 Q1 23.6%
FY26 Q2 24.7%
FY26 Q3 25.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ringcentral took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $2.5B
  2. Cost of revenue $723M · 28.8%
  3. Gross profit $1.8B · 71.2%
  4. Research and development $317M · 12.6%
  5. Selling, general and admin $1.4B · 53.8%
  6. Operating income $121M · 4.8%
  7. Income tax $12.8M · 0.5%
  8. Interest and other $64.3M · 2.6%
  9. Net income $43.4M · 1.7%

Shares of revenue. Source: Ringcentral's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 79 115 161 220 296 380 504 674 903 1,184 1,595 1,988 2,202 2,400 2,515 2,621
Gross profit 46 70 99 143 209 288 382 516 672 860 1,146 1,347 1,538 1,695 1,792 1,892
EBITDA −10 −28 −32 −35 −17 2 11 7 −8 −38 −176 −403 35 225 343 356
Operating income −14 −34 −41 −45 −31 −13 −5 −16 −46 −113 −302 −649 −199 3 121 197
Net income −14 −35 −46 −48 −32 −16 −4 −26 −54 −83 −376 −879 −165 −58 43 662
Diluted EPS −$0.32 −$0.79 −$0.69 −$0.72 −$0.46 −$0.22 −$0.06 −$0.33 −$0.64 −$0.94 −$4.10 −$9.23 −$1.74 −$0.63 $0.48 $7.55
Growth (year on year)
Revenue — +45.2% +40.1% +37.0% +34.7% +28.4% +32.4% +33.8% +34.0% +31.1% +34.7% +24.7% +10.8% +9.0% +4.8% +5.5%
EBITDA — — — — — — — −37.1% — — — — — — +52.3% +43.9%
Operating income — — — — — — — — — — — — — — — +109.8%
Margins
Gross margin 58.2% 60.8% 61.7% 65.1% 70.5% 75.8% 75.9% 76.7% 74.4% 72.7% 71.9% 67.7% 69.8% 70.6% 71.2% 72.2%
EBITDA margin −13.0% −24.1% −20.0% −15.8% −5.9% 0.5% 2.2% 1.0% −0.9% −3.2% −11.1% −20.3% 1.6% 9.4% 13.6% 13.6%
Operating margin −17.5% −29.5% −25.6% −20.6% −10.4% −3.4% −1.1% −2.4% −5.1% −9.6% −18.9% −32.7% −9.0% 0.1% 4.8% 7.5%
Net margin −17.6% −30.9% −28.7% −22.0% −10.8% −4.3% −0.8% −3.9% −5.9% −7.0% −23.6% −44.2% −7.5% −2.4% 1.7% 25.3%
Free-cash-flow margin −9.4% −22.0% −21.5% −13.1% −3.2% 4.1% 4.3% 6.7% 4.1% −6.7% 7.7% 8.0% 17.1% 19.1% 23.4% 25.5%
Cash flow
Cash from operations −1 −15 −24 −11 5 30 41 72 65 −35 152 191 400 483 617 699
Capital spending 7 10 11 17 15 14 19 27 28 44 29 33 24 25 30 32
Free cash flow −7 −25 −35 −29 −10 15 22 45 37 −79 123 159 376 458 587 667
Stock-based pay 1 3 8 16 22 31 42 68 101 190 358 386 427 339 270 240
Free cash flow after stock pay −9 −28 −42 −44 −32 −15 −20 −23 −64 −268 −235 −227 −51 119 318 427
Balance sheet
Cash 14 38 116 113 138 160 181 566 344 640 267 270 222 243 133 110
Total debt 0 20 35 25 19 15 — 367 387 1,406 1,398 1,650 1,560 1,540 1,261 1,017
Net debt (negative = net cash) −14 −17 −82 −88 −119 −146 −181 −200 43 767 1,131 1,380 1,338 1,298 1,129 907
Diluted shares 43m 45m 66m 67m 70m 73m 76m 80m 83m 89m 92m 95m 95m 92m 91m 88m
Returned to shareholders
Buybacks — — — — — — 0 15 0 0 0 100 311 322 334 328
Total returned — — — — — — 0 15 0 0 0 100 311 322 334 328

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $1.9bn
Short-term assets $723mLonger-term assets $1.2bn
What it owes, and who funded it · $1.7bn
Short-term liabilities $679mLonger-term liabilities $1.0bnShareholders' equity $-12m
  • Short-term assets cover short-term liabilities $723m of assets due within a year against $679m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $723m short-term assets against $1.0bn of longer-dated liabilities.
  • More cash than debt $110m of cash against $1.0bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $699m of operating cash flow against $1.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $197m against $64m of interest.

From Ringcentral, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$328M
Returned to shareholders
49%
of free cash flow
Buybacks, last 3 fiscal years
$968M
Diluted share count
−4.0%
year over year
Total shareholder yield
4.8%
dividends 0.0% + buybacks 4.8% of market value
R&D spending
12.6%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated RNG VYX DBX TYL MDB SABR Median
Revenue, last 12 months $2.6bn $2.5bn $2.5bn $2.5bn $2.8bn $2.9bn $482m
Revenue growth, last 12 months 5.5% −4.8% −0.0% 8.0% 25.5% 4.7% 12.0%
Revenue growth, 3-year average 6.7% −17.5% 1.5% 8.9% 23.2% 0.9% 11.1%
Revenue growth, latest quarter 5.9% −20.8% 0.9% 8.7% 30.5% 3.6% 11.9%
Gross margin 72.2% 20.5% 79.7% 47.7% 72.7% 56.2% 69.2%
Operating margin 7.5% 1.1% 26.6% 15.6% −0.5% 11.3% 1.1%
Operating margin, 3-year average 2.9% −1.6% 25.2% 14.8% −7.9% 10.1% −0.8%
Net margin 25.3% 3.0% 17.5% 13.5% 2.1% 25.1% 2.1%
Cash from operations / revenue 26.7% 5.3% 38.7% 30.5% 24.0% 2.6% 18.2%
Free-cash-flow margin 25.5% −1.1% 37.8% 29.9% 23.7% −0.6% 15.0%
Free-cash-flow margin, 3-year average 22.4% −5.9% 35.2% 27.3% 14.2% −2.6% 16.2%
Stock pay / revenue 9.2% 1.4% 12.0% 6.4% 20.3% 1.3% 9.3%
Change in share count −4.0% −0.8% −18.3% −3.6% 4.0% 2.4% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 5.5% 12.0% 128 of 184
Change in growth rate Growth +0.2pp +0.2pp 91 of 184
Gross margin Profitability 72.2% 69.8% 73 of 160
Operating margin Profitability 7.5% 1.1% 70 of 181
Net margin Profitability 25.3% 2.1% 18 of 185
Free-cash-flow margin Cash generation 25.5% 15.2% 51 of 180
Stock pay as % of revenue Cash generation 9.2% 9.3% 88 of 177
Long-term debt as % of assets Balance sheet 51.3% 16.9% 92 of 98
Change in share count Balance sheet -4.0% 1.7% 22 of 163
Days sales outstanding Balance sheet 53 days 57 days 70 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Licenses and services $2.4B 94.7% ▲ 5.6%
Other $88.3M 3.4% ▼ 14.5%
Products $46.4M 1.8% ▼ 10.6%

From Ringcentral, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.4B
Institutions reporting
376
Shares held vs prior quarter
▲ 1.4%
Positions opened / closed
74 / 39

Top buyers and sellers, Q2 2026: 204 institutions bought and 160 sold ; the biggest buyer was First Trust Advisors LP (+767K shares) and the biggest seller Invenomic Capital Management LP (−812K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $432M 11.1M 12.8% ▲ 1.0%
Blackrock, Inc. $421M 10.8M 12.5% ▼ 3.5%
Vanguard Portfolio Management LLC $253M 6.5M 7.5% ▼ 10.1%
Ameriprise Financial Inc $200M 5.1M 5.9% ▼ 8.7%
LSV Asset Management $155M 4.0M 4.6% ▲ 22.3%
Vanguard Capital Management LLC $130M 3.3M 3.9% ▼ 0.5%
State Street Corp $118M 3.0M 3.5% ▲ 3.8%
First Trust Advisors LP $91.4M 2.3M 2.7% ▲ 48.6%
Quantinno Capital Management LP $87.3M 2.2M 2.6% ▲ 13.2%
Alyeska Investment Group, L.P. $79.9M 2.0M 2.4% ▲ 40.5%
Jupiter Asset Management Ltd $59.7M 1.5M 1.8% 0.0%
AQR Capital Management LLC $59.1M 1.5M 1.8% ▼ 24.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ringcentral, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $24.1M 80 trades by 6 insiders · 100% under pre-set plans
Net ▼ $24.1M net selling
Insider Date Trade Shares Price Value
Shenkan Amy Guggenheim Director October 2, 2026 Sell pre-set plan 1,264 $78.89 $99,711
Makagon Kira President and COO September 14, 2026 Sell pre-set plan 36,185 $70.11 $2.5M
Arora Tarun Chief Accounting Officer September 9, 2026 Sell pre-set plan 2,679 $70.74 $189,507
Arora Tarun Chief Accounting Officer September 9, 2026 Sell pre-set plan 1,493 $69.69 $104,043
Shmunis Vladimir CEO and Chairman September 3, 2026 Sell pre-set plan 3,146 $77.00 $242,245
Shmunis Vladimir CEO and Chairman September 3, 2026 Sell pre-set plan 7,774 $76.45 $594,338
Shmunis Vladimir CEO and Chairman September 3, 2026 Sell pre-set plan 245 $75.36 $18,463
Arora Tarun Chief Accounting Officer September 3, 2026 Sell pre-set plan 954 $77.00 $73,458
Shmunis Vladimir CEO and Chairman September 2, 2026 Sell pre-set plan 513 $72.76 $37,325
Shmunis Vladimir CEO and Chairman September 2, 2026 Sell pre-set plan 8,064 $72.35 $583,455
Shmunis Vladimir CEO and Chairman September 2, 2026 Sell pre-set plan 5,709 $71.21 $406,538
Shmunis Vladimir CEO and Chairman September 2, 2026 Sell pre-set plan 1,270 $70.32 $89,309

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Ringcentral, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • May 7, 2026
  • February 19, 2026
  • November 3, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Ringcentral, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ringcentral, Inc. in brief

What does Ringcentral, Inc. do?
Ringcentral, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Ringcentral, Inc.'s stock ticker?
Ringcentral, Inc. trades under the ticker RNG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ringcentral, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ringcentral, Inc. reported revenue of $2.6B, 5.5% higher than a year earlier, according to its SEC filings.
What is Ringcentral, Inc.'s free cash flow?
Ringcentral, Inc.'s free-cash-flow margin is 25.5% of revenue over the trailing twelve months, ranking 51 of the 180 application software companies we cover.
What is Ringcentral, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ringcentral, Inc.'s free cash flow after stock-based pay gives ~$67 per share in the base case, and ~$48–$92 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ringcentral, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ringcentral, Inc. buying back stock, and does it pay a dividend?
Ringcentral, Inc. spent $328M on share repurchases over the trailing twelve months, and its diluted share count fell 4.0% over the year.
What is Ringcentral, Inc.'s market cap?
On November 2, 2026, Ringcentral, Inc.'s market capitalisation was about $6.8B, with a price-to-earnings ratio of 10.3 and net debt of $907M. Market figures come from third-party market data and may be delayed.
Who are Ringcentral, Inc.'s competitors?
In our Application Software peer group, the companies closest to Ringcentral, Inc. are NCR Voyix Corp, Dropbox, Inc., Tyler Technologies Inc, Mongodb, Inc. and Sabre Corp. The side-by-side comparison below sets their revenue, margins and growth against Ringcentral, Inc.'s.
Are insiders buying or selling Ringcentral, Inc. stock?
Over the last 12 months, Ringcentral, Inc.'s directors and officers reported 0 open-market purchases and 80 sales on Form 4. The insider trading page charts every trade.
When is Ringcentral, Inc.'s next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ringcentral, Inc. announces its own schedule.