Ringcentral, Inc. key statistics and ratios

In fiscal 2025, Ringcentral, Inc. had an operating margin of 4.8% and a current ratio of 0.63. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Ringcentral, Inc.: financial ratios, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
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%
Return on equity	—	—	−145.0%	−60.4%	−31.1%	−11.8%	−2.1%	−9.6%	−10.1%	−15.7%	−116.2%	—	—	—	—	—
Return on assets	—	−55.9%	−44.2%	−29.0%	−15.9%	−6.9%	−1.4%	−4.2%	−4.6%	−4.6%	−15.8%	−37.8%	−8.2%	−3.1%	2.7%	39.5%
Asset turnover	—	1.81	1.54	1.32	1.47	1.63	1.64	1.07	0.77	0.65	0.67	0.85	1.10	1.29	1.54	1.56
Current ratio	—	0.99	2.45	2.09	2.12	1.78	2.11	3.55	1.91	2.11	1.24	1.22	1.34	1.16	0.63	1.06
Debt to equity	0.0%	>999%	54.5%	25.6%	16.9%	9.0%	—	115.4%	51.9%	456.0%	412.6%	—	—	—	—	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	0.0x	2.0x	3.1x
Effective tax rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	22.8%	—
R&D as % of revenue	15.5%	21.3%	20.8%	20.3%	17.9%	17.2%	14.9%	15.0%	15.1%	16.0%	19.4%	18.2%	15.2%	13.7%	12.6%	12.6%
Capital spending as % of revenue	8.4%	8.9%	6.7%	7.9%	4.9%	3.7%	3.9%	4.0%	3.1%	3.7%	1.8%	1.6%	1.1%	1.0%	1.2%	1.2%
Free cash flow ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	>999%	100.7%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	0.0%	33.3%	0.0%	—	0.0%	62.9%	82.7%	70.3%	56.9%	49.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Ringcentral, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	71.0%	70.5%	71.2%	71.8%	71.5%	72.1%	71.9%	73.1%
Operating margin	2.5%	1.7%	6.0%	4.8%	6.6%	7.8%	7.7%	8.0%
Net margin	−1.2%	−1.7%	2.1%	2.7%	3.6%	4.8%	6.0%	84.3%
Free-cash-flow margin	20.6%	23.5%	25.5%	22.5%	21.9%	24.4%	29.8%	25.6%
Current ratio	1.16	0.65	0.65	0.63	0.63	1.15	1.11	1.06
R&D as % of revenue	13.8%	13.4%	12.5%	12.5%	12.0%	12.7%	12.6%	13.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Ringcentral, Inc.'s SEC filings (10-K and 10-Q), retrieved October 24, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ringcentral, Inc.