Ring ENERGY, Inc. (REI) intrinsic value & 10-year financials
Ring ENERGY, Inc. (REI) has a Graham intrinsic value of $11.29 per share. At $1.37 on Oct 17, 2026, the stock trades 88% below that value. Over the last 10 fiscal years revenue grew 29.1% a year to $307.2M, with an average return on invested capital of 5.6%.
- Graham intrinsic value
- $11.29
- Share price (Oct 17, 2026)
- $1.37
- Price vs Graham value
- 88% below
- Market cap
- $280.8M
- Revenue (FY2025)
- $307.2M
- Revenue growth (10-yr CAGR)
- 29.1%
- ROIC (10-yr avg)
- 5.6%
- Free cash flow (FY2025)
- —
REI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $307.2M | -$34.7M | -$0.17 | — | -11.2% | -3.3% |
| FY2024 | $366.3M | $67.5M | $0.34 | — | 36.3% | 12.4% |
| FY2023 | $361.1M | $104.9M | $0.54 | — | 40.4% | 20.1% |
| FY2022 | $347.2M | $138.6M | $0.98 | — | 55.2% | 37.6% |
| FY2021 | $196.3M | $3.3M | $0.03 | — | 48.8% | 31.5% |
| FY2020 | $113.0M | -$253.4M | $3.48 | — | -237.7% | -65.2% |
| FY2019 | $195.7M | $29.5M | $0.44 | — | 30.7% | 8.4% |
| FY2018 | $120.1M | $9.0M | $0.15 | — | 16.6% | 3.1% |
| FY2017 | $66.7M | $1.8M | $0.03 | — | 23.9% | — |
| FY2016 | $30.9M | -$37.6M | -$0.97 | — | -184.9% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RING ENERGY, INC. is a consistent compounder, expanding top-line revenue at 29.1% annually over the past decade.
RING ENERGY, INC. has historically struggled to out-earn its cost of capital, averaging just 5.6% ROIC.
RING ENERGY, INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RING ENERGY, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $11.29 per share.