Ranger Energy Services Inc

rangerenergy.com

What Do They Do?

Provides high-specification well-service rigs, wireline services, and related well-site and gas-processing services to U.S. oil and gas exploration and production companies.

How Do They Make Money?

Customers pay agreed hourly or daily rates for services, invoiced when the specified work is complete; equipment rentals carry fixed monthly fees. Collection generally follows the agreed payment terms.

revenue

Segment	Share	How money arrives
High Specification Rigs Sold outright	63% FY2022: 48%	Sold outright
Wireline Services Sold outright	13% FY2022: 32%	Sold outright
Processing Solutions and Ancillary Services Mix	24% FY2022: 19%	Mix

Who Are Their Customers?

Sales run through local regional operations, supported by corporate representatives who work with field sales personnel to pursue opportunities.

Customers above 10% of revenue, FY2025

of revenue from three customers (30%, 18%, 11%)

FY2024: 59% from four customers

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

3% of revenue

▼ −46% vs FY2024 ($28.6M, 5%)

Net income, FY2025

2% of revenue

▼ −33% vs FY2024 ($18.4M, 3%)

Free cash flow, FY2025

8% of revenue

▼ −15% vs FY2024 ($50.4M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +26%; vs $140.6M in Q2 FY2025
Net income: ▼ −5%; vs $7.3M in Q2 FY2025

High Specification Rigs share of revenue vs 61.4% in Q2 FY2025

Aug 31, 2026 Agreed to acquire STEP's U.S. coiled tubing and pumping assets The asset purchase includes related well-service operations and is expected to expand existing coiled tubing operations.

Growing. Revenue grew 87% in 4 years, from $293.1M in FY2021 to $546.9M in FY2025, about 17% a year.

Revenue over time

High Specification Rigs Wireline Services Processing Solutions and Ancillary Services

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with RPC, ProPetro Holding, Select Water Solutions, Oil States International, KLX Energy Services Holdings, Innovex International, Solaris Energy Infrastructure, Nine Energy Service, DMC Global, Core Laboratories, Drilling Tools International, Forum Energy Technologies, NPK International, Smart Sand, and Tetra Technologies

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