RNGRNYSEOil & Gas Field Services, NECUS GAAP · USD

Ranger Energy Services, Inc.

Ranger Energy Services, Inc. is a U.S.-based oilfield services company focused on onshore well servicing across active shale and conventional basins. Through its operating subsidiaries, it provides high-specification well service rigs, wireline services, and related processing and ancillary services to upstream oil and natural gas operators.

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Revenue547m USD
−4.2 %y/y
Operating profit (EBIT)15.4m USD
−46.2 %y/y
EBIT margin2.8%
−2.2 ppy/y
Net income12.3m USD
−33.2 %y/y
Free cash flow42.9m USD
−14.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400600800m USD2020: 188 m USD2020: EBIT -17 m USD20202021: 293 m USD2021: EBIT -41 m USD20212022: 609 m USD2022: EBIT 20 m USD20222023: 637 m USD2023: EBIT 37 m USD20232024: 571 m USD2024: EBIT 29 m USD20242025: 547 m USD2025: EBIT 15 m USD202554715
RevenueOperating profit (EBIT)

Business

Share of revenue
High Specification Rigs63 %

Well service rigs and complementary equipment used for well completion, workover, and maintenance.

Wireline Services14 %

Wireline completion, wireline production, and pump down services used to bring wells on production and maintain output.

Processing Solutions and Ancillary Services23 %

Supporting services such as rentals, plug and abandonment, logistics, coil tubing, chemicals, and transportation.

Products

Reported · share of revenue
63.4%24.0%12.6%FY2025100 %
  • High Specification Rigs63.4 %
  • Processing Solutions and Ancillary Services24.0 %
  • Wireline Services12.6 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Ranger sells primarily to U.S. upstream oil and natural gas operators that need field services over the life of a well. Its customer base includes large E&P companies operating in major shale basins, where recurring maintenance, completion, and production support work is outsourced to third-party service providers.

U.S. E&P operators

Buy well service rigs, wireline, and field support to complete and maintain producing wells.

Large multi-basin operators

Use Ranger for standardized, repeatable field execution across large asset bases.

Production-focused operators

Buy maintenance and production services to keep existing wells flowing efficiently.

Well abandonment customers

Use plug and abandonment and related services for end-of-life well obligations.

Strategy

Ranger’s strategy centers on serving large U.S. operators with standardized well service execution, broad basin coverage, and a mix of rig, wireline, and ancillary offerings. The company also emphasizes production-oriented work and complementary services that can travel across basins and remain relevant through the full life of a well.

Deepen relationships with large E&P operatorsMedium term

Large customers value standardized processes and multi-basin execution.

Maintain broad basin coverageMedium term

Geographic flexibility helps match assets to shifting drilling and completion activity.

Expand production-oriented and ancillary servicesMedium term

These services complement rig and wireline work and can increase customer stickiness.

Geography

Ranger operates across most active U.S. oil and natural gas basins, with activity in the Permian, DJ Basin, Bakken, Eagle Ford, Haynesville, Gulf Coast, and Oklahoma plays. The business is geographically diversified within the Lower 48, so basin-level drilling and completion cycles directly affect utilization and pricing.

Risks

Ranger is exposed to cyclical U.S. upstream activity, where lower crude prices or reduced completion activity can quickly reduce demand for field services. Its operations also carry industrial, environmental, cybersecurity, and asset-utilization risks because the business depends on mobile equipment, field crews, and long-lived rigs and vehicles.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity-price driven activity declines1Operational and environmental incidents2Wireline competition and lower completion activity3Cybersecurity and IT system failures4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity-price driven activity declinesImpact: HighLikelihood: Medium

    Customer spending on well services depends on oil and gas prices and upstream budgets.

    Exposure: U.S. onshore drilling and completion markets

  2. Operational and environmental incidentsImpact: HighLikelihood: Medium

    Field work involves heavy equipment, hazardous materials, and wellsite hazards.

    ExposureRig operationsWirelineAncillary field services
  3. Wireline competition and lower completion activityImpact: HighLikelihood: Low

    Reduced stage counts and competitive pricing can pressure wireline volumes.

    Exposure: Wireline completion and production services

  4. Cybersecurity and IT system failuresImpact: MediumLikelihood: Low

    Operations rely on process control and enterprise systems that can be disrupted.

    ExposureFleetField coordinationAdministrative systems
  5. Asset impairment riskImpact: Medium

    Rig and vehicle fleets require sufficient utilization and future cash flow support.

    ExposureProperty and equipmentLong-lived assets

Accounting

Judgemental items
Long-lived asset impairment

Rig fleets and other equipment are tested when indicators suggest carrying values may not be recoverable.

Impact: Can create non-cash charges if future utilization or cash flows weaken

Property and equipment depreciation

A large fleet of rigs, trucks, and vehicles drives depreciation expense and segment profitability.

Impact: Affects operating income and asset carrying values

Equity-based compensation

Performance stock units are valued using option-pricing assumptions and recognized over vesting periods.

Impact: Affects compensation expense and diluted share metrics

Seasonality and activity timing

Revenue and margins can shift with completion counts, weather, and basin-level activity.

Impact: Makes quarterly comparisons less linear

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Last updated: 24/09/2026

Ranger Energy Services, Inc. (RNGR) Revenue, Earnings & Financials 2025 – Clarifo