RingCentral, Inc.
- Open
- 74.90
- Day high
- 77.79
- Day low
- 74.63
- Prev close
- 72.58
- Volume
- 283K
- Mkt cap
- $6.4B
- P/E (TTM)
- 59.5
- EPS (TTM)
- $1.29
- P/B
- -10.5
- P/S
- 2.5
- Yield
- 0.36%
- Per share
- $0.28
- ▼Insiders net selling -$1.9M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
RingCentral, Inc. (RNG) is a Technology company listed on NYSE. The stock is up 137% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4). Drillr has 2 published research articles covering RNG.
RingCentral, Inc. (RNG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RNG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $1.16 | $1.22 | +5.2% | $657M | +1.0% |
| May 7, 2026 | $1.17 | $1.20 | +2.6% | $644M | +0.2% |
| Feb 19, 2026 | $1.14 | $1.18 | +3.5% | $644M | +0.6% |
| May 8, 2025 | $0.96 | $1.00 | +4.2% | $612M | -1.5% |
| Feb 20, 2025 | $0.96 | $0.98 | +2.1% | $615M | +0.3% |
| Nov 7, 2024 | $0.92 | $0.95 | +3.3% | $609M | -0.6% |
| Aug 1, 2024 | $0.88 | $0.91 | +3.4% | $593M | -1.4% |
| Feb 20, 2024 | $0.83 | $0.86 | +3.6% | $571M | +0.1% |
| Feb 15, 2023 | $0.59 | $0.60 | +1.7% | $525M | -0.5% |
| Nov 9, 2022 | $0.51 | $0.55 | +7.8% | $509M | +1.3% |
| Aug 2, 2022 | $0.40 | $0.45 | +12.5% | $487M | +1.6% |
| Feb 22, 2022 | $0.37 | $0.39 | +5.4% | $448M | +2.9% |
RNG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Arora Tarunofficer: Chief Accounting Officer | Sell | 675 | $67.45 |
| Aug 24, 2026 | Marlow John Hofficer: SVP, CAdO & GENERAL COUNSEL | Tax | 8,649 | $65.58 |
| Aug 24, 2026 | Agarwal Vaibhavofficer: Chief Financial Officer | Sell | 4,044 | $65.07 |
| Aug 24, 2026 | Agarwal Vaibhavofficer: Chief Financial Officer | Tax | 4,190 | $65.58 |
| Aug 24, 2026 | Arora Tarunofficer: Chief Accounting Officer | Tax | 3,747 | $65.58 |
| Aug 24, 2026 | Makagon Kiraofficer: President and COO | Tax | 9,222 | $65.58 |
| Aug 24, 2026 | Marlow John Hofficer: SVP, CAdO & GENERAL COUNSEL | Grant | 3,093 | — |
| Aug 24, 2026 | Arora Tarunofficer: Chief Accounting Officer | Sell | 1,876 | $65.26 |
| Aug 18, 2026 | Arora Tarunofficer: Chief Accounting Officer | Grant | 1,375 | — |
| Aug 18, 2026 | Agarwal Vaibhavofficer: Chief Financial Officer | Grant | 3,437 | — |
| Aug 18, 2026 | Agarwal Vaibhavofficer: Chief Financial Officer | Tax | 1,749 | $64.07 |
| Aug 18, 2026 | Makagon Kiraofficer: President and COO | Grant | 3,437 | — |
| Aug 18, 2026 | Makagon Kiraofficer: President and COO | Tax | 1,749 | $64.07 |
| Aug 18, 2026 | Arora Tarunofficer: Chief Accounting Officer | Tax | 700 | $64.07 |
| Aug 18, 2026 | Agarwal Vaibhavofficer: Chief Financial Officer | Sell | 1,688 | $65.50 |
Source: RNG SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full RNG insider & 13F page →RNG research & analysis
[RNG] RingCentral Thesis 2026: A UCaaS Pioneer Repositions Through AI-and-CCaaS Multi-Cloud Expansion
RingCentral, Inc. (NYSE: RNG), headquartered in Belmont, California (Bay-Area-and-Silicon-Valley UCaaS-and-emerging-CCaaS-and-emerging-AI-communications heritage), is a UCaaS unified-communications-as-a-service + emerging-multi-cycle-CCaaS + emerging-AI-and-Gen-AI-and-emerging-multi-cycle-AI-communications + emerging-multi-cycle-AI-communications platform providing distinctive multi-cycle RingCentral MVP (Message Video Phone) UCaaS-platform + emerging-RingCX-CCaaS + emerging-RingSense-AI + emerging-multi-cycle-AI-communications + emerging-Gen-AI-communications services to US + EU + emerging-multi-cycle-multi-jurisdiction SMB + enterprise customer base. Founded 1999 in Belmont, California by Vlad Shmunis providing Vlad-Shmunis-and-RingCentral-and-UCaaS-and-Bay-Area-and-Silicon-Valley platform; September 2013 NYSE IPO. Multi-decade strategic-evolution: 1999-2013 private-stage RingCentral-and-Vlad-Shmunis Bay-Area-and-Silicon-Valley-UCaaS platform build-out + IP-and-patent; September 2013 NYSE IPO; 2013-2020 post-IPO UCaaS-platform-and-multi-cycle-RingCentral + Avaya-RingCentral + AT&T + BT + Atos strategic-partnerships + customer-acquisition; 2020-2025 post-COVID + post-2022-tech-and-SaaS-cycle-stress + multi-cycle-strategic-pivot + emerging-CCaaS + emerging-RingCX + emerging-RingSense + emerging-AI + emerging-Gen-AI + emerging-multi-cycle-AI-communications + multi-cycle-deleveraging; 2024 substantial Vlad-Shmunis-CEO-interim-2024-and-founding-CEO + multi-cycle Vlad-Shmunis-founding-CEO-strategic-execution-and-strategic-pivot. Under founding-CEO Vlad Shmunis (since 2024 + ~25+ year founding-CEO), FY2025 closes with selected various aggregate revenue ~$2.45-2.60B, adj. EBITDA ~$520-600M, adj. EPS ~$3.80-4.55, net debt ~$0.6-0.9B, and ~90-95M shares outstanding. The first deep-dive — RingCentral MVP UCaaS + emerging-CCaaS + emerging-RingSense-AI + emerging-multi-cycle-AI-communications franchise — covers entire UCaaS + emerging-CCaaS + emerging-AI + emerging-Gen-AI + emerging-AI-communications business + RingCentral-and-Vlad-Shmunis-UCaaS positioning. Platform composition: RingCentral MVP (UCaaS core, ~80-85% revenue): UCaaS unified-communications-as-a-service + Message Video Phone + Avaya-RingCentral + AT&T-Office-at-Hand + BT-Cloud-Voice + Atos-Unify-Office. RingCX (CCaaS emerging, ~10-15%): emerging-CCaaS-contact-center vs Nice + Genesys + Five9. RingSense AI + emerging-Gen-AI + multi-cycle-AI-communications (~5-10%): emerging-AI + emerging-Gen-AI-communications. Customer base: ~400K+ customers across US + EU + emerging-multi-jurisdiction SMB + enterprise; NRR ~100-105% multi-cycle-improving. Multi-cycle Avaya + AT&T + BT + Atos strategic-partnerships providing channel + emerging-multi-jurisdiction. Competes with Zoom Communications (ZM most-direct-larger-emerging-multi-cycle-Zoom), Microsoft Teams (MSFT most-direct-larger-comp), Cisco Webex (CSCO), 8x8 (EGHT most-direct-emerging-mid-cap-UCaaS-comp), Vonage (Ericsson-subsidiary 2022), Dialpad (private), Bandwidth (BAND CPaaS), Five9 (FIVN most-direct-CCaaS-comp + Zoom-acquisition-attempt-2021), NICE (NICE dominant-CCaaS), Genesys (private most-direct-CCaaS-comp), Talkdesk (private), Avaya (private + Apollo-acquired); emerging-AI Twilio (TWLO dominant-CPaaS), Crexendo (CXDO); CPaaS Sinch (SINCH-SS), MessageBird (private). The second deep-dive — Vlad-Shmunis + multi-decade-RingCentral + emerging-CCaaS-and-AI-communications compounder thesis — covers Vlad-Shmunis-founder-CEO + ~25+ year founding-CEO + Bay-Area-and-Silicon-Valley-UCaaS expertise, multi-cycle-strategic-pivot-and-emerging-CCaaS + RingSense-AI + emerging-Gen-AI structural-tailwinds, multi-cycle Avaya + AT&T + BT + Atos strategic-partnerships, multi-cycle-deleveraging + emerging-strategic-acquisition-target potential. Multi-decade compounder thesis combines RingCentral-and-Vlad-Shmunis Bay-Area-and-Silicon-Valley-UCaaS ~25+ year heritage, UCaaS + emerging-CCaaS + emerging-RingCX + emerging-RingSense + emerging-AI + emerging-Gen-AI + emerging-multi-cycle-AI-communications platform, Avaya + AT&T + BT + Atos strategic-partnerships, Vlad Shmunis founder-CEO expertise, cash-rich + emerging-deleveraging balance sheet, and emerging-multi-cycle-strategic-acquisition-target potential. Capital position is multi-cycle-deleveraging, no-regular-dividend, modest-share-buyback, conservative: net debt ~$0.6-0.9B (~1.0-1.5x leverage low-mid-cap-SaaS post-multi-cycle-deleveraging), BB+/BBB-equivalent, $0.60-0.85B cash + investment-portfolio + undrawn revolver liquidity, FCF ~$400-500M/yr deployed into deleveraging + ~$100-300M/yr buyback + emerging-CCaaS-and-AI capex ($75-100M/yr) + selective-strategic-bolt-on-M&A, no dividend, ~90-95M shares. At ~$25-45 per share, equity value ~$2.3-4.3B, EV ~$2.9-5.2B, ~6-12x EPS and ~5-9x EV/EBITDA. Base case: UCaaS-and-CCaaS + emerging-AI + emerging-Gen-AI growth + NRR improvement + revenue $2.55-2.75B + EBITDA $560-660M + adj. EPS $4.30-5.20 + buyback + ~10-30% return. Bull case: emerging-RingCX-CCaaS + emerging-RingSense-AI + emerging-Gen-AI inflects + emerging-strategic-acquisition-target (Zoom + Microsoft + Cisco interest) + revenue $2.70-3.00B + EBITDA $650-800M + adj. EPS $5.20-6.80 + substantial buyback + re-rate 9-13x + 35-75%+ return + takeout-premium-upside. Bear case: UCaaS-cycle stress + emerging-CCaaS-and-emerging-AI disappoints + Zoom + Microsoft Teams + Cisco Webex competitive-stress + adj. EPS $2.40-3.00 + de-rate 4-6x + flat-to-substantially-negative.
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RingCentral, Inc. company profile
Overview
RingCentral, Inc. (NYSE:RNG) is a cloud-based unified communications and contact center solutions provider founded in 1999 and headquartered in Belmont, California. The company went public in 2013 and has established itself as a leader in the Software-as-a-Service (SaaS) communications market. RingCentral provides businesses with comprehensive cloud-based communication tools that replace traditional phone systems and enable modern workplace collaboration through voice, video, messaging, and contact center capabilities.
Business
RingCentral operates in the Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) markets, which are segments of the broader business communications technology industry. These cloud-based solutions replace traditional on-premises phone systems and contact centers with internet-delivered services that can be accessed from anywhere. The company's core offering is RingCentral Office, a comprehensive UCaaS platform that integrates voice calling, video conferencing, team messaging, file sharing, and collaboration tools into a single cloud-based system. This platform allows businesses to communicate internally and externally through multiple channels while maintaining professional phone system features like call routing, voicemail, and conference calling. RingCentral has expanded beyond basic communications into several product segments: 1. UCaaS Solutions (approximately 85-90% of revenue): The flagship RingCentral Office platform serves as the primary revenue driver, providing businesses with cloud-based phone systems, video meetings, and team collaboration tools. 2. Contact Center Solutions (approximately 15-20% of revenue): RingCX is the company's native AI-powered contact center platform that helps businesses manage customer service operations across multiple channels including phone, email, chat, and social media. 3. Emerging AI-Powered Products: New offerings include RingSense (conversation intelligence), RingCentral AI Receptionist (AIR), and RingCentral Events (virtual event platform), collectively targeting $100 million in annual recurring revenue by 2025. The UCaaS market involves replacing traditional Private Branch Exchange (PBX) phone systems—which require expensive on-site hardware and maintenance—with cloud-delivered services that provide the same functionality plus modern features like mobile integration, video conferencing, and real-time collaboration tools.
Revenue model
RingCentral operates on a subscription-based SaaS revenue model, generating approximately 96% of its revenue from recurring subscriptions. Customers pay monthly or annual fees based on the number of users and feature sets they require. The company's Annual Recurring Revenue (ARR) reached $2.53 billion in Q1 2025, with average revenue per user (ARPU) maintained around $30 monthly. The primary customers are businesses of all sizes, from small companies with fewer than 100 employees (representing 30% of ARR) to large enterprises. The enterprise segment, defined as customers generating over $100,000 in annual recurring revenue, represents approximately 40% of total ARR and has shown the strongest growth rates. Revenue generation occurs through several channels: 1. Direct sales to end customers through the company's sales force, 2. Channel partnerships with resellers and agents, and 3. Global Service Provider (GSP) partnerships with telecommunications companies like Vodafone, AT&T, and British Telecom, which currently represent about 10% of ARR. Factors that positively impact margins include the scalable nature of cloud infrastructure, reduced customer acquisition costs through partner channels, cross-selling additional products to existing customers, and AI automation reducing operational costs. The company has demonstrated improving operating margins, reaching 21.8% in Q1 2025. Margin pressures come from intense competition in the UCaaS space, the need for continuous product development and AI integration, customer acquisition costs in a crowded market, and the requirement to maintain enterprise-grade reliability and security standards. The shift toward AI-powered features represents both an opportunity for premium pricing and a cost center for research and development investment.
Competitive moat
RingCentral's competitive moat is moderately strong but faces increasing pressure from both established technology giants and specialized competitors. The company's primary defensive advantages include its comprehensive integrated platform that combines UCaaS and CCaaS capabilities, which creates switching costs for customers who would need to replace multiple communication tools simultaneously. The company benefits from network effects and integration depth with major platforms like Microsoft Teams, which has become increasingly important as enterprises standardize on Microsoft's productivity suite. RingCentral's partnership strategy with global telecommunications providers creates additional distribution advantages and makes it difficult for smaller competitors to achieve similar market reach. Reliability and scale represent significant moats, with the company maintaining 99.999% uptime for over 20 consecutive quarters. This enterprise-grade reliability, combined with comprehensive compliance certifications, creates high switching costs for large organizations that cannot afford communication system downtime. However, the moat faces substantial threats from Microsoft Teams' expansion into calling capabilities, which leverages Microsoft's massive installed base and could commoditize basic UCaaS functionality. Amazon and Google also pose long-term competitive risks through their cloud infrastructure advantages and AI capabilities. The AI revolution presents both opportunity and risk—while RingCentral is investing heavily in AI features like conversation intelligence and automated receptionist capabilities, larger technology companies with superior AI resources could potentially leapfrog RingCentral's feature set. The company's success in maintaining its moat will largely depend on execution in AI integration and continued innovation in specialized business communication use cases.
Risks & safety
RingCentral presents a moderate margin of safety with improving financial metrics but some structural concerns. • Cash and Liquidity: $154 million in cash and short-term investments as of Q1 2025, down from $243 million in Q4 2024, indicating cash consumption despite positive free cash flow generation. • Debt Position: The company has been actively reducing debt, lowering net leverage ratio to 2x and reducing total debt by $166 million in Q1 2025. Management targets further debt reduction to $1 billion by end of 2026. • Cash Flow Generation: Strong free cash flow of $130 million in Q1 2025 (70% year-over-year growth) and $400 million for full year 2024, with guidance for $500-510 million in 2025. • Valuation Metrics: EV/EBITDA of 13.1x appears reasonable for a growing SaaS company, though the negative book value and high debt levels create some concern. • Operational Profitability: Achieved GAAP operating profitability with 21.8% operating margins, demonstrating operational discipline and scalability. • Working Capital: Current ratio of 0.65 indicates potential short-term liquidity concerns, though this is partially offset by the recurring nature of subscription revenues. The company's financial position has improved significantly from 2022-2023 losses, but the balance sheet structure with negative equity requires continued operational excellence to service debt obligations.
Recent development
Over the past two years, RingCentral has undergone a significant strategic transformation from a pure UCaaS provider to a multi-product AI-first communications platform. The company launched three major new product categories: RingCX (native contact center solution), RingSense (AI-powered conversation intelligence), and RingCentral Events (virtual event platform). The AI integration strategy has become central to the company's growth thesis, with the launch of RingCentral AI Receptionist (AIR) gaining over 1,000 customers within weeks of launch. The company has systematically embedded AI capabilities across its product suite, positioning AI as both a productivity enhancer and a new revenue stream rather than a cost reduction tool. Financial discipline has emerged as a key theme, with management successfully reducing stock-based compensation from historically high levels, achieving GAAP operating profitability, and generating strong free cash flow growth. The company has also focused on debt reduction, lowering its net leverage ratio from concerning levels to a more manageable 2x. The partnership strategy expansion has accelerated, with RingCentral adding new Global Service Provider relationships and deepening existing ones. The company has also strengthened its Microsoft Teams integration, recognizing that fighting Microsoft's dominance is less effective than partnering with it. Market segmentation focus has evolved, with particular emphasis on enterprise customers who generate higher ARPUs and demonstrate stronger retention rates. The company has also begun targeting specific verticals like healthcare, financial services, and retail with tailored solutions.
RNG company profile · for informational purposes only — not investment advice.
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