Revenue growth has contracted by 100% in 2026Q1, while volatile gross margins fluctuating between 28.7% and 69.1% highlight significant sensitivity to operational cost pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Sep'08 | Sep'07 | Sep'06 |
|---|
| Sales/Revenue | 228.09M | 307.18M | 366.33M | 361.06M | 347.25M | 196.31M | 113.03M | 195.7M | 120.07M | 66.7M | 30.85M | 31.01M | 38.09M | 10.32M | 1.76M | 2.62K | 8.27K | 0 | 0 | 0 | 0 |
| Revenue Growth % | -35% | -16.15% | 1.46% | 3.98% | 76.89% | 73.68% | -42.25% | 63% | 80.01% | 116.2% | -0.53% | -18.58% | 269.24% | 486.97% | 66875.76% | -68.27% | - | - | - | - | - |
| Cost of Goods Sold | 103.71M | 120.71M | 202.41M | 184.66M | 127.43M | 83.74M | 85.21M | 114.76M | 72.46M | 39.65M | 22.86M | 26.6M | 18.56M | 3.97M | 1.38M | 600 | 9.89K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 39.3% | 55.25% | 51.14% | 36.7% | 42.66% | 75.39% | 58.64% | 60.35% | 59.44% | 74.09% | 85.78% | 48.73% | 38.47% | 78.28% | 22.87% | 119.63% | - | - | - | - |
| Gross Profit | 124.37M | 186.47M | 163.92M | 176.39M | 219.82M | 112.57M | 27.82M | 80.95M | 47.61M | 27.05M | 7.99M | 4.41M | 19.53M | 6.35M | 381.7K | 2.02K | -1.62K | 0 | 0 | 0 | 0 |
| Gross Margin % | 54.53% | 60.7% | 44.75% | 48.86% | 63.3% | 57.34% | 24.61% | 41.36% | 39.65% | 40.56% | 25.91% | 14.22% | 51.27% | 61.53% | 21.72% | 77.13% | -19.63% | - | - | - | - |
| Gross Profit Growth % | - | 13.76% | -7.07% | -19.76% | 95.28% | 304.67% | -65.63% | 70.03% | 75.99% | 238.37% | 81.21% | -77.41% | 207.67% | 1562.84% | 18758.89% | 224.71% | - | - | - | - | - |
| Operating Expenses | 360.65M | 111.98M | 31.02M | 30.61M | 28.08M | 16.81M | 296.48M | 20.81M | 13.47M | 11.08M | 8.51M | 8.41M | 6.96M | 6.74M | 2.41M | 328.48K | 57.35K | 123K | 123.76K | 115.13K | 28.09K |
| OpEx % of Revenue | - | 36.46% | 8.47% | 8.48% | 8.09% | 8.56% | 262.31% | 10.63% | 11.22% | 16.62% | 27.6% | 27.13% | 18.27% | 65.3% | 137.33% | 12518.22% | 693.54% | - | - | - | - |
| Selling, General & Admin | 30.92M | 31.93B | 29.64M | 29.19M | 27.1M | 16.07M | 18.07M | 19.87M | 12.87M | 10.52M | 8.03M | 8M | 6.8M | 6.68M | 2.39M | 323.01K | 54.42K | 117.96K | 123.76K | 109.18K | 27.49K |
| SG&A % of Revenue | - | 10394.16% | 8.09% | 8.08% | 7.8% | 8.19% | 15.99% | 10.15% | 10.72% | 15.77% | 26.02% | 25.78% | 17.86% | 64.78% | 136.14% | 12309.76% | 658.17% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.39M | -31.82B | 1.38M | 1.43M | 983.43K | 744.04K | 278.41M | 943.71K | 606.46K | 567.97K | 487.18K | 418.38K | 154.97K | 53.68K | 20.91K | 5.47K | 2.92K | 5.04K | 0 | 5.95K | 604 |
| Operating Income | -162.61M | 74.49M | 132.9M | 145.78M | 191.74M | 95.76M | -268.66M | 60.14M | 19.96M | 15.97M | -57.03M | -13.31M | 12.57M | -389.32K | -2.03M | -326.45K | -58.97K | -123K | -123.76K | -115.13K | -28.09K |
| Operating Margin % | -71.29% | 24.25% | 36.28% | 40.38% | 55.22% | 48.78% | -237.7% | 30.73% | 16.63% | 23.94% | -184.87% | -42.93% | 33% | -3.77% | -115.61% | -12441.08% | -713.17% | - | - | - | - |
| Operating Income Growth % | - | -43.95% | -8.84% | -23.97% | 100.24% | 135.64% | -546.75% | 201.27% | 25.01% | 128% | -328.36% | -205.92% | 3328.74% | 80.84% | -522.4% | -453.57% | 52.05% | 0.62% | -7.5% | -309.8% | - |
| EBITDA | -66.63M | 172.39M | 231.6M | 234.39M | 247.48M | 132.92M | -225.65M | 117.28M | 59.59M | 37.05M | -45.06M | 1.86M | 24.38M | 1.89M | -1.53M | -325.25K | -56.31K | -121.9K | -124.41K | -107.21K | -28.09K |
| EBITDA Margin % | -29.21% | 56.12% | 63.22% | 64.92% | 71.27% | 67.71% | -199.65% | 59.93% | 49.63% | 55.55% | -146.07% | 6% | 64% | 18.37% | -86.78% | -12395.39% | -680.98% | - | - | - | - |
| EBITDA Growth % | -131% | -25.57% | -1.19% | -5.29% | 86.18% | 158.91% | -292.4% | 96.81% | 60.83% | 182.23% | -2520.81% | -92.36% | 1186.6% | 224.24% | -368.88% | -477.62% | 53.81% | 2.02% | -16.04% | -281.62% | - |
| D&A (Non-Cash Add-back) | 95.98M | 97.9M | 98.7M | 88.61M | 55.74M | 37.17M | 43.01M | 57.15M | 39.63M | 21.09M | 11.97M | 15.18M | 11.81M | 2.28M | 506.79K | 1.2K | 2.66K | 1.1K | -653 | 7.92K | 0 |
| EBIT | 7.02M | 74.49M | 131.22M | 148.92M | 170.21M | 17.9M | -241.8M | 57.15M | 12.87M | 12.17M | -56.98M | -13.31M | 12.57M | -364.62K | -1.75M | -326.45K | -58.97K | -334.06K | -122.62K | -123.31K | -28.09K |
| Net Interest Income | -35.55M | -40.14M | -42.82M | -43.67M | -23.17M | -14.49M | -17.62M | -13.85M | -330.04K | 291.08K | -592.51K | -742.15K | 85.96K | 14.82K | -214.5K | 6.21K | 3.21K | -180.26K | -971 | 0 | 0 |
| Interest Income | 271.35K | 290.88K | 491.95K | 257.15K | 4 | 1 | 8 | 13.51K | 97.86K | 291.08K | 56.5K | 6.98K | 85.96K | 24.71K | 4.31K | 6.21K | 3.21K | 30.8K | 484 | 0 | 0 |
| Interest Expense | 27.15M | 40.43M | 43.31M | 43.93M | 23.17M | 14.49M | 17.62M | 13.87M | 427.9K | 0 | 649.01K | 749.13K | 0 | 9.89K | 218.81K | 0 | 0 | 211.06K | 1.46K | 4.03K | 173 |
| Other Income/Expense | -98.71M | -116.67M | -44.99M | -40.79M | -44.7M | -92.34M | 9.25M | -16.85M | -7.52M | -3.8M | -592.51K | -742.15K | 85.96K | 14.82K | 62.24K | 326.45K | -19.45K | -211.06K | -318 | -7.65K | 0 |
| Pretax Income | -261.31M | -42.18M | 87.91M | 104.99M | 147.04M | 3.41M | -259.41M | 43.28M | 12.45M | 12.17M | -57.63M | -14.06M | 12.66M | -374.51K | -1.97M | 0 | -78.42K | -334.06K | -123.11K | -123.05K | 0 |
| Pretax Margin % | -114.57% | -13.73% | 24% | 29.08% | 42.35% | 1.74% | -229.52% | 22.12% | 10.37% | 18.25% | -186.79% | -45.32% | 33.23% | -3.63% | -112.07% | - | -948.35% | - | - | - | - |
| Income Tax | 27.1M | -7.45M | 20.44M | 125.24K | 8.41M | 90.34K | -6M | 13.79M | 3.45M | 10.42M | -19.99M | -5M | 4.24M | 77.7K | -300.32K | -12.41K | 0 | 0 | 1.14K | 7.92K | 28.27K |
| Effective Tax Rate % | -10.37% | 17.67% | 23.25% | 0.12% | 5.72% | 2.65% | 2.31% | 31.85% | 27.69% | 85.59% | 34.69% | 35.6% | 33.47% | -20.75% | 15.25% | - | 0% | 0% | -0.92% | -6.43% | - |
| Net Income | -264.43M | -34.73M | 67.47M | 104.86M | 138.64M | 3.32M | -253.41M | 29.5M | 9M | 1.75M | -37.64M | -9.05M | 8.42M | -452.21K | -1.67M | -320.25K | -78.42K | -334.06K | -124.08K | -127.08K | -28.27K |
| Net Margin % | -115.94% | -11.31% | 18.42% | 29.04% | 39.92% | 1.69% | -224.21% | 15.07% | 7.5% | 2.63% | -122% | -29.19% | 22.11% | -4.38% | -94.98% | -12204.57% | -948.35% | - | - | - | - |
| Net Income Growth % | -472.1% | -151.48% | -35.66% | -24.36% | 4072.12% | 101.31% | -959.12% | 227.75% | 413.14% | 104.66% | -315.76% | -207.51% | 1962.08% | 72.91% | -421.25% | -308.38% | 76.53% | -169.23% | 2.36% | -349.57% | - |
| Net Income (Continuing) | -264.43M | -34.73M | 67.47M | 104.86M | 138.64M | 3.32M | -253.41M | 29.5M | 9M | 1.75M | -37.64M | -9.05M | 8.42M | -452.21K | -1.67M | 71.49K | -78.42K | -334.06K | -124.08K | -127.08K | -28.27K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.28 | -0.17 | 0.34 | 0.54 | 0.98 | 0.03 | -3.48 | 0.44 | 0.15 | 0.03 | -0.97 | -0.32 | 0.33 | -0.03 | -0.21 | -0.04 | -0.02 | -0.09 | -0.04 | -0.04 | -0.01 |
| EPS Growth % | -462.74% | -150% | -37.04% | -44.9% | 3166.67% | 100.86% | -890.91% | 193.33% | 400% | 103.09% | -203.13% | -196.97% | 1295.65% | 86.86% | -452.63% | -71.95% | 76.54% | -144.68% | 7.89% | -211.94% | - |
| EPS (Basic) | - | -0.17 | 0.34 | 0.55 | 1.14 | 0.03 | -3.48 | 0.44 | 0.15 | 0.03 | -0.97 | -0.32 | 0.34 | -0.03 | -0.21 | -0.04 | -0.02 | -0.09 | -0.04 | -0.04 | -0.01 |
| Diluted Shares Outstanding | 206.98M | 206.98M | 200.28M | 195.36M | 141.75M | 121.19M | 72.89M | 66.76M | 60.85M | 52.81M | 38.71M | 28.18M | 25.89M | 16.38M | 8.07M | 8.43M | 3.55M | 3.55M | 3.22M | 3.04M | 2.1M |
| Basic Shares Outstanding | 206.52M | 206.52M | 197.94M | 190.59M | 121.26M | 99.39M | 72.89M | 66.57M | 59.53M | 51.38M | 38.71M | 28.18M | 24.74M | 16.38M | 7.95M | 8.43M | 3.55M | 3.55M | 3.22M | 3.04M | 2.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and commodity volatility
As indicated by recent financial disclosures, Ring Energy has experienced a consistent downward trajectory in top-line performance, with revenue growth declining by 16.15% year-over-year, reflecting the inherent volatility of its Permian-focused production model and sensitivity to regional basis differentials and commodity price fluctuations.
The consistent revenue decline across the last several quarters suggests that the company is struggling to offset natural production declines with new drilling activity. Investors should monitor whether this contraction is a result of strategic production curtailment or an inability to maintain output levels within their mature Central Basin Platform assets.
Based on reported income statements, Ring Energy’s gross margin has exhibited significant instability, fluctuating from a high of 69.1% in 2025Q3 to a low of 28.7% in 2025Q4, highlighting the company's vulnerability to service cost inflation and fluctuating realized prices for its crude oil and gas streams.
The wide variance in gross margins suggests that the company lacks the pricing power or cost control necessary to maintain consistent profitability in a cyclical environment. This volatility may indicate that the company is highly susceptible to localized Permian cost spikes, particularly regarding water disposal and labor expenses.
According to the provided income statement data, Ring Energy’s net income has swung into negative territory, with a net margin of -11.31% in recent periods, suggesting that non-operating items or significant asset impairments are obscuring the underlying operational performance of the company's core oil and gas assets.
The disparity between operating income and net income warrants further investigation into potential non-cash charges, such as ceiling test impairments common in the full-cost accounting method. The erratic nature of EPS, which has frequently dipped into negative territory, suggests that shareholders face substantial risk from non-operational accounting adjustments.
As reported in financial filings, Ring Energy maintains a rigid cost structure where SG&A expenses remain relatively sticky despite declining revenue, which appears to exacerbate the company's net losses and limits its ability to achieve operational efficiency during periods of commodity price weakness.
The company's inability to scale down SG&A in proportion to revenue declines suggests a lack of operational flexibility. This fixed-cost burden, combined with the high lifting costs inherent in mature conventional reservoirs, may continue to compress margins unless management can implement more aggressive cost-containment measures.
Based on the reported cash balance of less than $1 million, Ring Energy appears to face a precarious liquidity position, which may force an over-reliance on revolving credit facilities and limit the company's strategic flexibility in responding to adverse shifts in the energy market.
Short-sellers would likely focus on the company's thin cash cushion as a primary indicator of financial distress, especially given the recent negative net income trends. This lack of liquidity suggests that any further deterioration in commodity prices could severely restrict the company's ability to fund necessary maintenance capital.
Quick answers to the most common questions about buying REI stock.
For fiscal year 2025, Ring Energy, Inc. (REI) reported total revenue of $307.2M.
Ring Energy, Inc. (REI) reported a net loss of $34.7M for the fiscal year ending 2025.
Ring Energy, Inc. (REI) reported an operating income of $74.5M, resulting in an operating profit margin of 24.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ring Energy, Inc. (REI) generated $186.5M in gross profit for the year, representing a gross profit margin of 60.7%. This demonstrates the company's core pricing power and production efficiency.