# RingCentral, Inc. (RNG)

> Source: Nexqual · https://nexqual.com/RNG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, RingCentral, Inc. (RNG), nexqual.com/RNG" · informational, not investment advice.

**Price:** USD 79.42 (-3.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 82.42 · day 78.4–82.38 · 52w 24.14–83.72 · market cap $6.63B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.58B, net income $110M (4.3% margin), free cash flow $638M (SEC filings).
- Valuation: P/E 60.1x (avg 60.7x at the last 1 fiscal year-ends), EV/EBITDA 23.0x, net debt $1.01B.
- Earnings quality: non-operating income -$52.3M vs operating income $174M over the last four quarters; P/E excluding non-operating income ≈42.0x (estimate: non-operating income taxed at the company's 9.1% effective rate).
- 1 of 80 tracked superinvestors hold RNG (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 23 Form 4 filings, $9.5M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 8 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +174.0% vs S&P 500 +14.9%; 5Y -67.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 1.35, revenue estimate $676M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.59B | $1.99B | $2.20B | $2.40B | $2.52B | $2.58B |
| Gross profit | $1.15B | $1.35B | $1.54B | $1.69B | $1.79B | — |
| Operating income | -$302M | -$649M | -$199M | $2.7M | $121M | $174M |
| Net income | -$376M | -$879M | -$165M | -$58.3M | $43.4M | $110M |
| EPS (diluted) | -$4.10 | -$9.23 | -$1.74 | -$0.63 | $0.48 | — |
| Free cash flow | $123M | $159M | $376M | $458M | $587M | $638M |
| Gross margin | 71.9% | 67.7% | 69.8% | 70.6% | 71.2% | — |
| Operating margin | -18.9% | -32.7% | -9.0% | 0.1% | 4.8% | 6.7% |
| Net margin | -23.6% | -44.2% | -7.5% | -2.4% | 1.7% | 4.3% |
| Revenue growth | +34.7% | +24.7% | +10.8% | +9.0% | +4.8% | — |
| Cash + short-term investments | $267M | $270M | $222M | $243M | $133M | — |
| Total debt | $1.40B | $1.64B | $1.56B | $1.53B | $1.25B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 60.1x · P/E ex non-operating (est.) ≈42.0x · P/S 2.6x · EV/EBITDA 23.0x · EV/Sales 3.0x · P/FCF 10.4x · FCF yield 9.62% · Earnings yield 1.66% · Buyback yield (TTM) 6.45% · Net debt $1.01B · EV $7.64B
P/E at fiscal year-ends: Dec 2025 60.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold RNG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $1.6M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
23 of 23 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Shenkan Amy Guggenheim | Director | 1,264 | $100K | 4.3% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-14 | Makagon Kira | President and COO | 36,185 | $2.5M | 12.9% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-09 | Arora Tarun | Chief Accounting Officer | 4,172 | $294K | 6% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-03 | Arora Tarun | Chief Accounting Officer | 954 | $73K | 1.3% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02…2026-09-03 | Shmunis Vladimir | CEO and Chairman | 26,721 | $2.0M | 13% | Yes (adopted March 13, 2026) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-02 | Agarwal Vaibhav | Chief Financial Officer | 7,046 | $508K | 4.6% | Yes (adopted September 15, 2025) | Routine (sold in Feb & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-28 | Arora Tarun | Chief Accounting Officer | 4,568 | $318K | 5.7% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Arora Tarun | Chief Accounting Officer | 675 | $46K | 0.8% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-21 | Arora Tarun | Chief Accounting Officer | 1,876 | $122K | 2.3% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-21 | Agarwal Vaibhav | Chief Financial Officer | 4,044 | $263K | 2.4% | Yes (adopted September 15, 2025) | Routine (sold in Feb & Aug & Nov each year 2023–2025) |
| 2026-08-18 | Agarwal Vaibhav | Chief Financial Officer | 1,688 | $111K | 1% | Yes (adopted September 15, 2025) | Routine (sold in Feb & Aug & Nov each year 2023–2025) |
| 2026-07-02 | Theis Robert I | Director | 2,530 | $102K | 7.6% | Yes (adopted May 22, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-02 | Shenkan Amy Guggenheim | Director | 1,265 | $51K | 4.1% | Yes (adopted August 21, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15…2026-06-16 | Shmunis Vladimir | CEO and Chairman | 27,252 | $1.0M | 10.6% | Yes (adopted March 13, 2026) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-10 | Arora Tarun | Chief Accounting Officer | 4,171 | $162K | 4.7% | Yes (adopted March 14, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Agarwal Vaibhav | Chief Financial Officer | 7,047 | $325K | 4% | Yes (adopted September 15, 2025) | Routine (sold in Feb & Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-29 | Arora Tarun | Chief Accounting Officer | 3,615 | $155K | 3.9% | Yes (adopted March 14, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-27 | Makagon Kira | President and COO | 16,988 | $723K | 7.4% | Yes (adopted March 14, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | Arora Tarun | Chief Accounting Officer | 919 | $39K | 1.3% | Yes (adopted March 14, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Agarwal Vaibhav | Chief Financial Officer | 4,044 | $170K | 3% | Yes (adopted September 15, 2025) | Routine (sold in Feb & Aug & Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-03 | RBC Capital | Initiated | Outperform | $85 |
| 2026-09-01 | Oppenheimer | Target raised | Outperform | $50 → $85 |
| 2026-08-28 | Needham | Target raised | Buy | $55 → $85 |
| 2026-08-25 | Wells Fargo | Target raised | Equal-Weight | $43 → $65 |
| 2026-07-24 | Mizuho | Target raised | Neutral | $38 → $40 |
| 2026-07-24 | Piper Sandler | Target raised | Neutral | $40 → $43 |
| 2026-07-24 | Rosenblatt | Maintained | Buy | $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +174.0% | -67.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +175.0% | -20.2% |
| Volatility (annualized) | 67.1% | 58.0% |
| Max drawdown | -29.3% (Jun 2026→Jun 2026) | -91.8% (Nov 2021→Mar 2025) |

## Peers (Software - Application)
APPF (AppFolio, Inc.) USD 217.33 +0.06% · DSGX (The Descartes Systems Group Inc) USD 94 +1.74% · TTAN (ServiceTitan, Inc.) USD 85.2 +3.50% · IDCC (InterDigital, Inc.) USD 332.06 -0.78% · YMM (Full Truck Alliance Co. Ltd.) USD 8.35 -1.76% · PCTY (Paylocity Holding Corporation) USD 177.67 +4.93%

## More
Full page: https://nexqual.com/RNG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RNG's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1384905/000138490526000021/rng-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | NICE Ltd. (NICE) | "also resell third-party products and services, in particular, solutions from NICE and, any interruptions of their service may impact our customers." |
| Customer | Equinix (EQIX) | "We currently serve our North American customers from geographically disparate data center hosting facilities in North America, where we lease space from Equinix, Inc., and other providers, and we serve our European custo…" |
| Partner | ServiceNow (NOW) | "◦Deep CRM integrations, including Salesforce, Zendesk, ServiceNow, HubSpot, Microsoft Dynamics, and others, ensuring customer interactions are context-aware and data-driven." |
| Competitor | Microsoft (MSFT) | "•software providers such as Microsoft Corporation, Zoom Communications, Inc. and Cisco Systems, Inc. that generally license and/or host their software solutions, and their resellers including major global service provide…" |
| Competitor | Salesforce (CRM) | "•video meeting and collaboration service providers such as Amazon.com, Inc., Apple Inc., Alphabet Inc. (Google G-Suite and Meet), Meta Platforms, Inc., Microsoft Teams, Slack Technologies, Inc. (acquired by Salesforce.co…" |
| Competitor | Amazon (AMZN) | "•other cloud companies such as 8x8, Inc., Amazon.com, Inc., DialPad, Inc., GoTo, Microsoft Corporation, Nextiva, Inc., Twilio Inc., Vonage Holdings Corp. (acquired by Ericsson), Alianza, Inc., and Zoom Communications, In…" |
| Competitor | Cisco (CSCO) | "•traditional on-premise, hardware business communications providers such as Alcatel-Lucent Enterprise, Avaya LLC, Cisco Systems, Inc., Mitel Networks Corporation, NEC Corporation, and Siemens Enterprise Networks, LLC, an…" |
| Competitor | Alphabet (Google) (GOOGL) | "•video meeting and collaboration service providers such as Amazon.com, Inc., Apple Inc., Alphabet Inc. (Google G-Suite and Meet), Meta Platforms, Inc., Microsoft Teams, Slack Technologies, Inc. (acquired by Salesforce.co…" |
| Competitor | Meta Platforms (META) | "•video meeting and collaboration service providers such as Amazon.com, Inc., Apple Inc., Alphabet Inc. (Google G-Suite and Meet), Meta Platforms, Inc., Microsoft Teams, Slack Technologies, Inc. (acquired by Salesforce.co…" |
| Competitor | Oracle (ORCL) | "•other technology companies such as Alphabet Inc. (Google Voice), Meta Platforms, Inc., Oracle Corporation, and Salesforce.com, Inc., any of which might launch its own cloud-based business communication services or acqui…" |
| Competitor | Comcast (CMCSA) | "•established business communications providers that resell on-premise hardware, software, and hosted solutions, such as Comcast, TMU, Orange, and others, all of whom currently have significantly greater resources than us…" |
| Competitor | Apple (AAPL) | "•video meeting and collaboration service providers such as Amazon.com, Inc., Apple Inc., Alphabet Inc. (Google G-Suite and Meet), Meta Platforms, Inc., Microsoft Teams, Slack Technologies, Inc. (acquired by Salesforce.co…" |
| Competitor | AT&T (T) | "Our competitors include but are not limited to: 8x8, Inc., Dialpad, Inc., LogMeIn, Inc., Microsoft Corporation, Nextiva, Inc., Twilio Inc., Ericsson, Zoom, Amazon.com, Inc., AT&T Inc., BT Group plc, TELUS Corporation, Vo…" |

Other companies that name RNG in their own reports (relationship from RNG's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Kodiak AI, Inc. (KDK) | 10-K 2026-03-11 | "Mr. Goldman currently serves on the boards of directors of Fortinet Inc., RingCentral, Inc., a provider of cloud-based communication and collaboration products and services, C3.ai, Inc., an enterprise…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscriptions | $633.6M | 96.4% | +5.8% |
| Other | $23.4M | 3.6% | +7.8% |
| Product | $13.0M | 2.0% | +2.4% |
| Total revenue | $657.0M | 100% | — |
The lines above cover 102% of total revenue.

## Company outlook (8-K filed 2026-10-22)

- "Fourth Quarter 2026 Guidance: • Subscriptions revenue of $653 to $659 million. • Total revenue of $673 to $680 million. • GAAP operating margin of 13.3% to 14.7%. • Non-GAAP operating margin of 25.0% to 25.5%. • Non-GAAP EPS of $1.32 to $1.37 based on approximately 88.7 million fully diluted shares. • Share-based compensation of $57 to $62 million."
- "Conference Call Details: • What: RingCentral financial results for the third quarter of 2026 and outlook for the fourth quarter and full year of 2026. • When: Thursday, October 22, 2026 at 2:00PM PT (5:00PM ET). • Dial-in: 1-888-349-0093 from the United States; 1-412-317-5201 internationally • Webcast: https://ir.ringcentral.com (live and replay)."

Analysts expect $675.5M for the current quarter, +3.0% vs the guidance midpoint $656.0M. Source: https://www.sec.gov/Archives/edgar/data/1384905/000138490526000058/rng-20260930x8kxex991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.35 | $1.35 | +0.5% | $675.5M | 12 |
| Next quarter (ends 2027-03-31) | $1.31 | $1.29 | +1.3% | $676.2M | 13 |
| Current fiscal year (ends 2026-12-31) | $5.11 | $5.04 | +1.3% | $2.65B | 8 |
| Next fiscal year (ends 2027-12-31) | $5.56 | $5.50 | +1.1% | $2.77B | 14 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 115.3% | ±16.6% |
| 2026-11-06 | 14 | 93.3% | ±17.5% |
| 2026-11-13 | 21 | 82.8% | ±18.3% |
| 2026-11-20 | 28 | 78.5% | ±18.8% |
| 2026-11-27 | 35 | 73.8% | ±19.9% |
| 2026-12-04 | 42 | 70.7% | ±20.7% |
| 2026-12-18 | 56 | 67.1% | ±21.5% |
| 2027-01-15 | 84 | 62.5% | ±23.9% |