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US cloud communications company providing business phone, video meetings and contact center software (UCaaS/CCaaS).
US cloud communications company providing business phone, video meetings and contact center software (UCaaS/CCaaS).
Charges a monthly subscription per user, mostly on multi-year contracts. Many customers come through telecom partners such as AT&T and Avaya, which resell the service under their own names. The business phone product carries the company, with contact-centre software the newer line.
Moat: narrow (switching costs, installed base). Once phone/contact-center systems are migrated to the cloud platform, switching providers is disruptive to operations.
Headquarters: Belmont, California, US · Founded: 1999 · Employees: 7,378
Size RingCentral (RNG) is a United States Information Technology company (Packaged Software) with a market value of $6.09B, the 1052nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $72.07 on 6 Nov 2026.
Performance Over six months the shares gained 57.9%, against +8.8% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +12.6%); the operating margin is 8.6% (peer median 17.2%).
Valuation It trades at 13.3× forward earnings against a peer median of 21.3× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.4 points above its cost of capital (9.3% WACC).
Backlog Backlog (remaining performance obligations) was $2.70B at 30 Sep 2026, up 4% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 8.9% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.62B | $2.52B | $2.40B | $2.20B | $1.99B |
| Revenue growth | — | +5% | +9% | +11% | — |
| Gross profit | $1.90B | $1.80B | $1.70B | $1.54B | $1.35B |
| EBITDA | $469M | $386M | $259M | $76.0M | -$99.3M |
| Net income | $657M | $43.4M | -$58.3M | -$165M | -$879M |
| Free cash flow | $603M | $523M | $398M | $324M | $105M |
| Capital expenditure | $95.6M | $87.2M | $83.1M | $75.7M | $90.4M |
| Total debt | $1.25B | $1.49B | $1.78B | $1.79B | $1.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| RingCentral RNG | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% |
| Zoom Communications ZM | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| 8x8 EGHT | $308M | -22% | +4% | 4% | 5.9× | 12.4% |
| Five9 FIVN | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RNG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.0% | +5.7% | lowest of 21 |
| 6-month return | +57.9% | +8.8% | 3rd highest of 20 |
| Distance from 52-week high | -26.6% | -29.1% | 11th highest of 21 |
| Revenue growth (TTM) | +5.5% | +12.6% | 5th lowest of 21 |
| Operating margin | 8.6% | 17.2% | 7th lowest of 21 |
| Forward P/E | 13.3× | 21.3× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 15.2% | 8.6% | 7th most demanding of 19 |
| Growth delivered (Del g) | +16.3% | +15.5% | 10th highest of 19 |
| Hurdle (Req g minus delivered) | -1.1 pp | -6.0 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | +6.4 pp | +3.2 pp | 7th highest of 18 |
| EV / EBITDA | 15.4× | 14.8× | 5th most expensive of 12 |
| Net debt / EBITDA | 2.4× | -0.6× | 3rd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
RingCentral reported $2.70B of remaining performance obligations at 30 Sep 2026, up 4% from a year earlier and flat from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.