RNGRingCentral, Inc.

Services-Computer Processing & Data Preparation

Revenue: $2.5B; 4.8% YoY
Operating margin: 4.8%; 4209% YoY
EBITDA: $343M; 52% YoY
Market cap: $3.0B
Employees: —
Net debt / EBITDA: 4.2×; $1.5B net debt
AI in 10-K: 15.4; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
14× net income
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentYes
71% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
15.4 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$24M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.6B	$2.0B	$2.2B	$2.4B	$2.5B	4.8%
Operating income	−$302M	−$649M	−$199M	$3M	$121M	4415%
Net income	−$376M	−$879M	−$165M	−$58M	$43M	174%
Operating cash flow	$152M	$191M	$400M	$483M	$617M	28%
Capex	$29M	$33M	$24M	$25M	$30M	20%
Stock-based comp	$358M	$386M	$427M	$339M	$270M	20%
Buybacks	$0	$100M	$311M	$322M	$334M	3.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 29, 2025	Sylebra Capital Ltd	SCHEDULE 13D/A	4.9%	Passive
May 26, 2023	Sylebra Capital Ltd	SC 13D	8.7%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $24M · 80
Net: −$24M

Pay vs performance

No pay-versus-performance disclosure yet.