Ring Energy, Inc.
REI Energy Oil & Gas E&P
Ring Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $307.2 million, down 16.1% from fiscal 2024. In the quarter to June 2026, revenue grew 26.7%, EPS grew 180.0%, free cash flow fell 104.4% and total debt fell 19.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ring Energy, Inc. (REI) Beneish M-score
Ring Energy, Inc.'s Beneish M-score for fiscal 2025 is −2.68; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.68 | 0.33 |
| FY2024 | −3.01 | (0.20) |
| FY2023 | −2.81 | (2.29) |
| FY2022 | −0.53 | 1.94 |
| FY2021 | −2.46 | 2.60 |
| FY2020 | −5.06 | (2.11) |
| FY2019 | −2.96 | 0.04 |
| FY2018 | −3.00 | (0.49) |
| FY2017 | −2.51 | (6.75) |
| FY2016 | 4.24 | 7.74 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.51 | — | 1.39 | |
| Gross margin index | 1.07 | — | 0.56 | |
| Asset quality index | 1.31 | — | 0.53 | |
| Sales growth index | 0.84 | — | 0.75 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 1.28 | — | −0.22 | |
| Total accruals to total assets | (0.13) | — | −0.62 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.68 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| EGY Vaalco Energy Inc compare | −4.5× |
| WTI W&T Offshore, Inc. compare | −3.8× |
| PNRG PrimeEnergy Corporation compare | −3.4× |
| KGEI Kolibri Global Energy Inc. compare | −2.8× |
| REI Ring Energy, Inc. | −2.7× |
| SD SandRidge Energy, Inc. compare | −2.7× |
| AMPY Amplify Energy Corp. compare | −2.5× |
| FTW Presidio Production Company compare | — |
| SJT San Juan Basin Royalty Trust compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI