Ranger Energy Services, Inc. — Form 8-K
Filed July 28, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 48/100
What the filing says
Ranger Energy Services reported Q2 2026 adjusted EBITDA of $28.6M (TTM $89.0M) with free cash flow of $20.0M. The company closed its acquisition of American Well Services on November 7, 2025, at a 2.1x LTM EBITDA multiple with ~$4M expected annualized synergies. Ranger has contracted 20 ECHO hybrid rig builds for $48M total investment ($28M remaining payments), with 15 additional ECHO rigs contracted for a Permian operator and 3 for Chevron in the Bakken. The company returned $46.7M cumulatively to shareholders via repurchases (4.6M shares, ~19% of outstanding) and dividends since program inception.
Why this rating
AWS acquisition ($5.9B revenue company at 2.1x EBITDA) material but integration ongoing; ECHO program $48M capex is ~12% of market cap and margin-accretive long-term; strong FCF generation and shareholder returns. Growth initiatives substantive but execution risk remains.
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