RingCentral - owner earnings less net debt and preferred

RingCentral Inc. (RNG)

By@anthropopithecus

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

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RingCentral - owner earnings less net debt and preferred

as of 2026-07-19

Fair value per share

$14.25

Upside to market

-65.5%

Net debt

1,129

Justified multiple of owner earnings

8.1

Cash and equivalents (no securities held)

132.56$M

Annual relative growth decay

15.0%

Discount rate

10.0%

Entry growth

4.8%

FCF margin

23.4%

GAAP gross margin

71.2%

Series A convertible preferred (ranks ahead of common)

199.45$M

Market price

$41.32

FY2025 revenue

2,515.14$M

SBC as pct of revenue

10.7%

Class A plus Class B shares

87.00M

Terminal multiple cap

18.00

Total debt principal

1,261.32$M

Total multiple cap

45.00

Owner earnings and debt bridge ($M)

	FY2025
Revenue	2,515
FCF margin	23.4%
less SBC pct	10.7%
= Owner margin	12.6%
= Owner earnings	318
Justified multiple	8.1
= Enterprise value	2,568
less net debt	1,129
less preferred	199
= Equity value	1,240
memo - net debt / owner earnings	3.6

Sources

— sec.gov

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