The acquisition transforms RNGR's coiled tubing franchise into a leading position, with compelling 2.5x EBITDA multiple and near-term accretion. Watch for closing (Sept 11) and integration updates; the ~$30M post-close debt is manageable and expected to be repaid within 18 months from free cash flow. Insider selling ($1.8M in past 30 days) is a minor caution but outweighed by strategic logic and 78% analyst bullish rating.
Price Chart
Executive Summary
Ranger Energy Services, Inc. (RNGR) entered into an Asset Purchase Agreement to acquire certain U.S. coiled tubing assets of STEP Energy Services for approximately $27.5 million ($22.5M cash + $5M stock). The acquisition is expected to close on or about September 11, 2026 and is projected to add $80-90M in revenue and >$10M in EBITDA by 2027, making Ranger the second-largest coiled tubing operator in the Lower 48. The deal is funded with revolver borrowings (post-close debt ~$30M) and targets 2.5x 2027E EBITDA.
Key Financial Metrics
Key Facts
- Total consideration ~$27.5M: $22.5M cash + $5M Class A Common Stock (VWAP-based)
- Acquires 13 full coiled tubing spreads, related equipment, inventory, and ~220 professionals
- Expected to add $80-90M revenue and >$10M EBITDA in 2027, including at least $2.5M first-year cost synergies
- Purchase price represents slightly more than 2.5x anticipated 2027 EBITDA
- Expected to be earnings accretive in 2027; closing expected on or about September 11, 2026
- Pro forma post-close borrowings expected ~$30M; management expects to repay within 18 months from operations
Financial Impact
~$27.5M acquisition consideration; target adding $80-90M revenue and >$10M EBITDA in 2027; 2.5x EBITDA multiple
Risk Factors
- Integration risk: merging STEP's operations and retaining ~220 professionals
- Execution risk on $2.5M cost synergies and $80-90M revenue target
- Leverage increase: post-close borrowings ~$30M, though expected to be short-lived
- 2026 cash flows impacted by ~$10M working capital build and pre-close capex commitments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-059460 |
| Document: 0001628280-26-059460-index.html | 0001628280-26-059460 |
| Document: 0001628280-26-059460.txt | 0001628280-26-059460 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 8-K | $15.42 $14.65 | ▼ −4.99% | ▼ −3.03% | $14.99 (−2.76%) |
Aug 31, 2026 8w ago | 8-K | $16.70 $16.92 | ▲ +1.32% | ▲ +1.46% | $14.99 (−10.21%) |
Jul 28, 2026 12w ago | 8-K | $15.14 $15.84 | ▲ +4.62% | ▼ −0.91% | $14.99 (−0.96%) |
Apr 27, 2026 26w ago | 8-K | $17.18 $17.06 | ▼ −0.73% | ▼ −2.42% | $14.99 (−12.74%) |
Mar 5, 2026 33w ago | 8-K | $16.88 $16.79 | ▲ +0.51% | ▼ −1.73% | $14.99 (+11.15%) |
Mar 2, 2026 34w ago | EFFECT | $17.54 $16.73 | ▼ −4.62% | ▼ −3.41% | $14.99 (−14.52%) |
US Market Status
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