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The Moat Index

RingCentral, Inc.

RNG · Technology · FY2025 filings · Shallow moat ·

Doesn't clear the bar

42/ 100
Shallow moat

The four filters

Pricing power99

Median gross margin 72.3% over 10y, very stable.

Returns on capital4

Median ROIC -14.1%, above the 9% hurdle in 13% of years.

Balance-sheet safety10

Net debt/EBITDA 3.3x, interest coverage 2x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$45.2M
Est. intrinsic value / share
—
Recent price
$41.32
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

16 years of fundamentals

The business, in plain English

RingCentral, Inc. booked $2.5B of revenue in FY2025 in the Technology sector and kept 71.2% of it as gross profit — a high-margin business by that measure. After every other cost, 1.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $78.9M (FY2011) to $2.5B (FY2025) — about 28.1% a year compounded over 14 years.

It earned 17.4% on invested capital in FY2025, with a median of −19.1% across 9 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $1.3B of total debt in FY2025 against $235.9M of owner earnings — roughly 5.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 10/100.

Put together: Pricing Power is the strongest of the four filters (99/100) and Returns on Capital the weakest (4/100), which is how RNG lands at 42/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2010–FY2025 · 16 fiscal years, normalized from RNG’s SEC filings

RevenueSales, as filed$2.5B FY2025
$0$1B$2B2010201520202025
Gross marginRevenue kept after cost of goods71.2% FY2025
0%50%2010201520202025
Return on invested capitalOperating profit on the capital employed17.4% FY2025
−400%−200%0%2010201520202025
Owner earningsCash an owner could take out$235.9M FY2025
−$500M$02010201520202025

Gaps in a line mean that item isn’t in RNG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale41.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — RNG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#292 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #290UPLD UPLAND SOFTWARE, INC.42.3Shallow moat
  2. #291INLX INTELLINETICS, INC.41.9Shallow moat
  3. #293EFOR Everforth, Inc.41.7Shallow moat
  4. #294GSIT GSI Technology, Inc.41.7Shallow moat

Compare RNG with its nearest peers →All Technology companies on the Index →

Common questions about RNG

Does RingCentral, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores RingCentral, Inc. (RNG) 41.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 4, balance-sheet safety 10, capital discipline 44.
How has RNG's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 41.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell RNG. See the disclaimer.

RingCentral, Inc. (RNG) Moat Score — The Moat Index · Buy Like Buffett