diff --git a/CHANGELOG.md b/CHANGELOG.md
index 787c642ad9..100896df8c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -10,6 +10,7 @@ The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 ### Added
 
 - Added support for the new license key format. A proprietary key can now grant a subset of the library: a function your key does not include evaluates to a `#LIC!` error, and the matching parts of the API throw a `LicenseCapabilityMissingError`. `getAvailableFunctions()` and `getFunctionDetails()` describe only the functions your key includes. [#1728](https://github.com/handsontable/hyperformula/pull/1728)
+- Added new functions: RANK.EQ and its alias RANK. [#1786](https://github.com/handsontable/hyperformula/pull/1786)
 
 ### Changed
 
diff --git a/src/i18n/languages/csCZ.ts b/src/i18n/languages/csCZ.ts
index fea286083c..a1dfd82f48 100644
--- a/src/i18n/languages/csCZ.ts
+++ b/src/i18n/languages/csCZ.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMTAN',
     LARGE: 'LARGE',
     SMALL: 'SMALL',
+    'RANK.EQ': 'RANK.EQ',
+    RANK: 'RANK',
     PERCENTILE: 'PERCENTIL',
     'PERCENTILE.INC': 'PERCENTIL.INC',
     'PERCENTILE.EXC': 'PERCENTIL.EXC',
diff --git a/src/i18n/languages/daDK.ts b/src/i18n/languages/daDK.ts
index 9264551249..8ac788fb9d 100644
--- a/src/i18n/languages/daDK.ts
+++ b/src/i18n/languages/daDK.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMAGTAN',
     LARGE: 'STØRSTE',
     SMALL: 'MINDSTE',
+    'RANK.EQ': 'PLADS.LIGE',
+    RANK: 'PLADS',
     PERCENTILE: 'FRAKTIL',
     'PERCENTILE.INC': 'FRAKTIL.MEDTAG',
     'PERCENTILE.EXC': 'FRAKTIL.UDELAD',
diff --git a/src/i18n/languages/deDE.ts b/src/i18n/languages/deDE.ts
index 4d3d39319b..0322878f99 100644
--- a/src/i18n/languages/deDE.ts
+++ b/src/i18n/languages/deDE.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMATAN',
     LARGE: 'KGRÖSSTE',
     SMALL: 'KKLEINSTE',
+    'RANK.EQ': 'RANG.GLEICH',
+    RANK: 'RANG',
     PERCENTILE: 'QUANTIL',
     'PERCENTILE.INC': 'QUANTIL.INKL',
     'PERCENTILE.EXC': 'QUANTIL.EXKL',
diff --git a/src/i18n/languages/enGB.ts b/src/i18n/languages/enGB.ts
index d271b732cd..616968d4a8 100644
--- a/src/i18n/languages/enGB.ts
+++ b/src/i18n/languages/enGB.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMTAN',
     LARGE: 'LARGE',
     SMALL: 'SMALL',
+    'RANK.EQ': 'RANK.EQ',
+    RANK: 'RANK',
     PERCENTILE: 'PERCENTILE',
     'PERCENTILE.INC': 'PERCENTILE.INC',
     'PERCENTILE.EXC': 'PERCENTILE.EXC',
diff --git a/src/i18n/languages/esES.ts b/src/i18n/languages/esES.ts
index 9c6b817b98..02dec62253 100644
--- a/src/i18n/languages/esES.ts
+++ b/src/i18n/languages/esES.ts
@@ -387,6 +387,8 @@ export const dictionary: RawTranslationPackage = {
     IMTAN: 'IMTAN',
     LARGE: 'K.ESIMO.MAYOR',
     SMALL: 'K.ESIMO.MENOR',
+    'RANK.EQ': 'JERARQUIA.EQV',
+    RANK: 'JERARQUIA',
     PERCENTILE: 'PERCENTIL',
     'PERCENTILE.INC': 'PERCENTIL.INC',
     'PERCENTILE.EXC': 'PERCENTIL.EXC',
diff --git a/src/i18n/languages/fiFI.ts b/src/i18n/languages/fiFI.ts
index 99ff05708f..0ce4dd0adb 100644
--- a/src/i18n/languages/fiFI.ts
+++ b/src/i18n/languages/fiFI.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'KOMPLEKSI.TAN',
     LARGE: 'SUURI',
     SMALL: 'PIENI',
+    'RANK.EQ': 'RANK.EQ',
+    RANK: 'RANK',
     PERCENTILE: 'PROSENTTIPISTE',
     'PERCENTILE.INC': 'PROSENTTIPISTE.SIS',
     'PERCENTILE.EXC': 'PROSENTTIPISTE.ULK',
diff --git a/src/i18n/languages/frFR.ts b/src/i18n/languages/frFR.ts
index f7b9be45f7..f16a4333fc 100644
--- a/src/i18n/languages/frFR.ts
+++ b/src/i18n/languages/frFR.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'COMPLEXE.TAN',
     LARGE: 'GRANDE.VALEUR',
     SMALL: 'PETITE.VALEUR',
+    'RANK.EQ': 'EQUATION.RANG',
+    RANK: 'RANG',
     PERCENTILE: 'CENTILE',
     'PERCENTILE.INC': 'CENTILE.INCLURE',
     'PERCENTILE.EXC': 'CENTILE.EXCLURE',
diff --git a/src/i18n/languages/huHU.ts b/src/i18n/languages/huHU.ts
index e40219553a..cb963d8bd4 100644
--- a/src/i18n/languages/huHU.ts
+++ b/src/i18n/languages/huHU.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'KÉPZ.TAN',
     LARGE: 'NAGY',
     SMALL: 'KICSI',
+    'RANK.EQ': 'RANK.EQ',
+    RANK: 'RANK',
     PERCENTILE: 'PERCENTILIS',
     'PERCENTILE.INC': 'PERCENTILIS.TARTALMAZ',
     'PERCENTILE.EXC': 'PERCENTILIS.KIZÁR',
diff --git a/src/i18n/languages/idID.ts b/src/i18n/languages/idID.ts
index 719cb11db6..21f5fb5fee 100644
--- a/src/i18n/languages/idID.ts
+++ b/src/i18n/languages/idID.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMTAN',
     LARGE: 'BESAR',
     SMALL: 'KECIL',
+    'RANK.EQ': 'RANK.EQ',
+    RANK: 'RANK',
     PERCENTILE: 'PERCENTILE',
     'PERCENTILE.INC': 'PERCENTILE.INC',
     'PERCENTILE.EXC': 'PERCENTILE.EXC',
diff --git a/src/i18n/languages/itIT.ts b/src/i18n/languages/itIT.ts
index 1a494628f8..161ee522ae 100644
--- a/src/i18n/languages/itIT.ts
+++ b/src/i18n/languages/itIT.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'COMP.TAN',
     LARGE: 'GRANDE',
     SMALL: 'PICCOLO',
+    'RANK.EQ': 'RANGO.UG',
+    RANK: 'RANGO',
     PERCENTILE: 'PERCENTILE',
     'PERCENTILE.INC': 'INC.PERCENTILE',
     'PERCENTILE.EXC': 'ESC.PERCENTILE',
diff --git a/src/i18n/languages/nbNO.ts b/src/i18n/languages/nbNO.ts
index ff15415a98..404467e801 100644
--- a/src/i18n/languages/nbNO.ts
+++ b/src/i18n/languages/nbNO.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMTAN',
     LARGE: 'N.STØRST',
     SMALL: 'N.MINST',
+    'RANK.EQ': 'RANG.EKV',
+    RANK: 'RANG',
     PERCENTILE: 'PERSENTIL',
     'PERCENTILE.INC': 'PERSENTIL.INK',
     'PERCENTILE.EXC': 'PERSENTIL.EKS',
diff --git a/src/i18n/languages/nlNL.ts b/src/i18n/languages/nlNL.ts
index c491e2f44b..c4a1568d81 100644
--- a/src/i18n/languages/nlNL.ts
+++ b/src/i18n/languages/nlNL.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'C.TAN',
     LARGE: 'GROOTSTE',
     SMALL: 'KLEINSTE',
+    'RANK.EQ': 'RANG.GELIJK',
+    RANK: 'RANG',
     PERCENTILE: 'PERCENTIEL',
     'PERCENTILE.INC': 'PERCENTIEL.INC',
     'PERCENTILE.EXC': 'PERCENTIEL.EXC',
diff --git a/src/i18n/languages/plPL.ts b/src/i18n/languages/plPL.ts
index 6fa4f016b4..1bd8231f71 100644
--- a/src/i18n/languages/plPL.ts
+++ b/src/i18n/languages/plPL.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'TAN.LICZBY.ZESP',
     LARGE: 'MAX.K',
     SMALL: 'MIN.K',
+    'RANK.EQ': 'POZYCJA.NAJW',
+    RANK: 'POZYCJA',
     PERCENTILE: 'PERCENTYL',
     'PERCENTILE.INC': 'PERCENTYL.PRZEDZ.ZAMK',
     'PERCENTILE.EXC': 'PERCENTYL.PRZEDZ.OTW',
diff --git a/src/i18n/languages/ptPT.ts b/src/i18n/languages/ptPT.ts
index 6c1e68c328..5272290d62 100644
--- a/src/i18n/languages/ptPT.ts
+++ b/src/i18n/languages/ptPT.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMTAN',
     LARGE: 'MAIOR',
     SMALL: 'MENOR',
+    'RANK.EQ': 'ORDEM.EQ',
+    RANK: 'ORDEM',
     PERCENTILE: 'PERCENTIL',
     'PERCENTILE.INC': 'PERCENTIL.INC',
     'PERCENTILE.EXC': 'PERCENTIL.EXC',
diff --git a/src/i18n/languages/ruRU.ts b/src/i18n/languages/ruRU.ts
index 6b35c1ce2f..d8d99a1284 100644
--- a/src/i18n/languages/ruRU.ts
+++ b/src/i18n/languages/ruRU.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'МНИМ.TAN',
     LARGE: 'НАИБОЛЬШИЙ',
     SMALL: 'НАИМЕНЬШИЙ',
+    'RANK.EQ': 'РАНГ.РВ',
+    RANK: 'РАНГ',
     PERCENTILE: 'ПЕРСЕНТИЛЬ',
     'PERCENTILE.INC': 'ПРОЦЕНТИЛЬ.ВКЛ',
     'PERCENTILE.EXC': 'ПРОЦЕНТИЛЬ.ИСКЛ',
diff --git a/src/i18n/languages/svSE.ts b/src/i18n/languages/svSE.ts
index 5f87580087..0a5a3abc34 100644
--- a/src/i18n/languages/svSE.ts
+++ b/src/i18n/languages/svSE.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'IMTAN',
     LARGE: 'STÖRSTA',
     SMALL: 'MINSTA',
+    'RANK.EQ': 'RANG.EKV',
+    RANK: 'RANG',
     PERCENTILE: 'PERCENTIL',
     'PERCENTILE.INC': 'PERCENTIL.INK',
     'PERCENTILE.EXC': 'PERCENTIL.EXK',
diff --git a/src/i18n/languages/trTR.ts b/src/i18n/languages/trTR.ts
index 93c2176d37..d3f3806b2a 100644
--- a/src/i18n/languages/trTR.ts
+++ b/src/i18n/languages/trTR.ts
@@ -387,6 +387,8 @@ const dictionary: RawTranslationPackage = {
     IMTAN: 'SANTAN',
     LARGE: 'BÜYÜK',
     SMALL: 'KÜÇÜK',
+    'RANK.EQ': 'RANK.EQ',
+    RANK: 'RANK',
     PERCENTILE: 'YÜZDEBİRLİK',
     'PERCENTILE.INC': 'YÜZDEBİRLİK.DHL',
     'PERCENTILE.EXC': 'YÜZDEBİRLİK.HRC',
diff --git a/src/interpreter/functionMetadata/categories/statistical.ts b/src/interpreter/functionMetadata/categories/statistical.ts
index 1752c3eaf6..25808b4a10 100644
--- a/src/interpreter/functionMetadata/categories/statistical.ts
+++ b/src/interpreter/functionMetadata/categories/statistical.ts
@@ -444,6 +444,13 @@ export const STATISTICAL_DOCS: Record<string, FunctionDoc> = {
     documentationUrl: 'https://hyperformula.handsontable.com/docs/guide/built-in-functions.html',
     examples: ['=QUARTILE.INC(A1:A10, 3)'],
   },
+  'RANK.EQ': {
+    category: 'Statistical',
+    shortDescription: 'Returns the rank of a number in a range; tied numbers share the top rank.',
+    parameters: [{name: 'number', description: 'The number whose rank to find.'}, {name: 'ref', description: 'The range of numbers to rank against; non-numeric cells are ignored.'}, {name: 'order', description: 'Optional. 0 or omitted ranks in descending order; any other value ranks in ascending order.'}],
+    documentationUrl: 'https://hyperformula.handsontable.com/docs/guide/built-in-functions.html',
+    examples: ['=RANK.EQ(A1, A1:A10)', '=RANK.EQ(A1, A1:A10, 1)'],
+  },
   RSQ: {
     category: 'Statistical',
     shortDescription: 'Returns the squared correlation coefficient between two data sets.',
diff --git a/src/interpreter/plugin/MedianPlugin.ts b/src/interpreter/plugin/MedianPlugin.ts
index a6a2a1078e..3825e46374 100644
--- a/src/interpreter/plugin/MedianPlugin.ts
+++ b/src/interpreter/plugin/MedianPlugin.ts
@@ -38,6 +38,18 @@ export class MedianPlugin extends FunctionPlugin implements FunctionPluginTypech
         {argumentType: FunctionArgumentType.NUMBER, minValue: 1},
       ],
     },
+    'RANK.EQ': {
+      method: 'rankEq',
+      parameters: [
+        {argumentType: FunctionArgumentType.NUMBER},
+        {argumentType: FunctionArgumentType.RANGE},
+        {argumentType: FunctionArgumentType.NUMBER, defaultValue: 0},
+      ],
+    },
+  }
+
+  public static aliases = {
+    RANK: 'RANK.EQ',
   }
 
   /**
@@ -100,4 +112,30 @@ export class MedianPlugin extends FunctionPlugin implements FunctionPluginTypech
       }
     )
   }
+
+  /**
+   * Corresponds to RANK.EQ(number, ref, [order]) and RANK(number, ref, [order]).
+   *
+   * Returns the rank of a number within a range; tied numbers share the top rank of the group.
+   * Order 0 (default) ranks descending, any other value ranks ascending. Only numeric cells of `ref` are considered.
+   *
+   * @param ast - procedure AST node
+   * @param state - interpreter state
+   */
+  public rankEq(ast: ProcedureAst, state: InterpreterState): InterpreterValue {
+    return this.runFunction(ast.args, state, this.metadata('RANK.EQ'),
+      (target: number, range: SimpleRangeValue, order: number) => {
+        const numbers = this.arithmeticHelper.manyToExactNumbers(range.valuesFromTopLeftCorner())
+        if (numbers instanceof CellError) {
+          return numbers
+        }
+        if (!numbers.includes(target)) {
+          return new CellError(ErrorType.NA, ErrorMessage.ValueNotFound)
+        }
+        const isAscending = order !== 0
+        const better = numbers.filter(value => isAscending ? value < target : value > target)
+        return better.length + 1
+      }
+    )
+  }
 }
diff --git a/src/license/functionCapabilities.ts b/src/license/functionCapabilities.ts
index a26733ec5f..7352d00434 100644
--- a/src/license/functionCapabilities.ts
+++ b/src/license/functionCapabilities.ts
@@ -92,7 +92,7 @@ const UNGROUPED_FUNCTIONS = [
   'ISREF', 'LCM', 'LOG10', 'LOGNORM.DIST', 'LOGNORM.INV', 'MAXA', 'MAXPOOL', 'MEDIANPOOL', 'MINA', 'MIRR',
   'MMULT', 'MULTINOMIAL', 'NEGBINOM.DIST', 'NETWORKDAYS.INTL', 'NOMINAL', 'NORM.DIST', 'NORM.INV',
   'NORM.S.DIST', 'NORM.S.INV', 'NPER', 'OCT2BIN', 'OCT2DEC', 'OCT2HEX', 'PDURATION', 'PERCENTILE.EXC',
-  'PHI', 'POISSON.DIST', 'QUARTILE.EXC', 'QUARTILE.INC', 'RADIANS', 'ROMAN', 'RRI', 'RSQ', 'SEC', 'SECH',
+  'PHI', 'POISSON.DIST', 'QUARTILE.EXC', 'QUARTILE.INC', 'RADIANS', 'RANK', 'RANK.EQ', 'ROMAN', 'RRI', 'RSQ', 'SEC', 'SECH',
   'SERIESSUM', 'SHEET', 'SHEETS', 'SINH', 'SKEW', 'SKEW.P', 'SLOPE', 'SPLIT', 'SQRTPI', 'STANDARDIZE',
   'STEYX', 'SUMX2MY2', 'SUMX2PY2', 'SYD', 'T.DIST', 'T.DIST.2T', 'T.DIST.RT', 'T.INV', 'T.INV.2T', 'T.TEST',
   'TANH', 'TBILLEQ', 'TBILLPRICE', 'TBILLYIELD', 'TDIST', 'TIMEVALUE', 'UNICODE', 'VARA', 'VARPA',