The low-Reynolds-number wake dynamics and stability of the flow past toroids placed normal to the flow direction are studied numerically. This bluff body has the attractive feature of behaving like the sphere at small aspect ratios, and locally like the straight circular cylinder at large aspect ratios. Importantly, the geometry of the ring is described by a single parameter, the aspect ratio ($\hbox{\it Ar}$), defined as a ratio of the torus diameter to the cross-sectional diameter of the ring. A rich diversity of wake topologies and flow transitions can therefore be investigated by varying the aspect ratio. Studying this geometry allows our understanding to be developed as to why the wake transitions leading to turbulence for the sphere and circular cylinder differ so greatly. Strouhal–Reynolds-number profiles are determined for a range of ring aspect ratios, as are critical Reynolds numbers for the onset of flow separation, unsteady flow and asymmetry. Results are compared with experimental findings from the literature. Calculated Strouhal–Reynolds-number profiles show that ring wakes shed at frequencies progressively closer to that of the straight circular cylinder wake as aspect ratio is increased from $\hbox{\it Ar}\,{ =}\, 3$. For $\hbox{\it Ar} \,{>}\, 8$, the initial asymmetric transition is structurally analogous to the mode A transition for the circular cylinder, with a discontinuity present in the Strouhal–Reynolds-number profile. The present numerical study reveals a shedding-frequency decrease with decreasing aspect ratio for ring wakes, and an increase in the critical Reynolds numbers for flow separation and the unsteady flow transition. A Floquet stability analysis has revealed the existence of three modes of asymmetric vortex shedding in the wake of larger rings. Two of these modes are analogous to mode A and mode B of the circular cylinder wake, and the third mode, mode C, is analogous to the intermediate wavelength mode found in the wake of square section cylinders and circular cylinder wakes perturbed by a tripwire. Furthermore, three distinct asymmetric transition modes have been identified in the wake of small aspect ratio bluff rings. Fully developed asymmetric simulations have verified the unsteady transition for rings that exhibit a steady asymmetric wake.