Second-harmonic generation (SHG) is useful for obtaining single-frequency continuous-wave laser sources at various wavelengths for applications ranging from biology to fundamental physics. Using an external power-enhancement cavity is an effective approach to improve the frequency conversion efficiency. However, thermal effects limit the efficiency, particularly, in high-power operation. Therefore, reducing thermal effects is important when designing a cavity. This Letter reports the use of an external ring cavity for SHG, yielding a 5.2 W, 671 nm laser light with a conversion efficiency of 93.8±0.8% which, to the best of our knowledge, is a new record of conversion efficiency for an external ring cavity. It is achieved using a 10 mm length periodically poled potassium titanyl phosphate crystal and a 65 μm radius beam waist in the cavity so as to minimize thermal dephasing and thermal lensing. Furthermore, a method is developed to determine a conversion efficiency more accurately based on measuring the pump depletion using a photodiode detector and a maximum pump depletion up to 97% is recorded. In this method, the uncertainty is much less than that achieved in a common method by direct measuring with a power meter.