Answer
The thrust capacity is often limited by the groove material rather than the ring itself. The allowable load $P_g$ is calculated as $P_g = \frac{D d \pi S_y}{S_f}$ where $D$ is the shaft/bore diameter, $d$ is the groove depth, $S_y$ is the yield strength of the groove material, and $S_f$ is the safety factor (usually 2). If the groove material is soft (e.g., Aluminum 6061-T6), the ring will 'dish' as the groove wall yields. This causes a moment arm that can eventually eject the ring. The critical depth $d$ must be maintained such that $d \geq \frac{P S_f}{\pi D S_y}$.