# Rimini Street (RMNI.US)

Canonical: https://gigainvestors.com/s/RMNI

Analysis as of: 2026-10-16T07:31:37.404Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.11 per share; close as of 2026-10-15.

Estimated value: low $3.86 per share, central $4.22 per share, high $4.70 per share. Buy at or below the central value $4.22 per share. Valuation as of 2026-10-16T07:31:37.404Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.91×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.02×

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.08×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.02×

- FY2023: 0.12×

- FY2024: -0.07×

- FY2025: 0.08×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 34.4%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 62.0%

- Recent gross margin (lower of latest and 3-year median): 60.4%

- Years with nonpositive capital: 9

- Capital spending / revenue: 0.7%

- ROIC including acquisitions, ten-year median: -2.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.2%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: 46.6%

- FY2023: 82.6%

- FY2024: -93.4%

- FY2025: 34.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $110M

- Net income, five-year total: $100M

- Return on incremental invested capital: 9.8%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: 29.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.09×

- FY2022: -0.49×

- FY2023: 0.86×

- FY2024: 0.87×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 100.0% vs 34.4%

- Per-share earnings: -1.11 to 0.29 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 5.8%

- Market cap gain: -$114M

- Cumulative retained earnings: $103M

- Diluted shares, 5-year annual growth: 5.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.40

- Per-share value, starting three-year median: -$1.11

- Per-share value, ending three-year median: $0.29

- Buybacks concentrated in cheaper years (correlation): 0.38

- Average buyback yield: 5.3%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 34.4%

- Acquisition spending: $0

- Cumulative net income, 10 years: $8.5M

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.12

- FY2017: -$1.65

- FY2018: -$1.11

- FY2019: $0.32

- FY2020: $0.16

- FY2021: $0.85

- FY2022: -$0.03

- FY2023: $0.29

- FY2024: -$0.40

- FY2025: $0.39

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 18.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.62×

- Accounting red flags: 2

Chart: Sloan accruals; fiscal year observations.

- FY2016: 32.8%

- FY2017: -67.5%

- FY2018: -76.0%

- FY2019: 0.5%

- FY2020: -10.5%

- FY2021: 2.1%

- FY2022: -9.6%

- FY2023: 3.5%

- FY2024: 0.7%

- FY2025: -5.5%

## Holders

- [Greg Alexander](https://gigainvestors.com/CM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 61% since Oct 2021 · sales -1.7%

Story as of 2026-10-16T09:59:30.846Z; price observation 2026-10-15.

Price needs cash profits to grow 0.4% a year for ten years

- 2025-07-10: Rimini Street surges 24% after settling copyright dispute with Oracle ([seekingalpha.com](https://seekingalpha.com/news/4466541-rimini-street-surges-24-after-settling-copyright-dispute-with-oracle?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -1.7%; source https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm; observed 2026-02-19.

- FY2017: $213M 

- FY2018: $253M 

- FY2019: $281M 

- FY2020: $327M 

- FY2021: $374M 

- FY2022: $410M 

- FY2023: $431M 

- FY2024: $429M 

- FY2025: $422M 

### Gross margin · FY2025

gross margin 60.4%; source https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm; observed 2026-02-19.

- FY2017: 61.0% 

- FY2018: 62.0% 

- FY2019: 62.6% 

- FY2020: 61.4% 

- FY2021: 63.6% 

- FY2022: 62.8% 

- FY2023: 62.3% 

- FY2024: 60.9% 

- FY2025: 60.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 421.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm (filed 2026-02-19); FY2025: revenue 421536000; grossProfit 254601000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); RMNI.US: Rimini Street, Inc. provides enterprise software support, managed services, and Agentic AI ERP solutions. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini Agentic UX, an AI-driven orchestration, automation, and user experience (UX) design to deliver a unified and composable interface for enterprise workflows; Rimini Support, a mission-critical support for Oracle, SAP and VMware applications, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; and Rimini Protect, a suite of personalized software security services and solutions. The company also offers Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems; Rimini Watch, a suite of observability solutions that include monitoring and system health check solutions; Rimini Consult, a suite of professional services for clients' enterprise software customization, configuration, implementation, integration, interoperability, migration, staff augmentation, and other project needs; and Rimini Custom, a program that expands support and related services to a broader portfolio of enterprise software. The company serves Fortune 500 companies and Fortune Global 100 companies across various industries. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific. The company was founded in 2005 and is headquartered in Las Vegas, Nevada.

### Why customers stay

Margins ranged from 60.4% to 62.3% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 62.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 60.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 60.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 9-year return on capital observations [[2017,1.000001],[2018,1.000001],[2019,1.000001],[2020,1.000001],[2021,1.3395877113979786],[2022,0.46645227111426546],[2023,0.8262581226580658],[2024,-0.9335412682065617],[2025,0.34429423747350657]]; median 1.000001. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 63% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm (filed 2026-02-19); Gross margin observations: [[2021,0.635542023876292],[2022,0.6280226137645181],[2023,0.6233731019522777]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 7 of 9 years; bought back USD 7.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 1872000; owner earnings 21450000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 1483000; owner earnings 18108000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 2108000; owner earnings 81654000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 4331000; owner earnings 1223000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 863251.5080206189; upkeep 6348748.491979381; owner earnings 22537251.508020617. Growth capex / owner earnings = 0.03830331785193073.

- Source: https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 4571000; owner earnings 36388000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2017,2845000],[2018,2845000],[2019,14742000],[2020,15781000],[2021,12680000],[2022,1000],[2023,5546000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 7592000 USD.

### Are managers owners

Insiders own 22.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); RMNI.US SharesStats.PercentInsiders = 22.335 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 0.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.006705290085265492. Price 4.11; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-11: $9.90 per share

- 2016-12: $9.91 per share

- 2017-01: $9.99 per share

- 2017-02: $10.03 per share

- 2017-03: $9.97 per share

- 2017-04: $10.00 per share

- 2017-05: $10.03 per share

- 2017-06: $10.01 per share

- 2017-07: $9.99 per share

- 2017-08: $10.01 per share

- 2017-09: $9.50 per share

- 2017-10: $9.55 per share

- 2017-11: $7.00 per share

- 2017-12: $7.91 per share

- 2018-01: $8.65 per share

- 2018-02: $8.59 per share

- 2018-03: $8.56 per share

- 2018-04: $7.96 per share

- 2018-05: $5.25 per share

- 2018-06: $6.55 per share

- 2018-07: $7.00 per share

- 2018-08: $5.08 per share

- 2018-09: $6.31 per share

- 2018-10: $7.15 per share

- 2018-11: $5.14 per share

- 2018-12: $5.15 per share

- 2019-01: $5.30 per share

- 2019-02: $5.46 per share

- 2019-03: $5.00 per share

- 2019-04: $5.08 per share

- 2019-05: $4.84 per share

- 2019-06: $5.30 per share

- 2019-07: $4.93 per share

- 2019-08: $4.77 per share

- 2019-09: $4.38 per share

- 2019-10: $3.91 per share

- 2019-11: $3.97 per share

- 2019-12: $3.88 per share

- 2020-01: $5.00 per share

- 2020-02: $4.62 per share

- 2020-03: $4.09 per share

- 2020-04: $4.62 per share

- 2020-05: $4.61 per share

- 2020-06: $5.15 per share

- 2020-07: $5.29 per share

- 2020-08: $4.38 per share

- 2020-09: $3.22 per share

- 2020-10: $3.17 per share

- 2020-11: $4.36 per share

- 2020-12: $4.43 per share

- 2021-01: $7.05 per share

- 2021-02: $7.77 per share

- 2021-03: $8.97 per share

- 2021-04: $7.87 per share

- 2021-05: $6.51 per share

- 2021-06: $6.16 per share

- 2021-07: $8.69 per share

- 2021-08: $9.55 per share

- 2021-09: $9.65 per share

- 2021-10: $10.41 per share

- 2021-11: $6.61 per share

- 2021-12: $5.97 per share

- 2022-01: $5.15 per share

- 2022-02: $4.53 per share

- 2022-03: $5.80 per share

- 2022-04: $5.76 per share

- 2022-05: $6.18 per share

- 2022-06: $6.01 per share

- 2022-07: $7.02 per share

- 2022-08: $5.04 per share

- 2022-09: $4.66 per share

- 2022-10: $5.61 per share

- 2022-11: $4.20 per share

- 2022-12: $3.81 per share

- 2023-01: $4.50 per share

- 2023-02: $4.28 per share

- 2023-03: $4.12 per share

- 2023-04: $3.74 per share

- 2023-05: $4.60 per share

- 2023-06: $4.79 per share

- 2023-07: $2.72 per share

- 2023-08: $2.42 per share

- 2023-09: $2.20 per share

- 2023-10: $2.17 per share

- 2023-11: $3.14 per share

- 2023-12: $3.27 per share

- 2024-01: $3.28 per share

- 2024-02: $3.23 per share

- 2024-03: $3.26 per share

- 2024-04: $2.66 per share

- 2024-05: $2.57 per share

- 2024-06: $3.07 per share

- 2024-07: $2.22 per share

- 2024-08: $1.76 per share

- 2024-09: $1.85 per share

- 2024-10: $1.77 per share

- 2024-11: $2.16 per share

- 2024-12: $2.67 per share

- 2025-01: $2.88 per share

- 2025-02: $3.55 per share

- 2025-03: $3.48 per share

- 2025-04: $3.53 per share

- 2025-05: $3.05 per share

- 2025-06: $3.77 per share

- 2025-07: $4.80 per share

- 2025-08: $4.33 per share

- 2025-09: $4.68 per share

- 2025-10: $3.98 per share

- 2025-11: $3.81 per share

- 2025-12: $3.88 per share

- 2026-01: $3.45 per share

- 2026-02: $3.72 per share

- 2026-03: $3.28 per share

- 2026-04: $3.41 per share

- 2026-05: $3.91 per share

- 2026-06: $4.26 per share

- 2026-07: $4.81 per share

- 2026-08: $5.61 per share

- 2026-09: $4.26 per share

- 2026-10: $4.11 per share

## Annual estimated value (USD per share)

- FY2021: low $3.81 per share, central $4.16 per share, high $4.63 per share

- FY2022: low $4.21 per share, central $4.60 per share, high $5.12 per share

- FY2023: low $4.22 per share, central $4.62 per share, high $5.16 per share

- FY2024: low $3.59 per share, central $3.96 per share, high $4.46 per share

- FY2025: low $3.73 per share, central $4.08 per share, high $4.55 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:37:22.713Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1635282/000163528226000014/rmni-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.