Rimini Street, Inc. (RMNI) valuation at a glance
- Price
- $4.47
- Forward P/E
- 9.3×
- Market cap
- $417M
- P/S (TTM)
- 1.0×
CompaniesRMNI
RMNI
Rimini Street, Inc.
TechnologyNet cashEnterprise software supportLitigation overhang liftedNegative book equity
Overview
$4.47-2.3%
Market Cap
$417M
SEC filings
P/E (TTM)
57.6×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
60.1%
SEC filings
FCF Yield
15.3%
Calculated from SEC filings
Fair Value
Not established
Research file close 4
Conviction
3/5Net-cash third-party Oracle/SAP support vendor at a mid-teens FCF yield, with the Oracle litigation settled but revenue down three years running.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 60/100
Value2/4
Future1/1
Past4/4
Health1/2
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Rimini Street provides third-party enterprise software support, managed services and AI-enabled ERP services for Oracle and SAP installed bases at a discount to vendor maintenance. It screens as deep value on cash generation rather than earnings: per the 10-Q for the quarter ended 2026-06-30 and the FY2025 10-K, trailing twelve month revenue was 429.8M USD, operating cash flow 67.2M, free cash flow 63.9M, cash 123.4M against 46.6M of term debt, and the Oracle Rimini II case was settled in July 2025 with no accrued loss and 37.9M of the 58.7M in attorneys' fees previously paid recovered. Trailing FCF yield on market value was 14.9% at a 4.60 close on 2026-09-10. The strongest counter-evidence is that reported revenue has fallen three consecutive years (431.5M, 428.8M, 421.5M for FY2023 to FY2025), stockholders' equity is a 16.7M deficit, the CEO sold 322,707 shares on 2026-09-02 to 09-04, the 36.7M remaining repurchase authorization went unused through 1H2026, and the Chief Revenue Officer resigned on 2026-09-08 and was reinstated on 2026-09-14. The case would be confirmed by reported revenue turning positive year over year as the PeopleSoft wind-down (3% of 1H2026 revenue) fades, with FCF holding near 60M and the authorization actually used.
Bull Case
Cash flowTrailing twelve month free cash flow of 63.9M USD (OCF 67.2M less capex 3.3M) on 429.8M of revenue per the 10-Q for the quarter ended 2026-06-30 and the FY2025 10-K.
Balance sheetCash of 123.4M USD against 46.6M of term debt at 2026-06-30, after voluntary prepayments of 10.0M, 5.0M and 5.0M during 1H2026, with no revolver drawn per the 10-Q.
LitigationRimini II was settled 2025-07-07 and administratively closed under a Litigation Standstill with no accrued loss; Oracle repaid 37.9M of 58.7M in fees, and the only quantified contingency is 7.8M of client liquidated damages, none ever incurred, per 10-Q Note 8.
Bear Case
GrowthReported annual revenue declined from 431.5M (FY2023) to 428.8M (FY2024) to 421.5M (FY2025) per the FY2025 10-K; Q2 2026 reported growth of 6.7% compares with a PeopleSoft-adjusted 10% figure.
GovernanceCEO and Chairman Seth Ravin sold 322,707 shares at 5.02 to 5.18 USD on 2026-09-02 to 09-04 (Form 4 filed 2026-09-04) with no open-market insider purchases in the prior 90 days, and the CRO resigned and was reinstated within six days (8-Ks of 2026-09-08 and 2026-09-14).
Balance sheetStockholders' deficit of 16.7M USD at 2026-06-30 (from 27.0M at 2025-12-31), and the Rimini I (2018) and Rimini II (2025) injunctions remain in force with the court retaining enforcement jurisdiction should the Standstill lapse.
Key Metrics
Market Cap
$417M
SEC filings
Enterprise Value
$361M
Calculated from SEC filings
Revenue (TTM)
$430M
SEC filings
P/E (TTM)
57.6×
SEC filings
Forward P/E
9.3×
Research file close 4
P/S (TTM)
1.0×
SEC filings
P/B
–
SEC filings
EV/EBITDA
12.4×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
60.1%
SEC filings
Operating Margin
4.8%
SEC filings
Net Margin
1.7%
SEC filings
Free Cash Flow
$64M
SEC filings
FCF Yield
15.3%
Calculated from SEC filings
Debt / Equity
–
SEC filings
Current Ratio
0.8×
SEC filings
Short Interest
4.3%
SEC filings
Institutional Own.
70.7%
SEC filings
Insider Own.
22.3%
SEC filings
Shares Out.
93.4M
SEC filings
Float
42.3M
SEC filings
Valuation
Price vs Fair Value
Now $4.47
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| RMNI | $413M | 63.2× | 1.0× | 12.4× | +7.0% | 60.0% | 2.0% |
| PRGS | $1.69B | 20.0× | 1.7× | 8.8× | +7.0% | 86.0% | 9.0% |
| OTEX | $5.67B | 9.1× | 1.1× | 6.5× | +3.0% | 77.0% | 12.0% |
| PEGA | $5.75B | 20.3× | 3.3× | 27.5× | +9.0% | 76.0% | 19.0% |
| CVLT | $6.03B | 93.8× | 5.0× | 49.2× | +11.0% | 81.0% | 6.0% |
| UPLD | $12M | – | 0.1× | 6.6× | -8.0% | 76.0% | -19.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 409.7 | 431.5 | 428.8 | 421.5 |
| Cost of Revenue | 152.4 | 162.5 | 167.7 | 166.9 |
| Gross Profit | 257.3 | 269.0 | 261.0 | 254.6 |
| Operating Income | 38.9 | 53.6 | 38.2 | 33.0 |
| EBITDA | 16.1 | 54.1 | (22.2) | 70.7 |
| Net Income | (2.5) | 26.1 | (36.3) | 37.1 |
| Diluted EPS | -0.03 | 0.29 | -0.40 | 0.40 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 109.0 | 115.4 | 88.8 | 120.0 |
| Total Assets | 391.0 | 393.8 | 369.1 | 423.1 |
| Total Debt | 88.4 | 81.7 | 96.6 | 91.0 |
| Total Liabilities | 468.2 | 433.3 | 438.5 | 450.1 |
| Shareholders' Equity | (77.2) | (39.5) | (69.4) | (27.0) |
| Shares Out. (M) | 88.5 | 89.6 | 91.1 | 91.6 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 34.9 | 12.5 | (38.8) | 60.2 |
| Capital Expenditure | (4.3) | (7.2) | (3.4) | (4.6) |
| Free Cash Flow | 30.6 | 5.3 | (42.2) | 55.6 |
| Investing Cash Flow | (24.4) | 3.1 | 6.4 | (4.6) |
| Financing Cash Flow | (13.6) | (6.9) | 14.0 | (26.6) |
Figures normalized from Rimini Street, Inc.'s SEC 10-K filed 2026-02-19. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-02-19 ↗
Catalysts
Q3 2026 report, late October to early November (estimate from prior cadence)
Earningshigh relevance
Q3 2026 results: reported revenue versus PeopleSoft-adjusted growth
The test is whether reported year-over-year revenue turns positive as PeopleSoft falls below 3% of revenue, and whether any of the 36.7M remaining repurchase authorization is used.
FY2026 10-K, early March 2027
Earnings
FY2026 annual results and debt paydown
Full-year revenue against the 421.5M FY2025 base and the term loan balance after 20.0M of 1H2026 prepayments.
PeopleSoft Wind Down deadline
Regulatory
Completion of the PeopleSoft Wind Down and dismissal of Rimini II with prejudice
Under the settlement the wind-down must complete by 2028-07-31, after which the parties jointly stipulate to dismiss Rimini II with prejudice per the Q2 2026 10-Q.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Core third-party support demand erodes beyond the PeopleSoft wind-down | Competition | High | Medium | With revenue retention at 90% and three years of reported declines, a fall in ex-PeopleSoft revenue would turn the FCF yield into a shrinking stream. |
| Breach of the Oracle Settlement Agreement lifts the Litigation Standstill | Regulatory | High | Low | An uncured breach lets Oracle seek contempt or enforcement under injunctions still in force; the exposure is not quantified in the 10-Q. |
| Management stability and insider selling | Governance | Medium | Medium | CEO sales of 322,707 shares in September 2026 and a CRO resign-and-reinstate inside six days raise questions about execution at the top of the sales organization. |
| Negative book equity and credit facility covenants | Financial | Medium | Low | The 16.7M stockholders' deficit is deferred-revenue driven, but the repurchase program is gated by Credit Facility compliance, which has kept it unused for four quarters. |
| Vendor countermeasures on AI-enabled ERP services | Competition | Medium | Medium | Oracle and SAP can shift licensing or support terms to reduce the discount economics that drive third-party support adoption. |
Technical Snapshot
52-Week Range
–$4.47–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Directors, officers and affiliates controlled 40.2% of voting power at 2025-12-31 per the FY2025 10-K; Adams Street Partners was at 25.2% at 2026-06-30 and CEO/Chairman Seth Ravin at 12.2% at 2025-12-31. Recent Form 4 direction is negative: Ravin sold 322,707 shares on 2026-09-02 to 09-04 at 5.02 to 5.18 USD (10,168,602 shares remaining; 10b5-1 status not verified), with no open-market purchases by any insider between 2026-06-12 and 2026-09-10; the only other Form 4 activity was equity grants (Costello 300,000 on 2026-08-17, Lyskawa 25,000 on 2026-08-07).
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Ravin Seth A. | President, CEO & Chairman | Sell | 191.7K | $5.18 | 2026-09-02 | $992.1K |
| Ravin Seth A. | President, CEO & Chairman | Sell | 41.4K | $5.16 | 2026-09-03 | $213.5K |
| Ravin Seth A. | President, CEO & Chairman | Sell | 89.6K | $5.02 | 2026-09-04 | $450K |
| Ravin Seth A. | President, CEO & Chairman | Sell | 38.9K | $3.94 | 2026-05-06 | $153.2K |
| Ravin Seth A. | President, CEO & Chairman | Sell | 18.2K | $3.94 | 2026-05-06 | $71.5K |
| Perica Michael L. | EVP & Chief Financial Officer | Sell | 21.7K | $3.94 | 2026-05-06 | $85.3K |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| RMNI | $413M | 63.2× | 1.0× | 12.4× | +7.0% | 60.0% | 2.0% |
| PRGS | $1.69B | 20.0× | 1.7× | 8.8× | +7.0% | 86.0% | 9.0% |
| OTEX | $5.67B | 9.1× | 1.1× | 6.5× | +3.0% | 77.0% | 12.0% |
| PEGA | $5.75B | 20.3× | 3.3× | 27.5× | +9.0% | 76.0% | 19.0% |
| CVLT | $6.03B | 93.8× | 5.0× | 49.2× | +11.0% | 81.0% | 6.0% |
| UPLD | $12M | – | 0.1× | 6.6× | -8.0% | 76.0% | -19.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 2026 10-Q: net cash, FCF and litigation status
Cash was 123.4M USD against 46.6M of debt at 2026-06-30 after 20.0M of voluntary term-loan prepayments in 1H2026. Note 8 discloses no accrued loss or estimated range of loss on the Oracle matters, a 7.8M maximum client liquidated-damages exposure, and a Litigation Standstill running through the PeopleSoft Wind Down deadline of 2028-07-31. Stockholders' deficit narrowed to 16.7M from 27.0M at year-end.
2026-09-17SEC 8-K
CRO resigned 2026-09-08, reinstated 2026-09-14
An 8-K filed 2026-09-08 reported that EVP and Chief Revenue Officer Steven Hershkowitz resigned with duties passing to COO Keith Costello. A second 8-K filed 2026-09-14 (Item 5.02) reported his reinstatement effective 2026-09-14 with duties returned from the COO. No offering, going-concern or guidance change appeared in the window.
2026-09-17Research
Valuation framing at the 2026-09-10 close
At 4.60 USD the research file computed a 429.4M market value, 352.6M enterprise value, 0.82x EV/sales, 14.9% trailing FCF yield and 59.2x trailing P/E. Trailing EBITDA of 24.6M includes a non-recurring 32.0M net litigation recovery in FY2025, so underlying EV/EBITDA is nearer 17x than the headline 14.3x.
Sources
Rimini Street, Inc. valuation questions
What is Rimini Street, Inc.'s forward P/E ratio?
Rimini Street, Inc. (RMNI) trades at a forward P/E of 9.3×, and 1.0× trailing sales.
What is Rimini Street, Inc.'s market cap?
Rimini Street, Inc. (RMNI) has a market capitalization (its market value, often searched as "net worth") of $417M, and an enterprise value of $361M.