RMNI · Industrials(services-business services, nec) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Rimini Street, Inc. reported revenue of $421.5 million in fiscal 2025. Of the $249.7 million its operations generated over 10 years, 63.0% went to buybacks and 11.0% back into the business. On the accounting screens, it passes 6 of 9 Piotroski tests, its Altman Z'' of -1.39 is in the distress zone and its Beneish M-score is below the -1.78 line; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025421.5M
Operating margin14.2%gross margin 60.4%
Return on invested capital99.5%-300.1% on average over 5 years
Free cash flow after stock pay44.6M10.6% of revenue
Net debt ÷ EBITDANet cash52.8M more cash than debt
Piotroski F-score6/9tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-200.0M0200.0M400.0M600.0M
2017
2017Revenue 214.9MOperating income 25.3M
2018Revenue 253.5MOperating income 29.5M
2019Revenue 281.1MOperating income 22.1M
2020Revenue 326.8MOperating income 17.9M
2021Revenue 374.4MOperating income 26.8M
2022Revenue 409.7MOperating income 8.1M
2023Revenue 431.5MOperating income 43.8M
2024Revenue 428.8MOperating income -32.1M
2025Revenue 421.5MOperating income 59.9M
2017201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+1.0%
+5.2%
—
Operating income
+94.9%
+27.4%
—
Net income
—
+26.2%
—
Earnings per share
—
+19.3%
—
Free cash flow per share
+19.1%
+0.6%
—
Shares
+2.5%
+5.8%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
—
Return on assets
8.8%
Asset turnover
1.00×
Overheads (SG&A)
16.6% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-100.0M-50.0M050.0M100.0M
2017
2017Net income -50.0MFree cash flow 27.8MAfter stock-based pay 24.8M
2018Net income -64.0MFree cash flow 21.3MAfter stock-based pay 16.9M
2019Net income 21.4MFree cash flow 18.5MAfter stock-based pay 13.0M
2020Net income 11.6MFree cash flow 40.6MAfter stock-based pay 33.2M
2021Net income 75.2MFree cash flow 64.8MAfter stock-based pay 55.1M
2022Net income -2.5MFree cash flow 30.6MAfter stock-based pay 19.7M
2023Net income 26.1MFree cash flow 5.3MAfter stock-based pay -7.3M
2024Net income -36.3MFree cash flow -42.2MAfter stock-based pay -51.8M
2025Net income 37.1MFree cash flow 55.6MAfter stock-based pay 44.6M
2017201720182019202020212022202320242025
Where 10 years of operating cash went, 2017–2025
249.7M generated by the business. Each band is its share of that total.
Reinvested in the business 11%27.4M
Acquisitions 0%0
Dividends 1%2.9M
Share buybacks 63%157.2M
Kept, or used to pay down debt 25%62.1M
Over the same years it paid 74.1M in stock. 83.2M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-1.00$-0.50$0.00$0.50$1.00
2017
2017Earnings per share $-0.84Free cash flow per share $0.47
2018Earnings per share $-1.00Free cash flow per share $0.33
2019Earnings per share $0.32Free cash flow per share $0.28Dividend per share $0.00
2020Earnings per share $0.16Free cash flow per share $0.57Dividend per share $0.00
2021Earnings per share $0.85Free cash flow per share $0.73Dividend per share $0.03
2022Earnings per share $-0.03Free cash flow per share $0.35Dividend per share $0.00
2023Earnings per share $0.29Free cash flow per share $0.06Dividend per share $0.00
2024Earnings per share $-0.40Free cash flow per share $-0.47
2025Earnings per share $0.39Free cash flow per share $0.59
2017201720182019202020212022202320242025
Shares outstanding
Diluted shares
50.0M60.0M70.0M80.0M90.0M100.0M
2017
2017Diluted shares 59.3M
2018Diluted shares 64.2M
2019Diluted shares 66.0M
2020Diluted shares 71.2M
2021Diluted shares 89.0M
2022Diluted shares 87.7M
2023Diluted shares 89.5M
2024Diluted shares 90.5M
2025Diluted shares 94.5M
2017201720182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-100.0M-50.0M050.0M100.0M
2017
2017Net debt 60.2M
2018Net debt -22.4M
2019Net debt -38.0M
2020Net debt -87.6M
2021Net debt -36.3M
2022Net debt -34.2M
2023Net debt -45.3M
2024Net debt -3.5M
2025Net debt -52.8M
2017201720182019202020212022202320242025
Net debt ÷ EBITDA
-0.8×
Interest coverage
10× operating income ÷ interest
Current ratio
0.86 current assets ÷ current liabilities
Cash conversion cycle
— collects in 119d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✕Better gross marginGross margin higher than a year beforefailed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-1.39distress zone
1.12.6
Working capital ÷ assets -0.11 × 6.56-0.73
Retained earnings ÷ assets -0.48 × 3.26-1.55
Operating income ÷ assets 0.14 × 6.72+0.95
Equity ÷ liabilities -0.06 × 1.05-0.06
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.64below the -1.78 line
-1.78
Receivables vs sales 1.06+0.98
Gross margin slipping 1.01+0.53
Soft assets 1.00 (not reported, set to 1)+0.40
Sales growth 0.98+0.88
Slower depreciation 1.00 (not reported, set to 1)+0.12
Overheads vs sales 0.97-0.17
Profit not in cash -0.05-0.26
Leverage rising 0.88-0.29
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$1.7M4 sale(s) by 2 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
