olivLaw · US equity research
Rimini Street, Inc. RMNI
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Rimini Street provides third-party enterprise software support, managed services and Agentic AI ERP solutions as an alternative to software vendor support. Revenue dipped slightly in 2025, but growth returned in the second quarter of 2026 as clients look to cut IT costs without costly upgrades. The company reported revenue of $421.5 million for fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Rimini Street, Inc. (RMNI) stock was 5.20 USD (−1.14% on the day), with market capitalisation 482.0 m USD, P/E 44.2 on diluted EPS of 0.12 USD over the last 12 months, beta 0.93, 52-week range 2.97–5.65 USD. Latest reported quarter (Q3 2026): revenue of 112.1 m USD (+8.3% YoY), net income of 6.5 m USD (+135.8% YoY), diluted EPS 0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 3.44 – 5.17
- above the upper band · %B 1.02 · band width 40.2%
- SMA 50 / 200
- 4.47 / 4.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.18 / 0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +26.5% | −1.1% | +27.6 pp | — |
| 3 months | +5.1% | −0.5% | +5.5 pp | — |
| 6 months | +32.0% | +4.4% | +27.6 pp | — |
| Year to date | +34.0% | +12.3% | +21.7 pp | — |
| 1 year | +27.8% | +13.5% | +14.2 pp | −14.6% |
| 3 years | +89.1% | +76.4% | +12.7 pp | −8.8% |
| 5 years | −30.8% | +63.7% | −94.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 114.2 m | 104.2 m | 104.1 m | 103.4 m | 109.8 m | 105.5 m | 111.1 m | 112.1 m |
| Cost of revenue | 41.5 m | 40.7 m | 41.3 m | 41.5 m | 43.5 m | 43.2 m | 43.4 m | 43.3 m |
| Gross profit | 72.7 m | 63.5 m | 62.9 m | 61.9 m | 66.3 m | 62.3 m | 67.7 m | 68.8 m |
| Research & development | — | 0 | 0 | 0 | — | 571.0 k | 1.1 m | 1.2 m |
| Operating income | 14.9 m | 9.4 m | 41.2 m | 4.4 m | 5.0 m | 4.8 m | 6.4 m | 9.8 m |
| Depreciation & amortisation | 946.0 k | 930.0 k | 859.0 k ≈ | 1.1 m ≈ | 1.0 m | 995.0 k | 1.0 m ≈ | 1.0 m ≈ |
| Interest expense | 1.9 m | 1.7 m | 1.6 m | 1.4 m | 1.4 m | 1.3 m | 1.1 m | 980.0 k |
| Pre-tax income | 13.0 m | 7.6 m | 40.8 m | 3.5 m | 3.8 m | 2.3 m | 5.0 m | 9.9 m |
| Income tax | 6.3 m | 4.3 m | 10.5 m | 704.0 k | 3.0 m | 949.0 k | 2.6 m | 3.4 m |
| Net income | 6.7 m | 3.4 m | 30.3 m | 2.8 m | 724.0 k | 1.4 m | 2.4 m | 6.5 m |
| Diluted EPS | 0.07 ≈ | 0.04 | 0.32 | 0.03 | 0.01 ≈ | 0.01 | 0.03 | 0.07 |
| Operating cash flow | -37.7 m | 33.7 m | -17.8 m ≈ | 24.7 m ≈ | 19.6 m | 24.5 m | -1.6 m ≈ | -15.2 m ≈ |
| Capex | 680.0 k | 895.0 k | 1.8 m ≈ | 1.2 m ≈ | 706.0 k | 648.0 k | 730.0 k ≈ | 2.8 m ≈ |
| Share repurchases | 0 | — | — | — | 3.8 m | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 86 percentile of its own 14-quarter history (min 6.7, median 12.3, max 102.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 253.5 m | 281.1 m | 326.8 m | 374.4 m | 409.7 m | 431.5 m | 428.8 m | 421.5 m |
| Revenue YoY | +18.0% | +10.9% | +16.3% | +14.6% | +9.4% | +5.3% | −0.6% | −1.7% |
| Net income | -64.0 m | 21.4 m | 11.6 m | 75.2 m | -2.5 m | 26.1 m | -36.3 m | 37.1 m |
| Net income YoY | unavailable | unavailable | −45.9% | +549.2% | −103.3% | unavailable | −239.2% | unavailable |
| Diluted EPS | unavailable | -0.06 | -0.21 | 0.51 | -0.03 | 0.29 | -0.40 | 0.39 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −105.9% | unavailable | −237.9% | unavailable |
| net % | -25.2% | 7.6% | 3.5% | 20.1% | -0.6% | 6.0% | -8.5% | 8.8% |
| Free cash flow | 21.3 m | 18.5 m | 40.6 m | 64.8 m | 30.6 m | 5.3 m | -42.2 m | 55.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 120.0 m USD
- Financial debt
- 67.2 m USD
- Net debt
- -52.8 m USD
- Equity
- -27.0 m USD
- Total assets
- 423.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.86x
- ROE
- unavailable
- ROA
- 9.4%
- FCF margin
- 13.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 326.8 m | 374.4 m | 409.7 m | 431.5 m | 428.8 m | 421.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 126.2 m | 136.5 m | 152.4 m | 162.5 m | 167.7 m | 166.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 200.6 m | 238.0 m | 257.3 m | 269.0 m | 261.0 m | 254.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 17.9 m | 26.8 m | 8.1 m | 43.8 m | -32.1 m | 59.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 1.8 m | 2.4 m | 2.5 m | 2.8 m | 3.6 m | 3.9 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 19.7 m ≈ | 29.2 m ≈ | 10.6 m ≈ | 46.6 m ≈ | -28.5 m ≈ | 63.8 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 77.0 k | 1.6 m | 4.3 m | 5.5 m | 6.3 m | 6.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 16.2 m | 19.4 m | 3.8 m | 41.2 m | -36.6 m | 55.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 4.6 m | -55.8 m | 6.3 m | 15.2 m | -371.0 k | 18.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 11.6 m | 75.2 m | -2.5 m | 26.1 m | -36.3 m | 37.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -0.21 | 0.51 | -0.03 | 0.29 | -0.40 | 0.39 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 71.2 m | 89.0 m | 87.7 m | 89.5 m | 90.5 m | 94.5 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 87.6 m | 119.6 m | 109.0 m | 115.4 m | 88.8 m | 120.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 117.9 m | 135.4 m | 116.1 m | 119.4 m | 130.8 m | 136.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 233.2 m | 286.8 m | 281.7 m | 288.7 m | 256.3 m | 300.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 4.8 m | 4.4 m | 6.1 m | — | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Total assets | 279.9 m | 391.3 m | 391.0 m | 393.8 m | 369.1 m | 423.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 3.2 m | 5.7 m | 8.0 m | 6.0 m | 5.3 m | 5.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 0 | 3.7 m | 4.8 m | 5.9 m | 3.1 m | 4.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 0 | 79.7 m | 70.0 m | 64.2 m | 82.2 m | 63.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 295.3 m | 329.5 m | 353.0 m | 336.4 m | 324.6 m | 347.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 345.1 m | 471.6 m | 468.2 m | 433.3 m | 438.5 m | 450.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | -203.1 m † | -80.4 m † | -77.2 m † | -39.5 m † | -69.4 m † | -27.0 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 42.1 m | 66.9 m | 34.9 m | 12.5 m | -38.8 m | 60.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 1.5 m | 2.1 m | 4.3 m | 7.2 m | 3.4 m | 4.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 40.6 m ≈ | 64.8 m ≈ | 30.6 m ≈ | 5.3 m ≈ | -42.2 m ≈ | 55.7 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -1.5 m | -2.1 m | -24.4 m | 3.1 m | 6.4 m | -4.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 6.4 m | -26.6 m | -13.6 m | -6.9 m | 14.0 m | -26.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 0 | 2.9 m | 0 | 0 | — | — | SEC (XBRL)· 28 Feb 2024verified |
| Share repurchases | 0 | 0 | 4.7 m | 1.0 m | 0 | 7.6 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 482.0 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet63
- Returns26
- Quality72
- Growth8
- Valuation48
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.34 – 6.45 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)4.01 – 5.97 (Mid 4.76)WACC 8.8% · starting FCFF 24.8 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 5.3%
- Peers: EV/EBITDA3.93 – 6.45 (Mid 5.57)13 companies used · median multiple 15.5x · quartiles 10.4x – 18.2xBR, CPAY, EBAY, FICO, FIS, GPN, IMXI, MELI, MSCI, OPRX, PYPL, RBA, UBER
- Peers: P/E2.34 – 4.51 (Mid 3.20)19 companies used · median multiple 27.2x · quartiles 19.9x – 38.4xACN, AMTM, BR, CPAY, EBAY, FICO, FIS, GRAB, IMXI, MA, MELI, MSCI, OPRX, PAYO, PDD, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.5% | 45 (vs peers) | 8% |
| FCF conversion · Quality | 203.0% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 1.0% | 8 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.7x | 89 (vs peers) | 14% |
| Interest coverage · Balance sheet | 5.5x | 61 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 44.2x | 24 (vs peers) | 14% |
| EV/EBITDA · Valuation | 14.3x | 64 (vs peers) | 14% |
| FCF yield · Valuation | 4.6% | 58 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth· partial8/100 · 1/2 factors with a value
- Quality72/100 · 2/3 factors with a value
- Returns· partial26/100 · 1/2 factors with a value
- Valuation48/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Rimini Street, Inc. (RMNI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 421.5 m USD in 2025; YoY growth -1.7%; net margin 2.5%; net debt/EBITDA -1.7x.
The estimated value range is 3.93–5.97 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 4.76 USD, the price of 5.20 USD leaves a potential of -8.5% (value / price − 1) and a margin of safety of -9.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 203.0%
- Net debt / EBITDA: -1.7x
What contradicts it
- Revenue CAGR 3Y: 1.0%
- Current ratio: 0.8x
- P/E (TTM): 44.2x
- Shareholder yield (distributions): 1.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PDDPDD Holdings Inc. | 478.0 bn | 35.6 | 27.4% | 22.7% | +14.5% | −28% / −43% |
| BABAAlibaba Group Holding Ltd | 200.8 bn | 135.1 | 10.3% | 10.1% | +8.1% | −31% / +44% |
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| AMTMAmentum Holdings, Inc. | 5.2 bn | 25.7 | 4.5% | 1.4% | +71.6% | −25% / unavailable |
| XMTRXometry, Inc. | 5.0 bn | — | -3.9% | -2.0% | +25.9% | +86% / +345% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.2 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| AHGAkso Health Group | 2.1 bn | 129.5 | -9.8% | -135.0% | −6.4% | −13% / +52% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| RMNIRimini Street, Inc. | 482.0 m | 44.2 | — | 2.5% | −1.7% | +28% / +89% |
| ADVAdvantage Solutions Inc. | 410.7 m | — | -59.0% | -8.9% | −0.7% | +35% / −53% |
| IMXIInternational Money Express, Inc. | 220.5 m | 11.7 | 11.9% | 3.4% | −7.7% | −52% / −65% |
| AMWLAmerican Well Corporation | 207.5 m | — | -24.5% | -27.0% | −2.0% | +186% / −52% |
| OPRXOptimizeRx Corporation | 163.3 m | 36.9 | 3.7% | 4.7% | +18.8% | −43% / −9% |
1- and 3-year price returns: for RMNI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.99 Total return -42% · Per year -42% | 5.30 Total return 2% · Per year 2% | 7.99 Total return 54% · Per year 54% |
| 3 years | 2.70 Total return -48% · Per year -20% | 5.40 Total return 4% · Per year 1% | 8.97 Total return 73% · Per year 20% |
| 5 years | 2.44 Total return -53% · Per year -14% | 5.50 Total return 6% · Per year 1% | 10.08 Total return 94% · Per year 14% |
- Exit P/E± 1.35
- Net margin± 0.95
- Annual revenue growth± 0.80
- Annual dilution± 0.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Rimini Street provides third-party enterprise software support, managed services and Agentic AI ERP solutions as an alternative to software vendor support. Revenue dipped slightly in 2025, but growth returned in the second quarter of 2026 as clients look to cut IT costs without costly upgrades 123. The company reported revenue of $421.5 million for fiscal 2025 1.
SWOT
Strengths
- The company holds a strong position as the leading independent enterprise software support provider, with a broad service portfolio and clients across many industries 1. The subscription model gives visibility into future revenue 1.
- Revenue retention has held steady, showing that existing clients stay with the company 3. Debt reduction and higher cash give it financial flexibility 3.
- The broad portfolio allows existing clients to expand with additional services, which can support long-term growth 1.
Weaknesses
- Revenue declined in fiscal 2025 and the company has a history of net losses 1. Profitability depends heavily on costs that are hard to cut quickly 1.
- Dependence on a small number of software vendors, such as Oracle, exposes the company to litigation risk and changes in agreements 1.
- Long sales cycles and pricing pressure can slow growth and complicate forecasting 1.
Opportunities
- Clients wanting to avoid costly upgrades could adopt more third-party support and managed services 1. International growth is an important channel for this demand 3.
- Agentic AI ERP solutions, if widely adopted, could open new revenue sources on top of the existing portfolio 13.
- Extending the offering to new software products and strategic partnerships could expand the client base 1.
Threats
- Software vendors may push clients toward cloud versions and their own support packages, reducing demand for third-party services 1.
- Litigation with Oracle and obligations under the settlement agreement could carry adverse financial and operational effects 1.
- Rising competition and client consolidation could lead to lost contracts or price reductions 1.
Risks
- Oracle settlement and litigationhigh
Material breaches of the 2025 settlement agreement with Oracle could lead to new litigation and adverse effects on the business 1. The company cannot guarantee the outcome of its compliance efforts or the timing of associated revenue reductions 1.
- PeopleSoft wind-downhigh
Ending support for PeopleSoft products will reduce revenue over a defined period, and the total costs of this process cannot be fully estimated 12. The financial impact could be significant for quarterly results 3.
- Declining client retentionmedium
If retention rates fall or forecasts prove inaccurate, future revenue and results could be affected 1. Clients that move to other vendors or new releases can shorten existing contracts 1.
- Artificial intelligence risksmedium
Use of AI technologies in products and operations can create errors, security problems or reputational harm, with effects on financial results 12. The company cannot rule out these risks entirely.
- Debt and variable interest rateslow
The level of debt and variable interest rates expose the company to higher financing costs, which could limit financial flexibility 1. Restrictions in the credit facility can limit operating decisions 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the second quarter of 2026 and the return of growth in key metrics could support a more durable recovery, if it continues 3. The 2026 outlook and the broader service portfolio provide a framework for that development 3.
- High client retention and long contract terms give visibility into future revenue 13. If clients extend contracts into managed services and AI, average revenue per client could rise 1.
- A leading independent position in software support and lower debt could provide room to invest in innovation, especially in Agentic AI ERP solutions 13.
What would break the thesis
- Revenue declined in fiscal 2025 and the company has posted losses in the past, raising questions about sustainable growth 1. If the growth trend does not hold, results could fall short of expectations 3.
- Litigation and the settlement with Oracle leave uncertainty over future revenue and costs, and a new dispute could seriously affect the business 1.
- Software vendors could reduce the appeal of third-party support through pricing and migration policies, and competition could squeeze margins 1.
What to watch
- Revenue trend and guidance for the third quarter of 2026Q3 2026
- Revenue retention rate and active client countnext 10-K
- Progress of the PeopleSoft wind-down and its revenue impact2027
- Adoption of Agentic AI ERP solutions and their contribution to revenue2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Rimini Street, Inc., headquartered in Las Vegas and listed on Nasdaq under RMNI, is a global provider of third-party enterprise software support, managed services and Agentic AI ERP solutions 13. The model is subscription-based, and most revenue comes from support services that replace software vendor support for products such as Oracle, SAP and VMware 1. The company said it had over 3,100 active clients as of December 31, 2025, including 78 Fortune 500 companies 1.
The offering is organized around the Rimini Smart Path methodology with three steps: Support, Optimize and Innovate 1. Clients can start by replacing vendor support and later expand contracts to managed services, security, interoperability and consulting 1. The company argues that innovation, including Rimini Agentic UX launched in December 2025, can be funded within existing IT budgets 1.
Segments
Rimini Support
Rimini Support is the core service for Oracle, SAP, VMware and other products, with 24/7/365 coverage and tax, legal and regulatory updates for 139 countries 1. The company describes it as the main driver of growth in its August 2026 release 3.
Managed services and consulting
Rimini Manage and Rimini Consult cover day-to-day application management, including for Workday, Dayforce, Salesforce and ServiceNow, as well as implementation and migration projects 1. These services deepen relationships with existing clients and can offset pressure on traditional support 1.
Market context
Enterprise software support and services is one of the largest categories of global IT spending, and the cost of maintaining mission-critical ERP systems has risen 1. Clients face shrinking IT budgets and want fewer vendors, which creates room for independent providers 1.
The company estimates its addressable market has expanded with innovation and AI services, but these estimates depend on new technologies that are still maturing 1. International revenue is growing faster than U.S. revenue, suggesting geographic diversification 3.
Trends
- IT budget pressuretailwind
Clients are cutting IT spending and seeking efficiencies, which favors lower-cost third-party support over vendor support 1. If budgets stay constrained, demand for these services could grow.
- Vendor push to cloudmixed
Software vendors push clients toward cloud versions and upgrades, which could reduce demand for third-party support in the short term 12. The company says many clients prefer to avoid costly migrations 3.
- Artificial intelligencemixed
AI adoption opens opportunities for Agentic AI ERP solutions but also brings operational and reputational risks 1. Their success is not assured, and results could come more slowly than expected 1.
- Tax and privacy regulationheadwind
Obligations on sales tax, VAT and data protection raise compliance costs and may create additional liabilities 1. If regulation tightens, the company could need further investment.
Competitive position
The company faces competition for each component of its portfolio, from software vendors, systems integrators and other software service firms 1. Competitors may introduce low-cost services or different pricing models, which could affect client retention 1.
Software vendors are themselves competitors because they offer their own support, upgrades or cloud migrations 1. The company aims to stay vendor-agnostic, which could differentiate its offering over the long term 1.
- OracleORCL
Software vendor whose support the company replaces; the relationship is marked by litigation and a settlement agreement 1.
- SAP
ERP software vendor whose support the company also provides; clients can choose between vendor support and third-party support 1.
- Systems integrators and consulting firms
Software service firms offering implementation, migration and support that compete with the company's professional services 1.
- Other third-party support providers
Independent providers of enterprise application support that compete directly on price and service level 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- ERP users may soon get ahead by going headless, says Rimini Street bossThe Register · 16 Jun 2026 · RO
The latest news item in our archive is from 16 Jun 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report02 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report14 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report08 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report04 Jun 2026Shareholder vote · Financial statements and exhibits
- Proxy statement30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Rimini Street, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Rimini Street, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Rimini Street, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.