Rimini Street (RMNI) AI Stock Analysis

• Market Cap: $294.24M
• Dividend Yield: N/A
• Average Volume (3M): 395.48K
• Price to Earnings (P/E): 9.6
• Beta (1Y): 0.87
• Revenue Growth: -0.16%
• EPS Growth: N/A
• Country: US
• Employees: 2,000
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.07
• Shares Outstanding: 91,664,000
• 10 Day Avg. Volume: 283,000
• 30 Day Avg. Volume: 395,478
• PEG Ratio: -0.05
• Price to Book (P/B): -13.17
• Price to Sales (P/S): 0.84
• P/FCF Ratio: 6.40
• Enterprise Value/Market Cap: 0.66
• Enterprise Value/Revenue: 0.46
• Enterprise Value/Gross Profit: 0.77
• Enterprise Value/Ebitda: 2.82
• 1Y Price Target: $5.94
• Price Target Upside: 85.05% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.35
• Revenue Forecast (FY): $434.39M

• Rating: 56 Neutral
• Price Target: $3.00 ▼(-6.54% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

RMNI scores mid-range: improved 2025 profitability and cash generation and a low P/E support the rating, but persistent negative equity, flat-to-declining revenue, and margin/retention pressures highlighted in the earnings call keep the overall score restrained. Technicals are moderately constructive but not decisively bullish given the stock remains below the 200-day average.

Positive Factors

Contractual backlog / RPO growth

A growing RPO backlog provides durable revenue visibility and underpins multi-period cash flows. The 11% RPO increase (12% ex‑PeopleSoft) signals stronger contracted demand and billings conversion potential, improving forward revenue predictability and easing short‑term sales timing variability.

Agentic AI product traction

The Agentic AI product is a structural differentiator: deployable over existing ERPs without migrations, it expands addressable market and cross‑sell potential. Measurable client benefits (faster approvals, order cycle cuts) support stickiness, upsell and may reprice support value over time.

Improved cash generation & liquidity

Stronger 2025 cash flow and a larger cash balance materially improve financial flexibility versus recent years. Reliable operating cash supports reinvestment into sales capacity and product rollout, reduces near‑term refinancing risk, and gives management runway to execute growth and margin recovery initiatives.

Negative Factors

Negative shareholders' equity

A sustained negative equity position is a structural balance sheet weakness that constrains strategic options. It makes leverage metrics less meaningful, limits ability to raise equity on favorable terms, restricts M&A or aggressive buybacks, and increases vulnerability to adverse shocks or covenant demands.

Flat-to-declining revenue & retention

Low overall revenue growth and sub‑target retention are structural growth limits. An ~88% retention rate implies meaningful churn that reduces recurring revenue durability and forces disproportionate new sales investment to maintain top line, impairing long‑term compound growth and predictability.

Margin pressure from higher S&M to scale

Management's deliberate sales ramp to scale Agentic AI creates persistent margin risk: elevated S&M and compressed adjusted EBITDA reduce free cash flow leeway until new product monetization and retention lift materialize. If conversion fails to offset spend, margin recovery may be protracted.

Rimini Street Business Overview & Revenue Model

Company Description

Rimini Street, Inc. provides enterprise software products, services, and support for various industries. The company offers software support services for Oracle and SAP enterprise software products. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific. Rimini Street, Inc. was incorporated in 2005 and is headquartered in Las Vegas, Nevada.

How the Company Makes Money

Rimini Street primarily makes money by selling contracted, subscription-style support and maintenance services for enterprise software products (most notably certain Oracle and SAP product lines). Customers pay recurring fees—typically under multi-month or multi-year agreements—for access to Rimini Street’s support delivery (e.g., issue resolution, tax/legal/regulatory updates where applicable, and operational support for covered systems) instead of purchasing vendor maintenance. A key revenue stream is these ongoing support subscriptions, which are generally priced and scoped based on the software environments covered (such as specific application modules, database instances, and production/non-production systems) and the service level commitments provided. In addition to core support subscriptions, the company generates revenue from professional services and add-on offerings associated with running and maintaining enterprise environments, which may include implementation assistance, optimization, interoperability work, and other managed services related to the supported software ecosystems. The company’s revenue is therefore driven by (1) acquiring new support clients, (2) retaining and renewing existing clients, and (3) expanding accounts through additional covered systems and adjacent services. Significant factors influencing earnings include the installed base of on-premises enterprise software customers seeking to reduce maintenance costs or delay migrations, renewal rates on subscription contracts, and the company’s ability to deliver support at scale. Information on specific commercial partnerships that materially contribute to earnings is null.

Rimini Street Financial Statement Overview

Summary

Profitability and cash flow improved in 2025 (positive net income and strong operating/free cash flow), but revenue is flat-to-down and earnings/cash flow have been volatile. The largest constraint is the structurally weak balance sheet with persistently negative equity despite lower debt in 2025.

Income Statement

Revenue has been essentially flat to slightly down recently (2025 down ~2% after a small decline in 2024), following stronger growth earlier in the period. Profitability rebounded meaningfully in 2025 with positive net income (~9% net margin) and solid EBITDA margin (~14%) versus a loss in 2024, but earnings have been volatile across years (profits in 2023, small loss in 2022, outsized profit in 2021). Overall: improving profitability off a weak year, but limited growth and uneven earnings quality keep the score mid-range.

Balance Sheet

The balance sheet is pressured by persistently negative stockholders’ equity across all periods provided (including 2025), which reduces financial flexibility and makes leverage metrics less meaningful (debt-to-equity is negative due to negative equity). Total debt is relatively low in 2025 (~$27.9M) compared with prior years (notably higher in 2021–2024), which is a positive de-risking signal, but the ongoing equity deficit remains the central weakness.

Cash Flow

Cash generation is a relative strength: 2025 operating cash flow (~$60.2M) and free cash flow (~$55.7M) are strong and broadly align with net income (free cash flow is ~92% of net income). That said, cash flow has been volatile (2024 showed negative operating and free cash flow), and free cash flow growth is sharply negative in 2025 versus the prior year, reflecting a swing rather than steady compounding. Overall: solid latest-year cash conversion, but stability is a concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	421.54M	428.75M	431.50M	409.66M	374.43M
Gross Profit	254.60M	261.02M	268.98M	257.28M	237.97M
EBITDA	65.86M	-22.18M	50.42M	16.11M	29.53M
Net Income	37.10M	-36.27M	26.06M	-2.48M	75.22M
Balance Sheet
Total Assets	423.11M	369.06M	393.80M	391.04M	391.26M
Cash, Cash Equivalents and Short-Term Investments	119.97M	88.79M	125.25M	129.12M	119.57M
Total Debt	27.86M	96.63M	81.66M	88.44M	100.37M
Total Liabilities	450.14M	438.51M	433.29M	468.21M	471.65M
Stockholders Equity	-27.03M	-69.44M	-39.50M	-77.17M	-80.39M
Cash Flow
Free Cash Flow	55.65M	-42.23M	5.25M	30.57M	64.84M
Operating Cash Flow	60.22M	-38.85M	12.47M	34.90M	66.94M
Investing Cash Flow	-4.57M	6.45M	3.08M	-24.45M	-2.11M
Financing Cash Flow	-26.60M	14.02M	-6.89M	-13.57M	-26.57M

Rimini Street Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RMNI, the sentiment is Negative. The current price of 3.21 is below the 20-day moving average (MA) of 3.49, below the 50-day MA of 3.49, and below the 200-day MA of 4.00, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 38.14 is Neutral, neither overbought nor oversold. The STOCH value of 7.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RMNI.

Rimini Street Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DSP	75 Outperform	$735.53M	8.21	19.72%	―	22.97%	49.49%
ONTF	66 Neutral	$345.51M	-11.71	-19.64%	―	-6.23%	28.57%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BMBL	57 Neutral	$421.64M	-0.53	-106.91%	―	-7.43%	61.36%
RMNI	56 Neutral	$294.24M	9.59	-100.92%	―	-0.16%	―
SMRT	54 Neutral	$305.64M	-6.33	-25.34%	―	-24.30%	-181.62%
LAW	46 Neutral	$270.41M	-10.79	-32.94%	―	6.33%	-66.34%

Rimini Street Corporate Events

Rimini Street Adopts 2026 Long-Term Executive Incentive Plan

Effective March 2, 2026, Rimini Street’s compensation committee approved a 2026 Long-Term Incentive Plan for executive officers, allocating awards among performance share units, restricted stock units and stock options, with CEO Seth Ravin receiving a $2.64 million targeted grant and other named executives receiving grants ranging from $300,000 to $1 million. Performance units will be earned over a 2026 fiscal-year performance period tied equally to adjusted EBITDA and total revenue, with earned PSUs, RSUs and options vesting in three annual tranches and featuring accelerated vesting protections for the CEO and other named executives in cases of certain terminations or change-of-control events, underscoring the company’s efforts to retain leadership and tie compensation to financial performance.

The PSUs can pay out from zero to 200% of target based on Rimini Street’s 2026 results, with vesting of all components contingent on continued service, while the CEO’s options are structured as non-qualified due to his ownership stake. These plan mechanics, including differentiated treatment of awards and detailed acceleration terms, are designed to balance performance incentives with executive retention, potentially influencing leadership stability and aligning stakeholder interests around the company’s 2026 earnings and revenue goals.

The most recent analyst rating on (RMNI) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Rimini Street stock, see the RMNI Stock Forecast page.

Rimini Street Reports 2025 Results, Highlights AI Momentum

Rimini Street, Inc. is a global provider of end-to-end enterprise software support, managed services and Agentic AI ERP innovation solutions, and is the leading third‑party support provider for Oracle, SAP and VMware software. The company focuses on helping organizations extend the life and value of existing ERP systems while layering next‑generation AI‑driven capabilities without costly or risky upgrades or migrations.

In a release dated February 19, 2026, Rimini Street reported fiscal fourth quarter and full‑year 2025 results showing modest top‑line pressure but growing contractual backlog and AI‑driven product momentum. Revenue for 2025 slipped 1.7% to $421.5 million but rose 1.0% excluding the wind‑down of Oracle PeopleSoft support, while record remaining performance obligations of $652.9 million, higher adjusted billings, a swing to GAAP net income of $37.1 million from a loss in 2024, and increased cash to $120.0 million highlighted improving fundamentals despite margin compression and lower non‑GAAP profitability.

Fourth quarter 2025 revenue declined 3.9% to $109.8 million, with U.S. sales down double digits and international revenue up slightly, but adjusted recurring revenue grew 3.1% and active clients edged up to 3,102, underscoring stable demand for core subscription services. Management emphasized accelerating sales growth after adjusting for PeopleSoft, the launch of next‑generation Agentic AI ERP solutions, streamlined global operations and share repurchases, as marquee customers such as Ypê, Tidewater, Silicon Labs and SP Electricity North West expanded multi‑year engagements that support Rimini Street’s positioning as an AI‑enabled alternative to traditional ERP maintenance models.

The most recent analyst rating on (RMNI) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Rimini Street stock, see the RMNI Stock Forecast page.