Rimini Street, Inc.
- Open
- 4.29
- Day high
- 4.48
- Day low
- 4.28
- Prev close
- 4.26
- Volume
- 172K
- Mkt cap
- $415M
- P/E (TTM)
- 11.7
- EPS (TTM)
- $0.38
- P/B
- -18.4
- P/S
- 1.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.3M over the last 3 months (0 open-market buys, 24 sales)
- 🏛Institutions mixed (13F)
Rimini Street, Inc. (RMNI) is a Technology company listed on NASDAQ. The stock is up 8% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 24 sales (SEC Form 4).
Rimini Street, Inc. (RMNI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RMNI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.08 | $0.03 | -62.5% | $105M | +2.7% |
| Feb 19, 2026 | $0.09 | $0.07 | -22.2% | $110M | +4.6% |
| Oct 30, 2025 | $0.10 | $0.08 | -20.0% | $103M | -1.9% |
| Jul 31, 2025 | $0.09 | $-0.03 | -133.3% | $104M | -0.7% |
| May 1, 2025 | $0.09 | $0.09 | +0.0% | $104M | +0.9% |
| Feb 27, 2025 | $0.10 | $0.12 | +20.0% | $114M | +11.4% |
| Oct 30, 2024 | $0.07 | $0.22 | +214.3% | $105M | +2.1% |
| Jul 31, 2024 | $0.10 | $0.07 | -30.0% | $103M | -2.2% |
| May 2, 2024 | $0.12 | $0.07 | -41.7% | $107M | +0.5% |
| Feb 28, 2024 | $0.12 | $0.19 | +58.3% | $112M | +1.8% |
| Nov 1, 2023 | $0.11 | $0.14 | +27.3% | $107M | -2.0% |
| Aug 2, 2023 | $0.12 | $0.10 | -16.7% | $106M | +1.0% |
RMNI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 4, 2026 | CAPELLI STEVEN Mdirector | Grant | 44,117 | — |
| Jun 4, 2026 | ACOSTA JACK Ldirector | Option | 55,727 | — |
| Jun 4, 2026 | CAPELLI STEVEN Mdirector | Option | 55,727 | — |
| Jun 4, 2026 | Snyder Jay Gdirector | Option | 55,727 | — |
| Jun 4, 2026 | Snyder Jay Gdirector | Grant | 44,117 | — |
| Jun 4, 2026 | Murray Robin P.director, 10 percent owner: | Grant | 44,117 | — |
| Jun 4, 2026 | ACOSTA JACK Ldirector | Grant | 44,117 | — |
| Jun 4, 2026 | Murray Robin P.director, 10 percent owner: | Option | 55,727 | — |
| May 8, 2026 | Maddock Kevinofficer: EVP,ChiefRecurringRev.Officer | Sell | 5,845 | $3.94 |
| May 8, 2026 | Maddock Kevinofficer: EVP,ChiefRecurringRev.Officer | Sell | 1,640 | $3.94 |
| May 8, 2026 | Rowe David W.officer: EVP & Chief Marketing Officer | Option | 4,534 | — |
| May 8, 2026 | Ravin Seth A.director, 10 percent owner, officer: President, CEO & Chairman | Sell | 38,928 | $3.94 |
| May 8, 2026 | Perica Michael L.officer: EVP & Chief Financial Officer | Sell | 21,666 | $3.94 |
| May 8, 2026 | Ravin Seth A.director, 10 percent owner, officer: President, CEO & Chairman | Option | 97,165 | — |
| May 8, 2026 | Lyskawa Nancyofficer: EVP & Chief Client Officer | Option | 4,534 | — |
Source: RMNI SEC Form 4 filings, latest Jun 4, 2026. For informational purposes only — not investment advice.
See the full RMNI insider & 13F page →Rimini Street, Inc. company profile
Overview
Rimini Street, Inc. (NASDAQ:RMNI) is a Las Vegas-based enterprise software support company founded in 2005 and publicly traded since 2015. The company has established itself as a leading independent provider of third-party support services for Oracle and SAP enterprise software products, serving clients across North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific region. Rimini Street has evolved from a pure-play Oracle and SAP support provider into a broader enterprise software services company, expanding its offerings to include application management, security services, and support for additional enterprise platforms including VMware and ServiceNow partnerships.
Business
Rimini Street operates in the enterprise software support industry, which serves as an alternative to vendor-provided maintenance and support services. The company's core business revolves around providing third-party support services for mission-critical enterprise software applications that large organizations rely on for their daily operations. The enterprise software support market exists because major software vendors like Oracle and SAP typically charge substantial annual fees (often 17-22% of original license costs) for ongoing support, updates, and maintenance of their enterprise resource planning (ERP), customer relationship management (CRM), and other business-critical applications. These enterprise applications manage everything from financial accounting and human resources to supply chain operations and customer data. Rimini Street's primary service offering is enterprise software support, which includes technical support, bug fixes, security updates, and performance enhancements for Oracle and SAP products. The company provides these services at typically 50% less cost than vendor support while maintaining or improving service quality. This support model allows enterprise clients to extend the lifecycle of their existing software investments without being forced into expensive upgrades or migrations. The company has expanded beyond traditional support into several complementary service areas: 1. Application Management Services (AMS) - Comprehensive management of enterprise applications including monitoring, optimization, and day-to-day operational support, representing an emerging growth area for the company. 2. Security Services (Rimini Protect) - Cybersecurity solutions specifically designed for enterprise software environments, addressing the critical need for protecting business-critical applications from security threats. 3. Interoperability Services (Rimini Connect) - Integration services that help enterprise applications communicate and share data effectively across complex IT environments. 4. VMware Support Services - Recently launched support for VMware virtualization platforms, expanding beyond traditional ERP support into infrastructure software. 5. Strategic Partnerships - New partnership initiatives with ServiceNow for enterprise application modernization and AI solutions, representing potential future growth drivers. Revenue distribution shows traditional Oracle and SAP support services still comprise the majority of revenues, with newer service lines and partnerships representing emerging growth opportunities. The company has been winding down its Oracle PeopleSoft support services, which represented approximately 7-8% of total revenue, to focus resources on higher-margin service lines.
Revenue model
Rimini Street operates on a subscription-based recurring revenue model where clients pay annual fees for ongoing support services. The company typically charges 50% less than what Oracle or SAP would charge for equivalent support, creating immediate cost savings for enterprise customers while generating predictable recurring revenue streams. The primary revenue model consists of annual support contracts where enterprise clients pay fees based on their existing software license footprint. These contracts are typically multi-year agreements that provide technical support, bug fixes, security patches, and performance enhancements. The company's annualized recurring revenue (ARR) of approximately $415 million demonstrates the stability of this subscription model. Rimini Street's customers are primarily large and mid-market enterprises across various industries including manufacturing, financial services, healthcare, retail, and government organizations. These organizations have substantial investments in Oracle and SAP enterprise software and are seeking to reduce total cost of ownership while maintaining reliable support for mission-critical applications. The company's margin profile is influenced by several key factors. Positive margin drivers include the scalable nature of software support services, where additional clients can be served with relatively modest incremental costs, and the company's global delivery model utilizing lower-cost engineering centers in Brazil, India, and Malaysia. The recurring revenue model provides predictable cash flows and high customer switching costs once implemented. Margin pressures come from ongoing litigation costs related to disputes with Oracle, which have resulted in significant legal expenses and one-time payments. The company paid $58.5 million in attorney fees to Oracle during 2024, representing a substantial drag on profitability. Additionally, the need to continuously invest in sales and marketing to acquire new enterprise clients, combined with the long sales cycles typical in enterprise software, can pressure short-term margins. Competitive dynamics with Oracle and SAP, who may offer pricing concessions to retain customers, can also impact pricing power and win rates. The company has implemented cost optimization initiatives targeting $35 million in annual savings while investing in strategic growth areas like partnerships with ServiceNow and expanded VMware support services. International revenue represents approximately 50-53% of total revenue, providing geographic diversification but also exposure to foreign exchange fluctuations and varying economic conditions across global markets.
Competitive moat
Rimini Street's competitive moat is moderate but faces significant challenges from multiple directions. The company's primary defensive position stems from high customer switching costs and deep technical expertise, but these advantages are not insurmountable. The strongest element of Rimini Street's moat lies in customer entrenchment once support services are implemented. Enterprise clients develop operational dependencies on Rimini Street's support processes, technical knowledge of their specific software configurations, and established service relationships. Switching back to vendor support or to another third-party provider involves operational disruption, retraining, and potential service gaps that enterprise clients prefer to avoid. Rimini Street has built specialized technical expertise in Oracle and SAP products that requires significant time and investment to replicate. The company's engineering teams have deep knowledge of legacy enterprise software versions and complex customizations that many enterprises continue to rely on. This expertise becomes more valuable as original vendor support for older software versions diminishes. However, the moat faces substantial threats. Legal and regulatory risks represent the most significant challenge, as demonstrated by ongoing litigation with Oracle that has resulted in substantial financial penalties and operational constraints. Oracle's aggressive legal strategy aims to limit third-party support providers' ability to operate effectively, creating ongoing uncertainty and costs. Vendor competitive responses pose another threat, as Oracle and SAP can offer pricing concessions, enhanced support terms, or bundled cloud migration incentives to retain customers considering third-party alternatives. The vendors' control over source code, updates, and future product development gives them inherent advantages that third-party providers cannot fully overcome. Technology disruption represents a long-term challenge as enterprises gradually migrate to cloud-based solutions, software-as-a-service models, and modern application architectures. While this transition is occurring slowly due to the complexity and cost of enterprise migrations, it ultimately reduces the addressable market for traditional on-premises software support. The company's expansion into adjacent services like application management and strategic partnerships with ServiceNow represents an attempt to strengthen the moat by becoming more integral to clients' broader IT operations. However, these newer service areas face competition from established IT services companies and consulting firms with deeper resources and broader capabilities.
Risks & safety
Overall Assessment: Moderate financial risk with adequate liquidity but concerning debt levels and volatile profitability. Cash and Liquidity: - Cash and short-term investments: $122.6 million (Q1 2025) - Current ratio: 0.80 (below 1.0 indicates potential liquidity pressure) - Free cash flow: $32.8 million (Q1 2025), showing recent improvement from negative $42.2 million (FY 2024) Debt and Solvency: - Total liabilities exceed total assets: $406.7 million vs $343.0 million (Q1 2025) - Negative shareholders' equity of approximately $63.7 million - Debt-to-equity ratio: -1.50 (negative due to negative equity) Valuation Metrics: - Price-to-earnings ratio: 23.7x (Q1 2025) - EV/EBITDA: 6.4x (Q1 2025) - Price-to-book ratio: -5.0x (negative due to negative book value) Other Considerations: - Recurring revenue model provides some stability with $415 million ARR - Ongoing Oracle litigation creates significant financial uncertainty - Recent cost optimization targeting $35 million annual savings - Revenue retention rate of approximately 89-92% indicates stable customer base
Recent development
Over the past few years, Rimini Street has undergone significant strategic transformation beyond its traditional Oracle and SAP support business. The company has diversified its service portfolio through the launch of Rimini Custom Solution, which extends support capabilities to a broader range of enterprise software products beyond just Oracle and SAP platforms. A major strategic pivot has been the expansion into adjacent enterprise services, including Application Management Services (AMS), security services through Rimini Protect, interoperability services via Rimini Connect, and observability services with Rimini Watch. These services represent the company's evolution from pure software support into comprehensive enterprise IT services management. Strategic partnerships have become a key growth driver, most notably the partnership with ServiceNow announced in 2024. This collaboration aims to provide enterprise application modernization and AI solutions, with Rimini Street handling implementation and professional services while ServiceNow manages license sales. The partnership is expected to generate meaningful revenue beginning in 2026. The company has also launched VMware support services, expanding into infrastructure software support as enterprises seek alternatives to expensive VMware contract renewals. This represents a natural extension of the third-party support model into adjacent enterprise software categories. Operational restructuring has been another key focus, with the implementation of a "hunter-farmer" sales model in the Americas designed to improve new customer acquisition while maintaining existing client relationships. The company has invested in new regional leadership and restructured sales compensation to drive new logo growth. Cost optimization initiatives have been implemented targeting $35 million in annual savings, including the strategic decision to wind down Oracle PeopleSoft support services, which represented 7-8% of revenue but carried lower margins and higher legal complexity. The company has also expanded engineering centers in Brazil, India, and Malaysia to leverage global cost advantages. The ongoing Oracle litigation continues to shape strategic decisions, with the company paying $58.5 million in attorney fees while appealing various court decisions. Recent appellate court rulings have been favorable, and the company is seeking return of attorney fees, but the litigation remains a significant operational and financial factor influencing business strategy.
RMNI company profile · for informational purposes only — not investment advice.
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