MeritValue

Rimini Street, Inc.

RMNIdata completeness 100%11 fiscal years on file
The thesis, from the filings

The estimate methods put fair value between $1.29 and $2.86 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$374.4M1$409.7M2$431.5M3$428.8M3$421.5M3
Net income$75.2M4−$2.48M5$26.1M6−$36.3M6$37.1M6
Operating cash flow$66.9M7$34.9M8$12.5M9−$38.8M9$60.2M9
Capital expenditure$2.11M10$4.33M11$7.21M12$3.38M12$4.57M12
Free cash flow (derived)$64.8M7$30.6M8$5.26M9−$42.2M9$55.7M9
Total debt$83.3M13$74.8M14$70.1M15$85.3M16$67.2M16
Cash & equivalents$119.6M17$109M18$115.4M19$88.8M20$120M20
Diluted shares89.0M87.7M89.5M90.5M94.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$2.86
your share of equity
Profit it earned you last year
$3.93
Free cash flow it threw off
$5.89
Debt you’d be carrying
$7.11

10 shares is a claim on −$2.86 of net worth that earned you $3.93 and generated $5.89 of cash last year, against $7.11 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 19% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $1.29 and $2.86 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$5.26M
DCF · Growth Exit 5Y
$1.35
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$5.26M
Earnings Power Value
$2.86
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$26.1M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.35
The three cases
Bear0.0%$1.35
Base0.0%$1.35
Bull5.0%$1.55

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001635282-24-000030 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001635282-25-000029 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001635282-26-000014 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001635282-24-000030 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001635282-25-000029 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001635282-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001635282-24-000030 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001635282-25-000029 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001635282-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001635282-24-000030 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001635282-25-000029 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001635282-26-000014 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001635282-23-000054 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001635282-24-000030 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001635282-25-000029 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001635282-26-000014 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001635282-23-000054 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001635282-24-000030 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001635282-25-000029 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001635282-26-000014 (CashAndCashEquivalentsAtCarryingValue)