Rimini Street, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Rimini Street, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	160	215	253	281	327	374	410	431	429	422
Cost of revenue	67	82.9	96	105	126	136	152	163	168	167
Gross profit	93.1	132	157	176	201	238	257	269	261	255
Selling and marketing	72.9	65.7	89.5	107	115	128	143	142	150	152
General and administrative	36.2	36.1	37.2	47.4	52.2	64.2	75.4	73	73.1	70
Operating expenses	79.2	107	128	154	183	211	249	225	293	195
Operating income	13.9	25.3	29.5	22.1	17.9	26.8	8.09	43.8	-32.1	59.9
Interest expense	13.4	43.4	32.5	0.4	0.08	1.55	4.27	5.52	6.31	6.15
Interest income	0.49
Other non-operating income	-1.79	0.29	-2.22	-1.5	-0.26	-1.61	-0.01	2.99	1.79	1.87
Pre-tax income	-11.4	-48.7	-62	24.1	16.2	19.4	3.81	41.2	-36.6	55.6
Income tax	1.53	1.32	1.99	2.71	4.57	-55.8	6.29	15.2	-0.37	18.5
Net income	-12.9	-50	-64	21.4	11.6	75.2	-2.48	26.1	-36.3	37.1
EBITDA	15.7	27.2	31.4	24	19.7	29.2	10.6	46.6	-28.5	63.8
EPS, basic	-0.29	-0.78	-0.61	-0.06	-0.21	0.54	-0.03	0.29	-0.40	0.40
EPS, diluted	-0.29	-0.78	-0.61	-0.06	-0.21	0.51	-0.03	0.29	-0.40	0.39
Shares, basic (weighted)	80.9	64.5	123	66.1	71.2	84.3	87.7	89.1	90.5	91.7
Shares, diluted (weighted)	80.9	64.5	123	66.1	71.2	89	87.7	89.5	90.5	94.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.39	22	24.8	38	87.6	120	109	115	88.8	120
Short-term investments						0	20.1	9.83	0
Receivables	55.3	63.5	80.6	112	118	135	116	119	131	137
Other current assets	5.75	8.56	7.66	15.2	13.5	16.3	18.8	4.91	3.13	3.24
Total current assets	89.3	112	125	177	233	287	282	289	256	300
Property, plant and equipment	4.56	4.26	3.63	3.67	4.82	4.44	6.11	10.5	9.89	10.2
Lease right-of-use assets				0	17.5	12.7	7.14	5.94	7.16	21.4
Total assets	99.4	122	147	201	280	391	391	394	369	423
Accounts payable	8.84	10.1	12.9	2.3	3.24	5.71	8.04	6	5.28	5.75
Accrued liabilities	0.06		20.4	23.3	21.2
Deferred revenue	137	152	168	206	229	253	266	263	258	269
Short-term debt	24.8	15.5	2.37	0	0	3.66	4.79	5.91	3.09	4.03
Total current liabilities	213	229	226	259	295	330	353	336	325	347
Long-term debt	63.3	66.6	0	0	0	79.7	70	64.2	82.2	63.2
Lease liabilities				0	16	12.5	9.09	6.84	7.06	18.8
Other non-current liabilities			2.01	2.28	2.54	2.93	2.01	1.93	1.45	1.92
Total liabilities	313	332	258	292	345	472	468	433	439	450
Total debt	88.1	82.1	2.37	0	0	83.3	74.8	70.1	85.3	67.2
Paid-in capital	19.1	95	108	93.5	98.3	149	156	168	178	181
Retained earnings	-251	-304	-332	-315	-301	-226	-228	-202	-238	-201
Treasury stock					0	-1.12	-1.12	-1.12	-1.12	-1.12
Other comprehensive income	-1.05	-0.87	-1.57	-1.43	-0.32	-2.72	-4.2	-4.17	-7.39	-5.61
Shareholders' equity	-181	-174	-230	-223	-203	-80.4	-77.2	-39.5	-69.4	-27
Total equity	-181	-174	-230	-223	-203	-80.4	-77.2	-39.5	-69.4	-27
Total liabilities and equity	99.4	122	147	201	280	391	391	394	369	423
Shares outstanding	80.9	119	128	67.5	76.4	87.1	88.5	89.6	91.1	91.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-12.9	-50	-64	21.4	11.6	75.2	-2.48	26.1	-36.3	37.1
Depreciation and amortization	1.78	1.97	1.84	1.91	1.81	2.4	2.5	2.83	3.6	3.86
Stock-based compensation	2.3	2.96	4.39	5.53	7.46	9.71	10.9	12.5	9.55	11.1
Deferred income tax	-0.52	-0.12	-0.24	-0.34	-0.51	-62.3	-2.07	6.65	-9.83	11.2
Change in receivables	-14.7	-8.35	-18	-31.2	-8.55	-18.8	18.9	-2.98	-15.2	-4.52
Change in payables	4.64	1.2	2.88	-10.5	0.93	2.49	2.4	-1.96	-0.61	0.44
Cash from operations	-59.6	29.2	22.4	20.4	42.1	66.9	34.9	12.5	-38.8	60.2
Capital expenditures	-1.19	-1.39	-1.05	-1.87	-1.48	-2.11	-4.33	-7.21	-3.38	-4.57
Purchases of investments	0				0	0	-31.2	-30.5	-7.46	0
Cash from investing	0				-1.48	-2.11	-24.4	3.08	6.45	-4.57
Debt issued							0	0	2.94	0
Debt repaid							-9.5	-5.63	-3.56	-3.75
Stock issued	0	0.87	0	0	25.7	57	0	0	0	0.06
Share buybacks				0	0	0	-4.74	-1.01	0	-7.59
Dividends paid				0	0	-2.95	0	0
Cash from financing	77.1	-16.5	-34.8	-5.74	6.38	-26.6	-13.6	-6.89	14	-26.6
Exchange rate effect	-0.61	0.51	-1.38	0.41	2.53	-6.19	-7.44	-2.23	-8.25	2.83
Net change in cash	15.7	11.8	-14.8	13.2	49.5	32.1	-10.6	6.42	-26.6	31.9
Free cash flow	-60.8	27.8	21.3	18.5	40.6	64.8	30.6	5.26	-42.2	55.7
Interest paid	2.97	16.5	19.3	0.23	0.06	1.1	3.25	4.53	5.5	5.52
Income taxes paid	1.61	1.73	1.77	2.18	3.07	2.89	2.79	9.6	8.8	7.35

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.53 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	60.5%	Gross profit / revenue.
Operating margin	5.9%	Operating income / revenue.
EBITDA margin	6.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.8%	Pre-tax income / revenue.
Net margin	2.5%	Net income / revenue.
FCF margin	5.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.2%	Cash from operations / revenue.
Effective tax rate	47.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.1%	Net income / average total assets.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	94.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	27.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	81.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	26.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	26.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	19.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	22.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	6.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.82x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / assets	11.8%	Total debt / total assets.
Liabilities / assets	103.3%	Total liabilities / total assets.
Net debt	-$51.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.46x	Operating income / interest expense.
Working capital	-$50.8M	Current assets - current liabilities.
Tangible book value	-$11.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.24x	Revenue / average total assets.
Fixed asset turnover	38.3x	Revenue / average property, plant and equipment.
Receivables turnover	4.92x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	12 days	365 x average accounts payable / cost of revenue.
FCF conversion	203.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.56	Revenue / diluted weighted shares.
FCF per share	$0.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.28	Cash from operations / diluted weighted shares.
Book value per share	-$0.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.12	Tangible book value / shares outstanding.
Cash per share	$1.01	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$516.3M	Share price x shares outstanding.
Enterprise value	$464.7M	Market cap + total debt - cash - short-term investments.
P/E	46.9x	Market cap / net income. Only when net income is positive.
P/S	1.18x	Market cap / revenue.
P/FCF	23.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.0x	Market cap / cash from operations, when positive.
EV/Sales	1.06x	Enterprise value / revenue.
EV/EBIT	17.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.3%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).

What was Rimini Street, Inc.'s revenue in fiscal 2025?

Rimini Street, Inc. reported revenue of $421.5M for fiscal 2025, 1.7% lower than the year before.

Was Rimini Street, Inc. profitable in fiscal 2025?

Yes. Net income was $37.1M, a net margin of 8.8%.

How much free cash flow did Rimini Street, Inc. generate in fiscal 2025?

Cash from operations of $60.2M minus capital expenditures of $4.6M left free cash flow of $55.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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