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RMNI, Rimini Street Inc. (DE)

Commercial Services & Supplies asset-light Cyclical

Rimini Street, Inc. are global providers of end-to-end third-party enterprise software support, managed services and Agentic AI ERP innovation solutions.

We became and remain the leading independent software support provider for enterprise software based on both the number of active clients supported and recognition by industry analyst firms.

As our reputation for technical capability, value, ingenuity, responsiveness and reliability has grown over the past twenty years, clients and prospects have asked us to expand the scope of our support, product and service offerings to meet other current and evolving needs and opportunities related to their enterprise software.

Latest annual: FY2025 10-K

RMNI · Rimini Street Inc. (DE)

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$422M

−1.7% YoY · 5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $423M 5-yr avg $413M

Gross margin 60% 5-yr avg 62%

Operating margin 13.1% 5-yr avg 5.2%

Owner-earnings margin 11% 5-yr avg 6%

Free cash flow margin 11% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 61% and operating margin about 7.9% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −7.5% to 14% — on a steadier 61% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

54% of revenue comes from outside the United States.

Revenue by geography, FY2025

International54%$228M
United States46%$193M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$160M	$215M	$253M	$281M	$327M	$374M	$410M	$431M	$429M	$422M	$423M	RevenueRevenue
58%	61%	62%	63%	61%	64%	63%	62%	61%	60%	60%	Gross marginGross mgn
23%	17%	15%	17%	16%	17%	18%	17%	17%	17%	17%	SG&A / revenueSG&A/rev
$14M	$25M	$30M	$22M	$18M	$27M	$8M	$44M	($32M)	$60M	$55M	Operating incomeOp. inc.
8.7%	11.8%	11.6%	7.9%	5.5%	7.2%	2.0%	10.1%	−7.5%	14.2%	13.1%	Operating marginOp. mgn
($13M)	($50M)	($64M)	$21M	$12M	$75M	($2M)	$26M	($36M)	$37M	$35M	Net incomeNet inc.
—	—	—	11%	28%	—	—	37%	—	33%	30%	Effective tax rateTax rate
											Cash flow & returns
($60M)	$29M	$22M	$20M	$42M	$67M	$35M	$12M	($39M)	$60M	$51M	Operating cash flowOp. cash
$2M	$2M	$2M	$2M	$2M	$2M	$3M	$3M	$4M	$4M	$4M	DepreciationDeprec.
($51M)	$74M	$80M	($8M)	$21M	($20M)	$24M	($29M)	($16M)	$8M	$971K	Working capital & otherWC & other
$1M	$1M	$1M	$2M	$1M	$2M	$4M	$7M	$3M	$5M	$4M	CapexCapex
0.7%	0.6%	0.4%	0.7%	0.5%	0.6%	1.1%	1.7%	0.8%	1.1%	1.0%	Capex / revenueCapex/rev
($61M)	$28M	$21M	$19M	$41M	$65M	$32M	$10M	($42M)	$56M	$47M	Owner earningsOwner earn.
−38.0%	12.9%	8.4%	6.6%	12.4%	17.3%	7.9%	2.2%	−9.8%	13.2%	11.0%	Owner earnings marginOE mgn
($61M)	$28M	$21M	$19M	$41M	$65M	$31M	$5M	($42M)	$56M	$47M	Free cash flowFCF
−38.0%	12.9%	8.4%	6.6%	12.4%	17.3%	7.5%	1.2%	−9.8%	13.2%	11.0%	Free cash flow marginFCF mgn
—	—	—	$0	$0	$3M	$0	$0	—	—	$0	Dividends paidDiv. paid
—	—	—	$0	$0	$0	$5M	$1M	$0	$8M	—	BuybacksBuybacks
											Balance sheet
$9M	$22M	$25M	$38M	$88M	$120M	$129M	$125M	$89M	$120M	$132M	Cash & investmentsCash+inv
$55M	$64M	$81M	$112M	$118M	$135M	$116M	$119M	$131M	$137M	$96M	ReceivablesReceiv.
$9M	$10M	$13M	$2M	$3M	$6M	$8M	$6M	$5M	$6M	$5M	Accounts payablePayables
$46M	$53M	$68M	$109M	$115M	$130M	$108M	$113M	$126M	$131M	$91M	Operating working capitalOper. WC
$89M	$112M	$125M	$177M	$233M	$287M	$282M	$289M	$256M	$300M	$274M	Current assetsCur. assets
$213M	$229M	$226M	$259M	$295M	$330M	$353M	$336M	$325M	$347M	$324M	Current liabilitiesCur. liab.
0.4×	0.5×	0.6×	0.7×	0.8×	0.9×	0.8×	0.9×	0.8×	0.9×	0.8×	Current ratioCurr. ratio
$99M	$122M	$147M	$201M	$280M	$391M	$391M	$394M	$369M	$423M	$397M	Total assetsAssets
$88M	$82M	$2M	$0	$0	$83M	$75M	$70M	$85M	$67M	$72M	Total debtDebt
$79M	$60M	($22M)	($38M)	($88M)	($36M)	($54M)	($55M)	($4M)	($53M)	($60M)	Net debt / (cash)Net debt
—	—	—	—	232.3×	17.3×	1.9×	7.9×	-5.1×	9.7×	9.7×	Interest coverageInt. cov.
($181M)	($174M)	($230M)	($223M)	($203M)	($80M)	($77M)	($39M)	($69M)	($27M)	($23M)	Shareholders’ equityEquity
1.4%	1.4%	1.7%	2.0%	2.3%	2.6%	2.7%	2.9%	2.2%	2.6%	2.6%	Stock comp / revenueSBC/rev
											Per share
48.5M	64.5M	61.4M	66.0M	71.2M	89.0M	87.7M	89.5M	90.5M	94.5M	93.9M	Shares out (diluted)Shares
$3.30	$3.33	$4.13	$4.26	$4.59	$4.21	$4.67	$4.82	$4.74	$4.46	$4.50	Revenue / shareRev/sh
$-0.27	$-0.78	$-1.04	$0.32	$0.16	$0.85	$-0.03	$0.29	$-0.40	$0.39	$0.37	EPS (diluted)EPS
$-1.25	$0.43	$0.35	$0.28	$0.57	$0.73	$0.37	$0.11	$-0.47	$0.59	$0.50	Owner earnings / shareOE/sh
$-1.25	$0.43	$0.35	$0.28	$0.57	$0.73	$0.35	$0.06	$-0.47	$0.59	$0.50	Free cash flow / shareFCF/sh
—	—	—	$0.00	$0.00	$0.03	$0.00	$0.00	—	—	$0.00	Dividends / shareDiv/sh
$0.02	$0.02	$0.02	$0.03	$0.02	$0.02	$0.05	$0.08	$0.04	$0.05	$0.05	Cap. spending / shareCapex/sh
$-3.72	$-2.70	$-3.75	$-3.38	$-2.85	$-0.90	$-0.88	$-0.44	$-0.77	$-0.29	$-0.24	Book value / shareBVPS

Share counts before 2018 are restated ×2 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.4%/yr	−0.6%/yr
Owner earnings / share	—	+0.6%/yr
EPS	—	+19.3%/yr
Capital spending / share	+7.9%/yr	+18.4%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

94Mpeak FY2025

Gross margin

60%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$56Mowner earningsvs.$37Mnet incomelow FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $37M of profit into $56M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$37M

Owner earnings$56M · 13% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$37M	($36M)	$26M	($2M)	$75M
Depreciation & amortizationnon-cash charge added back	+$4M	+$4M	+$3M	+$3M	+$2M
Stock-based compensationreal costnon-cash, but a real cost	+$11M	+$10M	+$13M	+$11M	+$10M
Working capital & othertiming of cash in and out, other non-cash items	+$8M	−$16M	−$29M	+$24M	−$20M
Cash from operations	$60M	($39M)	$12M	$35M	$67M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$5M	−$3M	−$3M	−$3M	−$2M
Owner earnings	$56M	($42M)	$10M	$32M	$65M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$4M	−$2M	—
Free cash flow	$56M	($42M)	$5M	$31M	$65M
Owner-earnings marginowner earnings ÷ revenue	13%	-10%	2%	8%	17%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $11M), owner earnings is nearer $45M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 9.7×

Comfortable

Operating income $60M ÷ interest expense $6M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$53M

Net cash

Cash $120M − debt $67M

What this means
Cash and short-term investments exceed every dollar of debt by $53M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 106d

Long (60+ days)

DSO 119 + DIO 0 − DPO 13 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital —

Not meaningful here

Invested capital ($80M) = debt $67M + equity ($27M) − cash

Industry peers: median 3%

What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
Owner-earnings margin 8%

Solid through the cycle

10-yr median margin, range -38%–17%; latest $56M = operating cash $60M − maintenance capex $5M

Industry peers: median 12%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 8% median across 10 years. Treating stock comp as the real expense it is (less $11M of SBC) leaves $45M.
Are earnings backed by cash? 1.62×

Cash-backed

Cash from ops $60M ÷ net income $37M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 14%

Reinvests most of it

Dividends + buybacks $8M ÷ Owner Earnings $56M

What this means
Of $56M Owner Earnings, $8M (14%) went back to shareholders, $0 dividends, $8M buybacks. But the buybacks barely exceed stock issued to employees ($11M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.18×

Maintaining

Capex $5M ÷ depreciation $4M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $422M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.86×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $67M vs ($47M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 1 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.10/share (latest year $0.40), the averaged base the calculator's gate runs on, and book value is $-0.29/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 10

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Operating margin 11% → 6% (3-yr avg ends)

What this means
The recent-years average (6%) sits below the early years (11%), but the latest year (14%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 8% — read it across the cycle, not on the dip.
Worst year 2024 · −7.5% op. margin

What this means
Operations went underwater in 2024, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 1 of the years on record.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“These competitors include companies of various sizes and both public and private companies, including large, global companies and smaller companies with more specialized focuses, new entrants and AI or cloud-native companies.”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$274M

Cash & short-term investments$132M
Receivables$96M
Other current assets$46M

Current liabilities$324M

Accounts payable$5M
Other current liabilities$319M

Current ratio0.85×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.85×stricter: inventory excluded

Cash ratio0.41×strictest: cash alone against what's due

Working capital($50M)the cushion left after near-term bills

Its current ratio is below 1, which usually reads as strain; here it is likely structural strength. What it owes in the near term is money to suppliers and customers (payables and deferred revenue), not to lenders, so the balance sheet is funded by operating float, the way Costco's and Amazon's are. The low ratio can be the edge, not the risk; the cash-conversion cycle and the debt due above say which.

Revenue, latest quarter vs. a year ago+1.2%the freshest read on whether the business is still growing

Current ratio, recent quarters0.9× → 0.8×

Deeper floors

Tangible book value($23M)equity stripped of goodwill & intangibles

Net current asset value($146M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$79M$22M of it operating leases

Deferred revenue$277Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $190M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$29M · 15%
Dividends$3M · 2%
Buybacks$13M · 7%
Retained (debt / cash)$145M · 76%

Returned to owners$16M
10% of the owner earnings the business produced over the span, $3M as dividends and $13M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $16M and cash and short-term investments rose $123M.
Average price paid for buybacks$4.45
Across the years where the filing reports a share count, 3M shares were bought for $13M, about $4.45 each. Year to year the price paid ranged from $4.00 (2025) to $5.27 (2022); its heaviest year, 2025, paid $4.00 ($8M).
Net change in share count93.5%
The diluted count rose from 49M to 94M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.00/sh
Paid in 1 of the years on record. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Seth A. Ravin	$1.7M	$2.4M	$65M
2022	Seth A. Ravin	$1.2M	$779k	$32M
2023	Seth A. Ravin	$4.7M	$4.4M	$10M
2024	Seth A. Ravin	$3.7M	$4.1M	($42M)
2025	Seth A. Ravin	$3.8M	$4.5M	$56M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership42%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio57:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$11M
The slice of the business handed to employees in shares this year, 3% of revenue, equal to 18% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Rimini Street Inc. (DE) is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereDid the share count rise anyway?93.5%
Diluted shares grew 93.5% over 2016–2025, even as the company spent $13M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Commercial Services & Supplies

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
HQYHealthEquity	$1.3B	60%	14.0%	5%	24%
GETYGetty Images Holdings Inc.	$981M	73%	19.2%	—	10%
PRTHPriority Technology Holdings Inc.	$953M	30%	8.0%	16%	6%
NUTXNutex Health Inc.	$875M	39%	-12.8%	-182%	10%
EEXEmerald Holding Inc.	$463M	71%	7.0%	3%	23%
RMNIRimini Street Inc. (DE)	$422M	62%	8.3%	—	8%
AVPTAvePoint Inc.	$419M	72%	-10.2%	—	12%
RPAYRepay Holdings Corporation	$309M	76%	-20.6%	-4%	24%
Group median	—	67%	7.5%	—	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Rimini Street Inc. (DE) has delivered.

Rimini Street Inc. (DE)’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Rimini Street Inc. (DE) earns about $34M on its 8.2% median owner-earnings margin. This year’s 13.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($34M) Net of stock comp (−$11M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−39%/yr

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $47M on 93M shares outstanding, per the 10-Q cover, as of 2026-04-28; net cash $60M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh RMNI against another business →

The owners of RMNI: the meeting and the votes →

Cite: Owner Scorecard, "Rimini Street Inc. (DE) (RMNI), the owner's record," https://ownerscorecard.com/c/RMNI, data as of 2026-07-09.

Manual order: ← RMD its page in the Manual RMR →

Industry order: ← RELY the Commercial Services & Supplies chapter ROL →