C

Rimini Street, Inc. — Earnings Quality Grade C

RMNI · Technology

Some red flags

Revenue
$422M
2025
Net Income
$37M
2025
Gross Margin
60.4%
Free Cash Flow
$56M
01

Screening Summary

13
Passed
3
Watch
1
Failed
-2.66
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 119 days, change +7 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue -1.7%, CFFO 255.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 35.3% is >2x revenue growth -1.7%

!
B3SG&A Ratio

SG&A/Gross Profit = 87.0%, exceeds 70%

B4Gross Margin

Gross margin 60.4%, change -0.5pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.62. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 1.50

C3Accruals Ratio

Accruals ratio = -5.5%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = 1.3x. Healthy

!
D3Soft Asset Growth

Other assets grew 80.8% vs revenue -1.7%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.66 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.66
-4.0 Clean-2.22 Grey-1.78 Danger0
1.064
DSRI
AR growing faster than revenue?
1.008
GMI
Gross margin declining?
0.83
AQI
Asset quality deteriorating?
0.983
SGI
Revenue growth rate
1.471
DEPI
Depreciation slowing?
1.011
SGAI
SG&A ratio changing?
-0.0546
TATA
Accruals level
0.88
LVGI
Leverage increasing?
05

Altman Z-Score

-1.36
Distress Zone
0 Distress1.102.605.0+ Safe
-0.1112
Liquidity
-0.476
Cumulative profit
0.146
Operating efficiency
-0.06
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25