Rimini Street is a buy, this analyst says

Roth Capital Markets analyst Richard Baldry said Rimini Street’s (Rimini Street Stock Quote, Chart, News, Analysts, Financials NASDAQ:RMNI) third-quarter results were “fair,” but early signs following the company’s Oracle litigation settlement point to a potentially more constructive outlook.

Rimini reported Q3/25 revenue of US$103.4-million, just below Baldry’s US$104.7-million forecast and down 1.2% year-over-year. Adjusted EBITDA of US$10.1-million missed his US$12.1-million estimate, though Baldry noted a US$1.3–1.4-million one-time international tax charge, meaning “core earnings would have been closely aligned with our forecast” without it.

He reiterated a “Buy” rating and US$6.50 target.

Founded in 2005 and headquartered in Las Vegas, Rimini Street provides third-party maintenance services for enterprise software, supporting more than 3,000 customers across 21 countries. It generated a run-rate of roughly US$414-million in Q3/25.

Baldry said the more important takeaway is that “early signals post its Oracle settlement have been positive,” adding that “past reluctance to work with RMNI by client prospects and technical partners seems to be rapidly abating.”

He views the planned return to formal financial guidance at the company’s early-December Investor Day as a sign that management sees a stronger sales backdrop forming.

Billings turned back to growth in Q3, rising 3.6% year-over-year, or 6.7% excluding PeopleSoft, reversing the negative trend seen in Q2. Baldry expects billings and revenue momentum to build as market awareness grows around the closure of Rimini’s 15-year Oracle dispute. Excluding the intentional wind-down of PeopleSoft-related contracts, mandated to end by June 2028, Q3 revenue would have risen 2.5% year-over-year.

Baldry said earnings should resume growing in 2026 as the top line benefits from post-settlement demand, noting that management “stopped short of a cost-cutting goal once the litigation settlement firmed,” which he sees as a tacit acknowledgement of an expected return to faster organic growth.

Rimini shares trade at about 1.0× run-rate revenue and ~9× Baldry’s 2026 pro forma EPS forecast (net of cash). His US$6.50 target is based on a 1.2× multiple on his Q4/26 run-rate revenue forecast (or roughly 13× his 2026 run-rate EPS).

Baldry said Rimini should generate US$50.9-million in Adjusted EBITDA on US$417.4-million of revenue in fiscal 2025, improving to $61.8-million on $445.6-million in fiscal 2026.

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