Cash flow generation is highly inconsistent, evidenced by an OCF/NI ratio that swung from -5.66 in 2024Q4 to 27.02 in 2025Q4, reflecting significant sensitivity to working capital fluctuations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 51.04M | 60.22M | -38.85M | 12.47M | 34.9M | 66.94M | 42.1M | 20.39M | 22.38M | 29.16M | -3.5M | 1.57M | 6.6M | 1.99M |
| Operating CF Margin % | - | 14.29% | -9.06% | 2.89% | 8.52% | 17.88% | 12.88% | 7.25% | 8.85% | 13.72% | -2.19% | 1.33% | 10.8% | 4.57% |
| Operating CF Growth % | -25.82% | 255.01% | -411.61% | -64.28% | -47.87% | 59% | 106.53% | -8.92% | -23.25% | 932.85% | -322.61% | -76.17% | 231.34% | - |
| Net Income | 35.11M | 37.1M | -36.27M | 26.06M | -2.48M | 75.22M | 11.59M | 21.41M | -67.97M | -53.3M | -2.86M | -45.27M | -12.12M | -9.88M |
| Depreciation & Amortization | 7.78M | 5.72M | 8.16M | 2.83M | 8.03M | 8.54M | 8.01M | 1.91M | 1.84M | 1.97M | 1.78M | 1.45M | 617.98K | 916.17K |
| Stock-Based Compensation | 8.32M | 11.07M | 9.54M | 12.52M | 10.89M | 9.71M | 7.46M | 5.53M | 4.39M | 2.96M | 2.3M | 2.27M | 1.34M | 1.27M |
| Deferred Taxes | 7.25M | 11.16M | -9.83M | 6.64M | -2.07M | -62.32M | -514K | -337K | -235K | -124K | -520K | -379K | 0 | 0 |
| Other Non-Cash Items | 24.22M | 3.9M | 764K | 5.5M | 4M | 6.27M | 2.61M | -3.56M | 79.27M | 57.47M | -473.74K | 131K | 20.63M | 10.96M |
| Working Capital Changes | -31.64M | -8.73M | -11.22M | -41.09M | 16.52M | 29.52M | 12.96M | -4.57M | 5.08M | 20.18M | -166.68K | 43.37M | -3.87M | -7.74M |
| Change in Receivables | -20.64M | -4.51M | -15.21M | -2.98M | 18.92M | -18.79M | -8.55M | -31.22M | -18.04M | -8.35M | -14.66M | -8.5M | -7.2M | -7.74M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -3.46M | 0 | 0 | 0 | -3.28M | 0 | 18.73M | 0 | 0 |
| Change in Payables | 96K | 444K | -613K | -1.96M | 2.4M | 2.49M | 931K | -10.51M | 2.88M | 1.2M | 43.04K | 2.26M | 0 | 0 |
| Cash from Investing | -4.32M | -4.57M | 6.45M | 3.08M | -24.45M | -2.11M | -1.48M | -1.87M | -1.05M | -1.39M | -1.19M | -1.75M | -1.44M | -314.46K |
| Capital Expenditures | -4.32M | -4.57M | -3.38M | -7.21M | -4.33M | -2.11M | -1.48M | -1.87M | -1.05M | -1.39M | -1.19M | -1.75M | -1.37M | -214.54K |
| CapEx % of Revenue | 1.02% | 1.08% | 0.79% | 1.67% | 1.06% | 0.56% | 0.45% | 0.67% | 0.42% | 0.65% | 0.74% | 1.48% | 2.25% | 0.49% |
| Acquisitions | 0 | 0 | 0 | 0 | 20.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -20.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -63.67K | -99.92K |
| Cash from Financing | -36.18M | -26.6M | 14.02M | -6.89M | -13.57M | -26.57M | 6.38M | -5.74M | -34.77M | -16.49M | 2.54M | -842K | 3.42M | 2.03M |
| Debt Issued (Net) | -18.04M | -19.07M | 14.02M | -5.96M | -9.81M | 86.64M | -256K | -2.99M | -156.8M | -47.38M | 67.14M | -862K | 6.06M | 2.07M |
| Equity Issued (Net) | -3.82M | -7.53M | 0 | -1.01M | -4.74M | -100.9M | 21.16M | 9.11M | 133M | 0 | 9.91M | 0 | 115.22K | -40.25K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -12.68M | -15.78M | -14.74M | -2.85M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.83M | -7.59M | 0 | -1.01M | -4.74M | -1.12M | -4.5M | 0 | -2.85M | 0 | 0 | 0 | 0 | -131.11K |
| Other Financing | -14.32M | 0 | 0 | 79K | 985K | 384K | 1.25M | 2.88M | -8.13M | 30.89M | 44K | 20K | -2.76M | 0 |
| Net Change in Cash | 9.53M | 31.09M | -26.63M | 6.42M | -10.56M | 32.08M | 49.52M | 13.18M | -14.82M | 11.79M | -965.9K | -842K | 8.48M | 3.64M |
| Free Cash Flow | 46.71M | 55.65M | -42.23M | 5.25M | 30.57M | 64.84M | 40.62M | 18.51M | 21.33M | 27.77M | -4.69M | -174K | 5.23M | 1.78M |
| FCF Margin % | 11.05% | 13.2% | -9.85% | 1.22% | 7.46% | 17.32% | 12.43% | 6.59% | 8.44% | 13.06% | -2.93% | -0.15% | 8.55% | 4.08% |
| FCF Growth % | 341.66% | 231.79% | -903.56% | -82.81% | -52.86% | 59.62% | 119.4% | -13.2% | -23.2% | 692.19% | -2595.16% | -103.33% | 194% | - |
| FCF per Share | 0.50 | 0.59 | -0.47 | 0.06 | 0.35 | 0.73 | 0.57 | 0.28 | 0.35 | 0.86 | -0.19 | -0.03 | 0.05 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.33x | 1.62x | 1.07x | 0.48x | -14.07x | 0.89x | 3.63x | 0.95x | -0.33x | -0.55x | 1.22x | -0.03x | -0.54x | -0.20x |
| Interest Paid | 2.77M | 0 | 5.5M | 4.53M | 3.25M | 1.1M | 63K | 230K | 19.32M | 16.54M | 2.97M | 829K | 0 | 0 |
| Taxes Paid | 2.36M | 0 | 3.37M | 4.93M | 2.79M | 2.89M | 3.06M | 2.18M | 1.76M | 1.73M | 1.61M | 907K | 0 | 0 |
Architectural and Legal Obsolescence
As reported in recent financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -5.66 to 27.02, indicating that accounting earnings are frequently decoupled from the actual cash generation capabilities of the core maintenance business.
The extreme variance in conversion metrics suggests that accruals and non-cash adjustments play an outsized role in reported profitability. Investors should monitor whether these fluctuations are driven by the timing of multi-year contract renewals or the lumpy nature of litigation-related cash outflows.
Based on the provided cash flow data, free cash flow trajectory remains inconsistent, with periods of significant cash burn, such as the -$38.4M recorded in 2024Q4, highlighting the vulnerability of the company's cash generation to operational disruptions and the high cost of maintaining its service model.
The inability to maintain a consistent positive FCF margin suggests that the business model is highly sensitive to working capital swings and legal expenses. This volatility complicates the assessment of long-term cash sustainability, particularly as revenue growth faces structural headwinds.
According to historical cash flow statements, working capital changes are the primary driver of quarterly cash flow variance, with massive swings such as the -$61.3M outflow in 2025Q2 suggesting that the company's cash position is heavily dependent on the timing of client collections and payables.
The reliance on working capital movements to bridge the gap between net income and operating cash flow implies that the underlying business lacks the self-funding stability typical of mature software firms. This pattern warrants further investigation into the durability of client payment cycles.
As indicated by the reported figures, capital expenditures remain consistently low, averaging less than 2% of revenue, which suggests that the company is not reinvesting heavily in infrastructure, potentially reflecting a strategy to preserve cash rather than modernize its service delivery platform.
While low capital intensity is often viewed as a positive, in the context of RMNI, it may indicate a lack of investment in the automation required to compete with cloud-native support models. This capital-light approach may be insufficient to address the long-term threat of architectural lockout.
Quick answers to the most common questions about buying RMNI stock.
Rimini Street, Inc. (RMNI) generated $60.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rimini Street, Inc. (RMNI) generated $55.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Rimini Street, Inc. (RMNI) spent $4.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rimini Street, Inc. (RMNI) spent $7.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.