Rambus Inc

Semiconductors & Related Devices

RMBSMixed9 of 10 basics passed

$107.00

-1.36%

Market cap $11.6B

$107.00

-1.36%

Market cap $11.6B

Rambus Inc is a semiconductor company providing chips and silicon IP for data-intensive computing systems, focusing on data center and artificial intelligence (AI) infrastructure.

It is a $11.6B technology company. Revenue grew 17.2% over the last year, it keeps 32¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 48.6× earnings — in the most expensive third of its own history.

Website: rambus.com
Location: San Jose, CA
Employees: 791
Sector: Technology
Founded: 1990

Share price · 3 years

$60.85 → $107.00+75.8%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $756M
Profit: keeps 32¢ of every $1 sold; $240M
Free cash flow: cash left after running the business; $300M
Net cash: more cash than debt; $554M
P/E: years of profit in the price; 48.6
EPS: earnings per share, TTM; $2.19
Shares: down 3% since 2016 — buybacks; 109.2M
Volatility: beta vs the market — under 1 swings less; 1.93

Revenue, last 10 years

52-week range

Low $79.73$107.00High $170.66

Today's price is 30% of the way from the year's low to its high.

P/E vs its history5y

48.6×median 36.4×

Higher than 70% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

48.6×

29%

P/S

15.4×

17%

EV/EBITDA

39.9×

36%

P/B

7.9×

16%

FCF yield

2.6%

15%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.58Mnet selling

Purchases$0

Sales$1.58M

Insiders trading, last 14d0 buy · 1 sell

Standing in Technology

Size$11.6Btop 80%
Revenue growth+16%top 33%
Net margin32%top 11%
Return on equity17%top 47%
P/E48.6×top 68%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth, profitability and health; Valuation lags behind.

Valuation15

P/E vs own history70th pct · 5/25
FCF yield2.6% · 5/25
P/S15.4x · 5/25
EV/EBITDA40.2x · 0/25

Growth75

Revenue CAGR21.2% · 25/25
Net income CAGR88.3% · 25/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth65.5% · 25/25

Profitability95

ROIC28.4% · 25/25
ROE17.4% · 20/25
Net margin31.7% · 25/25
Operating margin35.5% · 25/25

Health75

Altman Zn/a · 0/25
Current ratio9.75 · 25/25
Interest coverage24.3x · 25/25
Net cash / debtNet cash · 25/25

Quality65

Piotroski F6/9 · 15/25
Beneish M-2.55 · 25/25
FCF conversion125% · 25/25
Margin stabilityσ 33.3% · 0/25

Moat56

ROIC >12% years3/10 yrs · 6/25
Median gross margin79.8% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst -68.3% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$334M net income
2023Acquisition
It was announced the acquisition had been completed
2022Acquisition
It was announced Rambus had acquired the Montreal-headquartered electronic design company, Hardent
FY2016Financial
First recorded profitable year
$6.82M net income
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
Rambus acquired Semtech s Snowbush IP for US$32.5 million
2015Acquisition
Rambus acquired Integrion Microelectronics, a small Toronto-based IP provider of high-speed analog SerDes…
Jun 6, 2011Acquisition
Rambus purchased Cryptography Research on June 6, 2011, for $342.5M
1990Founded
Rambus was founded in March 1990 by electrical and computer engineers, Mike Farmwald and Mark Horowitz

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$46 441 today — price return only

$707.6M revenue in FY2025

Revenue up 17.2% year over year

Profitable 3 years in a row

Positive free cash flow 10 years in a row

791 employees

ROIC of 28.4%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (79.5%)
Strongly profitable — 31.7% net margin
Revenue growing 17.2% year over year
Strong cash conversion — FCF is 39.6% of revenue
Net cash position after subtracting debt from cash

Watch-outs

Loss-making in 5 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+17.2% YoY
Profitable — makes more than it spends$240M TTM
Profit growing — earnings are higher than last year+28.2% YoY
Generates cash — cash left after running and investing$300M TTM
Debt under control — could handle its obligationsmore cash than debt
Established company — not a micro-cap — lower blow-up risk$11.6B market cap
Not printing shares — share count not ballooning — you keep your slice-3.5% shares over ~5y
Proven track record — years of profitability behind it5/10 profitable years
Financially stable — balance sheet not near distresshealth score 50/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 48.6

Peer comparisonRambus Inc vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
RMBS this company	$11.6B	48.6	+17.2%	31.7%	Mixed
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: RMBS vs NVDA · RMBS vs AAPL · RMBS vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 9Hold 3Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $756M · net income $240M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$756M

YoY 17.2%

Net income (TTM)

$240M

Margin 31.7%

Gross margin

79.5%

Operating margin

35.5%

P/E ratio

48.6

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.2	0.3	0.5	0.5	0.6	0.7
Gross profit	0.2	0.3	0.3	0.4	0.4	0.6
Operating income (EBIT)	-0.0	0.0	0.1	0.1	0.2	0.3
Net income	-0.0	0.0	-0.0	0.3	0.2	0.2
EPS (diluted)	-0.39	0.16	-0.13	3.01	1.65	2.11

Cash flowFree cash flow $300M · operating cash flow $333M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$300M

Margin 39.6%

Operating cash flow (TTM)

$333M

FCF margin

39.6%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.2	0.2	0.2	0.2	0.2	0.4
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.2	0.2	0.2	0.2	0.2	0.3
FCF margin	64.2%	59.5%	46.8%	37.4%	35.9%	47.1%

Balance sheetAssets $1.53B · net cash $554M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $1.53B of assets is financed

89%

Liabilities $165M — borrowed moneyEquity $1.36B — owners' stake

Cash vs debt

Total debt $25.0M − cash $579M = net cash $554M

Cash on hand covers all debt.

Debt repayment

Not needed

Cash already covers all debt

Interest coverage

24.3x

EBIT ÷ interest expense

ROE

17.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.5	0.3	0.3	0.4	0.6
Total assets	1.2	1.2	1.0	1.3	1.3	1.5
Total liabilities	0.3	0.4	0.2	0.2	0.2	0.2
Total debt	—	0.2	0.0	0.0	0.0	0.0
Equity	0.9	0.9	0.8	1.0	1.1	1.4
Net debt	—	-0.3	-0.3	-0.3	-0.4	-0.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of RMBS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $107.00 · market cap $11.6B.