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Rambus

RMBS Nasdaq Semiconductors Financials FY2016–FY2025

Rambus' revenue rose 27.1% to $708 million in fiscal 2025. Its operating margin was 36.8%, up from 32.9% a year earlier. Free cash flow was $333 million, up 66.7%. It paid out $7 million in dividends and buybacks, 2% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$85.65

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$708M
27.1% vs prior year
Operating margin Operating income as a share of revenue.
36.8%
3.9 pts
Net income Profit after all expenses, interest and tax.
$231M
28.2%
Free cash flow Cash from operations minus capital spending.
$333M
66.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
34.3%
8.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
40.8x
On $2.10 EPS (TTM)

About these figures. Rambus' filings from 2022 tag a figure of about US$10 million as its depreciation and amortization total, against US$35 million of depreciation alone in 2025, so depreciation and amortization, EBITDA and the ratios built on it are left blank.

What Rambus does

No business description yet.

Legal name
RAMBUS INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-057101
0000917273

Revenue and margins

Rambus had $708M of revenue in fiscal 2025, up 27.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 48.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $333M in fiscal 2025, 47.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Rambus returned $7.1M to shareholders in fiscal 2025, 2% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Rambus yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $762M and divides by 109.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 40.8x · peers — · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Rambus can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $486M$313M$426M$482M$762M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 2.3x41.1x103.1x129.2x189.5x
Current ratio 2.6x4.2x7.1x8.4x8.2x
Quick ratio 2.5x4.0x6.7x7.9x7.8x
Total assets $1.2B$1.0B$1.3B$1.3B$1.5B
Total liabilities $370M$233M$220M$222M$165M
Shareholders' equity $862M$779M$1.0B$1.1B$1.4B
Net debt (− = net cash) −$486M−$313M−$426M−$482M−$762M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$13.8M

8 insiders

Of sales under plans

18%

$2.5M

DateInsiderTradeSharesPriceValueFiling
Sep 22, 2026 Charles KissnerDirector Sold plan 5,000 $105.00 $0.5M Form 4
Aug 7, 2026 Charles KissnerDirector Sold plan 5,000 $100.92 $0.5M Form 4
Jun 3, 2026 Necip SayinerDirector Sold 5,000 $170.15 $0.9M Form 4
Jun 2, 2026 Emiko HigashiDirector Sold 10,000 $160.50 $1.6M Form 4
Jun 1, 2026 Eric B StangDirector Sold 5,000 $146.00 $0.7M Form 4
May 26, 2026 Emiko HigashiDirector Sold 5,000 $157.57 $0.8M Form 4
May 26, 2026 Xianzhi Sean FanEVP, COO Sold 37,914 $151.69 $5.8M Form 4
May 22, 2026 John ShinnSVP, General Counsel Sold 1,000 $143.63 $0.1M Form 4
May 8, 2026 Necip SayinerDirector Sold 9,824 $130.18 $1.3M Form 4
May 7, 2026 Steven LaubDirector Sold 1,500 $125.52 $0.2M Form 4
Apr 24, 2026 Meera RaoDirector Sold plan 2,972 $150.30 $0.4M Form 4
Apr 14, 2026 Meera RaoDirector Sold plan 8,538 $118.08 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✓ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 96 / 95 / 9
Accruals ratio 12.2%−3.9%−9.0%
Altman Z'' 7.868.8013.71

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Rambus RMBS $9.4B 27.1% 36.8% 47.1% 34.3% 40.8x 5
Universal Display OLED $4.1B 0.5% 38.2% 23.7% 17.9% 21.0x 3 Compare →
Silicon Labs SLAB $7.3B 34.3% −9.0% 8.4% −7.0% — 5 Compare →
Allegro MicroSystems ALGM $5.9B 22.8% 2.1% 14.0% 1.3% — 7 Compare →
Lattice Semiconductor LSCC $13.5B 2.7% 2.2% 25.3% 1.0% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $337M $393M $231M $228M $246M $328M $455M $461M $557M $708M
Gross profit $291M $338M $178M $176M $186M $258M $347M $358M $447M $563M
Research and development $130M $149M $158M $157M $140M $136M $159M $157M $163M $188M
Operating income $33.6M $54.4M −$87.0M −$100M −$44.1M $24.3M $76.9M $154M $183M $260M
Interest expense $12.7M $13.7M $16.3M $9.9M $10.3M $10.7M $1.9M $1.5M $1.4M $1.4M
Pretax income $22.6M $41.0M −$70.6M −$82.5M −$36.5M $23.3M −$7.8M $187M $200M $282M
Income tax $15.8M $63.9M $87.3M $3.4M $3.9M $5.0M $6.5M −$147M $20.2M $51.5M
Net income $6.8M −$22.9M −$158M −$86.0M −$40.5M $18.3M −$14.3M $334M $180M $231M
Diluted EPS $0.06 −$0.21 −$1.46 −$0.77 −$0.36 $0.16 −$0.13 $3.01 $1.65 $2.11
Diluted shares 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B 0.11B
Cash flow
Cash from operations $95.6M $117M $86.2M $129M $186M $209M $230M $196M $231M $360M
Capital expenditure $8.6M $9.4M $10.8M $6.5M $29.7M $13.8M $17.5M $23.2M $30.7M $26.8M
Free cash flow $87.1M $108M $75.5M $122M $156M $195M $213M $173M $200M $333M
Stock-based compensation $21.0M $27.4M $21.7M $26.5M $25.8M $27.5M $35.6M $45.0M $44.9M $54.3M
Acquisitions $203M $0.0M $0.0M $66.8M $0.0M $97.1M $15.9M $0.0M $0.0M $0.0M
Share buybacks $0.0M $50.0M $50.0M $0.0M $50.1M $100M $100M $101M $113M $7.1M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $50.0M $50.0M $0.0M $50.1M $100M $100M $101M $113M $7.1M
Balance sheet
Cash and short-term investments $135M $226M $116M $102M $503M $486M $313M $426M $482M $762M
Total debt $126M $135M $142M $149M $156M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $217M $372M $528M $665M $700M $684M $527M $631M $690M $989M
Current liabilities $51.3M $133M $69.3M $86.2M $85.9M $267M $127M $89.1M $81.8M $121M
Inventory $5.6M $5.2M $6.8M $10.1M $14.5M $8.5M $20.9M $36.2M $44.6M $44.1M
Property and equipment, net $58.4M $54.3M $57.0M $45.5M $57.7M $56.0M $86.3M $67.8M $75.5M $113M
Total assets $784M $891M $1.4B $1.3B $1.3B $1.2B $1.0B $1.3B $1.3B $1.5B
Total liabilities $231M $320M $349M $368M $339M $370M $233M $220M $222M $165M
Shareholders' equity $553M $572M $1.0B $975M $913M $862M $779M $1.0B $1.1B $1.4B
Margins
Gross margin 86.4% 85.9% 76.8% 77.4% 75.3% 78.6% 76.4% 77.6% 80.2% 79.6%
Operating margin 10.0% 13.8% −37.6% −44.0% −17.9% 7.4% 16.9% 33.3% 32.9% 36.8%
Net margin 2.0% −5.8% −68.3% −37.8% −16.4% 5.6% −3.2% 72.4% 32.3% 32.6%
FCF margin 25.9% 27.5% 32.6% 53.6% 63.2% 59.5% 46.8% 37.4% 35.9% 47.1%
Returns
Return on capital 3.2% 5.3% −9.0% −7.7% −4.4% 4.1% 14.4% 28.5% 26.3% 34.3%
Return on capital employed 4.7% 7.3% −8.5% −7.9% −3.6% 2.3% 8.3% 15.0% 15.1% 19.5%
Return on equity 1.3% −4.1% −20.0% −8.7% −4.3% 2.1% −1.7% 36.8% 16.7% 18.6%
Return on assets 0.9% −2.7% −14.0% −6.4% −3.1% 1.5% −1.3% 29.4% 13.8% 16.0%
Growth
Revenue growth 13.6% 16.8% −41.2% −1.6% 8.2% 33.3% 38.5% 1.4% 20.7% 27.1%
Net income growth −96.8% −435.2% — — — — −178.1% — −46.2% 28.2%
EPS growth −96.7% −450.0% — — — — −181.3% — −45.2% 27.9%
FCF growth 22.4% 24.1% −30.2% 61.8% 27.6% 25.5% 9.0% −19.0% 15.9% 66.7%
Share count change −3.7% −2.6% −1.6% 2.3% 2.1% 1.4% −4.7% 1.3% −1.7% 0.2%
Financial health
Debt / equity 0.2x 0.2x 0.1x 0.2x 0.2x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 2.6x 4.0x −5.3x −10.2x −4.3x 2.3x 41.1x 103.1x 129.2x 189.5x
Current ratio 4.2x 2.8x 7.6x 7.7x 8.2x 2.6x 4.2x 7.1x 8.4x 8.2x
Quick ratio 4.1x 2.8x 7.5x 7.6x 8.0x 2.5x 4.0x 6.7x 7.9x 7.8x
Capital allocation
Capex / revenue 2.5% 2.4% 4.7% 2.8% 12.1% 4.2% 3.8% 5.0% 5.5% 3.8%
Stock comp / revenue 6.2% 7.0% 9.4% 11.6% 10.5% 8.4% 7.8% 9.8% 8.1% 7.7%
Payouts / FCF 0.0% 46.3% 66.3% 0.0% 32.2% 51.2% 47.2% 58.3% 56.7% 2.1%
Quality scores
Piotroski F-score 5.0 5.0 5.0 6.0 5.0 7.0 5.0 6.0 6.0 5.0
Altman Z'' 1.6 1.7 4.3 4.4 4.9 3.7 5.0 7.9 8.8 13.7
Accruals ratio −11.8% −16.8% −21.7% −15.9% −17.4% −15.4% −21.8% 12.2% −3.9% −9.0%

Source: SEC EDGAR XBRL filings (CIK 0000917273). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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