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Rambus Inc (RMBS) stock

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NASDAQ: RMBS Nasdaq Semiconductors Next results ~February 1, 2027

B Fundamentals grade

Rambus Inc is a US-listed company in the semiconductors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$88–$150 across our lower- and higher-growth cases (13.6%–23.6% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 35% above it.

Price used: $84.01, November 2, 2026

Rambus Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 32 sales by directors and officers, last 12 monthsInsider trades
  • Funds318 adding, 292 cuttingOf 76 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Rambus files

10-Q filed October 26: Rambus

Revenue for the twelve months to September 2026 reached $796m, a 17.3% gain on the prior year and broadly the pace seen a quarter earlier. Profitability softened, with the free-cash-flow margin slipping to 39.3% from 43.1% a year earlier. Our model value is little changed at $98.15 a share, against a market price of $91.61, so the rating stays Hold. At that price, the market appears to be pricing in roughly 16.3% a year of cash-flow growth over five years. That is slower than the 19.4% annual revenue growth the business has already delivered, leaving a modest gap between the implied path and the recent record.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Rambus stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $756m, up 17.2% on a year earlier, slower than 19.1% a quarter earlier. Free-cash-flow margin fell to 39.6% from 40.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $87.64 a share, against a share price of $93.97. At that price, our model says the market is pricing in about 18.2% a year of cash-flow growth for five years, close to the 18.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

Rambus Inc's trailing-twelve-month revenue grew 17.3% year on year, with a free-cash-flow margin of 39.3%. Where it stands out: free-cash-flow margin of 39.3% ranks 6 of 75 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$88–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $84.01 is 35% below our value per share of $110.
  • Fast growth. Revenue grew 17.3% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • High operating margin. 36.3% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Strong cash generation. 39.3% of revenue turned into free cash flow, against a median of 9.6% for semiconductor companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 78% and a beta of 3.5 against the S&P 500.
  • Insiders selling. 10 insiders sold $21M of stock over the past 365 days and none bought (42% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
$0.84 against an average estimate of $0.79: beat by 6.6%
Revenue
$218m, up 22.3% on a year earlier
Share reaction
+3.8% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Guidance given
revenue $210m to $216m (third quarter of 2026); product revenue $110m to $116m (third quarter of 2026)
Next report
October 26, 2026; average EPS estimate $0.87

Rambus' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.8%
  • 1 week-7.0%
  • 1 month-25.0%
  • This year-8.6%
  • 1 year-18.3%
  • 5 years+250.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$796M
Operating margin
36.3%
Net margin
33.4%
EPS (TTM, diluted)
$2.42

Growth

Revenue growth
+17.3%
Change in growth rate
+0.2 pts
Share count change
+0.9%

Cash

Free cash flow (TTM)
$313M
FCF margin
39.3%
Stock pay % of revenue
7.4%

Earnings

Last results
October 26, 2026
Next results (est.)
February 1, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Our research
  3. Results
  4. Announcement
  5. Announcement
  6. Results
  7. Announcement
  8. Leadership
  9. Buyback
  10. Agreement
  11. Results
  12. Guidance
  13. Announcement
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Rambus Inc valuation models and calculator

What the price is pricing in

The share price implies about 14.1% a year of cash-flow growth for five years.That is slower than the 19.4% a year revenue growth Rambus has delivered.

  • Priced in14.1%
  • Last 12 months17.3%
  • 3 years a year20.0%
  • 5 years a year19.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($87.67, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$110
Price used
$87.67close November 3, 2026
Implied change
▲ +29%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Rambus Inc's free cash flow after stock-based pay with after-tax interest added back ($262M, FY2026 Q3 TTM), growing 20.9% and 19.2% in the next two years (forecasts, guidance and its record), then back to 18.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$88–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Rambus Inc's free cash flow after stock-based pay ( $262M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Rambus Inc as an operating company, with every model that fits that kind of business. Cost of equity 13.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$88–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$58 ~$55–$100 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$21 ~$15–$29 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$19 ~$17–$21 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$65 ~$19–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Rambus Inc with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $43$55$72$94$123$160
8.5% $34$43$56$71$92$118
10% $29$36$46$58$73$93

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$11.59$13.77$14.22$7.67$13.78$17.46$29.39$35.82$68.25$52.86$91.89$84.01
Market value$1.4bn$1.6bn$1.6bn$832m$1.5bn$2.0bn$3.4bn$3.9bn$7.6bn$5.8bn$10.0bn$9.2bn
+ Net debt (− = net cash)−$24m−$9m−$12m$26m$47m$27m$56m−$125m−$95m−$100m−$183m−$111m
Enterprise value$1.3bn$1.5bn$1.6bn$858m$1.6bn$2.0bn$3.4bn$3.8bn$7.5bn$5.7bn$9.9bn$9.1bn
Multiples
Price / sales 4.6x4.6x4.0x3.6x6.7x8.0x10.3x8.6x16.4x10.4x14.2x11.6x
Price / earnings 6.4xn/m————184.1x—22.7x32.1x43.6x34.7x
Price / free cash flow 19.1x17.9x14.5x11.0x12.5x12.7x17.3x18.4x43.9x28.8x30.1x29.5x
EV / EBITDA 16.0x33.2x23.0x———75.8x44.0x45.6x29.3x36.2x30.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

73 /100

Strong moat

How hard Rambus's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 22.5% of total assets over 7 years.

  • Pricing power 20 / 20

    Gross margin has been a median 78.3%, moving by 1.9 percentage points (standard deviation) across 7 years.

  • Durability 3 / 20

    Operating margin has been a median 13.3%; its worst year was -40.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 41.2% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 3.2% over five years; stock-based pay has been a median 8.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.11 +27% $838m +19%
Next $3.88 +25% $1.0bn +21%

Next year's EPS estimate has moved +5.1% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.5% on 90 days ago. In the last 30 days, 5 analysts raised Rambus Inc's forecast and 1 cut it.

Consensus EPS forecast Rambus Inc, last 90 days
$3.00 $3.50 $4.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.03 Current fiscal year, 60 days ago: $3.03 Current fiscal year, 30 days ago: $3.04 Current fiscal year, 7 days ago: $3.04 Current fiscal year, Now: $3.11 $3.11 Next fiscal year, 90 days ago: $3.70 Next fiscal year, 60 days ago: $3.70 Next fiscal year, 30 days ago: $3.72 Next fiscal year, 7 days ago: $3.77 Next fiscal year, Now: $3.88 $3.88

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.03$3.70
60 days ago $3.03$3.70
30 days ago $3.04$3.72
7 days ago $3.04$3.77
Now $3.11$3.88

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.79 $0.84 +6.6%
Jun 2026 $0.71 $0.77 +7.7%
Mar 2026 $0.64 $0.63 −1.0%
Dec 2025 $0.68 $0.68 +0.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 27, 2026
  • revenue third quarter of 2026 $210m to $216m GAAP
    “For the third quarter of 2026, the Company expects revenue to be between $210 million and $216 million.” source
  • GAAP diluted earnings per share third quarter of 2026 $0.59 to $0.67 GAAP
    “Additionally, the Company expects GAAP diluted earnings per share to be between $0.59 and $0.67 and non-GAAP diluted earnings per share to be between $0.75 and $0.82.” source
  • non-GAAP diluted earnings per share third quarter of 2026 $0.75 to $0.82 Non-GAAP
    “Additionally, the Company expects GAAP diluted earnings per share to be between $0.59 and $0.67 and non-GAAP diluted earnings per share to be between $0.75 and $0.82.” source
  • product revenue third quarter of 2026 $110m to $116m GAAP
    “The Company also expects product revenue to be between $110 million and $116 million, royalties revenue to be between $69 million and $75 million, and contract and other revenue to be between $25 million and $31 million.” source
  • royalties revenue third quarter of 2026 $69m to $75m GAAP
    “The Company also expects product revenue to be between $110 million and $116 million, royalties revenue to be between $69 million and $75 million, and contract and other revenue to be between $25 million and $31 million.” source
  • contract and other revenue third quarter of 2026 $25m to $31m GAAP
    “The Company also expects product revenue to be between $110 million and $116 million, royalties revenue to be between $69 million and $75 million, and contract and other revenue to be between $25 million and $31 million.” source
Show 3 more items
  • interest and other income third quarter of 2026 about $7m
    “The Company expects interest and other income to be $7 million.” source
  • GAAP tax rate third quarter of 2026 about 18.7% GAAP
    “These expectations also assume a GAAP tax rate of 18.7%, a non-GAAP tax rate of 16% and a diluted share count of 110 million shares, and exclude stock-based compensation expense of $15.7 million, amortization of acquired intangible assets of $1.5 million and other one-time adjustments of $0.8 million.” source
  • non-GAAP tax rate third quarter of 2026 about 16% Non-GAAP
    “These expectations also assume a GAAP tax rate of 18.7%, a non-GAAP tax rate of 16% and a diluted share count of 110 million shares, and exclude stock-based compensation expense of $15.7 million, amortization of acquired intangible assets of $1.5 million and other one-time adjustments of $0.8 million.” source

How earlier guidance turned out

  • GAAP diluted earnings per share, third quarter of 2026 guided $0.59 to $0.67 Above range: $0.69
  • revenue, third quarter of 2026 guided $210m to $216m Above range: $218m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Rambus Inc's revenue by +20.9% next year and +19.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+22.0%, weight 67%) and the company's own record (+18.6%, weight 33%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Oct 2026628
  2. Sep 2026628
  3. Aug 2026729
  4. Jul 2026729

Counts of recommendations published by analysts covering Rambus Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.5%
of tradable shares
Days to cover
1.77
at average volume
Short interest, 1 month
−31%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
0.8%
of shares
Employees
791
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −18.3%

$102.84 on October 31, 2025 to $84.01

ThenNowEffect
Revenue (last 12 months) $645m $756m +17.2%
Net margin 35.5% 31.7% −10.7%
P/E multiple 48.7x 38.5x −21.0%
Share count 109m 110m −1.2%

Biggest factor: p/e multiple.

Last 3 years +44.7%

$58.07 on November 3, 2023 to $84.01

ThenNowEffect
Revenue (last 12 months) $468m $756m +61.5%
Net margin 40.4% 31.7% −21.5%
P/E multiple 33.6x 38.5x +14.5%
Share count 110m 110m −0.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RMBS+68%+22%+91%−23%+74%−9%
Industry peers (median)+35%−39%+15%−9%+16%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RMBS67%58%58%50%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RMBS−18%−39%−28%−49%−38%−53%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 53% from November 22, 2017 to December 24, 2018. Getting back needed a 113% gain, reached on January 29, 2020, 401 days after the low.

Price behaviour

52-week range
$79.73 – $170.66
From 52-week high
−50.8%
vs 50-day average
−10.3%
vs 200-day average
−22.2%
Volatility (1 year)
78%
Beta vs S&P 500
3.55

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±12.0%
After a week
4 up, 8 down
typical move ±10.8%
After a month
3 up, 8 down
typical move ±13.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 +3.8% +1.3% −1.9% —
July 27, 2026 −8.6% +0.3% −4.0% −6.4%
April 27, 2026 −29.8% −0.3% −29.6% −6.1%
February 2, 2026 −13.5% −0.4% −2.6% −19.1%
October 27, 2025 −1.6% +1.4% +0.3% −12.3%
July 28, 2025 +16.4% −0.3% +20.5% +19.4%
April 28, 2025 −3.3% +0.7% −0.4% +6.5%
February 3, 2025 +4.6% 0.0% +9.0% −12.4%
October 28, 2024 +17.2% +0.5% +11.6% +32.8%
July 29, 2024 −17.7% −0.4% −30.0% −23.6%
April 29, 2024 −7.4% −1.2% −3.8% −7.1%
February 5, 2024 −19.7% −0.1% −15.7% −7.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Rambus Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Rambus Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Rambus Inc
$400M $500M $600M $700M $800M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $461.1M Revenue (TTM), FY24 Q1: $465.2M Revenue (TTM), FY24 Q2: $477.5M Revenue (TTM), FY24 Q3: $517.7M Revenue (TTM), FY24 Q4: $556.6M Revenue (TTM), FY25 Q1: $605.4M Revenue (TTM), FY25 Q2: $645.5M Revenue (TTM), FY25 Q3: $678.5M Revenue (TTM), FY25 Q4: $707.6M Revenue (TTM), FY26 Q1: $721.2M Revenue (TTM), FY26 Q2: $756.3M Revenue (TTM), FY26 Q3: $796.1M $796.1M

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $461.1M
FY24 Q1 $465.2M
FY24 Q2 $477.5M
FY24 Q3 $517.7M
FY24 Q4 $556.6M
FY25 Q1 $605.4M
FY25 Q2 $645.5M
FY25 Q3 $678.5M
FY25 Q4 $707.6M
FY26 Q1 $721.2M
FY26 Q2 $756.3M
FY26 Q3 $796.1M
Revenue growth, TTM YoY Rambus Inc
-10% 0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 1.4% Revenue growth, TTM YoY, FY24 Q1: -0.9% Revenue growth, TTM YoY, FY24 Q2: 2.0% Revenue growth, TTM YoY, FY24 Q3: 12.2% Revenue growth, TTM YoY, FY24 Q4: 20.7% Revenue growth, TTM YoY, FY25 Q1: 30.1% Revenue growth, TTM YoY, FY25 Q2: 35.2% Revenue growth, TTM YoY, FY25 Q3: 31.0% Revenue growth, TTM YoY, FY25 Q4: 27.1% Revenue growth, TTM YoY, FY26 Q1: 19.1% Revenue growth, TTM YoY, FY26 Q2: 17.2% Revenue growth, TTM YoY, FY26 Q3: 17.3% 17.3%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 1.4%
FY24 Q1 -0.9%
FY24 Q2 2.0%
FY24 Q3 12.2%
FY24 Q4 20.7%
FY25 Q1 30.1%
FY25 Q2 35.2%
FY25 Q3 31.0%
FY25 Q4 27.1%
FY26 Q1 19.1%
FY26 Q2 17.2%
FY26 Q3 17.3%
Operating margin (TTM) Rambus Inc
30% 35% 40% 45% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 33.3% Operating margin (TTM), FY24 Q1: 39.1% Operating margin (TTM), FY24 Q2: 44.1% Operating margin (TTM), FY24 Q3: 31.0% Operating margin (TTM), FY24 Q4: 32.9% Operating margin (TTM), FY25 Q1: 35.7% Operating margin (TTM), FY25 Q2: 37.0% Operating margin (TTM), FY25 Q3: 36.4% Operating margin (TTM), FY25 Q4: 36.8% Operating margin (TTM), FY26 Q1: 35.9% Operating margin (TTM), FY26 Q2: 35.5% Operating margin (TTM), FY26 Q3: 36.3% 36.3%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 33.3%
FY24 Q1 39.1%
FY24 Q2 44.1%
FY24 Q3 31.0%
FY24 Q4 32.9%
FY25 Q1 35.7%
FY25 Q2 37.0%
FY25 Q3 36.4%
FY25 Q4 36.8%
FY26 Q1 35.9%
FY26 Q2 35.5%
FY26 Q3 36.3%
FCF margin (TTM) Rambus Inc
35% 40% 45% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 37.4% FCF margin (TTM), FY24 Q1: 38.2% FCF margin (TTM), FY24 Q2: 40.4% FCF margin (TTM), FY24 Q3: 38.9% FCF margin (TTM), FY24 Q4: 35.9% FCF margin (TTM), FY25 Q1: 38.5% FCF margin (TTM), FY25 Q2: 40.6% FCF margin (TTM), FY25 Q3: 43.1% FCF margin (TTM), FY25 Q4: 47.1% FCF margin (TTM), FY26 Q1: 46.5% FCF margin (TTM), FY26 Q2: 39.6% FCF margin (TTM), FY26 Q3: 39.3% 39.3%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 37.4%
FY24 Q1 38.2%
FY24 Q2 40.4%
FY24 Q3 38.9%
FY24 Q4 35.9%
FY25 Q1 38.5%
FY25 Q2 40.6%
FY25 Q3 43.1%
FY25 Q4 47.1%
FY26 Q1 46.5%
FY26 Q2 39.6%
FY26 Q3 39.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Rambus took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $708M
  2. Other income $21.7M · 3.1%
  3. Cost of revenue $144M · 20.4%
  4. Gross profit $563M · 79.6%
  5. Research and development $188M · 26.5%
  6. Selling, general and admin $115M · 16.3%
  7. Operating income $260M · 36.8%
  8. Income tax $51.5M · 7.3%
  9. Net income $230M · 32.6%

Shares of revenue. Source: Rambus's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 113 323 312 234 272 297 296 337 393 231 228 246 328 455 461 557 708 796
Gross profit 106 316 288 206 238 255 263 291 338 178 176 186 258 347 358 447 563 630
EBITDA −65 237 10 −77 38 89 84 47 68 −76 −85 −22 45 86 164 193 272 301
Operating income −76 227 −2 −90 22 75 71 34 54 −87 −100 −44 24 77 154 183 260 289
Net income −92 151 −43 −134 −34 26 211 7 −23 −158 −86 −40 18 −14 334 180 230 266
Diluted EPS −$0.88 $1.30 — −$1.21 −$0.30 $0.22 $1.80 $0.06 −$0.21 −$1.46 −$0.77 −$0.36 $0.16 −$0.13 $3.01 $1.65 $2.11 $2.42
Growth (year on year)
Revenue −20.7% +186.2% −3.4% −25.1% +16.0% +9.2% −0.1% +13.6% +16.8% −41.2% −1.6% +8.2% +33.3% +38.5% +1.4% +20.7% +27.1% +17.3%
EBITDA — — −95.6% −845.7% — +134.7% −5.8% −44.4% +45.3% −212.6% — — — +90.4% +90.0% +17.9% +40.9% +16.3%
Operating income — — −100.7% — — +235.4% −5.2% −52.9% +61.7% −259.8% — — — +216.9% +99.7% +19.1% +42.2% +16.9%
Net income — — −128.5% — — — +706.8% −96.8% −435.2% — — — — −178.1% — −46.1% +28.2% +16.2%
Diluted EPS — — — — — — +718.2% −96.7% −450.0% — — — — −181.3% — −45.2% +27.9% +15.2%
Margins
Gross margin 93.9% 97.9% 92.3% 87.9% 87.8% 85.9% 88.9% 86.4% 85.9% 76.8% 77.4% 75.3% 78.6% 76.3% 77.6% 80.2% 79.6% 79.1%
EBITDA margin −57.7% 73.3% 3.3% −33.0% 14.0% 30.0% 28.3% 13.8% 17.2% −33.0% −37.3% −8.9% 13.8% 19.0% 35.5% 34.7% 38.5% 37.8%
Operating margin −67.1% 70.2% −0.5% −38.6% 8.3% 25.4% 24.1% 10.0% 13.8% −37.6% −44.0% −17.9% 7.4% 16.9% 33.3% 32.9% 36.8% 36.3%
Net margin −81.6% 46.7% −13.8% −57.4% −12.4% 8.8% 71.3% 2.0% −5.8% −68.3% −37.8% −16.4% 5.6% −3.1% 72.4% 32.3% 32.6% 33.4%
Free-cash-flow margin −38.3% 64.5% 10.8% −16.8% 16.2% 23.4% 24.0% 25.9% 27.5% 32.6% 53.6% 63.2% 59.5% 46.8% 37.4% 35.9% 47.1% 39.3%
Cash flow
Cash from operations −41 235 53 −17 51 76 77 96 117 86 129 185 209 230 196 231 360 347
Capital spending 3 27 19 22 7 7 6 9 9 11 6 30 14 17 23 31 27 34
Free cash flow −43 209 34 −39 44 69 71 87 108 75 122 156 195 213 173 200 333 313
Stock-based pay 32 31 28 23 15 15 15 21 27 22 26 26 27 36 45 45 54 59
Free cash flow after stock pay −75 178 6 −62 29 55 56 66 81 54 96 130 168 177 128 155 279 254
Balance sheet
Cash 289 215 162 149 339 154 144 135 226 116 102 129 108 125 95 100 183 111
Total debt 248 122 133 148 274 115 119 126 214 142 149 156 164 — 0 0 0 0
Net debt (negative = net cash) −41 −94 −29 −1 −65 −39 −24 −9 −12 26 47 27 56 −125 −95 −100 −183 −111
Diluted shares 105m 116m 110m 111m 112m 118m 117m 113m 110m 108m 111m 113m 115m 109m 111m 109m 109m 110m
Returned to shareholders
Buybacks — 195 0 0 0 0 100 0 50 50 0 50 100 100 101 113 7 140
Total returned — 195 0 0 0 0 100 0 50 50 0 50 100 100 101 113 7 140

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · September 30, 2026
What it owns · $1.6bn
Short-term assets $1.1bnLonger-term assets $507m
What it owes, and who funded it · $1.6bn
Short-term liabilities $112mLonger-term liabilities $28mShareholders' equity $1.4bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $112m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $28m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $289m against $1m of interest.

From Rambus Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$140M
Returned to shareholders
45%
of free cash flow
Buybacks, last 3 fiscal years
$221M
Diluted share count
+0.9%
year over year
Total shareholder yield
1.6%
dividends 0.0% + buybacks 1.6% of market value
R&D spending
25.1%
of revenue
Sales & admin spending
17.3%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated RMBS IMOS HIMX SLAB PLAB SIMO Median
Revenue, last 12 months $796m $769m $832m $856m $867m $886m $1.1bn
Revenue growth, last 12 months 17.3% 8.8% −8.2% 21.7% 1.2% 10.2% 13.7%
Revenue growth, 3-year average 20.0% — — −5.6% −0.3% 57.8% 3.9%
Revenue growth, latest quarter 22.3% — — 18.3% 2.7% — 20.1%
Gross margin 79.1% 10.8% 30.6% 60.6% 33.7% 48.3% 48.3%
Operating margin 36.3% 4.8% 5.3% −5.1% 22.5% 10.5% 4.8%
Operating margin, 3-year average 34.6% 12.5% 13.9% −17.4% 24.5% 18.5% 4.8%
Net margin 33.4% 2.3% 5.3% −4.6% 19.0% 13.8% 5.3%
Cash from operations / revenue 43.6% 16.7% 16.8% 3.9% 35.6% 6.9% 17.4%
Free-cash-flow margin 39.3% 0.6% 14.4% −0.6% 12.7% 0.7% 9.6%
Free-cash-flow margin, 3-year average 40.4% 1.0% 12.5% −1.9% 12.9% 11.5% 8.5%
Stock pay / revenue 7.4% 0.2% 0.1% 10.2% 1.6% 3.0% 5.8%
Change in share count 0.9% −2.9% −0.2% 1.6% −4.2% −0.1% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 17.3% 13.7% 34 of 75
Change in growth rate Growth +0.2pp +3.7pp 46 of 75
Gross margin Profitability 79.1% 48.3% 6 of 73
Operating margin Profitability 36.3% 4.8% 8 of 75
Net margin Profitability 33.4% 5.3% 9 of 75
Free-cash-flow margin Cash generation 39.3% 9.6% 6 of 75
Stock pay as % of revenue Cash generation 7.4% 6.4% 44 of 74
Change in share count Balance sheet 0.9% 0.9% 36 of 72
Days sales outstanding Balance sheet 65 days 58 days 41 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Product Revenue $348M 49.1% ▲ 40.9%
Royalty $279M 39.5% ▲ 23.5%
Contractandother Revenue $80.5M 11.4% ▼ 3.8%
Geography
Region Revenue Share YoY
South Korea $329M 46.5% ▲ 66.7%
Singapore $164M 23.2% ▲ 143.4%
United States $124M 17.5% ▼ 38.4%
Other Countries $90.5M 12.8% ▲ 0.1%

From Rambus Inc's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13.3B
Institutions reporting
615
Shares held vs prior quarter
▼ 2.2%
Positions opened / closed
128 / 65

Top buyers and sellers, Q2 2026: 318 institutions bought and 292 sold ; the biggest buyer was FMR LLC (+7.1M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−2.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.9B 14.0M 13.9% ▼ 14.4%
FMR LLC $1.4B 10.5M 10.4% ▲ 215.2%
Invesco Ltd. $880M 6.6M 6.6% ▲ 2.1%
Vanguard Portfolio Management LLC $806M 6.1M 6.1% ▼ 8.7%
Vanguard Capital Management LLC $647M 4.9M 4.9% ▲ 1.0%
State Street Corp $519M 3.9M 3.9% ▼ 10.5%
Price T Rowe Associates Inc $443M 3.3M 3.3% ▼ 1.2%
Geode Capital Management, LLC $305M 2.3M 2.3% ▼ 26.5%
Jpmorgan Chase & Co $261M 2.1M 2.0% ▲ 14.4%
Dimensional Fund Advisors LP $228M 1.7M 1.7% ▼ 4.2%
Swedbank AB $219M 1.6M 1.6% ▲ 5.3%
Norges Bank $203M 1.5M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Rambus Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $21M 32 trades by 10 insiders · 42% under pre-set plans
Net ▼ $21M net selling
Insider Date Trade Shares Price Value
Kissner Charles Director October 2, 2026 Sell pre-set plan 5,000 $111.00 $555,000
Kissner Charles Director September 22, 2026 Sell pre-set plan 5,000 $105.00 $525,000
Kissner Charles Director August 7, 2026 Sell pre-set plan 5,000 $100.92 $504,600
Sayiner Necip Director June 3, 2026 Sell 5,000 $170.15 $850,750
Higashi Emiko Director June 2, 2026 Sell 5,000 $163.00 $815,000
Higashi Emiko Director June 2, 2026 Sell 5,000 $158.00 $790,000
Stang Eric B Director June 1, 2026 Sell 5,000 $146.00 $730,000
Fan Xianzhi Sean EVP, COO May 26, 2026 Sell 100 $152.35 $15,235
Fan Xianzhi Sean EVP, COO May 26, 2026 Sell 37,814 $151.69 $5.7M
Higashi Emiko Director May 26, 2026 Sell 5,000 $157.57 $787,850
Shinn John SVP, General Counsel May 22, 2026 Sell 1,000 $143.63 $143,630
Sayiner Necip Director May 8, 2026 Sell 9,824 $130.18 $1.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 27, 2026
  • April 27, 2026
  • February 2, 2026
  • October 27, 2025
  • July 28, 2025

Recent SEC filings

Data status

When each part of this page on Rambus Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Rambus Inc in brief

What does Rambus Inc do?
Rambus Inc is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Rambus Inc's stock ticker?
Rambus Inc trades under the ticker RMBS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Rambus Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Rambus Inc reported revenue of $796M, 17.3% higher than a year earlier, according to its SEC filings.
What is Rambus Inc's free cash flow?
Rambus Inc's free-cash-flow margin is 39.3% of revenue over the trailing twelve months, ranking 6 of the 75 semiconductor companies we cover.
What is Rambus Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Rambus Inc's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$88–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Rambus Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Invesco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Rambus Inc buying back stock, and does it pay a dividend?
Rambus Inc spent $140M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.9% over the year.
What is Rambus Inc's market cap?
On November 2, 2026, Rambus Inc's market capitalisation was about $9.2B, with a price-to-earnings ratio of 34.7 and net debt of -$111M. Market figures come from third-party market data and may be delayed.
Who are Rambus Inc's competitors?
In our Semiconductors peer group, the companies closest to Rambus Inc are Chipmos Technologies Inc, Himax Technologies, Inc., Silicon Laboratories Inc., Photronics Inc and Silicon Motion Technology Corp. The side-by-side comparison below sets their revenue, margins and growth against Rambus Inc's.
Are insiders buying or selling Rambus Inc stock?
Over the last 12 months, Rambus Inc's directors and officers reported 0 open-market purchases and 32 sales on Form 4. The insider trading page charts every trade.
When is Rambus Inc's next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Rambus Inc announces its own schedule.