Rambus Inc key statistics and ratios

In fiscal 2025, Rambus Inc had return on equity of 18.5% and a net margin of 32.6%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Rambus Inc: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
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%
Return on equity	−36.1%	51.1%	−11.3%	−35.8%	−10.2%	7.2%	46.0%	1.3%	−4.1%	−19.9%	−8.7%	−4.3%	2.1%	−1.7%	36.7%	16.7%	18.5%	19.1%
Return on assets	−16.6%	24.8%	−6.3%	−21.0%	−5.2%	4.0%	32.4%	0.9%	−2.7%	−14.0%	−6.4%	−3.1%	1.5%	−1.3%	29.4%	13.8%	16.0%	17.2%
Effective tax rate	—	27.5%	—	—	—	47.9%	—	69.9%	—	—	—	—	21.3%	—	—	10.1%	18.3%	15.8%
R&D as % of revenue	59.5%	28.7%	37.0%	60.0%	43.5%	37.1%	37.5%	38.6%	37.9%	68.5%	68.9%	56.8%	41.3%	34.9%	34.0%	29.3%	26.5%	25.1%
SG&A as % of revenue	113.4%	36.9%	52.5%	48.2%	28.2%	25.2%	23.8%	28.3%	28.2%	42.5%	44.2%	35.1%	27.7%	23.5%	23.5%	18.7%	16.3%	17.3%

US$ thousands unless shown otherwise. Fiscal quarters.

Rambus Inc: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Net margin	38.6%	36.2%	33.6%	27.1%	33.6%	33.2%	32.6%	34.2%
R&D as % of revenue	27.1%	25.6%	26.9%	27.7%	25.9%	27.9%	24.6%	22.6%
SG&A as % of revenue	17.4%	16.8%	16.3%	16.3%	15.7%	17.6%	18.4%	17.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Rambus Inc's SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Rambus Inc.