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Friday 6 November 2026
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Rambus, Inc.
RMBS Technology Semiconductors
Rambus, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $707.6 million, up 27.1% from fiscal 2024.
- Revenue
- +22.3%
- EPS
- +53.9%
- Free cash flow
- +16.2%
Quarter to September 2026, against a year earlier
74.21
4.53
+6.50%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 337 | 393 | 231 | 228 | 246 | 328 | 455 | 461 | 557 | 708 | 796 | +8.6% | 838 | 1,010 | 1,267 | +21.4% | |
| Gross margin, % | 80.07 | 79.87 | 76.77 | 77.43 | 75.34 | 78.56 | 76.35 | 77.57 | 80.22 | 79.59 | 79.14 | (0.5) pt | ||||||
| EBT | 23 | 41 | (71) | (83) | (37) | 23 | (8) | 187 | 200 | 282 | 316 | +32.3% | ||||||
| EBT margin, % | 6.73 | 10.43 | (30.55) | (36.27) | (14.83) | 7.09 | (1.72) | 40.59 | 35.94 | 39.85 | 39.68 | +33.1 pt | ||||||
| Net income | 7 | (23) | (158) | (86) | (40) | 18 | (14) | 334 | 180 | 230 | 266 | +47.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.06 | 3.57 | 2.13 | 2.05 | 2.18 | 2.97 | 4.15 | 4.26 | 5.18 | 6.58 | 7.40 | +8.9% | |||||
| Earnings | 0.06 | (0.17) | (1.46) | (0.81) | (0.39) | 0.17 | (0.13) | 3.09 | 1.67 | 2.14 | 2.45 | +48.8% | ||||||
| Cash flow | 0.87 | 1.07 | 0.80 | 1.16 | 1.64 | 1.89 | 2.10 | 1.81 | 2.15 | 3.35 | 3.22 | +16.2% | ||||||
| Capex | (0.08) | (0.09) | (0.06) | (0.06) | (0.26) | (0.12) | (0.19) | (0.21) | (0.29) | (0.25) | (0.31) | +14.0% | ||||||
| Free cash flow | 0.79 | 0.98 | 0.74 | 1.10 | 1.38 | 1.77 | 1.92 | 1.59 | 1.86 | 3.10 | 2.91 | +16.4% | ||||||
| Book value | 5.02 | 5.19 | 9.33 | 8.79 | 8.06 | 7.80 | 7.12 | 9.60 | 10.43 | 12.69 | 13.17 | +10.9% | ||||||
| Shares, m | 110 | 110 | 108 | 111 | 113 | 111 | 109 | 108 | 107 | 108 | 108 | (0.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 202.29 | 0.00 | 0.00 | 0.00 | 0.00 | 172.88 | 0.00 | 21.25 | 31.84 | 42.94 | 28.65 | 47.1 | |||||
| P/S | 4.63 | 4.01 | 3.60 | 6.72 | 8.03 | 9.90 | 8.43 | 15.31 | 10.20 | 13.97 | 9.50 | 8.5 | ||||||
| P/B | 2.82 | 2.76 | 0.82 | 1.57 | 2.17 | 3.77 | 4.92 | 6.80 | 5.07 | 7.24 | 5.34 | 3.8 | ||||||
| EV/Sales | 5.11 | 3.81 | 3.52 | 5.61 | 6.64 | 9.43 | 8.12 | 14.76 | 9.65 | 13.13 | 8.74 | 8.0 | ||||||
| EV/FCF | 18.89 | 13.79 | 10.15 | 10.46 | 10.51 | 15.84 | 17.59 | 40.14 | 27.27 | 28.15 | 22.46 | 19.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 96 | 117 | 86 | 129 | 185 | 209 | 230 | 196 | 231 | 360 | 347 | +15.9% | |||||
| Capex | (8) | (9) | (6) | (6) | (30) | (14) | (20) | (23) | (31) | (27) | (34) | +13.7% | ||||||
| Free cash flow | 87 | 108 | 80 | 122 | 156 | 195 | 210 | 173 | 200 | 333 | 313 | +16.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 165 | 239 | 458 | 578 | 614 | 417 | 401 | 542 | 608 | 868 | 939 | +20.2% | |||||
| Net debt | (8) | (78) | (100) | (259) | (347) | (486) | (313) | (426) | (482) | (762) | (777) | +65.9% | ||||||
| Shareholders’ equity | 553 | 572 | 1,012 | 975 | 913 | 862 | 779 | 1,038 | 1,121 | 1,364 | 1,418 | +10.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.91 | (2.73) | (14.03) | (6.36) | (3.12) | 1.48 | (1.27) | 29.41 | 13.83 | 16.04 | 17.94 | +15.1 pt | |||||
| ROIC | 3.86 | 6.89 | (5.96) | (8.74) | (4.86) | 4.03 | 10.32 | 15.68 | 17.90 | 26.99 | 28.18 | +23.1 pt | ||||||
| ROE | 1.26 | (4.07) | (19.95) | (8.65) | (4.29) | 2.07 | (1.74) | 36.75 | 16.66 | 18.55 | 19.65 | +17.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 540 | 570 | 560 | 480 | 623 | 690 | 765 | 623 | 712 | 791 | — | +4.3% | |||||
| Revenue/emp, $m | 0.62 | 0.69 | 0.41 | 0.47 | 0.40 | 0.48 | 0.59 | 0.74 | 0.78 | 0.89 | — | +4.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable segment | 708 | 100.00% |
|---|---|---|
| Gross margin | 79.59% | |
| Operating margin | 36.77% | |
| Pre-tax margin | 39.85% |
Rambus, Inc. vs peers in Semiconductors (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| LSCC Lattice Semiconductor Corporation | $13.9B | 310× | 118× | +118.25% (above 0%: growing) | +298.00% (above 0%: growing) | +124.58% (above 0%: growing) | 67.39% | 8.24% | Compare |
| SITM SiTime Corporation | $10.7B | 366× | 108× | +257.40% (above 0%: growing) | n/m | −167.40% (below 0%: shrinking) | 51.60% | 2.79% | Compare |
| SMTC Semtech Corporation | $8.5B | 55.9× | 33.0× | +32.72% (above 0%: growing) | n/m | +54.57% (above 0%: growing) | 53.75% | 16.31% | Compare |
| RMBS Rambus, Inc. | $7.5B | 28.7× | 33.2× | +22.28% (above 0%: growing) | +53.93% (above 0%: growing) | +16.24% (above 0%: growing) | 78.30% | 38.32% | |
| SLAB Silicon Laboratories, Inc. | $7.4B | — (loss-making) | — (loss-making) | +18.33% (above 0%: growing) | n/m | −608.05% (below 0%: shrinking) | 61.65% | (4.67%) | Compare |
| CRUS Cirrus Logic, Inc. | $5.5B | 13.5× | 16.0× | −0.27% (below 0%: shrinking) | −10.51% (below 0%: shrinking) | −51.81% (below 0%: shrinking) | 53.72% | 23.66% | Compare |
| SIMO Silicon Motion Technology Corporation | $5.3B | 17.0× | 16.8× | +131.50% (above 0%: growing) | +64.62% (above 0%: growing) | −4,223.32% (below 0%: shrinking) | 53.63% | 29.02% | Compare |
| ALGM Allegro MicroSystems, Inc. | $5.0B | 169× | 57.1× | +29.21% (above 0%: growing) | +200.00% (above 0%: growing) | +119.18% (above 0%: growing) | 49.18% | 12.80% | Compare |
| PI Impinj, Inc. | $5.0B | — (loss-making) | — (loss-making) | +16.69% (above 0%: growing) | n/m | +14.68% (above 0%: growing) | 52.75% | 4.10% | Compare |
| Median of peers | $6.5B | 113× | 45.1× | +30.97% | +132.31% | −18.56% | 53.68% | 10.52% |
From the latest earnings call
- CEO Luc Seraphin said demand for multiple generations of memory interface chips supported Rambus’s fourth-quarter product outlook, while supply lead times were increasing.
- CFO Sumeet Gagneja said supply-chain input costs were pushing product gross margin toward the lower end of its historical range, partly offset by internal savings.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
92.52%
Held by the ten largest
53.40%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 13.96m | 12.88% | −2.34m |
| Vanguard | 11.84m | 10.92% | −574.17k |
| Fidelity (FMR) | 10.46m | 9.64% | +7.14m |
| Invesco | 6.63m | 6.12% | +133.41k |
| State Street | 3.92m | 3.61% | −458.50k |
| T. Rowe Price | 3.33m | 3.07% | −2.43m |
| Geode Capital Management | 2.30m | 2.12% | −826.83k |
| JPMorgan Chase | 2.10m | 1.94% | +264.92k |
| Dimensional Fund Advisors | 1.72m | 1.59% | −75.89k |
| Swedbank | 1.65m | 1.52% | +83.50k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 6 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.51m | 35.68m | 526.29 |
| 2024 | 7.17m | (5.13m) | 383.74 |
| 2023 | 8.42m | 30.37m | 495.46 |
| 2022 | 7.13m | 19.43m | 260.04 |
| 2021 | 5.76m | 13.59m | 213.36 |
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.
13.90%
The Vanguard Group
11.60%
T. Rowe Price Associates, Inc.
5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Rambus, Inc. (RMBS) Latest News
28 Oct
27 Oct
26 Oct
22 Oct
15 Oct
RMBS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Rambus is a semiconductor company that sells chips and licenses technology used in data-intensive computing. Its focus is data center and artificial intelligence infrastructure, where processors need to access and move large amounts of data. Rambus was founded in 1990 and is headquartered in Sunnyvale. Luc Seraphin is its chief executive.
Its memory interface chips help manage the connection between processors and memory modules. The portfolio includes chips that control timing, regulate power and monitor temperature in server and client systems. Rambus sells these chips to memory module manufacturers, equipment makers and cloud providers, both directly and through distributors.