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. In the quarter to June 2026, revenue grew 20.4%, EPS grew 14.8% and free cash flow fell 40.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Rambus, Inc. (RMBS) Altman Z-score
Rambus, Inc.'s Altman Z-score for fiscal 2025 is 37.69, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 37.69 | 21.12 |
| FY2024 | 16.57 | (4.53) |
| FY2023 | 21.09 | 10.54 |
| FY2022 | 10.55 | 5.04 |
| FY2021 | 5.51 | 1.74 |
| FY2020 | 3.77 | 1.14 |
| FY2019 | 2.63 | 1.05 |
| FY2018 | 1.58 | (1.32) |
| FY2017 | 2.91 | (0.76) |
| FY2016 | 3.67 | (0.54) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.57 | — | 0.68 | |
| Retained earnings / total assets | 0.05 | — | 0.07 | |
| EBIT / total assets | 0.17 | — | 0.56 | |
| Market value of equity / total liabilities | 59.85 | — | 35.91 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Safe zone | 37.69 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 13.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SITM SiTime Corporation compare | 38.8× |
| RMBS Rambus, Inc. | 37.7× |
| LSCC Lattice Semiconductor Corporation compare | 37.1× |
| SLAB Silicon Laboratories, Inc. compare | 16.6× |
| PI Impinj, Inc. compare | 9.2× |
| ALGM Allegro MicroSystems, Inc. compare | 8.5× |
| SIMO Silicon Motion Technology Corporation compare | 6.9× |
| SMTC Semtech Corporation compare | 5.6× |
| MXL MaxLinear, Inc compare | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets