Saturday 17 October 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. 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.
87.25
5.62
−6.05%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 10.66 | 11.30 | 7.17 | 7.55 | 9.01 | 17.44 | 20.00 | 34.77 | 37.42 | 40.12 |
Analyst estimates 2026–2028 Powerpack |
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| High | 14.50 | 15.50 | 14.63 | 14.83 | 18.54 | 29.89 | 39.34 | 71.90 | 76.38 | 114.55 | |||||
| People | |||||||||||||||
| People | Employees | 540 | 570 | 560 | 480 | 623 | 690 | 765 | 623 | 712 | 791 | ||||
| Revenue/emp, $m | 0.62 | 0.69 | 0.41 | 0.47 | 0.40 | 0.48 | 0.59 | 0.74 | 0.78 | 0.89 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 337 | 393 | 231 | 228 | 246 | 328 | 455 | 461 | 557 | 708 | ||||
| Gross margin, % | 80.07 | 79.87 | 76.77 | 77.43 | 75.34 | 78.56 | 76.35 | 77.57 | 80.22 | 79.59 | |||||
| EBT | 23 | 41 | (71) | (83) | (37) | 23 | (8) | 187 | 200 | 282 | |||||
| EBT margin, % | 6.73 | 10.43 | (30.55) | (36.27) | (14.83) | 7.09 | (1.72) | 40.59 | 35.94 | 39.85 | |||||
| Net income | 7 | (23) | (158) | (86) | (40) | 18 | (14) | 334 | 180 | 230 | |||||
| Depreciation | 68 | 55 | 40 | 41 | 48 | 44 | 47 | 48 | 43 | 42 | |||||
| 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 | ||||
| Earnings | 0.06 | (0.17) | (1.46) | (0.81) | (0.39) | 0.17 | (0.13) | 3.09 | 1.67 | 2.14 | |||||
| Cash flow | 0.87 | 1.07 | 0.80 | 1.16 | 1.64 | 1.89 | 2.10 | 1.81 | 2.15 | 3.35 | |||||
| Capex | (0.08) | (0.09) | (0.06) | (0.06) | (0.26) | (0.12) | (0.19) | (0.21) | (0.29) | (0.25) | |||||
| Free cash flow | 0.79 | 0.98 | 0.74 | 1.10 | 1.38 | 1.77 | 1.92 | 1.59 | 1.86 | 3.10 | |||||
| Book value | 5.02 | 5.19 | 9.33 | 8.79 | 8.06 | 7.80 | 7.12 | 9.60 | 10.43 | 12.69 | |||||
| Shares, m | 110 | 110 | 108 | 111 | 113 | 111 | 109 | 108 | 107 | 108 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 202.29 | 0.00 | 0.00 | 0.00 | 0.00 | 172.88 | 0.00 | 21.25 | 31.84 | 42.94 | ||||
| P/S | 4.63 | 4.01 | 3.60 | 6.72 | 8.03 | 9.90 | 8.43 | 15.31 | 10.20 | 13.97 | |||||
| P/B | 2.82 | 2.76 | 0.82 | 1.57 | 2.17 | 3.77 | 4.92 | 6.80 | 5.07 | 7.24 | |||||
| EV/Sales | 5.11 | 3.81 | 3.52 | 5.61 | 6.64 | 9.43 | 8.12 | 14.76 | 9.65 | 13.13 | |||||
| EV/FCF | 18.89 | 13.79 | 10.15 | 10.46 | 10.51 | 15.84 | 17.59 | 40.14 | 27.27 | 28.15 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 96 | 117 | 86 | 129 | 185 | 209 | 230 | 196 | 231 | 360 | ||||
| Capex | (8) | (9) | (6) | (6) | (30) | (14) | (20) | (23) | (31) | (27) | |||||
| Free cash flow | 87 | 108 | 80 | 122 | 156 | 195 | 210 | 173 | 200 | 333 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 165 | 239 | 458 | 578 | 614 | 417 | 401 | 542 | 608 | 868 | ||||
| Total debt | 164 | 251 | 178 | 149 | 156 | 199 | 44 | — | — | — | |||||
| Net debt | (8) | (78) | (100) | (259) | (347) | (486) | (313) | (426) | (482) | (762) | |||||
| Shareholders’ equity | 553 | 572 | 1,012 | 975 | 913 | 862 | 779 | 1,038 | 1,121 | 1,364 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 0.91 | (2.73) | (14.03) | (6.36) | (3.12) | 1.48 | (1.27) | 29.41 | 13.83 | 16.04 | ||||
| ROIC | 3.86 | 6.89 | (5.96) | (8.74) | (4.86) | 4.03 | 10.32 | 15.68 | 17.90 | 26.99 | |||||
| ROE | 1.26 | (4.07) | (19.95) | (8.65) | (4.29) | 2.07 | (1.74) | 36.75 | 16.66 | 18.55 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 | $15.2B | 399× | 150× | +62.20% (above 0%: growing) | +600.00% (above 0%: growing) | +130.47% (above 0%: growing) | 70.29% | 11.12% | Compare |
| SITM SiTime Corporation | $15.1B | 891× | 301× | +126.54% (above 0%: growing) | n/m | +1,018.94% (above 0%: growing) | 62.97% | 5.22% | Compare |
| SMTC Semtech Corporation | $13.5B | 82.4× | 96.7× | +32.72% (above 0%: growing) | n/m | +54.57% (above 0%: growing) | 53.75% | 16.31% | Compare |
| RMBS Rambus, Inc. | $10.1B | 39.5× | 58.5× | +20.43% (above 0%: growing) | +14.81% (above 0%: growing) | −40.61% (below 0%: shrinking) | 79.76% | 35.07% | |
| SIMO Silicon Motion Technology Corporation | $7.4B | 24.6× | 29.6× | +127.00% (above 0%: growing) | +718.37% (above 0%: growing) | −117.86% (below 0%: shrinking) | 50.16% | 22.42% | Compare |
| 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 |
| MXL MaxLinear, Inc | $7.1B | — (loss-making) | — (loss-making) | +55.17% (above 0%: growing) | n/m | −46.59% (below 0%: shrinking) | 57.84% | (2.48%) | Compare |
| ALGM Allegro MicroSystems, Inc. | $6.0B | 395× | 81.2× | +27.45% (above 0%: growing) | n/m | −72.61% (below 0%: shrinking) | 48.45% | 9.82% | Compare |
| PI Impinj, Inc. | $5.8B | — (loss-making) | — (loss-making) | +10.70% (above 0%: growing) | 0.00% | +6.83% (above 0%: growing) | 58.63% | 9.69% | Compare |
| Median of peers | $7.4B | 395× | 96.7× | +43.95% | +600.00% | −19.88% | 58.24% | 9.76% |
Rambus, Inc. (RMBS) key facts
- Strength: Rambus, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $707.6 million, up 27.1% from fiscal 2024.
- Rambus, Inc. (RMBS) is a Semiconductors company in the Technology sector, listed on Nasdaq.
- As of October 16, 2026, RMBS traded at $87.25, a market capitalization of $10.1 billion.
- Return on equity was 18.6% and debt-to-equity 0.00.
- Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 37.69 (safe zone) for fiscal 2025.