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RAMBUS INC

RMBS· Nasdaq· Semiconductors & Related Devices

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
47.1%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+23.5%
We record prices for the companies we cover; RMBS is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
109.2M
Revenue
$707.6M
Free cash flow
$333.2M
Owner earnings
$278.9M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
79.6%
Operating
36.8%
Net
32.6%
Free cash flow
47.1%
Owner earnings
39.4%
Stock pay
7.7%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
16.9%
ROE, 5 yr avg
13.1%

Growth (CAGR)

Revenue, 3 yr
15.9%
Revenue, 5 yr
23.5%
Revenue, 9 yr
8.6%
Diluted EPS, 3 yr
–
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
48.5%
Free cash flow, 3 yr
16.1%
Free cash flow, 5 yr
16.4%
Free cash flow, 9 yr
16.1%

Financial health · FY2025

Cash and investments
$761.8M
Total debt
–
Net cash
–
Debt/Equity
–
Debt/FCF
–

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-0.7%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$707.6M

+8.6% a year over 9 years

FY2016: Revenue $336.6MFY2017: Revenue $393.1MFY2018: Revenue $231.2MFY2019: Revenue $227.6MFY2020: Revenue $246.3MFY2021: Revenue $328.3MFY2022: Revenue $454.8MFY2023: Revenue $461.1MFY2024: Revenue $556.6MFY2025: Revenue $707.6M
FY2016FY2025

Margins

Gross79.6%Operating36.8%Net32.6%

FY2025

FY2016: Gross –, Operating 10.0%, Net 2.0%FY2017: Gross –, Operating 13.8%, Net -5.8%FY2018: Gross 76.8%, Operating -37.6%, Net -68.3%FY2019: Gross 77.4%, Operating -44.0%, Net -37.8%FY2020: Gross 75.3%, Operating -17.9%, Net -16.4%FY2021: Gross 78.6%, Operating 7.4%, Net 5.6%FY2022: Gross 76.3%, Operating 16.9%, Net -3.1%FY2023: Gross 77.6%, Operating 33.3%, Net 72.4%FY2024: Gross 80.2%, Operating 32.9%, Net 32.3%FY2025: Gross 79.6%, Operating 36.8%, Net 32.6%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$333.2MOwner earnings$278.9M

Free cash flow +16.1% a year

FY2016: Free cash flow $87.0M, Owner earnings $66.0MFY2017: Free cash flow $108.1M, Owner earnings $80.6MFY2018: Free cash flow $75.5M, Owner earnings $53.7MFY2019: Free cash flow $122.1M, Owner earnings $95.6MFY2020: Free cash flow $155.7M, Owner earnings $130.0MFY2021: Free cash flow $195.4M, Owner earnings $167.9MFY2022: Free cash flow $212.9M, Owner earnings $177.4MFY2023: Free cash flow $172.5M, Owner earnings $127.5MFY2024: Free cash flow $199.9M, Owner earnings $155.0MFY2025: Free cash flow $333.2M, Owner earnings $278.9M
FY2016FY2025

Diluted shares

109.2M

-3.5% over 9 years, net buybacks

FY2016: Diluted shares 113.1MFY2017: Diluted shares 110.2MFY2018: Diluted shares 108.5MFY2019: Diluted shares 110.9MFY2020: Diluted shares 113.3MFY2021: Diluted shares 114.9MFY2022: Diluted shares 109.5MFY2023: Diluted shares 110.9MFY2024: Diluted shares 109.0MFY2025: Diluted shares 109.2M
FY2016FY2025

Return on invested capital

–

FY2025

FY2016: ROIC 1.9%FY2017: ROIC –FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC 3.5%FY2022: ROIC –FY2023: ROIC –FY2024: ROIC –FY2025: ROIC –
FY2016FY2025

Net cash

–

$425.8M more cash than debt

FY2016: Net cash $9.1MFY2017: Net cash $11.9MFY2018: Net cash -$26.0MFY2019: Net cash -$46.6MFY2020: Net cash $346.6MFY2021: Net cash $321.9MFY2022: Net cash $302.9MFY2023: Net cash $425.8MFY2024: Net cash –FY2025: Net cash –
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$336.6M$393.1M$231.2M$227.6M$246.3M$328.3M$454.8M$461.1M$556.6M$707.6M
Revenue growth13.6%16.8%-41.2%-1.6%8.2%33.3%38.5%1.4%20.7%27.1%
Gross margin––76.8%77.4%75.3%78.6%76.3%77.6%80.2%79.6%
Operating margin10.0%13.8%-37.6%-44.0%-17.9%7.4%16.9%33.3%32.9%36.8%
Net income$6.8M-$22.9M-$158.0M-$86.0M-$40.5M$18.3M-$14.3M$333.9M$179.8M$230.5M
Net margin2.0%-5.8%-68.3%-37.8%-16.4%5.6%-3.1%72.4%32.3%32.6%
Diluted EPS$0.06$-0.21$-1.46$-0.77$-0.36$0.16$-0.13$3.01$1.65$2.11
Return on invested capital?1.9%––––3.5%––––
Cash
Operating cash flow$95.6M$117.4M$86.2M$128.5M$185.5M$209.2M$230.4M$195.8M$230.6M$360.0M
Capital expenditure$8.6M$9.4M$10.8M$6.5M$29.7M$13.8M$17.5M$23.2M$30.7M$26.8M
Free cash flow$87.0M$108.1M$75.5M$122.1M$155.7M$195.4M$212.9M$172.5M$199.9M$333.2M
Stock-based compensation$21.0M$27.4M$21.7M$26.5M$25.8M$27.5M$35.6M$45.0M$44.9M$54.3M
Owner earnings?$66.0M$80.6M$53.7M$95.6M$130.0M$167.9M$177.4M$127.5M$155.0M$278.9M
Free cash flow per share$0.77$0.98$0.70$1.10$1.38$1.70$1.94$1.56$1.83$3.05
Capital allocation
Dividends paid––––––––––
Share repurchases$0$50.0M$50.0M$0$50.1M$100.1M$100.4M$100.5M$113.3M$7.1M
Diluted shares113.1M110.2M108.5M110.9M113.3M114.9M109.5M110.9M109.0M109.2M
Share count change?-3.7%-2.6%-1.6%2.3%2.1%1.4%-4.7%1.3%-1.7%0.2%
Balance sheet
Cash and equivalents$135.3M$225.8M$115.9M$102.2M$129.0M$107.9M$125.3M$94.8M$99.8M$182.8M
Short-term investments––––$373.7M$377.7M$187.9M$331.1M$382.0M$579.0M
Total debt$126.2M$213.9M$141.9M$148.8M$156.0M$163.7M$10.4M$0––
Net debt-$9.1M-$11.9M$26.0M$46.6M-$346.6M-$321.9M-$302.9M-$425.8M––
Shareholders' equity$552.8M$571.6M$1.0B$975.4M$912.7M$862.4M$779.3M$1.0B$1.1B$1.4B

Latest filings

All on EDGAR
2026-10-2610-QQuarterly report
2026-10-268-KEarnings release
2026-07-2810-QQuarterly report
2026-07-278-KEarnings release
2026-04-2810-QQuarterly report
2026-04-278-KEarnings release
2026-03-06DEF 14AProxy statement
2026-02-1810-KAnnual report
2026-02-028-KEarnings release
2025-10-2810-QQuarterly report

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