RMBSNasdaqSemiconductors & Related DevicesFiscal year ends December 31
RAMBUS INC
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 28, 2026
$92.66+5.41 (+6.20%)
Close on Oct 19, 2026
- Market cap
- $10.17B
- P/E (TTM)
- 44.1
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
79.6%+4.3 pts over 5 years
Operating margin
36.8%+54.7 pts over 5 years
Net margin
32.6%+49.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +27.1% | +15.9% | +23.5% | +9.1% | |
| Gross profit | +26.1% | +17.5% | +24.9% | +7.9% | |
| Operating income | +42.2% | +50.1% | – | +13.8% | |
| Net income | +28.2% | – | – | +0.9% | |
| EPS, diluted | +27.9% | – | – | +1.6% | |
| Free cash flow | +66.7% | +16.1% | +16.4% | +16.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 1.3% | -4.3% | 18.5% | |
| Return on assets | 0.9% | -3.1% | 16.0% | |
| Current ratio | 4.23 | 8.15 | 8.20 | |
| Interest coverage | 2.6× | -4.3× | 189.5× | |
| Inventory turnover | 13.6× | 4.9× | 3.3× | |
| Capex to revenue | 2.5% | 12.1% | 3.8% | |
| Diluted shares | 113M | 113M | 109M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Rambus generated $1.23B from operations and spent $533.50M on capital expenditure, dividends and share buybacks. 21% of that went back into the business.
Generated
$1.23B
Used
$533.50M
Capital expenditure$112.05M21%Dividends$00%Share buybacks$421.45M79%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin32.6%
×Asset turnover0.49×
×Equity multiplier1.16×
=Return on equity, FY202518.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 32.6% | 0.49× | 1.16× | 18.5% |
| FY2024 | 32.3% | 0.43× | 1.21× | 16.7% |
| FY2023 | 72.4% | 0.41× | 1.25× | 36.7% |
| FY2022 | -3.1% | 0.41× | 1.37× | -1.7% |
| FY2021 | 5.6% | 0.26× | 1.40× | 2.1% |
| FY2020 | -16.4% | 0.19× | 1.37× | -4.3% |
| FY2019 | -37.8% | 0.17× | 1.36× | -8.7% |
| FY2018 | -68.3% | 0.21× | 1.42× | -19.9% |
| FY2017 | -5.8% | 0.47× | 1.49× | -4.1% |
| FY2016 | 2.0% | 0.45× | 1.39× | 1.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$230.46M
- Cash generatingOperating cash flow above zero$360.02M
- Return on assets improvedROA up on the prior year14.3% → 17.2%
- Earnings backed by cashOperating cash flow above net income$360.02M vs $230.46M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose8.44 → 8.20
- No dilutionShare count did not rise109M → 109M
- Gross margin improvedGross margin up on the prior year80.22% → 79.59%
- More efficientAsset turnover rose0.44 → 0.53