Rambus Inc. (RMBS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.72	$0.77	+6.9%	—	$207.4M	—
Q1 26	$0.64	$0.63	-1.6%	—	$180.2M	—
Q4 25	$0.68	$0.68	0.0%	—	$190.2M	—
Q3 25	$0.63	$0.58	-7.9%	—	$178.5M	—
Q2 25	$0.59	$0.6	+1.7%	—	$172.2M	—
Q1 25	$0.57	$0.59	+3.5%	—	$166.7M	—
Q4 24	$0.56	$0.59	+5.4%	—	$161.1M	—
Q3 24	$0.51	$0.66	+29.4%	—	$145.5M	—
Q2 24	$0.45	$0.46	+2.2%	—	$132.1M	—
Q1 24	$0.44	$0.39	-11.4%	—	$117.9M	—
Q4 23	$0.45	$0.42	-6.7%	—	$122.2M	—
Q3 23	$0.41	$0.43	+4.9%	—	$105.3M	—
Q2 23	$0.39	$1.78	+356.4%	—	$119.8M	—
Q1 23	$0.42	$0.44	+4.8%	—	$113.8M	—
Q4 22	$0.45	$0.14	-68.9%	—	$122.4M	—
Q3 22	$0.41	$0.41	0.0%	—	$112.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.14	—	—	$707.6M	—
FY24	—	$1.67	—	—	$556.6M	—
FY23	—	$3.09	—	—	$461.1M	—
FY22	—	-$0.13	—	—	$454.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$336.6M	$393.1M	$231.2M	$227.6M	$246.3M	$328.3M	$454.8M	$461.1M	$556.6M	$707.6M
YoY change	+13.6%	+16.8%	-41.2%	-1.56%	+8.22%	+33.3%	+38.5%	+1.39%	+20.7%	+27.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	336.6M	393.1M	231.2M	227.6M	246.3M	328.3M	454.8M	461.1M	556.6M	707.6M
Cost of revenue	67.1M	79.1M	53.7M	51.4M	60.7M	70.4M	107.6M	103.4M	110.1M	144.4M
Gross profit	269.5M	313.9M	177.5M	176.2M	185.6M	257.9M	347.2M	357.7M	446.5M	563.2M
Gross margin	80.1%	79.9%	76.8%	77.4%	75.3%	78.6%	76.3%	77.6%	80.2%	79.6%
Research & development	129.8M	149.1M	158.3M	156.8M	139.8M	135.7M	158.8M	156.8M	162.9M	187.7M
Selling, general & administrative	95.1M	110.9M	98.2M	100.6M	86.4M	91.1M	106.7M	108.1M	104.1M	115.3M
Operating expenses	225M	260.1M	256.5M	257.4M	226.3M	226.7M	265.5M	265M	267M	303M
Operating income	44.5M	53.9M	-84.7M	-83.9M	-41.8M	29.9M	80.1M	91.5M	179M	260.2M
Operating margin	13.2%	13.7%	-36.6%	-36.9%	-17%	9.12%	17.6%	19.8%	32.2%	36.8%
Non-operating income, net	-10.9M	-549K	-2.2M	-16.3M	-2.3M	-5.7M	-93.8M	85.8M	4M	—
Pretax income	22.6M	41M	-70.6M	-82.5M	-36.5M	23.3M	-7.8M	187.2M	200M	282M
Income tax	15.8M	63.9M	87.3M	3.4M	3.9M	5M	6.5M	-146.7M	20.2M	51.5M
Net income	6.8M	-22.9M	-158M	-86M	-40.5M	18.3M	-14.3M	333.9M	179.8M	230.5M
Net margin	2.03%	-5.82%	-68.3%	-37.8%	-16.4%	5.58%	-3.15%	72.4%	32.3%	32.6%
EBITDA	96.4M	110.5M	-12M	-15.7M	24.3M	83.9M	135M	151.3M	240.2M	325.3M
EPS	0.06	-0.17	-1.46	-0.81	-0.39	0.17	-0.13	3.09	1.67	2.14
Diluted EPS	0.06	-0.17	-1.46	-0.81	-0.39	0.16	-0.13	3.01	1.65	2.11

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	105.3M	122.2M	117.9M	132.1M	145.5M	161.1M	166.7M	172.2M	178.5M	190.2M	180.2M	207.4M
Cost of revenue	24M	24.1M	23.7M	26.8M	28.1M	31.5M	32.8M	34.8M	36.6M	40.2M	36.5M	42M
Gross profit	81.3M	98.1M	94.2M	105.3M	117.4M	129.6M	133.8M	137.4M	141.9M	150M	143.7M	165.4M
Gross margin	77.2%	80.3%	79.9%	79.7%	80.7%	80.4%	80.3%	79.8%	79.5%	78.9%	79.7%	79.8%
Research & development	37.4M	36M	37.4M	40.5M	41.3M	43.7M	42.6M	46.3M	49.5M	49.2M	50.2M	51.1M
Selling, general & administrative	25.3M	25.7M	25.8M	24.4M	25.9M	28M	28M	28.1M	29.2M	30M	31.7M	38.3M
Operating expenses	62.7M	61.6M	63.2M	64.9M	67.2M	71.7M	70.6M	74.4M	78.7M	79.2M	81.9M	89.4M
Operating income	18.3M	36.3M	30.9M	40.2M	50.1M	57.9M	63.2M	63M	63.3M	70.8M	61.7M	76M
Operating margin	17.4%	29.7%	26.2%	30.4%	34.4%	35.9%	37.9%	36.6%	35.4%	37.2%	34.3%	36.7%
Non-operating income, net	86.6M	22.8M	-700K	129K	4.5M	0	—	—	—	—	—	-3.3M
Pretax income	107.2M	62.9M	34.4M	44.4M	59M	62.3M	67.6M	67.8M	69.3M	77.2M	68.6M	79.5M
Income tax	4M	4.3M	1.5M	8.3M	10.4M	103K	7.3M	9.9M	20.9M	13.4M	8.8M	11.9M
Net income	103.2M	58.5M	32.9M	36.1M	48.7M	62.2M	60.3M	57.9M	48.4M	63.8M	59.9M	67.6M
Net margin	98%	47.9%	27.9%	27.3%	33.4%	38.6%	36.2%	33.6%	27.1%	33.6%	33.2%	32.6%
EBITDA	32.6M	50.8M	46.4M	55.4M	65.5M	73M	77.8M	78.4M	80.4M	88.7M	80.2M	94.5M
EPS	0.95	0.54	0.3	0.33	0.45	0.58	0.56	0.54	0.45	0.59	0.55	0.62
Diluted EPS	0.93	0.53	0.3	0.33	0.45	0.58	0.56	0.53	0.44	0.58	0.55	0.61

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.5B	1.6B	831.8M	1.5B	2B	3.2B	3.9B	7.4B	5.7B	9.9B	11.1B
Enterprise value	1.5B	1.5B	732.3M	1.3B	1.7B	3B	3.7B	7B	5.2B	9.1B	10.6B
Shares outstanding	110.2M	110.2M	108.5M	110.9M	113.3M	110.5M	109.5M	108.2M	107.4M	107.5M	107.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	222.4	—	—	—	—	177.2	—	22.1	31.6	42.9	46.9
P/S	4.51	3.99	3.6	6.72	8.03	9.9	8.62	16	10.2	14	14.7
P/B	2.74	2.74	0.82	1.57	2.17	3.77	5.03	7.11	5.07	7.24	7.56
EV/EBITDA	15.7	13.5	-60.8	-83.7	68.8	35.3	27.1	46.2	21.8	28.1	33.5
EV/Sales	4.48	3.79	3.17	5.78	6.78	9.02	8.03	15.2	9.39	12.9	14
Earnings yield	0.45%	—	—	—	—	0.56%	—	4.52%	3.17%	2.33%	2.13%
FCF yield	5.74%	6.89%	9.03%	7.98%	7.88%	6.02%	5.35%	2.34%	3.52%	3.37%	1.83%
PEG	—	—	—	—	—	—	—	—	—	—	3.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	80.1%	79.9%	76.8%	77.4%	75.3%	78.6%	76.3%	77.6%	80.2%	79.6%	79.8%
Operating margin	13.2%	13.7%	-36.6%	-36.9%	-17%	9.12%	17.6%	19.8%	32.2%	36.8%	36.7%
Net margin	2.03%	-5.82%	-68.3%	-37.8%	-16.4%	5.58%	-3.15%	72.4%	32.3%	32.6%	31.7%
ROE	1.23%	-4%	-15.6%	-8.81%	-4.43%	2.13%	-1.84%	32.2%	16%	16.9%	17.8%
ROA	0.87%	-2.57%	-11.6%	-6.4%	-3.23%	1.49%	-1.41%	26.5%	13.4%	15.1%	11%
ROIC	2.46%	0%	-9.28%	-11%	-6.9%	4.1%	15.7%	14.2%	24.1%	33.9%	33.3%
Return on tangible assets	6.25%	-7.93%	-19.1%	-9.92%	-4.98%	3.28%	-4.38%	53.2%	24.5%	24.6%	23.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.23	2.8	7.62	7.71	8.15	2.56	4.16	7.08	8.44	8.2	9.75
Quick ratio	4.12	2.76	7.52	7.6	7.98	2.53	4	6.67	7.89	7.84	9.08
Debt / equity	0.3	0.44	0.18	0.2	0.21	0.23	0.06	0.03	0.03	0.02	0.01
Debt / assets	0.21	0.28	0.13	0.15	0.16	0.16	0.04	0.02	0.02	0.02	0.01
Net debt / EBITDA	-0.08	-0.71	8.26	13.5	-12.7	-3.42	-1.99	-2.61	-1.88	-2.27	-2.34
Interest coverage	2.78	3.99	-3.34	-7.38	-2.53	3.18	-3.18	126.6	142.3	206.4	247.5
Effective tax rate	69.9%	100%	0%	0%	0%	21.3%	0%	0%	10.1%	18.3%	18.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.06	3.57	2.13	2.05	2.17	2.97	4.15	4.26	5.18	6.58	7.01
EPS (basic)	0.06	-0.17	-1.46	-0.81	-0.39	0.17	-0.13	3.09	1.67	2.14	2.14
EPS (diluted)	0.06	-0.17	-1.46	-0.81	-0.39	0.16	-0.13	3.01	1.65	2.11	2.18
Book value per share	5.02	5.19	9.33	8.79	8.06	7.8	7.12	9.6	10.4	12.7	13.5
FCF per share	0.79	0.98	0.69	1.1	1.38	1.77	1.92	1.59	1.86	3.1	2.72
Cash per share	1.56	2.99	2.56	3.67	4.44	4.39	2.86	3.94	4.48	7.08	7.61
Capex per share	0.08	0.08	0.1	0.06	0.26	0.12	0.16	0.21	0.29	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.51%	2.38%	4.65%	2.83%	12.1%	4.2%	3.84%	5.04%	5.51%	—	—
Capex / operating cash flow	9.6%	8.81%	9.77%	5.12%	15.1%	6.02%	10.7%	9.77%	14.7%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$105.3M	$122.2M	$117.9M	$132.1M	$145.5M	$161.1M	$166.7M	$172.2M	$178.5M	$190.2M	$180.2M	$207.4M
YoY change	-6.19%	-0.12%	+3.61%	+10.3%	+38.2%	+31.8%	+41.4%	+30.3%	+22.7%	+18.1%	+8.12%	+20.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	172.2M	329.4M	277.8M	407.7M	502.6M	485.6M	313.2M	425.8M	481.8M	761.8M
Receivables	21.1M	25.3M	50.9M	44M	27.9M	44.1M	55.4M	82.9M	122.8M	137.5M
Inventory	5.6M	5.2M	6.8M	10.1M	14.5M	8.5M	20.9M	36.2M	44.6M	44.1M
Total current assets	216.8M	371.7M	527.8M	664.7M	699.7M	684.4M	527.2M	630.6M	690.3M	988.8M
Property, plant & equipment	18.1M	14M	16.7M	82.6M	86.4M	79.7M	110.4M	89.3M	97M	130.2M
Goodwill & intangibles	674.4M	602.8M	534.2M	476.7M	439.4M	674.5M	685.8M	631.2M	607.7M	594M
Total assets	783.5M	891.1M	1.4B	1.3B	1.3B	1.2B	1B	1.3B	1.3B	1.5B
Accounts payable	9.8M	9.6M	7.4M	9.5M	9M	11.3M	24.8M	18.1M	18.5M	35.9M
Short-term debt	—	78.5M	—	6.4M	4.7M	169.7M	15.4M	4.5M	5.6M	6.3M
Total current liabilities	51.3M	132.8M	69.3M	86.2M	85.9M	267.3M	126.7M	89.1M	81.8M	120.6M
Long-term debt	164.2M	172.7M	178.2M	188.7M	190.3M	29.1M	29.1M	26.3M	24.5M	18.7M
Total liabilities	230.7M	319.5M	349M	368.1M	338.7M	370.3M	233.3M	220.1M	222.4M	165.1M
Shareholders' equity	552.8M	571.6M	1B	975.4M	912.7M	862.4M	779.3M	1B	1.1B	1.4B
Total debt	164.2M	251.2M	178.2M	195M	195.1M	198.8M	44.5M	30.7M	30.2M	25M
Net debt	28.9M	25.3M	62.3M	92.9M	66.1M	90.9M	-80.9M	-64.1M	-69.6M	-157.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	375.5M	425.8M	391.1M	432.9M	432.7M	481.8M	514.4M	594.8M	673.3M	761.8M	786.1M	824.9M
Receivables	65.1M	82.9M	86.9M	83.2M	87.2M	122.8M	119.1M	107.1M	105.4M	137.5M	109.3M	144.1M
Inventory	34.6M	36.2M	47.6M	52.6M	48.9M	44.6M	44.7M	38.6M	44.6M	44.1M	58.4M	74.8M
Total current assets	550.6M	630.6M	576.5M	610.2M	612M	690.3M	719.5M	783.8M	868.7M	988.8M	999.9M	1.1B
Property, plant & equipment	73.5M	89.3M	88.9M	96.7M	94.4M	97M	102.4M	125.5M	118.6M	130.2M	129.3M	129.4M
Goodwill & intangibles	637.7M	631.2M	624.7M	618.2M	612.4M	607.7M	604.3M	600.9M	597.4M	594M	590.6M	587.4M
Total assets	1.2B	1.3B	1.2B	1.3B	1.3B	1.3B	1.4B	1.5B	1.4B	1.5B	1.5B	1.6B
Accounts payable	15.7M	18.1M	24.8M	27M	20.4M	18.5M	16.4M	11.2M	12.8M	35.9M	35.3M	37.6M
Short-term debt	4.2M	4.5M	4.7M	5M	5.4M	5.6M	5.7M	6M	6.1M	6.3M	6.4M	6M
Total current liabilities	84.2M	89.1M	82.6M	85M	74.1M	81.8M	70.9M	72.2M	74.8M	120.6M	101.8M	111.5M
Long-term debt	26.1M	26.3M	25.9M	25.8M	24.8M	24.5M	23.5M	22M	20.3M	18.7M	17M	15.8M
Total liabilities	228.8M	220.1M	217.2M	221.7M	212.6M	222.4M	219.5M	239.8M	117.9M	165.1M	139.9M	145.7M
Shareholders' equity	955.6M	1B	991.6M	1B	1B	1.1B	1.2B	1.2B	1.3B	1.4B	1.4B	1.5B
Total debt	30.3M	30.7M	30.6M	30.8M	30.2M	30.2M	29.2M	27.9M	26.4M	25M	23.4M	21.8M
Net debt	-101.7M	-64.1M	-82M	-93.8M	-83.8M	-69.6M	-103M	-59.8M	-52.8M	-157.8M	-110.9M	-65.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	6.8M	-22.9M	-158M	-86M	-40.5M	18.3M	-14.3M	333.9M	179.8M	230.5M
Depreciation & amortization	50.1M	55.2M	40.1M	40.7M	48.2M	44.3M	47.1M	48.4M	42.7M	42M
Stock-based compensation	21M	27.4M	21.7M	26.5M	25.8M	27.5M	35.6M	45M	44.9M	54.3M
Change in working capital	17.2M	-681K	116.3M	139.7M	157.7M	123.7M	89.1M	-54.1M	-44.3M	-10.1M
Operating cash flow	88M	106.2M	110.1M	125.9M	197.2M	229.3M	163.8M	237.8M	208.2M	360M
Capital expenditure	-8.4M	-9.4M	-10.8M	-6.4M	-29.7M	-13.8M	-17.5M	-23.2M	-30.7M	—
Investing cash flow	-105.2M	-75.4M	-66.8M	-141.5M	-97.6M	-115.7M	155M	-57.4M	-56.7M	-196.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-50M	-50M	0	-50.1M	-100.1M	-100.4M	-100.5M	-113.3M	-7.1M
Financing cash flow	-12.7M	7.4M	-139.1M	-15.4M	-72.7M	-123.2M	-465.9M	-178.3M	-173.5M	-61.3M
Net change in cash	-30M	38.3M	-95.8M	-31M	27M	-9.6M	-147.1M	2.1M	-22M	102.5M
Free cash flow	87M	107.9M	75.1M	122.1M	155.7M	195.4M	209.9M	172.5M	199.9M	333.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	103.2M	58.5M	32.9M	36.1M	48.7M	62.2M	60.3M	57.9M	48.4M	63.8M	59.9M	67.6M
Depreciation & amortization	11.5M	10.3M	11M	10.8M	10.6M	10.3M	9.8M	10.2M	10.8M	11.2M	11.3M	11.4M
Stock-based compensation	10M	10.5M	9.5M	11.7M	12M	11.7M	11.4M	14.2M	14.2M	14.4M	11.5M	15.9M
Change in working capital	-55.6M	-11.1M	-6.4M	636K	-6.2M	-32.4M	-3.5M	432K	3M	-10.1M	9.7M	-50.8M
Operating cash flow	73M	71.2M	43.5M	59.4M	61.2M	44.2M	80M	85.5M	88.4M	99.8M	83.2M	61.2M
Capital expenditure	-8M	-786K	-3M	-11.3M	-9.9M	-6.5M	-7.9M	-6.5M	—	—	—	—
Investing cash flow	65.9M	-88.3M	71.4M	-40.6M	-17.8M	-69.7M	-8.4M	-131.2M	-85.9M	14.8M	-73.7M	-85.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-100.3M	-200K	-50.8M	-12.5M	-50M	0	-2.2M	-3.7M	0	-1.3M	-2.6M	-387K
Financing cash flow	-108.5M	-6.7M	-92.6M	-20.8M	-55.4M	-4.7M	-36.8M	-11.7M	-5.1M	-7.7M	-46.3M	-17.9M
Net change in cash	30.4M	-23.8M	22.3M	-2.1M	-12M	-30.2M	34.8M	-57.5M	-2.6M	107M	-36.7M	-42.5M
Free cash flow	43.6M	54.1M	36.1M	59.1M	52.2M	52.5M	69.5M	87.9M	82.5M	93.3M	71.6M	52.2M

Rambus Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement