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Nasdaq · Technology

Rambus Inc. (RMBS)

As-reported financials and SEC filings for Rambus Inc. The latest annual period is FY2025. The latest reported quarter is Q1 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Rambus Inc.

Rambus Inc is a semiconductor company that designs and sells chips and silicon intellectual property for data-intensive computing systems, focusing on data centers and artificial intelligence infrastructure. Its main products include memory interface chips for server and client systems, high-performance digital controller cores, and security IP solutions. Rambus serves memory module manufacturers, original equipment manufacturers, hyperscalers, and chip makers worldwide.

Snapshot

Revenue
$707.6M
Revenue growth (YoY)
27.1%
Net income
$230.5M
Diluted EPS
$2.11
Gross margin
79.6%
Operating margin
36.8%
Net margin
32.6%
FCF margin
47.1%
ROE
16.9%
net income / fiscal-year-end equity
P/E
49.3×
trailing when available, otherwise FY EPS
Market cap
$11.66B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Rambus

  • Revenue grew 27.1% to $708M in FY2025, faster than the 20.7% the year before.
  • Operating margin is 36.8% in FY2025, +29.4 pp against 7.4% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $180M, up 8.1% from Q1 FY2025.
  • Free cash flow was $333M in FY2025, 47.1% of revenue.
  • Net income rose 28.2% to $230M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Rambus’s fundamentals sit among the 89 semiconductor companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin79.6%
97th percentile of 79
Operating margin36.8%
95th percentile of 80
Net margin32.6%
93rd percentile of 81
FCF margin47.1%
99th percentile of 79
Revenue growth (YoY)+27.1%
70th percentile of 88
ROE16.9%
79th percentile of 76
P/E49.3×
69th percentile of 43
Short interest1.45d
10th percentile of 89

Rambus’s FCF margin of 47.1% ranks in the 99th percentile of the 79 semiconductor companies reporting it. Rambus’s gross margin of 79.6% ranks in the 97th percentile of the 79 semiconductor companies reporting it. Rambus’s operating margin of 36.8% ranks in the 95th percentile of the 80 semiconductor companies reporting it.

No reported insider purchases (code P) in the last 90 days; 3 insider sales totaling $1.6M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
4
+5 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
4
4 trimmed, 0 exited
Combined position
$420.9M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$152.5M1.2MReduced
D. E. ShawquantQ2 2026$98.2M739.7KAdded
Millennium ManagementquantQ2 2026$62.8M472.8KAdded
Citadel AdvisorsquantQ2 2026$53.1M400.2KAdded
Two Sigma InvestmentsquantQ2 2026$29.6M222.9KAdded
Duquesne Family OfficeQ2 2026$23.0M173.0KNew
Gotham Asset ManagementQ2 2026$668,3465.0KReduced
Maverick CapitalQ2 2026$571,9774.3KReduced
Bridgewater AssociatesQ2 2026$513,8373.9KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
3
$1.6M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-10-02
filed 2026-10-05
Charles KissnerDirectorSell5.0K$111.00$555K
2026-09-22
filed 2026-09-24
Charles KissnerDirectorSell5.0K$105.00$525K
2026-08-07
filed 2026-08-10
Charles KissnerDirectorSell5.0K$100.92$505K
2026-06-03
Necip SayinerDirectorSell5.0K$170.15$851K
2026-06-02
filed 2026-06-03
Emiko HigashiDirectorSell5.0K$163.00$815K
2026-06-02
filed 2026-06-03
Emiko HigashiDirectorSell5.0K$158.00$790K
2026-06-01
filed 2026-06-02
Eric B. StangDirectorSell5.0K$146.00$730K
2026-05-26
Xianzhi Sean FanEVP, COOSell37.8K$151.69$5.7M
2026-05-26
filed 2026-05-27
Emiko HigashiDirectorSell5.0K$157.57$788K
2026-05-26
Xianzhi Sean FanEVP, COOSell100$152.35$15K
2026-05-22
filed 2026-05-26
John ShinnSVP, General CounselSell1.0K$143.63$144K
2026-05-08
filed 2026-05-11
Necip SayinerDirectorSell9.8K$130.18$1.3M

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
4.8M
settled 2026-09-30
Change vs prior
-23.1%
vs previous settlement
Days to cover
1.45
at avg daily volume
Avg daily volume
3.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-304.8M-23.1%1.45
2026-09-156.2M+2.7%3.22
2026-08-316.1M+11.6%3.14
2026-08-145.4M+32.9%2.83
2026-07-314.1M-10.8%1.29
2026-07-154.6M-6.1%1.61
2026-06-304.9M-36.5%1.06
2026-06-157.7M+6.2%2.76

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$707.6M$556.6M$461.1M$454.8M$328.3M
Gross profit
Operating income$260.2M$183.0M$153.6M$76.9M$24.3M
Net income$230.5M$179.8M$333.9M$-14.3M$18.3M
Diluted EPS$2.11$1.65$3.01$-0.13$0.16

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$182.8M$99.8M$94.8M$125.3M$107.9M
Current assets$988.8M$690.3M$630.6M$527.2M$684.4M
Total assets$1.53B$1.34B$1.26B$1.01B$1.23B
Current liabilities$120.6M$81.8M$89.1M$126.7M$267.3M
Long-term debt—————
Total liabilities$165.1M$222.4M$220.1M$233.3M$370.3M
Total equity$1.36B$1.12B$1.04B$779.3M$862.4M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$360.0M$230.6M$195.8M$230.4M$209.2M
Capital expenditure$26.8M$30.7M$23.2M$17.5M$13.8M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$180.2M8.1%$59.9M$0.55
Q4 FY202518.1%
Q3 FY2025$178.5M22.7%$48.4M$0.44
Q2 FY2025$172.2M30.3%$57.9M$0.53
Q1 FY2025$166.7M41.4%$60.3M$0.56
Q4 FY202431.8%
Q3 FY2024$145.5M38.2%$48.7M$0.45
Q2 FY2024$132.1M10.3%$36.1M$0.33

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industrySemiconductors & Related Devices
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ1 FY2026 (ended March 31, 2026)
Oldest indexed filing2011
SEC CIK917273

Selected SEC filings

10-Q2026-07-28
View on EDGAR →
10-Q2026-04-28
View on EDGAR →
8-K2026-09-04
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-07-27
View on EDGAR →
8-K2026-04-29
View on EDGAR →

Largest semiconductor peers

All semiconductor stocks →All Technology companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.