Rambus Inc.RMBS
NasdaqGS•Technology•Semiconductors
Rambus Inc. manufactures and sells semiconductor products in the United States, South Korea, Singapore, and internationally. It offers memory interface chips comprising DDR5 memory interface chips which include registering clock driver, multiplexed registering clock driver, multiplexed data buffer, power management integrated circuits, serial presence detect hubs, temperature sensors, and client clock driver products; and DDR4 memory interface chips. The company also provides silicon IP, such as interface and security IP solutions that move and protect data in advanced artificial intelligence, data center, government, and automotive applications; interface IP solutions for high-speed memory and chip-to-chip digital controller IP; security IP solutions, including crypto cores, hardware roots of trust, high-speed protocol engines, and chip provisioning technologies. In addition, it offers portfolio of patents that covers memory architecture, high-speed serial links, and security products. The company sells its products to memory module manufacturers, OEMs and hyperscalers, as well as to chip makers. It markets its products and services through its direct sales force and distributors. Rambus Inc. was incorporated in 1990 and is headquartered in San Jose, California.
Rambus, Inc. (RMBS) reported trailing twelve months revenue of $721.15M as of March 2026, a 19.1% increase year-over-year. Quarterly revenue reached $180.19M, reflecting continued top-line momentum.
Rambus, Inc. generated $230.01M in TTM net income, with quarterly EBITDA of $64.83M. The operating margin contracted from 37.9% to 34.3%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (34.3%) and net margin (33.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 36.2% a year ago, reflecting increased costs or interest expense.
RMBS trades at a P/E of 37.4x (a premium multiple) and a P/S of 11.9x. The price-to-book ratio of 6.2x indicates a significant premium over book value.
The company generated $71.57M in free cash flow over the trailing twelve months, a 2.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.53B in total assets with no in long-term debt against $1.39B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~35.7%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 17.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~51.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~35.9% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation