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RMBS

Rambus Inc.

RMBS

Rambus Inc. • NASDAQ
$95.57 ▲ 0.74% (+0.70)
Market Cap $10.29 B
52w High $114.55
52w Low $40.12
Dividend Yield 0%
P/E 45.51
Volume 543.47K
Outstanding Shares 107.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $178.513M ▲ $69.617M ▲ $48.377M ▼ 27.1% ▼ $0.45 ▼ $80.355M ▲
Q2-2025 $172.209M ▲ $65.963M ▲ $57.935M ▼ 33.642% ▼ $0.54 ▼ $78.425M ▲
Q1-2025 $166.664M ▲ $62.556M ▼ $60.303M ▼ 36.182% ▼ $0.56 ▼ $77.835M ▲
Q4-2024 $161.102M ▲ $68.596M ▲ $62.202M ▲ 38.61% ▲ $0.58 ▲ $68.087M ▼
Q3-2024 $145.513M $59.408M $48.665M 33.444% $0.45 $70.01M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $673.303M ▲ $1.406B ▼ $117.874M ▼ $1.288B ▲
Q2-2025 $594.825M ▲ $1.468B ▲ $239.831M ▲ $1.228B ▲
Q1-2025 $514.389M ▲ $1.379B ▲ $219.528M ▼ $1.16B ▲
Q4-2024 $481.798M ▲ $1.343B ▲ $222.444M ▲ $1.121B ▲
Q3-2024 $432.697M $1.252B $212.585M $1.039B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $48.377M ▼ $88.429M ▼ $-91.854M ▲ $-5.12M ▲ $-8.559M ▲ $82.483M ▼
Q2-2025 $57.935M ▼ $94.359M ▲ $-131.222M ▼ $-7.987M ▲ $-44.426M ▼ $87.852M ▲
Q1-2025 $60.303M ▼ $77.414M ▲ $-8.365M ▲ $-36.763M ▼ $32.41M ▲ $69.542M ▲
Q4-2024 $62.202M ▲ $58.984M ▼ $-69.737M ▼ $-2.661M ▲ $-14.205M ▼ $52.495M ▲
Q3-2024 $48.665M $62.074M $-17.759M $-55.274M $-10.598M $52.204M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract and other Revenue
Contract and other Revenue
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Product Revenue
Product Revenue
 $70.00M ▲$80.00M ▲$80.00M ▲$90.00M ▲
Royalty
Royalty
 $60.00M ▲$70.00M ▲$70.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Rambus shows a clear shift from a small loss-making business a few years ago to a solidly profitable one now. Revenue has climbed steadily each year, and gross profit has grown even faster, which suggests the company is moving toward higher‑value products and rich licensing streams. Operating income has improved from a loss to healthy profitability, indicating good cost control and operating leverage. Net income, however, is a bit lumpy: one year stands out as unusually strong, likely reflecting one‑off items or settlements, followed by a more normal but still solid profit level. Overall, the trend is toward stronger, more sustainable earnings, but with the kind of volatility that is common in IP‑heavy semiconductor businesses.

Balance Sheet

Balance Sheet The balance sheet looks relatively strong and conservative. Total assets have grown over time, and shareholders’ equity has increased steadily, showing that the business is building its capital base rather than eroding it. Debt has come down significantly from earlier years and now sits at a low level, which reduces financial risk and interest burden. Cash on hand is steady but not excessive, consistent with a fabless, asset‑light model that does not require heavy investment in physical manufacturing. In simple terms, Rambus appears to be in good financial health, with modest leverage and a solid equity cushion.

Cash Flow

Cash Flow Rambus generates consistent positive cash flow from its core operations, and this has inched up over the period. Free cash flow is also solidly positive each year, with only modest spending on capital assets, reflecting the design‑ and IP‑focused nature of the business. The gap between operating cash flow and free cash flow is small, which means most of the money the business earns in cash is available for things like R&D, acquisitions, buybacks, or strengthening the balance sheet. Overall, cash generation looks reliable and well aligned with reported profits, which supports the quality of earnings.

Competitive Edge

Competitive Edge Competitively, Rambus occupies a specialized, high‑value niche at the intersection of memory, high‑speed interfaces, and security. Its main edge comes from a deep and broad patent portfolio and decades of expertise in memory and interface design, which it monetizes through both licensing and its own chips. This IP‑driven model creates high switching costs, as customers would need to redesign and re‑qualify complex systems to move away from Rambus. The company’s focus on DDR5 memory interfaces, data center connectivity, and hardware‑level security positions it well in fast‑growing segments like AI and cloud infrastructure. Key risks include the cyclical nature of semiconductors, the pace of standard transitions (e.g., future DDR and PCIe/CXL generations), and ongoing competition and legal or commercial disputes around IP.

Innovation and R&D

Innovation and R&D Innovation is at the core of Rambus’s strategy. The company continues to push memory interface speeds, power efficiency, and signal integrity, while also expanding its portfolio of high‑speed interface IP and advanced security solutions. Its roadmap targets next‑generation standards such as future DDR generations, more advanced PCIe and CXL links, and emerging areas like quantum‑safe security, all of which are directly tied to long‑term trends in AI, data centers, and connected devices. This focus on future standards and security can reinforce its moat if execution is strong, but it also means continuous R&D investment and the risk that industry standards or customer needs evolve differently than expected.

Summary

Rambus today looks like a focused, IP‑rich semiconductor specialist with strengthening fundamentals. The income statement shows a move from losses to solid, though somewhat uneven, profitability, supported by rising revenue and expanding margins. The balance sheet is sound, with growing equity and low debt, and cash flows are consistently positive with modest capital needs, which is attractive for an innovation‑driven, fabless model. Competitively, the company benefits from a strong patent base, high switching costs, and specialization in memory interfaces and security for data‑intensive applications. Its innovation agenda is closely aligned with powerful growth themes such as AI, cloud, and secure computing. At the same time, results can be volatile, and the business remains exposed to technology cycles, standard transitions, and IP‑related uncertainties, which are important considerations when assessing its long‑term profile.

NEWS

November 12, 2025 · 4:50 PM UTC

Orchid Island Capital Announces November 2025 Monthly Dividend and October 31, 2025 RMBS Portfolio Characteristics

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October 27, 2025 · 4:05 PM UTC

Rambus Reports Third Quarter 2025 Financial Results

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October 6, 2025 · 4:05 PM UTC

Rambus to Announce Third Quarter Fiscal Year 2025 Results

Read more

September 8, 2025 · 4:05 PM UTC

Orchid Island Capital Announces September 2025 Monthly Dividend and August 31, 2025 RMBS Portfolio Characteristics

Read more