RAMBUS INC RMBS
Rambus is a global semiconductor company providing industry-leading chips and silicon IP for data-intensive computing systems, focusing on data center and artificial intelligence ("AI") infrastructure.
As a pioneer with over three decades of advanced semiconductor design experience, Rambus is at the forefront of enabling the next era of AI-driven computing, addressing the critical challenges of signal and power integrity at increasingly extreme data rates in the data center, edge and client markets. We are a leader in high-performance memory subsystems, offering a balanced and diverse portfolio of products, IP and patents that maximize performance and security in computationally intensive systems.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $707.6M | $556.6M | $461.1M | $454.8M | $328.3M | $246.3M | $227.6M | $231.2M | $393.1M | $336.6M |
| Cost of revenue | $144.4M | $110.1M | $103.4M | $107.6M | $70.4M | $60.7M | $51.4M | $53.7M | $55.4M | $45.8M |
| Gross profit | $563.2M | $446.5M | $357.7M | $347.2M | $257.9M | $185.6M | $176.2M | $177.5M | $337.7M | $290.8M |
| R&D | $187.7M | $162.9M | $156.8M | $158.8M | $135.7M | $139.8M | $156.8M | $158.3M | $149.1M | $129.8M |
| SG&A | $115.3M | $104.1M | $108.1M | $106.7M | $91.1M | $86.4M | $100.6M | $98.3M | $110.9M | $95.1M |
| Total operating expenses | $303.0M | $263.5M | $204.1M | $270.3M | $233.6M | $229.6M | $276.4M | $264.5M | $338.7M | $303.0M |
| Operating income | $260.2M | $183.0M | $153.6M | $76.9M | $24.3M | -$44.1M | -$100.1M | -$87.0M | $54.4M | $33.6M |
| Interest expense | $1.4M | $1.4M | $1.5M | $1.9M | $10.7M | $10.3M | $9.9M | $16.3M | $13.7M | $12.7M |
| Pre-tax income | $282.0M | $200.0M | $187.2M | -$7.8M | $23.3M | -$36.5M | -$82.5M | -$70.6M | $41.0M | $22.6M |
| Income tax | $51.5M | $20.2M | $146.7M | $6.5M | $5.0M | $3.9M | $3.4M | $87.3M | $63.9M | $15.8M |
| Net income | $230.5M | $179.8M | $333.9M | -$14.3M | $18.3M | -$40.5M | -$86.0M | -$158.0M | -$22.9M | $6.8M |
| EPS, basic | 2.14 | 1.67 | 3.09 | -0.13 | 0.17 | -0.36 | -0.77 | -1.46 | -0.21 | 0.06 |
| EPS, diluted | 2.11 | 1.65 | 3.01 | -0.13 | 0.16 | -0.36 | -0.77 | -1.46 | -0.21 | 0.06 |
| Shares, diluted (wtd. avg.) | $109.2M | $109.0M | $110.9M | $109.5M | $114.9M | $113.3M | $110.9M | $108.5M | $110.2M | $113.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $182.8M | $99.8M | $94.8M | $125.7M | $108.3M | $129.3M | $102.5M | $116.3M | $225.8M | $135.3M |
| Short-term investments | $579.0M | $382.0M | $331.1M | $187.9M | $377.7M | $373.7M | — | — | — | — |
| Receivables | $137.5M | $122.8M | $82.9M | $55.4M | $44.1M | $27.9M | $38.6M | $50.9M | $25.3M | $21.1M |
| Inventory | $44.1M | $44.6M | $36.2M | $20.9M | $8.5M | $14.5M | $9.9M | $6.8M | $5.2M | $5.6M |
| Total current assets | $988.8M | $690.3M | $630.6M | $527.2M | $684.4M | $699.7M | $656.4M | $527.8M | $371.7M | $216.8M |
| Property, plant and equipment | $113.1M | $75.5M | $67.8M | $86.3M | $56.0M | $57.7M | $38.6M | $57.0M | $54.3M | $58.4M |
| Goodwill | $286.8M | $286.8M | $286.8M | $292.0M | $278.8M | $183.2M | $183.5M | $207.2M | $209.7M | $204.8M |
| Other intangibles | $10.2M | $17.1M | $28.8M | $50.9M | $58.4M | $36.5M | $35.4M | $59.9M | $91.7M | $132.4M |
| Total assets | $1.53B | $1.34B | $1.26B | $1.01B | $1.23B | $1.25B | $1.30B | $1.36B | $891.1M | $783.5M |
| Accounts payable | $35.9M | $18.5M | $18.1M | $24.8M | $11.3M | $9.0M | $9.4M | $7.4M | $9.6M | $9.8M |
| Total current liabilities | $120.6M | $81.8M | $89.1M | $126.7M | $267.3M | $85.9M | $88.3M | $69.3M | $132.8M | $51.3M |
| Total liabilities | $165.1M | $222.4M | $220.1M | $233.3M | $370.2M | $338.7M | $338.5M | $349.0M | $319.5M | $230.7M |
| Retained earnings | $76.8M | -$153.7M | -$285.5M | -$513.3M | -$435.2M | -$357.8M | -$278.9M | -$204.3M | -$636.2M | -$615.1M |
| Total equity | $1.36B | $1.12B | $1.04B | $779.3M | $862.4M | $912.7M | $975.4M | $1.01B | $571.6M | $552.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $360.0M | $230.6M | $195.8M | $230.4M | $209.2M | $185.5M | $128.5M | $86.2M | $117.4M | $95.6M |
| Depreciation and amortisation | $11.9M | $10.1M | $10.1M | $9.3M | $21.0M | $22.1M | $15.3M | $10.7M | $13.3M | $13.0M |
| Stock-based compensation | $54.3M | $44.9M | $45.0M | $35.6M | $27.5M | $25.8M | $26.5M | $21.7M | $27.4M | $21.0M |
| Capital expenditure | $26.8M | $30.7M | $23.2M | $17.5M | $13.8M | $29.7M | $6.5M | $10.8M | $9.4M | $8.6M |
| Investing cash flow | -$223.1M | -$56.7M | -$57.4M | $152.0M | -$115.7M | -$97.6M | -$141.5M | -$67.1M | -$75.5M | -$105.2M |
| Financing cash flow | -$54.4M | -$168.0M | -$169.6M | -$362.9M | -$114.2M | -$61.2M | -$298.0K | -$127.7M | $46.4M | $2.7M |
| Buybacks | $7.1M | $113.3M | $100.5M | $100.4M | $100.1M | $50.1M | $0 | $50.0M | $50.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-057101.
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