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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $708M | $325M | $230M | $333M | 16.9% | 27.1% | 28.2% |
| 2024 | $557M | $244M | $180M | $200M | 16.0% | 20.7% | -46.1% |
| 2023 | $461M | $237M | $334M | $173M | 32.2% | 1.4% | -2433.4% |
| 2022 | $455M | $41M | $-14M | $210M | -1.8% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 454.79 | 461.12 | 556.62 | 707.63 |
| Operating Revenue | - | 454.79 | 461.12 | 556.62 | 707.63 |
| Cost Of Revenue | - | 107.58 | 103.42 | 110.11 | 144.42 |
| Gross Profit | - | 347.21 | 357.70 | 446.52 | 563.22 |
| Operating Expense | - | 267.16 | 266.19 | 267.48 | 303 |
| Research And Development | - | 158.77 | 156.83 | 162.88 | 187.71 |
| Selling General And Administration | - | 106.72 | 108.15 | 104.09 | 115.29 |
| Total Expenses | - | 374.74 | 369.62 | 377.59 | 447.41 |
| Operating Income | - | 80.05 | 91.50 | 179.04 | 260.22 |
| Total Operating Income As Reported | - | 76.94 | 153.64 | 183.01 | 260.22 |
| EBITDA | - | 41.18 | 237.08 | 244.15 | 325.32 |
| Normalized EBITDA | - | 134.95 | 151.26 | 240.18 | 325.32 |
| EBIT | - | -5.95 | 188.65 | 201.46 | 283.33 |
| Interest Income | - | 7.77 | 11.33 | 18.45 | 23.11 |
| Interest Expense | - | 1.87 | 1.49 | 1.42 | 1.37 |
| Net Interest Income | - | 5.90 | 9.84 | 17.03 | 21.74 |
| Other Income Expense | -5.67 | -93.78 | 85.82 | 3.97 | - |
| Interest Income Non Operating | - | 7.77 | 11.33 | 18.45 | 23.11 |
| Interest Expense Non Operating | - | 1.87 | 1.49 | 1.42 | 1.37 |
| Net Non Operating Interest Income Expense | - | 5.90 | 9.84 | 17.03 | 21.74 |
| Pretax Income | - | -7.82 | 187.16 | 200.04 | 281.96 |
| Tax Provision | - | 6.48 | -146.74 | 20.22 | 51.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -19.69 | 18.02 | 0.40 | 0 |
| Net Income Continuous Operations | - | -14.31 | 333.90 | 179.82 | 230.46 |
| Net Income From Continuing And Discontinued Operation | - | -14.31 | 333.90 | 179.82 | 230.46 |
| Net Income From Continuing Operation Net Minority Interest | - | -14.31 | 333.90 | 179.82 | 230.46 |
| Net Income | - | -14.31 | 333.90 | 179.82 | 230.46 |
| Net Income Common Stockholders | - | -14.31 | 333.90 | 179.82 | 230.46 |
| Net Income Including Noncontrolling Interests | - | -14.31 | 333.90 | 179.82 | 230.46 |
| Normalized Income | - | 59.77 | 266.11 | 176.25 | 230.46 |
| Diluted NI Availto Com Stockholders | - | -14.31 | 333.90 | 179.82 | 230.46 |
| Basic Average Shares | - | 109.47 | 108.18 | 107.44 | 107.55 |
| Diluted Average Shares | - | 109.47 | 110.89 | 109.04 | 109.24 |
| Reconciled Depreciation | - | 47.13 | 48.43 | 42.69 | 41.99 |
| Reconciled Cost Of Revenue | - | 62.13 | 56.21 | 67.92 | 102.43 |
| Total Unusual Items | - | -93.78 | 85.82 | 3.97 | 0 |
| Total Unusual Items Excluding Goodwill | - | -93.78 | 85.82 | 3.97 | 0 |
| Special Income Charges | - | -86.74 | 62.14 | 3.97 | 0 |
| Gain On Sale Of Business | - | 0 | 90.78 | 0 | 0 |
| Other Special Charges | - | 83.63 | - | - | - |
| Write Off | - | 0 | 10.04 | 1.07 | 0 |
| Restructuring And Mergern Acquisition | - | 3.11 | 18.60 | -5.04 | 0 |
| Gain On Sale Of Security | - | -7.04 | 23.68 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 1.67 | 1.22 | 0.51 | 0 |
| Depreciation And Amortization In Income Statement | - | 1.67 | 1.22 | 0.51 | 0 |
| Amortization | - | 1.67 | 1.22 | 0.51 | 0 |
| Amortization Of Intangibles Income Statement | - | 1.67 | 1.22 | 0.51 | 0 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Rambus Inc.this co. | RMBS | $18.3B | 79.46 | 13.42 | 16.9% | 55.81 |
| IonQ, Inc. | IONQ | $24.5B | -48.02 | 6.45 | -13.4% | -42.61 |
| Nextpower Inc. | NXT | $22.9B | 39.05 | 9.80 | 25.1% | 29.35 |
| TTM Technologies, Inc. | TTMI | $19.2B | 108.18 | 10.89 | 10.1% | 48.96 |
| DigitalOcean Holdings, Inc. | DOCN | $18.8B | 72.66 | -656.60 |
| - |
| - |
| - |
| - |
| -903.7% |
| 55.75 |
| SiTime Corporation | SITM | $18.7B | -434.98 | 16.14 | -3.7% | -922.21 |
| Applied Optoelectronics, Inc. | AAOI | $16.3B | -425.88 | 22.18 | -5.2% | -1052.31 |
| Vicor Corporation | VICR | $14.0B | 117.69 | 19.61 | 16.7% | 132.12 |
| Applied Digital Corporation | APLD | $12.6B | -54.60 | 25.35 | -46.4% | -291.51 |
| Peer Median | - | -4.49 | 13.52 | -4.5% | -6.63 | |