# Rambus Inc. (RMBS)

> Source: Nexqual · https://nexqual.com/RMBS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Rambus Inc. (RMBS), nexqual.com/RMBS" · informational, not investment advice.

**Price:** USD 85.73 (-7.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 92.8 · day 85.02–90.5 · 52w 77.89–174.1 · market cap $9.30B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $756M, net income $240M (31.7% margin), free cash flow $300M (SEC filings).
- Valuation: P/E 38.8x (avg 32.8x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold RMBS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $14.4M; 8 not under a Rule 10b5-1 plan ($11.3M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (8 analysts), mean target USD 141.57 (range 100–165).
- Total return with dividends: 1Y -15.6% vs S&P 500 +14.9%; 5Y +276.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 0.79, revenue estimate $213M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $328M | $455M | $461M | $557M | $708M | $756M |
| Gross profit | $258M | $347M | $358M | $447M | $563M | — |
| Operating income | $24.3M | $76.9M | $154M | $183M | $260M | $269M |
| Net income | $18.3M | -$14.3M | $334M | $180M | $230M | $240M |
| EPS (diluted) | $0.16 | -$0.13 | $3.01 | $1.65 | $2.11 | — |
| Free cash flow | $195M | $213M | $173M | $200M | $333M | $300M |
| Gross margin | 78.6% | 76.3% | 77.6% | 80.2% | 79.6% | — |
| Operating margin | 7.4% | 16.9% | 33.3% | 32.9% | 36.8% | 35.5% |
| Net margin | 5.6% | -3.1% | 72.4% | 32.3% | 32.6% | 31.7% |
| Revenue growth | +33.3% | +38.5% | +1.4% | +20.7% | +27.1% | — |
| Cash + short-term investments | $486M | $313M | $426M | $482M | $762M | — |
| Total debt | $0K | $10.4M | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 38.8x · P/S 12.3x · P/FCF 31.0x · P/B 6.3x · FCF yield 3.22% · Earnings yield 2.58% · Buyback yield (TTM) 0.05%
P/E at fiscal year-ends: Dec 2025 43.6x, Dec 2024 32.1x, Dec 2023 22.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold RMBS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $572K | Reduced -66.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Kissner Charles | Director | 5,000 | $555K | 10.1% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-22 | Kissner Charles | Director | 5,000 | $525K | 9.2% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Kissner Charles | Director | 5,000 | $505K | 8.4% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03 | Sayiner Necip | Director | 5,000 | $851K | 21.5% | No | Too little history (no open-market trades in 2024) |
| 2026-06-02 | Higashi Emiko | Director | 10,000 | $1.6M | 16.8% | No | Too little history (no open-market trades in 2024) |
| 2026-06-01 | Stang Eric B | Director | 5,000 | $730K | 18.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Higashi Emiko | Director | 5,000 | $788K | 7.7% | No | Too little history (no open-market trades in 2024) |
| 2026-05-26 | Fan Xianzhi Sean | EVP, COO | 37,914 | $5.8M | 18.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Shinn John | SVP, General Counsel | 1,000 | $144K | 4.5% | No | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-08 | Sayiner Necip | Director | 9,824 | $1.3M | 29.7% | No | Too little history (no open-market trades in 2024) |
| 2026-05-07 | Laub Steven | Director | 1,500 | $188K | 16.6% | No | Too little history (no open-market trades in 2024) |
| 2026-04-24 | Rao Meera | Director | 2,972 | $447K | 13% | Yes (adopted November 14, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-14 | Rao Meera | Director | 8,538 | $1.0M | 27.1% | Yes (adopted November 14, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 8 analysts; mean target USD 141.57 (low 100, high 165).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-28 | Evercore ISI Group | Target lowered | Outperform | $172 → $160 |
| 2026-07-28 | Rosenblatt | Maintained | Buy | $165 |
| 2026-07-16 | Benchmark | Initiated | Buy | $165 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -15.6% | +276.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -15.7% | +30.3% |
| Volatility (annualized) | 79.8% | 55.5% |
| Max drawdown | -52.9% (Jun 2026→Sep 2026) | -48.3% (Jan 2024→Sep 2024) |

## Peers (Semiconductors)
SMTC (Semtech Corporation) USD 125.12 -11.66% · SIMO (Silicon Motion Technology Corpo) USD 187.96 -15.45% · SLAB (Silicon Laboratories, Inc.) USD 221.12 -0.27% · MXL (MaxLinear, Inc) USD 65.28 -13.87% · SITM (SiTime Corporation) USD 462.72 -9.13% · LSCC (Lattice Semiconductor Corporati) USD 96.4 -10.57%

## More
Full page: https://nexqual.com/RMBS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RMBS's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/917273/000119312526057101/rmbs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Renesas | "In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments." |
| Competitor | Texas Instruments (TXN) | "In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments." |
| Competitor | Cadence Design Systems (CDNS) | "In the Silicon IP market, Rambus competes with the in-house design teams at our potential customers, as well as with third-party IP suppliers, such as Cadence and Synopsys." |
| Competitor | Synopsys (SNPS) | "In the Silicon IP market, Rambus competes with the in-house design teams at our potential customers, as well as with third-party IP suppliers, such as Cadence and Synopsys." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product Revenue | $99.2M | 47.8% | +21.9% |
| Royalty | $84.3M | 40.6% | +22.8% |
| Contractandother Revenue | $24.0M | 11.6% | +7.6% |
| Total revenue | $207.4M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| South Korea | $93.7M | 45.2% | +18.9% |
| Other Countries | $40.3M | 19.4% | +95.8% |
| Singapore | $37.1M | 17.9% | -2.5% |
| United States | $36.3M | 17.5% | +4.5% |
| Total revenue | $207.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 22%, 16% of revenue from unnamed direct customers (10-Q, filed 2026-07-28).

## Company outlook (8-K filed 2026-07-27)

- "For the third quarter of 2026, the Company expects revenue to be between $210 million and $216 million."
- "The Company also expects product revenue to be between $110 million and $116 million, royalties revenue to be between $69 million and $75 million, and contract and other revenue to be between $25 million and $31 million."
- "The Company also expects GAAP operating costs and expenses to be between $137 million and $133 million and non-GAAP operating costs and expenses to be between $119 million and $115 million."
- "The Company expects interest and other income to be $7 million."

Analysts expect $213.0M for the current quarter, +0.0% vs the guidance midpoint $213.0M. Source: https://www.sec.gov/Archives/edgar/data/917273/000119312526318063/rmbs-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.79 | $0.78 | +1.1% | $213.0M | 6 |
| Next quarter (ends 2026-12-31) | $0.84 | $0.85 | -1.7% | $224.7M | 6 |
| Current fiscal year (ends 2026-12-31) | $3.04 | $2.95 | +2.9% | $828.3M | 8 |
| Next fiscal year (ends 2027-12-31) | $3.77 | $3.67 | +2.8% | $997.6M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±18.8%; last 8 reports averaged ±11.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 82.8% | ±18.8% |
| 2026-12-18 | 56 | 73.6% | ±23.4% |
| 2027-01-15 | 84 | 69.5% | ±27.0% |
| 2027-02-19 | 119 | 71.4% | ±32.8% |
| 2027-05-21 | 210 | 69.0% | ±41.7% |