Rambus
ConvictionModerate
Hybrid, capital-light. (1) Fabless product sales of DDR5 server/client DIMM chipsets — RCD plus companion chips (MRCD/MDB, data buffers, PMIC, SPD Hub, temperature sensor) — manufactured by foundries. (2) High-margin patent-royalty stream on memory-interface standards (Samsung, SK hynix, Micron). (3) Silicon-IP + security-IP licensing (HBM/PCIe/CXL controllers, root-of-trust). FY25 mix ≈ 49% product / 40% royalty / 11% contract & other (fact, FY25 10-K release).
Revenue
$707.6M FY2025$180.2M Q1 FY26 (fact, latest 10-QRev growthfact
+27% FY25 total revenue YoY$556.6M→$707.6M); +8% Q1 FY26 total YoY, with product +15% / royalty -6%Gross marginfact
~80% GAAP Q1 FY2679.6% GAAP FY25 . Note blended GM is structurally pulled down by ~50%-of-revenue product chips; the IP/royalty piece is ~100% GM.Op marginfact
34% GAAP / 42% non-GAAP Q1 FY2636.8% GAAP FY25Capex intensity
~5% of revenue~$35.3M capex on $707.6M FY25 revenue) — fabless, low capital intensity (fact/derivedMarket cap
~$13.4Bfact, Jun 26 2026, ~$123.50/sharePrice · 1-year trend
real · weekly$124+93% 1yUSD
52-week range
$63 – $158
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityModerate
Memory super-cycle monitor
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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence