RMBS·Fabless semiconductors — memory interface chips + semiconductor IP licensing

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-Q

Rev 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 FY25

Capex intensity

~5% of revenue~$35.3M capex on $707.6M FY25 revenue) — fabless, low capital intensity (fact/derived

Market cap

~$13.4Bfact, Jun 26 2026, ~$123.50/share

Price · 1-year trend

real · weekly

$110+69% 1yUSD

52-week range

$63 – $171

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

Memory super-cycle monitor

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2018-02-23. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’13

$272M

FY’14

$297M+9%

FY’15

$296M0%

FY’16

$337M+14%

FY’17

$393M+17%

Margins & balance sheet — FY’17

Operating margin13.8%

Net margin-5.8%

Net cash$134M

The read

Where our coverage leans

Bull & bear in tension

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Full financial intelligence for Rambus

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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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