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

Across the boards

The thesis on this name

opportunityModerate

State of the Memory Supercycle

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-18. The audited primary-source spine — not financial advice.

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Revenue — annual (GAAP)

FY’21

$328M

FY’22

$455M+39%

FY’23

$461M+1%

FY’24

$557M+21%

FY’25

$708M+27%

Margins & balance sheet — FY’25

Gross margin79.6%

Operating margin36.8%

Net margin32.6%

Net cash$134M

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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
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