RAMBUS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RAMBUS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	337	393	231	228	246	328	455	461	557	708
Cost of revenue	45.8	55.4	53.7	51.4	60.7	70.4	108	103	110	144
Gross profit	291	338	178	176	186	258	347	358	447	563
Research and development	130	149	158	157	140	136	159	157	163	188
Selling, general and administrative	95.1	111	98.3	101	86.4	91.1	107	108	104	115
Operating expenses			264	276	230	234	270	204	264	303
Operating income	33.6	54.4	-87	-100	-44.1	24.3	76.9	154	183	260
Interest expense	12.7	13.7	16.3	9.85	10.3	10.7	1.87	1.49	1.42	1.37
Other non-operating income	-11	-13.4	16.3	17.6	7.52	-1	-84.8	33.5	17	21.7
Pre-tax income	22.6	41	-70.6	-82.5	-36.5	23.3	-7.83	187	200	282
Income tax	15.8	63.9	87.3	3.42	3.93	4.95	6.49	-147	20.2	51.5
Net income	6.82	-22.9	-158	-86	-40.5	18.3	-14.3	334	180	230
EBITDA	46.6	67.7	-76.3	-84.8	-22	45.3	86.2	164	193	272
EPS, basic	0.06	-0.21	-1.46	-0.77	-0.36	0.17	-0.13	3.09	1.67	2.14
EPS, diluted	0.06	-0.21	-1.46	-0.77	-0.36	0.16	-0.13	3.01	1.65	2.11
Shares, basic (weighted)	110	110	108	111	113	111	109	108	107	108
Shares, diluted (weighted)	113	110	108	111	113	115	109	111	109	109

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	135	226	116	102	129	108	125	94.8	99.8	183
Short-term investments					374	378	188	331	382	579
Receivables	21.1	25.3	50.9	44	27.9	44.1	55.4	82.9	123	137
Inventory	5.63	5.16	6.77	10.1	14.5	8.48	20.9	36.2	44.6	44.1
Other current assets	17.9	11.3	15.7	18.5	15.9	10.6	12	34.9	15.9	20.2
Total current assets	217	372	528	665	700	684	527	631	690	989
Property, plant and equipment	58.4	54.3	57	45.5	57.7	56	86.3	67.8	75.5	113
Lease right-of-use assets			0	37	28.7	23.7	24.1	21.5	21.5	17.1
Goodwill	205	210	207	183	183	279	292	287	287	287
Intangible assets	132	91.7	59.9	54.9	36.5	58.4	50.9	28.8	17.1	10.2
Other non-current assets	2.75	4.54	7.83	5.93	4.54	4.24	2.75	6.04	5.63	8.04
Total assets	783	891	1,361	1,343	1,251	1,233	1,013	1,258	1,343	1,530
Accounts payable	9.79	9.61	7.39	9.55	8.99	11.3	24.8	18.1	18.5	35.9
Accrued liabilities	14.2	17.1	16.9	20.3	23.3	20.9	20.5	17.5	19.2	22
Deferred revenue	16.9	18.3	19.4	11.9	10.2	24.8	23.9	17.4	19.9	30
Total current liabilities	51.3	133	69.3	86.2	85.9	267	127	89.1	81.8	121
Lease liabilities			0	39.9	34.3	29.1	29.1	26.3	24.5	18.7
Other non-current liabilities	3.62	0.76	5.29	19.3	6.89	28.5	46.7	25.8	5.13	4.97
Total liabilities	231	319	349	368	339	370	233	220	222	165
Paid-in capital	1,181	1,213	1,227	1,261	1,270	1,299	1,297	1,325	1,276	1,288
Retained earnings	-615	-636	-204	-286	-358	-435	-513	-286	-154	76.8
Other comprehensive income	-13.5	-5.1	-10.3	-0.09	-0.08	-1.45	-4.96	-1.27	-1.26	-0.12
Shareholders' equity	553	572	1,012	975	913	862	779	1,038	1,121	1,364
Total equity	553	572	1,012	975	913	862	779	1,038	1,121	1,364
Total liabilities and equity	783	891	1,361	1,343	1,251	1,233	1,013	1,258	1,343	1,530
Shares outstanding	111	110	109	112	112	109	108	108	107	108

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.82	-22.9	-158	-86	-40.5	18.3	-14.3	334	180	230
Depreciation and amortization	13	13.3	10.7	15.3	22.1	21	9.27	10.1	10.1	11.9
Stock-based compensation	21	27.4	21.7	26.5	25.8	27.5	35.6	45	44.9	54.3
Deferred income tax	-7.12	39.5	80	-1.82	0.62	1.52	0.69	-145	-9.88	29.6
Change in receivables	5.8	-1.11	-24.9	4.99	16.1	-13.5	-9.27	-28.9	-39.8	-14.7
Change in inventory	1.75	0.47	-1.86	-3.35	-4.38	6.11	-12.7	-15.3	-8.48	0.54
Change in payables	2.37	-0.65	-2.27	2.93	-2.18	2.2	12	-5.77	0.58	11.4
Cash from operations	95.6	117	86.2	129	185	209	230	196	231	360
Capital expenditures	-8.56	-9.39	-10.8	-6.47	-29.7	-13.8	-17.5	-23.2	-30.7	-26.8
Acquisitions	-203	0	0	-66.8	0	-97.1	-15.9	0	0
Purchases of investments	0	0	-3	-1	0	-568	-151	-434	-415	-666
Sales and maturities of investments	110	32	223	507	818	336	59.6	176	281	470
Cash from investing	-105	-75.5	-67.1	-141	-97.6	-116	152	-57.4	-56.7	-223
Debt issued	0	173	0	0
Debt repaid	0	-72.3	-81.2	0	0	0	-258	-10.4	0	0
Share buybacks	0	-50	-50	0	-50.1	-100	-100	-101	-113	-7.11
Cash from financing	2.7	46.4	-128	-0.3	-61.2	-114	-363	-170	-168	-54.4
Exchange rate effect	-1.57	2.14	-0.99	-0.5	0.11	-0.41	-2.01	0.31	-0.88	0.56
Net change in cash	-8.47	90.6	-110	-13.7	26.8	-21.1	17.4	-30.9	5.01	83.1
Free cash flow	87	108	75.5	122	156	195	213	173	200	333
Interest paid	1.55	1.55	3.04	2.37	2.37	2.37	1.53	0.07	0	0
Income taxes paid	26.8	22.7	23.6	17.8	21.3	22.8	25.3	25.9	27.1	25

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $105.16 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	79.5%	Gross profit / revenue.
Operating margin	35.9%	Operating income / revenue.
EBITDA margin	37.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	39.2%	Pre-tax income / revenue.
Net margin	31.9%	Net income / revenue.
FCF margin	46.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	50.7%	Cash from operations / revenue.
Effective tax rate	18.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.0%	Net income / average total assets.
Return on invested capital (ROIC)	16.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	27.1%	Research and development expense / revenue.
SG&A / revenue	16.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	7.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	24.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	42.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	50.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	40.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	46.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	28.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	27.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	56.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	66.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	21.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	20.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.82x	Current assets / current liabilities.
Quick ratio	8.79x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	7.72x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	9.1%	Total liabilities / total assets.
Interest coverage	203x	Operating income / interest expense.
Working capital	$898.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.10B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	6.37x	Revenue / average property, plant and equipment.
Inventory turnover	2.54x	Cost of revenue / average inventory.
Days inventory	144 days	365 x average inventory / cost of revenue.
Receivables turnover	6.60x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	87 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	112 days	Days inventory + days sales outstanding - days payables.
FCF conversion	145.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.10	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.57	Revenue / diluted weighted shares.
FCF per share	$3.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.33	Cash from operations / diluted weighted shares.
Book value per share	$12.88	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.15	Tangible book value / shares outstanding.
Cash per share	$7.27	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	2.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.41B	Share price x shares outstanding.
Enterprise value	$10.62B	Market cap + total debt - cash - short-term investments.
P/E	49.6x	Market cap / net income. Only when net income is positive.
P/S	15.8x	Market cap / revenue.
P/B	8.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.4x	Market cap / tangible book value, when positive.
P/FCF	34.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	31.2x	Market cap / cash from operations, when positive.
EV/Sales	14.7x	Enterprise value / revenue.
EV/EBIT	41.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	39.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.

What was RAMBUS INC's revenue in fiscal 2025?

RAMBUS INC reported revenue of $707.6M for fiscal 2025, 27.1% higher than the year before.

Was RAMBUS INC profitable in fiscal 2025?

Yes. Net income was $230.5M, a net margin of 32.6%.

How much free cash flow did RAMBUS INC generate in fiscal 2025?

Cash from operations of $360.0M minus capital expenditures of $26.8M left free cash flow of $333.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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