Rambus Inc. (RMBS) Key Metrics
RMBS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $9.46B
- Enterprise value
- $10.42B
- P/E (TTM)
- 40.0 10-yr median 43.8
- Forward P/E
- 24.2
- PEG ratio
- 3.80
- Price / sales
- 12.5 10-yr median 8.3
- Price / book
- 7.7 10-yr median 3.4
- EV / EBITDA
- 23.6 10-yr median 29.5
- Dividend yield
- —
- Beta
- 1.85
RMBS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsRMBS valuation Price multiples at each fiscal year-end price.
RMBS returns How much profit the business earns on the capital it uses.
RMBS per-share figures Results divided by the shares outstanding at year-end.
RMBS financial health Debt, liquidity and how easily interest is covered.
RMBS efficiency & capital use Working capital cycle and where the cash goes.
RMBS valuation history
RMBS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
RMBS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
RMBS cash returned to shareholders
RMBS price vs earnings per share
RMBS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $10.08B | $5.76B | $7.57B | $3.92B | $3.38B | $1.98B | $1.53B | $831.8M | $1.57B | $1.56B |
| Enterprise value | $9.36B | $5.31B | $7.17B | $3.65B | $3.09B | $1.67B | $1.32B | $765.6M | $1.49B | $1.56B |
| P/E ratio | 43.8 | 32.1 | 22.7 | — | 184.1 | — | — | — | — | 228.4 |
| Price / sales | 14.2 | 10.4 | 16.4 | 8.6 | 10.3 | 8.0 | 6.8 | 3.6 | 4.0 | 4.6 |
| Price / book | 7.4 | 5.1 | 7.3 | 5.0 | 3.9 | 2.2 | 1.6 | 0.8 | 2.7 | 2.8 |
| Price / free cash flow | 30.3 | 28.8 | 43.9 | 18.7 | 17.3 | 12.7 | 12.5 | 10.9 | 14.5 | 18.6 |
| Price / operating cash flow | 28.0 | 25.0 | 38.7 | 17.0 | 16.1 | 10.7 | 11.9 | 9.5 | 13.3 | 16.8 |
| EV / sales | 13.2 | 9.5 | 15.6 | 8.0 | 9.4 | 6.8 | 5.9 | 3.3 | 3.8 | 4.6 |
| EV / EBITDA | 28.8 | 21.8 | 30.3 | 88.7 | 39.5 | 75.9 | — | — | 13.5 | 18.3 |
| EV / free cash flow | 28.1 | 26.6 | 41.6 | 17.4 | 15.8 | 10.7 | 10.8 | 10.1 | 13.8 | 18.6 |
| Earnings yield | 2.3% | 3.1% | 4.4% | −0.4% | 0.5% | −2.0% | −5.9% | −19.0% | −1.5% | 0.4% |
| Free cash flow yield | 3.3% | 3.5% | 2.3% | 5.4% | 5.8% | 7.9% | 8.0% | 9.1% | 6.9% | 5.4% |
| Dividend yield | — | — | 0.1% | — | 0.4% | 0.7% | 1.0% | — | 12.5% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.1% | 2.0% | 1.5% | 2.6% | 3.3% | 3.2% | 1.5% | 6.0% | 15.7% | 0.2% |
| Share price at fiscal year-end | $91.89 | $52.86 | $68.25 | $35.82 | $29.39 | $17.46 | $13.78 | $7.67 | $14.22 | $13.77 |
| Per share | ||||||||||
| Revenue per share | $6.45 | $5.10 | $4.16 | $4.15 | $2.86 | $2.17 | $2.02 | $2.13 | $3.57 | $2.98 |
| Earnings per share | $2.10 | $1.65 | $3.01 | −$0.13 | $0.16 | −$0.36 | −$0.81 | −$1.46 | −$0.21 | $0.06 |
| Operating cash flow per share | $3.28 | $2.11 | $1.77 | $2.10 | $1.82 | $1.64 | $1.16 | $0.80 | $1.07 | $0.82 |
| Free cash flow per share | $3.04 | $1.83 | $1.56 | $1.92 | $1.70 | $1.38 | $1.10 | $0.70 | $0.98 | $0.74 |
| Cash per share | $6.94 | $4.42 | $3.84 | $2.86 | $4.23 | $4.44 | $3.67 | $2.56 | $2.99 | $1.52 |
| Book value per share | $12.44 | $10.28 | $9.36 | $7.12 | $7.51 | $8.06 | $8.79 | $9.33 | $5.19 | $4.89 |
| Tangible book value per share | $9.73 | $7.49 | $6.52 | $3.99 | $4.57 | $6.12 | $6.64 | $6.87 | $2.45 | $1.91 |
| Dividends per share | — | — | $0.10 | — | $0.11 | $0.12 | $0.14 | — | $1.78 | $0.00 |
| Capex per share | $0.24 | $0.28 | $0.21 | $0.19 | $0.12 | $0.26 | $0.06 | $0.10 | $0.09 | $0.08 |
| Debt per share | $0.40 | $0.28 | $0.28 | $0.41 | $1.73 | $1.72 | $1.76 | $1.95 | $2.28 | $1.58 |
| Shares outstanding | 109.7M | 109.0M | 110.9M | 109.5M | 114.9M | 113.3M | 110.9M | 108.5M | 110.2M | 113.1M |
| Change in shares outstanding | +0.6% | −1.7% | +1.3% | −4.7% | +1.4% | +2.1% | +2.3% | −1.6% | −2.6% | −3.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.5% | 16.7% | 36.7% | −1.7% | 2.1% | −4.3% | −9.1% | −19.9% | −4.1% | 1.3% |
| Return on invested capital (ROIC) | 32.3% | 24.5% | 15.9% | 11.6% | 4.0% | −4.8% | −7.8% | −9.3% | 5.4% | 4.9% |
| Return on assets (ROA) | 16.0% | 13.8% | 29.4% | −1.3% | 1.5% | −3.1% | −6.7% | −14.0% | −2.7% | 0.9% |
| Return on tangible assets | 18.7% | 17.3% | 35.4% | −2.1% | 2.0% | −3.9% | −8.2% | −14.4% | −3.9% | 1.5% |
| Free cash flow margin | 47.1% | 35.9% | 37.4% | 46.2% | 59.5% | 63.2% | 54.5% | 32.9% | 27.5% | 25.0% |
| Income quality (OCF / net income) | 1.56 | 1.28 | 0.59 | — | 11.41 | — | — | — | — | 13.57 |
| Financial health | ||||||||||
| Total debt | $43.7M | $30.2M | $30.7M | $44.5M | $198.8M | $195.1M | $195.0M | $211.6M | $251.2M | $178.4M |
| Cash & short-term investments | $761.8M | $481.8M | $425.8M | $313.2M | $485.6M | $502.6M | $407.7M | $277.8M | $329.4M | $172.2M |
| Net debt | −$718.2M | −$451.6M | −$395.1M | −$268.7M | −$286.8M | −$307.6M | −$212.6M | −$66.2M | −$78.2M | $6.2M |
| Debt / equity | 0.03 | 0.03 | 0.03 | 0.06 | 0.23 | 0.21 | 0.20 | 0.21 | 0.44 | 0.32 |
| Debt / assets | 0.03 | 0.02 | 0.02 | 0.04 | 0.16 | 0.16 | 0.15 | 0.16 | 0.28 | 0.23 |
| Net debt / EBITDA | −2.21 | −1.85 | −1.67 | −6.53 | −3.66 | −13.99 | — | — | −0.71 | 0.07 |
| Current ratio | 8.20 | 8.44 | 7.08 | 4.16 | 2.56 | 8.15 | 7.71 | 7.62 | 2.80 | 4.23 |
| Quick ratio | 7.84 | 7.89 | 6.67 | 4.00 | 2.53 | 7.98 | 7.60 | 7.52 | 2.76 | 4.12 |
| Interest coverage | 189.5 | 126.4 | 61.4 | 42.7 | 2.8 | -4.0 | -8.6 | -5.2 | 4.2 | 3.7 |
| Working capital | $868.2M | $608.4M | $541.5M | $400.5M | $417.1M | $613.8M | $578.5M | $458.5M | $238.9M | $165.5M |
| Invested capital | $646.2M | $669.0M | $643.0M | $510.6M | $575.6M | $605.1M | $762.7M | $945.9M | $493.4M | $559.0M |
| Tangible asset value | $1.07B | $816.8M | $722.5M | $436.4M | $525.2M | $693.0M | $737.0M | $745.0M | $269.9M | $215.6M |
| Net current asset value | $823.7M | $467.8M | $410.5M | $293.9M | $314.1M | $361.0M | $296.6M | $178.7M | $52.0M | −$13.9M |
| Graham number | $24.24 | $19.53 | $25.18 | — | $5.19 | — | — | — | — | $2.57 |
| Graham net-net per share | $6.75 | $3.60 | $2.92 | $2.07 | $2.21 | $2.62 | $1.95 | $0.95 | $0.29 | −$0.35 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $10.7M | — | $12.5M | $13.2M | $15.4M | — | $195.7M | $0 |
| Share buybacks (net) | $7.1M | $113.3M | $100.5M | $100.4M | $100.1M | $50.1M | $7.0M | $50.0M | $50.0M | $3.1M |
| Dividend payout ratio | — | — | 3.2% | — | 68.0% | — | — | — | — | 0.0% |
| Dividends + buybacks / free cash flow | 2.1% | 56.7% | 64.5% | 47.8% | 57.6% | 40.6% | 18.4% | 65.8% | 227.7% | 3.6% |
| Capex / revenue | 3.8% | 5.5% | 5.0% | 4.5% | 4.2% | 12.1% | 2.9% | 4.8% | 2.4% | 2.5% |
| Capex / operating cash flow | 7.5% | 13.3% | 11.9% | 8.9% | 6.6% | 16.0% | 5.0% | 12.8% | 8.1% | 9.2% |
| Capex / depreciation | 0.64 | 0.72 | 0.48 | 0.43 | 0.31 | 0.62 | 0.16 | 0.28 | 0.17 | 0.17 |
| Stock-based compensation / revenue | 7.7% | 8.1% | 9.8% | 7.8% | 8.4% | 10.5% | 11.8% | 9.4% | 7.0% | 6.2% |
| R&D / revenue | 26.5% | 29.3% | 34.0% | 34.9% | 41.3% | 56.8% | 70.0% | 68.5% | 37.9% | 38.6% |
| SG&A / revenue | 12.7% | 18.7% | 23.8% | 23.5% | 27.7% | 35.1% | 44.9% | 44.9% | 28.2% | 28.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 80.1 | 92.4 | 124.6 | 144.8 | 192.6 | 292.7 | 371.4 | 200.0 | 21.8 | 20.3 |
| Days of inventory on hand | 95.2 | 107.8 | 73.2 | 38.1 | 42.5 | 48.9 | 39.6 | 36.7 | 22.9 | 16.4 |
| Days payables outstanding | 58.4 | 48.9 | 55.0 | 46.8 | 37.6 | 36.9 | 39.8 | 52.3 | 41.2 | 34.0 |
| Cash conversion cycle (days) | 116.9 | 151.3 | 142.8 | 136.1 | 197.5 | 304.7 | 371.2 | 184.4 | 3.5 | 2.8 |
| Receivables turnover | 4.56 | 3.95 | 2.93 | 2.52 | 1.90 | 1.25 | 0.98 | 1.83 | 16.73 | 17.95 |
| Payables turnover | 6.25 | 7.47 | 6.64 | 7.80 | 9.71 | 9.88 | 9.17 | 6.98 | 8.86 | 10.73 |
| Inventory turnover | 3.83 | 3.38 | 4.99 | 9.58 | 8.58 | 7.46 | 9.21 | 9.95 | 15.94 | 22.20 |
| Asset turnover | 0.49 | 0.43 | 0.41 | 0.41 | 0.26 | 0.19 | 0.17 | 0.21 | 0.47 | 0.45 |
| Average receivables | $155.3M | $140.8M | $157.4M | $180.4M | $173.2M | $197.6M | $227.9M | $126.7M | $23.5M | $18.8M |
| Average payables | $27.2M | $18.3M | $21.4M | $18.0M | $10.1M | $9.3M | $8.5M | $8.5M | $9.7M | $6.9M |
| Average inventory | $44.4M | $40.4M | $28.5M | $14.7M | $11.5M | $12.3M | $8.4M | $6.0M | $5.4M | $3.4M |
| Intangibles / total assets | 19.4% | 22.6% | 25.1% | 33.9% | 27.4% | 17.6% | 17.7% | 19.6% | 33.8% | 43.0% |
Computed from RMBS's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
RMBS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Rambus traded at 43.8 times earnings, against a 10-year median of 43.8. Based on the latest twelve months, the trailing P/E is 40.0 and the forward P/E is 24.2. Rambus earned a return on equity of 18.5% and a return on invested capital of 32.3% in fiscal 2025. It ended the year with $43.7 million of debt and $761.8 million in cash and short-term investments, a net cash position of $718.2 million. It returned $7.1 million to shareholders: $0 in dividends and $7.1 million in share buybacks, 2% of free cash flow. The share count fell 3.0% from 113.1M to 109.7M over 9 years.
See the RMBS income statement, the RMBS chart for price history, or the RMBS stock overview for the latest quote and news.
RMBS key metrics FAQ
What is Rambus's P/E ratio?
Rambus's trailing P/E ratio is 40.0 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.2. At the end of fiscal 2025 it was 43.8, compared with a 10-year median of 43.8.
What is Rambus's EV/EBITDA?
Rambus's enterprise value was 28.8 times EBITDA at the end of fiscal 2025 (enterprise value $9.4 billion, EBITDA $325.3 million); the current EV/EBITDA is 23.6.
What is Rambus's return on equity?
Rambus's return on equity (ROE) was 18.5% in fiscal 2025: net income of $230.5 million on average shareholders' equity of $1.2 billion.
What is Rambus's ROIC?
Rambus's return on invested capital was 32.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Rambus have?
Rambus had total debt of $43.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.03 and more cash than debt.
Does Rambus buy back its shares?
Yes. Rambus spent $7.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.6% over the year, to 109.7M..
What is Rambus's free cash flow yield?
Rambus generated $333.2 million of free cash flow in fiscal 2025, a free cash flow yield of 3.3% on its market value at year-end ($10.1 billion).
What is Rambus's current ratio?
Rambus's current ratio was 8.20 at the end of fiscal 2025: current assets were 8.20 times current liabilities.