Rambus
RMBS on Nasdaq. Rambus sells memory chips and chip design licenses to data center and AI chipmakers. Market value $12.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.42 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 40 of 100. Our list needs 70 on quality and 60 on price.
$114.09 a share, 46% above its 1-year low
Over the past year the price has ranged from $77.89 to $174.10.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $328m | $455m | $461m | $557m | $708m |
| Operating margin | |||||
| Operating margin | 7.4% | 16.9% | 33.3% | 32.9% | 36.8% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.11bn | 0.11bn | 0.11bn | 0.11bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 23.5% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $207 million last quarter, up 20% on a year ago.
- Profit: $68 million, up 17% on a year ago.
- It keeps 36 cents of each $1 of sales as operating profit, down from 37 cents a year earlier.
- Spare cash over the past 12 months: $300 million, up from $262 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $146m |
| December 2024 | $161m |
| March 2025 | $167m |
| June 2025 | $172m |
| September 2025 | $179m |
| December 2025 | $190m |
| March 2026 | $180m |
| June 2026 | $207m |
| Quarter to | Amount |
|---|---|
| September 2024 | $49m |
| December 2024 | $62m |
| March 2025 | $60m |
| June 2025 | $58m |
| September 2025 | $48m |
| December 2025 | $64m |
| March 2026 | $60m |
| June 2026 | $68m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 617 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $331,186
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| EdgePoint Investment GroupTye Bousada | $144m | 1.1% | Cut |
| Cambiar InvestorsBrian Barish | $2m | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $668,346 | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $331,186 | <0.1% |
Largest holders overall
- BlackRock$1.9bnCut
- FMR$1.4bnAdded
- Invesco$880mAdded
- Vanguard Portfolio Management$806mCut
- Vanguard Capital Management$647m
- State Street$519mCut
- Price T Rowe Associates$443m
- Geode Capital Management$305mCut
- JPMorgan Chase$261mAdded
- Dimensional Fund Advisors LP$228mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor12.2%−1.8 ptsSince 30 June 2026
- FMR LLCPassive investorat least 10.4%(filed with 1 related holder)Since 29 May 2026
- Vanguard Portfolio ManagementPassive investor6.2%Since 31 March 2026
- Invesco Ltd.Passive investor6.0%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- T. Rowe Price Associates, Inc.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 12.2%−1.8 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 10.4% (filed with 1 related holder) | 29 May 2026 | |
Vanguard Portfolio Management Passive investor | 6.2% | 31 March 2026 | |
Invesco Ltd. Passive investor | 6.0% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $21m, $9m of it under preset trading plans.
- KISSNER CHARLESDirectorSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 5,000
- Price
- $111.00
- Value
- $555,000
- KISSNER CHARLESDirectorSoldunder a preset trading plan
- Date
- 22 September 2026
- Shares
- 5,000
- Price
- $105.00
- Value
- $525,000
- KISSNER CHARLESDirectorSoldunder a preset trading plan
- Date
- 7 August 2026
- Shares
- 5,000
- Price
- $100.92
- Value
- $504,600
- Sayiner NecipDirectorSold
- Date
- 3 June 2026
- Shares
- 5,000
- Price
- $170.15
- Value
- $850,750
- Higashi EmikoDirectorSold
- Date
- 2 June 2026
- Shares
- 10,000
- Price
- $160.50
- Value
- $2m
- STANG ERIC BDirectorSold
- Date
- 1 June 2026
- Shares
- 5,000
- Price
- $146.00
- Value
- $730,000
- Higashi EmikoDirectorSold
- Date
- 26 May 2026
- Shares
- 5,000
- Price
- $157.57
- Value
- $787,850
- FAN XIANZHI SEANEVP, COOSold
- Date
- 26 May 2026
- Shares
- 37,914
- Price
- $151.69
- Value
- $6m
- Shinn JohnSVP, General CounselSold
- Date
- 22 May 2026
- Shares
- 1,000
- Price
- $143.63
- Value
- $143,630
- Sayiner NecipDirectorSold
- Date
- 8 May 2026
- Shares
- 9,824
- Price
- $130.18
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | KISSNER CHARLES Director | Sold under a preset trading plan | 5,000 | $111.00 | $555,000 |
| 22 September 2026 | KISSNER CHARLES Director | Sold under a preset trading plan | 5,000 | $105.00 | $525,000 |
| 7 August 2026 | KISSNER CHARLES Director | Sold under a preset trading plan | 5,000 | $100.92 | $504,600 |
| 3 June 2026 | Sayiner Necip Director | Sold | 5,000 | $170.15 | $850,750 |
| 2 June 2026 | Higashi Emiko Director | Sold | 10,000 | $160.50 | $2m |
| 1 June 2026 | STANG ERIC B Director | Sold | 5,000 | $146.00 | $730,000 |
| 26 May 2026 | Higashi Emiko Director | Sold | 5,000 | $157.57 | $787,850 |
| 26 May 2026 | FAN XIANZHI SEAN EVP, COO | Sold | 37,914 | $151.69 | $6m |
| 22 May 2026 | Shinn John SVP, General Counsel | Sold | 1,000 | $143.63 | $143,630 |
| 8 May 2026 | Sayiner Necip Director | Sold | 9,824 | $130.18 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.