Rambus

RMBS

Semiconductors · Technology

Price

$101.44

+0.02 (+0.02%)

Market Cap

$10.97B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−4.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 114.9M (2021) → 109.7M (2025)

Rambus Inc. provides semiconductor products in the United States, Taiwan, South Korea, Japan, Europe, Canada, Singapore, China, and internationally. The company offers DDR memory interface chips, including DDR5, DDR4 and DDR3 memory interface chips to module manufacturers and OEMs; silicon IP comprising, interface and security IP solutions that move and protect data in advanced applications; and physical interface and digital controller IP to offer industry-leading, integrated memory and interco

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-1.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$188M/ year

↑ Rising (+15% vs prior year)

26.5% of revenue

1.8x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$134M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Rambus is putting 27% of revenue into R&D and that number is rising. That's 1.8x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

79.7%

Premium pricing power — 79.7% gross margin

Operating Margin

34.3%

Excellent — 34.3% operating margin

ROCE

4.4%

Weak — 4.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+19.1%

Fast-growing sales (19.1% YoY)

EPS YoY

+10.9%

Earnings growing (10.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

159%

Turns 159% of profit into real cash

FCF Margin

46.5%

Converts sales into free cash efficiently (46.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

203.01x

Comfortably covers interest (203.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

47.6x

Expensive — P/E 47.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+10.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (47.6 → 36.8)

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Dividends

Not applicable for this business.

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