Rambus Inc. (RMBS) intrinsic value & 10-year financials
Rambus Inc. (RMBS) has a Graham intrinsic value of $70.09 per share. At $87.25 on Oct 17, 2026, the stock trades 24% above that value. Over the last 10 fiscal years revenue grew 8.6% a year to $707.6M, with an average return on invested capital of 4.8%.
- Graham intrinsic value
- $70.09
- Share price (Oct 17, 2026)
- $87.25
- Price vs Graham value
- 24% above
- Market cap
- $9.5B
- Revenue (FY2025)
- $707.6M
- Revenue growth (10-yr CAGR)
- 8.6%
- ROIC (10-yr avg)
- 4.8%
- Free cash flow (FY2025)
- $333.2M
RMBS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $707.6M | $230.5M | $2.11 | $333.2M | 36.8% | 18.9% |
| FY2024 | $556.6M | $179.8M | $1.65 | $199.9M | 32.9% | 16.3% |
| FY2023 | $461.1M | $333.9M | $3.01 | $172.5M | 33.3% | 18.6% |
| FY2022 | $454.8M | -$14.3M | -$0.13 | $212.9M | 16.9% | 10.5% |
| FY2021 | $328.3M | $18.3M | $0.16 | $195.4M | 7.4% | 2.4% |
| FY2020 | $242.7M | -$43.6M | -$0.39 | $155.7M | -19.3% | -5.5% |
| FY2019 | $224.0M | -$90.4M | -$0.81 | $122.1M | -46.7% | -11.6% |
| FY2018 | $231.2M | -$158.0M | -$1.46 | $76.4M | -37.6% | -9.7% |
| FY2017 | $393.1M | -$22.9M | -$0.21 | $108.1M | 13.8% | 4.8% |
| FY2016 | $336.6M | $6.8M | $0.06 | $84.0M | 10.0% | 3.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RAMBUS INC is a consistent compounder, expanding top-line revenue at 8.6% annually over the past decade.
RAMBUS INC has historically struggled to out-earn its cost of capital, averaging just 5.0% ROIC.
RAMBUS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RAMBUS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $70.09 per share.