RAMBUS INC

RMBS · Technology · $11.2B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power94

Median gross margin 78.1% over 10y, stable.

Returns on capital27

Median ROIC 7.3%, above the 9% hurdle in 50% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 190x.

Capital discipline50

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

245% above value

Owner earnings (normalized): $179.8M
Est. intrinsic value / share: $30.03
Recent price: $103.57
Discount to value: 245% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell RMBS. See the disclaimer.