Estados financieros detallados de Rambus Inc. (RMBS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Rambus Inc. registró ingresos de $707.6M en el último ejercicio fiscal, con un CAGR de 5 años del 23.5%.
Márgenes de los últimos 12 meses: margen bruto 78.3%, margen operativo 35.5%, margen neto 31.7%. El flujo de caja libre creció a un CAGR del 16.4% en 5 años.
Al precio actual de $81.41, RMBS cotiza a un P/E de 35.04 y un ROE del 17.39%. La capitalización bursátil es de $8.8B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $336.6M | $393.1M | $231.2M | $224.0M | $246.3M | $328.3M | $454.8M | $461.1M | $556.6M | $707.6M |
| Coste de Ventas | $74.5M | $86.0M | $59.3M | $77.6M | $91.6M | $98.4M | $140.8M | $142.3M | $136.7M | $170.1M |
| Beneficio Bruto | $262.1M | $307.1M | $171.9M | $146.4M | $154.7M | $229.9M | $314.0M | $318.8M | $419.9M | $537.6M |
| I+D | $129.8M | $149.1M | $158.3M | $156.8M | $139.8M | $135.7M | $158.8M | $156.8M | $162.9M | $187.7M |
| Generales y Administrativos | $84.6M | $101.0M | $98.3M | $74.1M | $56.7M | $64.2M | $75.2M | $70.4M | $78.0M | $89.6M |
| Gastos Operativos | $214.5M | $250.1M | $256.6M | $230.9M | $196.5M | $199.9M | $234.0M | $227.3M | $240.9M | $277.3M |
| Beneficio Operativo | $47.6M | $57.0M | -$84.8M | -$84.5M | -$41.8M | $29.9M | $80.1M | $91.5M | $179.0M | $260.2M |
| EBITDA | $85.5M | $109.9M | -$14.3M | -$36.6M | $22.0M | $78.3M | $41.2M | $241.1M | $239.3M | $314.1M |
| Gastos por Intereses | $12.7M | $13.7M | $16.3M | $9.9M | $10.3M | $10.7M | $1.9M | $1.5M | $1.4M | $1.4M |
| Beneficio Antes de Impuestos | $22.6M | $41.0M | -$70.6M | -$87.0M | -$36.5M | $23.3M | -$7.8M | $187.2M | $200.0M | $282.0M |
| Impuestos | $15.8M | $63.9M | $87.3M | $3.4M | $3.9M | $5.0M | $6.5M | -$146.7M | $20.2M | $51.5M |
| Beneficio Neto | $6.8M | -$22.9M | -$158.0M | -$90.4M | -$40.5M | $18.3M | -$14.3M | $333.9M | $179.8M | $230.5M |
| BPA | $0.06 | $-0.17 | $-1.46 | $-0.81 | $-0.36 | $0.17 | $-0.13 | $3.09 | $1.67 | $2.14 |
| BPA Diluido | $0.06 | $-0.17 | $-1.46 | $-0.81 | $-0.36 | $0.16 | $-0.13 | $3.01 | $1.65 | $2.11 |
| Acciones en Circulación (Diluidas) | $113.1M | $110.2M | $108.5M | $110.9M | $113.3M | $114.9M | $109.5M | $110.9M | $109.0M | $109.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $178.5M | $190.2M | $180.2M | $207.4M |
| Beneficio Bruto | $132.9M | $150.0M | $143.7M | $165.4M |
| Beneficio Operativo | $63.3M | $70.8M | $61.8M | $72.7M |
| EBITDA | $80.4M | $88.7M | $70.6M | $79.8M |
| Beneficio Neto | $48.4M | $63.8M | $59.9M | $67.6M |
| BPA | $0.45 | $0.59 | $0.55 | $0.63 |
| BPA Diluido | $0.44 | $0.58 | $0.55 | $0.61 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $135.3M | $225.8M | $115.9M | $102.2M | $129.0M | $107.9M | $125.3M | $94.8M | $99.8M | $182.8M |
| Inversiones a Corto | $36.9M | $103.5M | $161.8M | $305.5M | $373.7M | $377.7M | $187.9M | $331.1M | $382.0M | $579.0M |
| Cuentas por Cobrar | $21.1M | $25.9M | $227.5M | $228.4M | $166.7M | $179.7M | $181.1M | $133.8M | $147.9M | $162.7M |
| Inventario | $5.6M | $5.2M | $6.8M | $10.1M | $14.5M | $8.5M | $20.9M | $36.2M | $44.6M | $44.1M |
| Activos Corrientes | $216.8M | $371.7M | $527.8M | $664.7M | $699.7M | $684.4M | $527.2M | $630.6M | $690.3M | $988.8M |
| Inmovilizado Material | $58.4M | $54.3M | $57.0M | $82.6M | $86.4M | $79.7M | $110.4M | $89.3M | $97.0M | $130.2M |
| Fondo de Comercio | $204.8M | $209.7M | $207.2M | $183.5M | $183.2M | $278.8M | $292.0M | $286.8M | $286.8M | $286.8M |
| Activos Intangibles | $132.4M | $91.7M | $59.9M | $54.9M | $36.5M | $58.4M | $50.9M | $28.8M | $17.1M | $10.2M |
| Activos Totales | $783.5M | $891.1M | $1.36B | $1.34B | $1.25B | $1.23B | $1.01B | $1.26B | $1.34B | $1.53B |
| Cuentas por Pagar | $9.8M | $9.6M | $7.4M | $9.5M | $9.0M | $11.3M | $24.8M | $18.1M | $18.5M | $35.9M |
| Deuda a Corto | 0 | $78.5M | 0 | 0 | 0 | $163.7M | $10.4M | 0 | 0 | 0 |
| Pasivos Corrientes | $51.3M | $132.8M | $69.3M | $86.2M | $85.9M | $267.3M | $126.7M | $89.1M | $81.8M | $120.6M |
| Deuda a Largo | $164.2M | $172.7M | $178.2M | $148.8M | $156.0M | 0 | 0 | 0 | 0 | $18.7M |
| Pasivos Totales | $230.7M | $319.7M | $349.0M | $368.1M | $338.7M | $370.2M | $233.3M | $220.1M | $222.4M | $165.1M |
| Reservas | -$615.1M | -$636.2M | -$204.3M | -$290.2M | -$357.8M | -$435.2M | -$513.3M | -$285.5M | -$153.7M | $76.8M |
| Patrimonio Neto | $552.8M | $571.6M | $1.01B | $975.4M | $912.7M | $862.4M | $779.3M | $1.04B | $1.12B | $1.36B |
| Deuda Total | $164.2M | $251.2M | $178.2M | $195.0M | $195.1M | $198.8M | $44.5M | $30.7M | $30.2M | $43.7M |
| Deuda Neta | -$8.0M | -$78.2M | -$99.5M | -$212.6M | -$307.6M | -$286.8M | -$268.7M | -$395.1M | -$451.6M | -$718.2M |
| Capital Circulante | $165.5M | $238.9M | $458.5M | $578.5M | $613.8M | $417.1M | $400.5M | $541.5M | $608.4M | $868.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $79.2M | $182.8M | $134.3M | $87.7M |
| Activos Totales | $1.41B | $1.53B | $1.53B | $1.61B |
| Pasivos Totales | $117.9M | $165.1M | $139.9M | $145.7M |
| Patrimonio Neto | $1.29B | $1.36B | $1.39B | $1.47B |
| Deuda Total | $26.4M | $43.7M | $23.4M | $21.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $6.8M | -$22.9M | -$158.0M | -$90.4M | -$43.6M | $18.3M | -$14.3M | $333.9M | $179.8M | $230.5M |
| Amortizaciones | $50.1M | $55.2M | $40.1M | $40.6M | $47.4M | $44.3M | $47.1M | $48.4M | $42.7M | $42.0M |
| Compensación en Acciones | $21.0M | $27.4M | $21.7M | $26.5M | $25.8M | $27.5M | $35.6M | $45.0M | $44.9M | $54.3M |
| Cambio en Capital Circulante | $6.3M | $9.2M | $94.5M | $138.6M | $149.1M | $103.7M | $64.9M | $8.3M | -$23.0M | $3.6M |
| Flujo de Caja Operativo | $92.5M | $117.4M | $87.1M | $128.5M | $185.5M | $209.2M | $230.4M | $195.8M | $230.6M | $360.0M |
| Inversiones (CapEx) | -$8.6M | -$9.5M | -$11.1M | -$6.5M | -$29.7M | -$13.8M | -$20.5M | -$23.2M | -$30.7M | -$26.8M |
| Adquisiciones | -$202.5M | -$120000 | -$3.0M | $8.3M | 0 | -$97.1M | -$15.9M | $106.3M | 0 | 0 |
| Recompra de Acciones | 0 | -$50.0M | -$50.0M | 0 | -$50.1M | -$100.1M | -$100.4M | -$100.5M | -$113.3M | -$7.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $84.0M | $107.9M | $76.0M | $122.1M | $155.7M | $195.4M | $209.9M | $172.5M | $199.9M | $333.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $88.4M | $99.8M | $83.2M | $61.2M |
| Inversiones (CapEx) | -$5.9M | -$6.5M | -$11.6M | -$9.1M |
| Flujo de Caja Libre | $82.5M | $93.3M | $71.6M | $52.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $14.2M | 0 | $11.5M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +16.8% | -41.2% | -3.1% | +10.0% | +33.3% | +38.5% | +1.4% | +20.7% | +27.1% |
| Crecimiento Beneficio Neto (anual) | | -435.2% | -590.9% | +42.8% | +55.2% | +145.3% | -178.1% | +2433.4% | -46.1% | +28.2% |
| Crecimiento BPA (anual) | | -383.3% | -758.8% | +44.5% | +55.6% | +147.2% | -176.5% | +2476.9% | -46.0% | +28.1% |
| Cambio en Acciones (anual) | | -2.6% | -1.6% | +2.3% | +2.1% | +1.4% | -4.7% | +1.3% | -1.7% | +0.6% |
| Crecimiento FCF (anual) | | +28.5% | -29.6% | +60.6% | +27.6% | +25.5% | +7.4% | -17.8% | +15.9% | +66.7% |
| Margen Bruto | 77.9% | 78.1% | 74.3% | 65.3% | 62.8% | 70.0% | 69.0% | 69.1% | 75.4% | 76.0% |
| Margen Operativo | 14.1% | 14.5% | -36.7% | -37.7% | -17.0% | 9.1% | 17.6% | 19.8% | 32.2% | 36.8% |
| Margen EBITDA | 25.4% | 28.0% | -6.2% | -16.3% | 8.9% | 23.8% | 9.1% | 52.3% | 43.0% | 44.4% |
| Margen Neto | 2.0% | -5.8% | -68.3% | -40.4% | -16.4% | 5.6% | -3.1% | 72.4% | 32.3% | 32.6% |
| Margen FCF | 25.0% | 27.5% | 32.9% | 54.5% | 63.2% | 59.5% | 46.2% | 37.4% | 35.9% | 47.1% |
| Tasa Impositiva Efectiva | 69.9% | 155.8% | -123.6% | -3.9% | -10.8% | 21.3% | -82.9% | -78.4% | 10.1% | 18.3% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.74 | $0.98 | $0.70 | $1.10 | $1.38 | $1.70 | $1.92 | $1.56 | $1.83 | $3.04 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $110.2M | $108.9M | $108.2M | $110.9M | $113.3M | $110.5M | $109.5M | $108.2M | $107.4M | $107.7M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 17.39% |
| Rentabilidad sobre capital invertido | 14.50% |
| Rentabilidad sobre activos | 14.87% |
| Margen bruto | 78.27% |
| Margen operativo | 35.51% |
| Margen neto | 31.69% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 9.75 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 37.75 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 229.50 | -83.65 | -5.25 | -17.01 | -48.50 | 172.88 | -275.54 | 22.09 | 31.65 | 42.94 |
| P/VC | 2.74 | 2.71 | 0.82 | 1.57 | 2.17 | 3.77 | 5.03 | 7.11 | 5.07 | 7.26 |
| P/V | 4.51 | 3.94 | 3.59 | 6.82 | 8.03 | 9.90 | 8.62 | 16.01 | 10.20 | 13.99 |
| Margen Bruto | 77.9% | 78.1% | 74.3% | 65.3% | 62.8% | 70.0% | 69.0% | 69.1% | 75.4% | 76.0% |
| Margen Operativo | 14.1% | 14.5% | -36.7% | -37.7% | -17.0% | 9.1% | 17.6% | 19.8% | 32.2% | 36.8% |
| Margen Neto | 2.0% | -5.8% | -68.3% | -40.4% | -16.4% | 5.6% | -3.1% | 72.4% | 32.3% | 32.6% |