RMBS RMBS

Name: RMBS Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored April 7, 2026

Price at analysis: $91.68

Crucible Score

58.5

C+

Quality × Value Composite

KQI — Quality

72.3

Fundamental Quality Index

KVI — Value

41.5

Valuation Attractiveness Index

Crucible Verdict — RMBS

Rambus Inc. (RMBS) presents a stark quality-value disconnect, with solid fundamentals (86 Financial Quality, 78 Moat Durability) undermined by poor earnings execution and tepid growth prospects. The 43% earnings beat rate under CEO Robert Merck reflects operational inconsistency despite performance-based compensation alignment. Trading 11% below fair value, RMBS offers modest upside contingent on improved earnings predictability.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

85.8

Growth Profile

68.8

Moat Durability

78.5

Management Effectiveness

63.6

Diversification & Resilience

52.2

Market Position

58.0

Weakest dimension: Diversification & Resilience (52.2)

◆ KVI Value Dimensions

DCF Margin of Safety

57.3

FCF Yield & Cash Returns

29.1

Relative Valuation

22.9

Growth-Adjusted Value

47.7

Historical Valuation

42.3

Macro Context

46.2

◆ DCF Valuation Scenarios

Bear Case

$62.45

Base Case

$102.18

Bull Case

$158.73

Price at Analysis

$91.68

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$62.45	6.0%	30.0%	13.3%
🟢 Base	$102.18	10.0%	35.0%	12.3%
🟢 Bull	$158.73	14.0%	40.0%	11.3%

Key Assumptions: RMBS has shown strong revenue recovery from $328M to $708M with expanding margins, reflecting growing demand for memory interface and silicon IP licensing. WACC is elevated at ~12.3% base given high beta of 1.63 and 5.5% ERP appropriate for semiconductor sector cyclicality. Tax rate normalized to 15% reflecting historical variability and IP-heavy business structure with significant deferred tax assets; capex remains light at ~4% of revenue consistent with asset-light licensing model.

◆ Financial Snapshot

Profitability

Gross Margin76.0%

Operating Margin36.8%

Net Margin32.6%

ROIC14.5%

ROE3.3%

Balance Sheet

Balance SheetCR: 8.20

Cash ConversionFCF/EPS: 1.44x

Capital IntensityCapex/Rev: 3.8%

Altman Z-Score38.19 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR21.2% CAGR

Earnings CAGR141.1% CAGR

Growth ConsistencyCV: 1.98

Segment Breadth2/3 growing (67%)

Quarterly TrendRev→+18%, Margin∆, WC↓, Exp↓

Earnings CredibilityMixed

◆ Analyst Consensus & Leadership

Leadership & Governance

CEORobert Merck · 8 years

CEO Ownership< 1%

Compensation92% performance-based

Insider ActivitySelling

Capital AllocationROIC 14.5% vs WACC 2.5%

Earnings Beat Rate43% (9/22)

◆ Related Companies in Our Universe

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ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 7, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.