Rambus (RMBS) · Q2 2026 results and valuation

At 15.9% growth a year (3-year revenue growth), the model's fair value is $119.61 a share — the stock trades 29% below it. Today's price assumes 10.9% growth a year.

1. Key theme

   Revenue is projected to reach mid-double-digit growth by the end of Q4 as the company continues to market its diversified product lines.

   Source quote

   “We continue, like, in the first quarter, you know, we indicated that you know, our products, would I would say... We continue to be at that type of rate, and we continue to run those products into, into the market, and it is gonna it is going to be, you know, in the mid-double-digit by the end of Q4.”

2. Guidance

   Switching to ASC 606 revenue guidance going forward because the difference from the old basis is now minimal and expected to stay small.

   Source quote

   “As the difference is now minimal and we expect it to remain small, we will focus our financial results and guidance on an ASC 606 revenue basis going forward.”

3. Guidance

   Rambus expects $13 million in capital expenditures for Q3.

   Source quote

   “We expect Q3 capital expenditures to be $13 million.”

4. Fading

   The company expects sequential growth based on its footprint, though the emphasis on its "strong balance sheet" decreased compared to the previous quarter.

   Source quote

   “And we continue to expect to grow sequentially after that in an environment where our footprint continues to be very strong. So that's the right trajectory. I mentioned in the earlier call that it was older generation of DDR5.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“These results reflect our sustained execution and leadership across our expanding portfolio of chips and IP We also generated solid cash from operations, underscoring the strength of our business model...”

“Our results reflect the strength of our product leadership the depth of our customer relationships, and our ability to execute in markets that continue to present significant opportunities for growth.”

“We continue to execute well across our DDR5 roadmap, We expanded our portfolio with complete chipsets for DDR5-9600 client and server memory modules, further expanding our leadership in high-speed memory...”