Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.47, read 2026-11-01
Ethical does not pass the values gate
Price88.18 USD
Fair value88.44
Ethical score70.0/100
Value readFairas of 3 Nov 2026
Our investment reviews on this name
2026-10-26Read Markdown92.11-4.3% to today ✓Markup gives way to Markdown after a 5% rise in 3 weeks
2026-10-02Read Markup87.60+0.7% to today ✓Markdown gives way to Markup first Markup read since July
2026-09-11Read Markdown84.72+4.1% to today Distribution gives way to Markdown
2026-08-11Read Distribution87.75+0.5% to today Markup gives way to Distribution after a 40% slide in 6 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Rambus Inc holds its Markdown at $88.18. The statistical read favours the sellers, held for 57 days.
As held on the ledger · 2026-11-03
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 57 days
Price at the screen
$88.18
Valuation
41.43 trailing · 23.94 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.85
The Workings
Five Screens, Shown in Full
Does not pass. Interest-bearing securities
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
1.63%
Below 33%
Interest-bearing debt is just 1.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
37.85%
Below 33%
Interest-bearing cash and securities are 37.9% of assets, above the one-third limit.
Fail
Receivables
58.80%
Below 49%
Money owed to the company is 58.8% of assets, above the 49% limit.
Fail
Revenue purity
3.27%
Below 5%
Only 3.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Rambus's business is fine, but its cash and interest-bearing securities are about 38% of its assets, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 3 Nov 2026: it trades at roughly a 5% discount to our $88.44 fair value, narrow competitive moat, 20.40% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 0.3% discount to the base estimate.
Where our models see it going: fair-value estimate $88.44, with a range of $88.44 to $101.70, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Memory chips caught in the cycle trap
Picture a factory that sells the same bolts to every new car on the road. Demand looks unstoppable until the next downturn hits and orders vanish overnight. Rambus sits in exactly that spot, supplying memory interface chips that ride the ups and downs of server and device builds.
The business earns a narrow moat, clears 32 percent profit margins and grows revenue at 8 percent. Yet the shares trade at 27.7 times forward earnings, well above our fair value of 92.98 against a current price of 101.44. That leaves no margin of safety and turns the low multiple some might expect in a cyclical name into a warning rather than a bargain.
Analysts see further upside, but peak earnings often coincide with peak multiples in this industry. Currency swings, customer concentration and sudden capex cuts remain live threats even though the ethical screen raises no flags. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
RMBS trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-02Markdown$84.65-8.1%Entry 16
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter.
2026-10-26Markdown · changed$92.11+0.0%Entry 15
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markup$92.11+0.0%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bearish. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markup$92.11+0.0%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bearish. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markup$92.11+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bearish. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markup$92.11+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bearish. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Markup$92.11+0.0%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bearish. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-20Markup$92.11+0.0%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bearish. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Markup$92.11+0.0%Entry 8
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bearish. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markup$92.11+5.1%Entry 7
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 63% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 131%. Our forward projection puts the odds of a 10% gain over the next month near 40%. The street (7 analysts) rates it strong buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. Since the last review it dropped out of the Tech 100; its composite score eased.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.