View ValuationRambus 향후 성장Future 기준 점검 4/6Rambus은 연간 수입과 매출이 각각 20.1%와 14.6% 증가할 것으로 예상되고 EPS는 연간 28.6%만큼 증가할 것으로 예상됩니다.핵심 정보20.1%이익 성장률28.58%EPS 성장률Semiconductor 이익 성장20.7%매출 성장률14.6%향후 자기자본이익률n/a애널리스트 커버리지Good마지막 업데이트30 Apr 2026최근 향후 성장 업데이트공지 • Apr 29Rambus Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2026Rambus Inc. provided earnings guidance for the second quarter ending June 30, 2026. For the quarter, the company expected royalty revenue to be between $72 million and $78 million, product revenue to be between $95 million and $101 million, and contract and other revenue to be between $19 million and $25 million.공지 • Feb 03Rambus Inc. Provides Earnings Guidance for the First Quarter of 2026Rambus Inc. provided earnings guidance for the first quarter of 2026. For the first quarter of 2026, the Company expects licensing billings to be between $66 million and $72 million. The Company also expects royalty revenue to be between $61 million and $67 million, product revenue to be between $84 million and $90 million, and contract and other revenue to be between $21 million and $27 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters.공지 • Oct 28Rambus Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Rambus Inc. provided earnings guidance for the fourth quarter of 2025. For the quarter, the company expects revenue to be between $184 million and $190 million. The Company expects licensing billings to be between $60 million and $66 million. The Company also expects royalty revenue to be between $59 million and $65 million, product revenue to be between $94 million and $100 million, and contract and other revenue to be between $25 million and $31 million.공지 • Jul 29Rambus Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2025Rambus Inc. provided earnings guidance for the third quarter ending September 30, 2025. For the quarter, the company expects Product revenue (GAAP) of $87 million - $93 million. Contract and other revenue (GAAP) of $22 million - $28 million.모든 업데이트 보기Recent updates공지 • May 08Rambus Inc Introduces PCIe 7.0 Switch Ip With Time Division MultiplexingRambus Inc. announced the Rambus PCIe 7.0 Switch IP with Time Division Multiplexing, a new addition to its advanced interconnect IP portfolio designed to address the rapidly escalating bandwidth, latency, and scalability requirements of AI, cloud, and high-performance computing (HPC) systems. Rambus PCIe 7.0 Switch IP with Time Division Multiplexing enables efficient, scalable PCIe fabrics that optimize link utilization and reduce system complexity for scale up and scale out of distributed AI clusters and high-performance computing networks. Supports bandwidth scaling, low latency, and efficient data movement for AI, cloud, and HPC systems. Increases link utilization through intelligent traffic multiplexing, enabling simpler architectures and scalable disaggregated and pooled compute designs. Extends the Rambus PCIe IP portfolio which spans switches, controllers, retimers, and debug solutions to support next-generation AI infrastructure. As AI infrastructure grows in scale and architectural complexity, system designers are increasingly challenged to move massive volumes of data efficiently across CPUs, GPUs, accelerators, and NVMe storage. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing is architected to help meet these demands by enabling more flexible and efficient utilization of PCIe links, supporting emerging disaggregated and pooled compute architectures while maintaining low latency and deterministic performance. Built on the PCIe 7.0 specification, the Rambus newest switch IP is optimized for next-generation AI and data center SoCs that require extreme bandwidth density, advanced traffic management, and seamless scalability. By incorporating Time Division Multiplexing capabilities, the switch enables designers to intelligently schedule and multiplex traffic across shared links, helping maximize fabric utilization while supporting diverse workload profiles, from large-scale AI training to latency-sensitive inference and data movement. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing is designed to integrate seamlessly into ASIC platforms and complements Rambus’ PCIe 7.0 IP portfolio, which includes controllers, retimers, and debug solutions. These IP offerings help customers accelerate time-to-market while addressing the demanding performance, power, and reliability requirements of modern AI infrastructure. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing reinforces the company’s leadership in high-speed interface IP and its commitment to delivering differentiated interconnect technologies that help customers solve the most challenging problems in AI, cloud, and HPC Infrastructure.공지 • May 02+ 1 more updateRambus Inc. Appoints Sumeet Gagneja as Chief Financial Officer, Effective April 29, 2026Rambus Inc. announced the appointment of Sumeet Gagneja as chief financial officer, effective April 29, 2026. Mr. Gagneja joins Rambus with more than two decades of financial and operational leadership across the semiconductor, data center, and AI-driven computing ecosystem. Mr. Gagneja will oversee the company’s global finance organization, including financial strategy, capital allocation, and investor engagement, reporting to president and chief executive officer Luc Seraphin. Mr. Gagneja most recently served as divisional CFO for AMD’s Data Center segment. Previously, he was CFO of Western Digital’s Flash business and held senior finance leadership roles at Xilinx, Innovium, Maxim Integrated, Avago, and Intel. Across these roles, he supported capital allocation, mergers and acquisitions, operational planning, and investor and analyst engagement, bringing a disciplined and execution-focused approach to scaling complex technology businesses. Gagneja holds a Master of Business Administration with high distinction from the University of Michigan Ross School of Business and a master’s degree in mechanical engineering from Wayne State University. He is a California Certified Public Accountant.공지 • Apr 29Rambus Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2026Rambus Inc. provided earnings guidance for the second quarter ending June 30, 2026. For the quarter, the company expected royalty revenue to be between $72 million and $78 million, product revenue to be between $95 million and $101 million, and contract and other revenue to be between $19 million and $25 million.Reported Earnings • Apr 28First quarter 2026 earnings released: EPS: US$0.55 (vs US$0.56 in 1Q 2025)First quarter 2026 results: EPS: US$0.55 (down from US$0.56 in 1Q 2025). Revenue: US$180.2m (up 8.1% from 1Q 2025). Net income: US$59.9m (flat on 1Q 2025). Profit margin: 33% (down from 36% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe.Valuation Update With 7 Day Price Move • Apr 25Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €130, the stock trades at a forward P/E ratio of 64x. Average forward P/E is 35x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €56.06 per share.공지 • Apr 23Rambus Inc. Enables Power-Efficient AI Platforms with SOCAMM2 Server Module ChipsetRambus Inc. announced a SOCAMM2 (Small Outline Compression Attached Memory Module) chipset designed to enable low-power, high-performance LPDDR5X-based memory modules for AI server platforms. The SOCAMM2 chipset represents the first step in a broader Rambus roadmap of LPDDR-based server module solutions, reflecting the company’s ongoing collaboration with industry partners to support new memory architectures optimized for evolving workloads in AI data center infrastructure. This new product family extends the comprehensive Rambus offering of complete memory interface chipsets for all JEDEC-standard DDR5 and LPDDR5 memory modules. SOCAMM2 memory modules, based on LPDDR technology, are emerging as an innovative architectural approach to address these challenges by delivering high performance with lower power consumption in a modular, serviceable, board area efficient form factor. The Rambus SOCAMM2 chipset is designed to support this transition by providing the critical control, telemetry, and power delivery functions required by JEDEC-standard SOCAMM2 memory modules in demanding AI server environments. SOCAMM2 replaces soldered LPDDR memory with detachable, upgradable modules that combine LPDDR efficiency with server-class serviceability in the data center. The Rambus LPDDR5X SOCAMM2 chipset supports reliable, power-efficient operation of LPDDR-based server memory modules at up to 9.6 Gb/s and includes: SPD Hub for module identification, configuration, and telemetry; 12-amp (A) and 3A voltage regulators for localized, efficient power conversion.Valuation Update With 7 Day Price Move • Apr 10Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €95.54, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 25x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €61.87 per share.공지 • Apr 07Rambus Inc. to Report Q1, 2026 Results on Apr 27, 2026Rambus Inc. announced that they will report Q1, 2026 results on Apr 27, 2026공지 • Mar 09Rambus Inc., Annual General Meeting, Apr 23, 2026Rambus Inc., Annual General Meeting, Apr 23, 2026.공지 • Mar 05Rambus Inc. Sets New Benchmark For AI Memory Performance With HBM4E Controller IPRambus Inc. announced the industry’s leading HBM4E Memory Controller IP, extending its market leadership in HBM IP. This new solution delivers breakthrough performance with advanced reliability features enabling designers to address the demanding memory bandwidth requirements of next-generation AI accelerators and graphics processing units (GPUs). The Rambus HBM4E Controller enables a new generation of HBM memory deployments for cutting-edge AI accelerators, graphics and HPC applications. The HBM4E Controller is capable of supporting operation up to 16 Gigabits per second (Gbps) per pin providing an unprecedented throughput of 4.1 Terabytes per second (TB/s) to each memory device. For an AI accelerator with eight attached HBM4E devices, this translates to over 32 TB/s of memory bandwidth for next-generation AI workloads. The Rambus HBM4E Controller IP can be paired with third-party standard or TSV PHY solutions to instantiate a complete HBM4E memory subsystem in a 2.5D or 3D package as part of an AI SoC or custom base die solution. The Rambus HBM4E Controller IP is the latest addition to the Rambus leading-edge portfolio of digital controller solutions. The HBM4E Controller is available for licensing, and early access design customers can engage.공지 • Feb 13Rambus Inc. Appoints Victor Peng to Board of Directors, Effective February 12, 2026Rambus Inc. announced the appointment of Victor Peng, Age 65, to its Board of Directors, effective February 12, 2026. Victor Peng is an accomplished executive with more than 40 years of leadership experience at top semiconductor companies. Most recently, Mr. Peng served as president of Advanced Micro Devices (AMD), leading AMD’s embedded and data center GPU businesses, AI software, and the research and advanced development group. Prior to AMD, Mr. Peng served 14 years at Xilinx, holding senior level positions including president and chief executive officer, board member, chief operating officer, executive vice president, and general manager of products. Mr. Peng currently serves on the Boards of KLA Corporation and Microchip Technology Inc. Mr. Peng holds a Master of Engineering in electrical engineering from Cornell University, and a Bachelor of Science in electrical engineering from Rensselaer Polytechnic Institute.공지 • Feb 11+ 1 more updateRambus Inc. Announces Chief Financial Officer Changes, Effective February 27, 2026Rambus Inc. announced that Desmond Lynch, senior vice president and chief financial officer (CFO), will resign from Rambus effective February 27, 2026, to pursue another opportunity. A formal search has commenced for a new CFO. John Allen, current vice president and chief accounting officer at Rambus, will serve as interim CFO and ensure a seamless transition until a permanent successor has been appointed.Valuation Update With 7 Day Price Move • Feb 09Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €87.56, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 24x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €60.20 per share.Reported Earnings • Feb 03Full year 2025 earnings released: EPS: US$2.14 (vs US$1.67 in FY 2024)Full year 2025 results: EPS: US$2.14 (up from US$1.67 in FY 2024). Revenue: US$707.6m (up 27% from FY 2024). Net income: US$230.5m (up 28% from FY 2024). Profit margin: 33% (in line with FY 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe.공지 • Feb 03Rambus Inc. Provides Earnings Guidance for the First Quarter of 2026Rambus Inc. provided earnings guidance for the first quarter of 2026. For the first quarter of 2026, the Company expects licensing billings to be between $66 million and $72 million. The Company also expects royalty revenue to be between $61 million and $67 million, product revenue to be between $84 million and $90 million, and contract and other revenue to be between $21 million and $27 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters.Buy Or Sell Opportunity • Jan 20Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 21% to €96.64. The fair value is estimated to be €79.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 20% per annum over the same time period.Valuation Update With 7 Day Price Move • Jan 15Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €91.62, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 24x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €81.04 per share.공지 • Jan 13Rambus Inc. to Report Q4, 2025 Results on Feb 02, 2026Rambus Inc. announced that they will report Q4, 2025 results on Feb 02, 2026Board Change • Jan 07Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Board Change • Dec 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Valuation Update With 7 Day Price Move • Nov 17Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €80.42, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 23x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €75.21 per share.Recent Insider Transactions • Nov 15Independent Director recently sold €830k worth of stockOn the 10th of November, Eric Stang sold around 9k shares on-market at roughly €92.22 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €6.8m more than they bought in the last 12 months.Reported Earnings • Oct 29Third quarter 2025 earnings released: EPS: US$0.45 (vs US$0.45 in 3Q 2024)Third quarter 2025 results: EPS: US$0.45 (down from US$0.45 in 3Q 2024). Revenue: US$178.5m (up 23% from 3Q 2024). Net income: US$48.4m (flat on 3Q 2024). Profit margin: 27% (down from 33% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Semiconductor industry in Europe.Buy Or Sell Opportunity • Oct 29Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 46% to €94.06. The fair value is estimated to be €74.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 20% per annum over the same time period.공지 • Oct 28Rambus Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Rambus Inc. provided earnings guidance for the fourth quarter of 2025. For the quarter, the company expects revenue to be between $184 million and $190 million. The Company expects licensing billings to be between $60 million and $66 million. The Company also expects royalty revenue to be between $59 million and $65 million, product revenue to be between $94 million and $100 million, and contract and other revenue to be between $25 million and $31 million.공지 • Oct 07Rambus Inc. to Report Q3, 2025 Results on Oct 27, 2025Rambus Inc. announced that they will report Q3, 2025 results on Oct 27, 2025New Risk • Sep 15New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risk Significant insider selling over the past 3 months (€1.4m sold).Recent Insider Transactions • Sep 14Independent Director recently sold €547k worth of stockOn the 11th of September, Necip Sayiner sold around 8k shares on-market at roughly €72.91 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €6.0m more than they bought in the last 12 months.Valuation Update With 7 Day Price Move • Sep 11Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €74.26, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 20x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €58.04 per share.Board Change • Aug 28Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Recent Insider Transactions • Aug 13Independent Director recently sold €473k worth of stockOn the 8th of August, Necip Sayiner sold around 8k shares on-market at roughly €63.03 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.2m more than they bought in the last 12 months.New Risk • Jul 29New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Significant insider selling over the past 3 months (€436k sold).Reported Earnings • Jul 29Second quarter 2025 earnings released: EPS: US$0.54 (vs US$0.34 in 2Q 2024)Second quarter 2025 results: EPS: US$0.54 (up from US$0.34 in 2Q 2024). Revenue: US$172.2m (up 30% from 2Q 2024). Net income: US$57.9m (up 61% from 2Q 2024). Profit margin: 34% (up from 27% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Semiconductor industry in Europe.공지 • Jul 29Rambus Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2025Rambus Inc. provided earnings guidance for the third quarter ending September 30, 2025. For the quarter, the company expects Product revenue (GAAP) of $87 million - $93 million. Contract and other revenue (GAAP) of $22 million - $28 million.공지 • Jul 08Rambus Inc. to Report Q2, 2025 Results on Jul 28, 2025Rambus Inc. announced that they will report Q2, 2025 results on Jul 28, 2025Board Change • Jun 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Board Change • Jun 10Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Board Change • May 21Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.공지 • May 14Rambus Delivers Industry-Leading Client Chipsets for Next-Generation AI PC Memory ModulesRambus Inc. announced the availability of complete client chipsets for next-generation AI PC memory modules, featuring two new Power Management ICs (PMICs) for client computing. PMICs are critical to efficiently power memory modules providing breakthrough levels of performance for advanced computing applications. The two new Rambus PMICs are the PMIC5200, for LPDDR5 CAMM2 (LPCAMM2) memory modules and the PMIC5120, which supports DDR5 CSODIMMs and CUDIMMs. These PMICs, alongside the Client Clock Driver (CKD) and Serial Presence Detect Hub (SPD Hub), comprise a complete chipset offering to enable memory modules for AI PC notebooks, desktops and workstations. Further, with the addition of these new PMICs, Rambus now offers complete memory interface chipsets for all JEDEC standard DDR5 and LPDDR5 memory modules for both servers and clients.이익 및 매출 성장 예측BIT:1RMBS - 애널리스트 향후 추정치 및 과거 재무 데이터 (USD Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20281,107406497578412/31/2027981334377419912/31/202681827628733093/31/2026721230335366N/A12/31/2025708230333360N/A9/30/2025678229292319N/A6/30/2025645229262293N/A3/31/2025605207233269N/A12/31/2024557180200231N/A9/30/2024518176201226N/A6/30/2024478231193216N/A3/31/2024465364177196N/A12/31/2023461334173196N/A9/30/2023461291165192N/A6/30/2023468189195221N/A3/31/202347055203227N/A12/31/2022455-14210230N/A9/30/2022424-24229251N/A6/30/2022393-21199217N/A3/31/2022357-45197212N/A12/31/202132818195209N/A9/30/20212980163179N/A6/30/2021274-16155177N/A3/31/2021251-37156188N/A12/31/2020246-40156185N/A9/30/2020248-33156179N/A6/30/2020248-38144160N/A3/31/2020245-66129137N/A12/31/2019228-86N/A129N/A9/30/2019233-83N/A128N/A6/30/2019235-170N/A134N/A3/31/2019233-149N/A99N/A12/31/2018231-158N/A86N/A9/30/2018265-192N/A112N/A6/30/2018304-80N/A95N/A3/31/2018342-62N/A117N/A12/31/2017393-23N/A117N/A9/30/201738910N/A92N/A6/30/20173797N/A88N/A3/31/20173618N/A95N/A12/31/20163377N/A96N/A9/30/201631623N/A84N/A6/30/2016300201N/A88N/A3/31/2016296204N/A79N/A12/31/2015296211N/A77N/A9/30/2015292206N/A80N/A6/30/201528730N/A88N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 1RMBS 의 연간 예상 수익 증가율(20.1%)이 saving rate(3.3%)보다 높습니다.수익 vs 시장: 1RMBS 의 연간 수익(20.1%)이 Italian 시장(10.6%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: 1RMBS 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: 1RMBS 의 수익(연간 14.6%)이 Italian 시장(연간 5.6%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: 1RMBS 의 수익(연간 14.6%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 1RMBS의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YSemiconductors 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/11 20:05종가2026/05/11 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Rambus Inc.는 18명의 분석가가 다루고 있습니다. 이 중 9명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Brett SimpsonArete Research Services LLPJames FontanelliArete Research Services LLPTristan GerraBaird15명의 분석가 더 보기
공지 • Apr 29Rambus Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2026Rambus Inc. provided earnings guidance for the second quarter ending June 30, 2026. For the quarter, the company expected royalty revenue to be between $72 million and $78 million, product revenue to be between $95 million and $101 million, and contract and other revenue to be between $19 million and $25 million.
공지 • Feb 03Rambus Inc. Provides Earnings Guidance for the First Quarter of 2026Rambus Inc. provided earnings guidance for the first quarter of 2026. For the first quarter of 2026, the Company expects licensing billings to be between $66 million and $72 million. The Company also expects royalty revenue to be between $61 million and $67 million, product revenue to be between $84 million and $90 million, and contract and other revenue to be between $21 million and $27 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters.
공지 • Oct 28Rambus Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Rambus Inc. provided earnings guidance for the fourth quarter of 2025. For the quarter, the company expects revenue to be between $184 million and $190 million. The Company expects licensing billings to be between $60 million and $66 million. The Company also expects royalty revenue to be between $59 million and $65 million, product revenue to be between $94 million and $100 million, and contract and other revenue to be between $25 million and $31 million.
공지 • Jul 29Rambus Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2025Rambus Inc. provided earnings guidance for the third quarter ending September 30, 2025. For the quarter, the company expects Product revenue (GAAP) of $87 million - $93 million. Contract and other revenue (GAAP) of $22 million - $28 million.
공지 • May 08Rambus Inc Introduces PCIe 7.0 Switch Ip With Time Division MultiplexingRambus Inc. announced the Rambus PCIe 7.0 Switch IP with Time Division Multiplexing, a new addition to its advanced interconnect IP portfolio designed to address the rapidly escalating bandwidth, latency, and scalability requirements of AI, cloud, and high-performance computing (HPC) systems. Rambus PCIe 7.0 Switch IP with Time Division Multiplexing enables efficient, scalable PCIe fabrics that optimize link utilization and reduce system complexity for scale up and scale out of distributed AI clusters and high-performance computing networks. Supports bandwidth scaling, low latency, and efficient data movement for AI, cloud, and HPC systems. Increases link utilization through intelligent traffic multiplexing, enabling simpler architectures and scalable disaggregated and pooled compute designs. Extends the Rambus PCIe IP portfolio which spans switches, controllers, retimers, and debug solutions to support next-generation AI infrastructure. As AI infrastructure grows in scale and architectural complexity, system designers are increasingly challenged to move massive volumes of data efficiently across CPUs, GPUs, accelerators, and NVMe storage. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing is architected to help meet these demands by enabling more flexible and efficient utilization of PCIe links, supporting emerging disaggregated and pooled compute architectures while maintaining low latency and deterministic performance. Built on the PCIe 7.0 specification, the Rambus newest switch IP is optimized for next-generation AI and data center SoCs that require extreme bandwidth density, advanced traffic management, and seamless scalability. By incorporating Time Division Multiplexing capabilities, the switch enables designers to intelligently schedule and multiplex traffic across shared links, helping maximize fabric utilization while supporting diverse workload profiles, from large-scale AI training to latency-sensitive inference and data movement. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing is designed to integrate seamlessly into ASIC platforms and complements Rambus’ PCIe 7.0 IP portfolio, which includes controllers, retimers, and debug solutions. These IP offerings help customers accelerate time-to-market while addressing the demanding performance, power, and reliability requirements of modern AI infrastructure. The Rambus PCIe 7.0 Switch IP with Time Division Multiplexing reinforces the company’s leadership in high-speed interface IP and its commitment to delivering differentiated interconnect technologies that help customers solve the most challenging problems in AI, cloud, and HPC Infrastructure.
공지 • May 02+ 1 more updateRambus Inc. Appoints Sumeet Gagneja as Chief Financial Officer, Effective April 29, 2026Rambus Inc. announced the appointment of Sumeet Gagneja as chief financial officer, effective April 29, 2026. Mr. Gagneja joins Rambus with more than two decades of financial and operational leadership across the semiconductor, data center, and AI-driven computing ecosystem. Mr. Gagneja will oversee the company’s global finance organization, including financial strategy, capital allocation, and investor engagement, reporting to president and chief executive officer Luc Seraphin. Mr. Gagneja most recently served as divisional CFO for AMD’s Data Center segment. Previously, he was CFO of Western Digital’s Flash business and held senior finance leadership roles at Xilinx, Innovium, Maxim Integrated, Avago, and Intel. Across these roles, he supported capital allocation, mergers and acquisitions, operational planning, and investor and analyst engagement, bringing a disciplined and execution-focused approach to scaling complex technology businesses. Gagneja holds a Master of Business Administration with high distinction from the University of Michigan Ross School of Business and a master’s degree in mechanical engineering from Wayne State University. He is a California Certified Public Accountant.
공지 • Apr 29Rambus Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2026Rambus Inc. provided earnings guidance for the second quarter ending June 30, 2026. For the quarter, the company expected royalty revenue to be between $72 million and $78 million, product revenue to be between $95 million and $101 million, and contract and other revenue to be between $19 million and $25 million.
Reported Earnings • Apr 28First quarter 2026 earnings released: EPS: US$0.55 (vs US$0.56 in 1Q 2025)First quarter 2026 results: EPS: US$0.55 (down from US$0.56 in 1Q 2025). Revenue: US$180.2m (up 8.1% from 1Q 2025). Net income: US$59.9m (flat on 1Q 2025). Profit margin: 33% (down from 36% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Europe.
Valuation Update With 7 Day Price Move • Apr 25Investor sentiment improves as stock rises 20%After last week's 20% share price gain to €130, the stock trades at a forward P/E ratio of 64x. Average forward P/E is 35x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €56.06 per share.
공지 • Apr 23Rambus Inc. Enables Power-Efficient AI Platforms with SOCAMM2 Server Module ChipsetRambus Inc. announced a SOCAMM2 (Small Outline Compression Attached Memory Module) chipset designed to enable low-power, high-performance LPDDR5X-based memory modules for AI server platforms. The SOCAMM2 chipset represents the first step in a broader Rambus roadmap of LPDDR-based server module solutions, reflecting the company’s ongoing collaboration with industry partners to support new memory architectures optimized for evolving workloads in AI data center infrastructure. This new product family extends the comprehensive Rambus offering of complete memory interface chipsets for all JEDEC-standard DDR5 and LPDDR5 memory modules. SOCAMM2 memory modules, based on LPDDR technology, are emerging as an innovative architectural approach to address these challenges by delivering high performance with lower power consumption in a modular, serviceable, board area efficient form factor. The Rambus SOCAMM2 chipset is designed to support this transition by providing the critical control, telemetry, and power delivery functions required by JEDEC-standard SOCAMM2 memory modules in demanding AI server environments. SOCAMM2 replaces soldered LPDDR memory with detachable, upgradable modules that combine LPDDR efficiency with server-class serviceability in the data center. The Rambus LPDDR5X SOCAMM2 chipset supports reliable, power-efficient operation of LPDDR-based server memory modules at up to 9.6 Gb/s and includes: SPD Hub for module identification, configuration, and telemetry; 12-amp (A) and 3A voltage regulators for localized, efficient power conversion.
Valuation Update With 7 Day Price Move • Apr 10Investor sentiment improves as stock rises 22%After last week's 22% share price gain to €95.54, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 25x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €61.87 per share.
공지 • Apr 07Rambus Inc. to Report Q1, 2026 Results on Apr 27, 2026Rambus Inc. announced that they will report Q1, 2026 results on Apr 27, 2026
공지 • Mar 09Rambus Inc., Annual General Meeting, Apr 23, 2026Rambus Inc., Annual General Meeting, Apr 23, 2026.
공지 • Mar 05Rambus Inc. Sets New Benchmark For AI Memory Performance With HBM4E Controller IPRambus Inc. announced the industry’s leading HBM4E Memory Controller IP, extending its market leadership in HBM IP. This new solution delivers breakthrough performance with advanced reliability features enabling designers to address the demanding memory bandwidth requirements of next-generation AI accelerators and graphics processing units (GPUs). The Rambus HBM4E Controller enables a new generation of HBM memory deployments for cutting-edge AI accelerators, graphics and HPC applications. The HBM4E Controller is capable of supporting operation up to 16 Gigabits per second (Gbps) per pin providing an unprecedented throughput of 4.1 Terabytes per second (TB/s) to each memory device. For an AI accelerator with eight attached HBM4E devices, this translates to over 32 TB/s of memory bandwidth for next-generation AI workloads. The Rambus HBM4E Controller IP can be paired with third-party standard or TSV PHY solutions to instantiate a complete HBM4E memory subsystem in a 2.5D or 3D package as part of an AI SoC or custom base die solution. The Rambus HBM4E Controller IP is the latest addition to the Rambus leading-edge portfolio of digital controller solutions. The HBM4E Controller is available for licensing, and early access design customers can engage.
공지 • Feb 13Rambus Inc. Appoints Victor Peng to Board of Directors, Effective February 12, 2026Rambus Inc. announced the appointment of Victor Peng, Age 65, to its Board of Directors, effective February 12, 2026. Victor Peng is an accomplished executive with more than 40 years of leadership experience at top semiconductor companies. Most recently, Mr. Peng served as president of Advanced Micro Devices (AMD), leading AMD’s embedded and data center GPU businesses, AI software, and the research and advanced development group. Prior to AMD, Mr. Peng served 14 years at Xilinx, holding senior level positions including president and chief executive officer, board member, chief operating officer, executive vice president, and general manager of products. Mr. Peng currently serves on the Boards of KLA Corporation and Microchip Technology Inc. Mr. Peng holds a Master of Engineering in electrical engineering from Cornell University, and a Bachelor of Science in electrical engineering from Rensselaer Polytechnic Institute.
공지 • Feb 11+ 1 more updateRambus Inc. Announces Chief Financial Officer Changes, Effective February 27, 2026Rambus Inc. announced that Desmond Lynch, senior vice president and chief financial officer (CFO), will resign from Rambus effective February 27, 2026, to pursue another opportunity. A formal search has commenced for a new CFO. John Allen, current vice president and chief accounting officer at Rambus, will serve as interim CFO and ensure a seamless transition until a permanent successor has been appointed.
Valuation Update With 7 Day Price Move • Feb 09Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to €87.56, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 24x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €60.20 per share.
Reported Earnings • Feb 03Full year 2025 earnings released: EPS: US$2.14 (vs US$1.67 in FY 2024)Full year 2025 results: EPS: US$2.14 (up from US$1.67 in FY 2024). Revenue: US$707.6m (up 27% from FY 2024). Net income: US$230.5m (up 28% from FY 2024). Profit margin: 33% (in line with FY 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Europe.
공지 • Feb 03Rambus Inc. Provides Earnings Guidance for the First Quarter of 2026Rambus Inc. provided earnings guidance for the first quarter of 2026. For the first quarter of 2026, the Company expects licensing billings to be between $66 million and $72 million. The Company also expects royalty revenue to be between $61 million and $67 million, product revenue to be between $84 million and $90 million, and contract and other revenue to be between $21 million and $27 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales and solutions licensing, among other matters.
Buy Or Sell Opportunity • Jan 20Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 21% to €96.64. The fair value is estimated to be €79.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 20% per annum over the same time period.
Valuation Update With 7 Day Price Move • Jan 15Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €91.62, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 24x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €81.04 per share.
공지 • Jan 13Rambus Inc. to Report Q4, 2025 Results on Feb 02, 2026Rambus Inc. announced that they will report Q4, 2025 results on Feb 02, 2026
Board Change • Jan 07Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Board Change • Dec 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Valuation Update With 7 Day Price Move • Nov 17Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €80.42, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 23x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €75.21 per share.
Recent Insider Transactions • Nov 15Independent Director recently sold €830k worth of stockOn the 10th of November, Eric Stang sold around 9k shares on-market at roughly €92.22 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €6.8m more than they bought in the last 12 months.
Reported Earnings • Oct 29Third quarter 2025 earnings released: EPS: US$0.45 (vs US$0.45 in 3Q 2024)Third quarter 2025 results: EPS: US$0.45 (down from US$0.45 in 3Q 2024). Revenue: US$178.5m (up 23% from 3Q 2024). Net income: US$48.4m (flat on 3Q 2024). Profit margin: 27% (down from 33% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Semiconductor industry in Europe.
Buy Or Sell Opportunity • Oct 29Now 26% overvalued after recent price riseOver the last 90 days, the stock has risen 46% to €94.06. The fair value is estimated to be €74.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 20% per annum over the same time period.
공지 • Oct 28Rambus Inc. Provides Earnings Guidance for the Fourth Quarter of 2025Rambus Inc. provided earnings guidance for the fourth quarter of 2025. For the quarter, the company expects revenue to be between $184 million and $190 million. The Company expects licensing billings to be between $60 million and $66 million. The Company also expects royalty revenue to be between $59 million and $65 million, product revenue to be between $94 million and $100 million, and contract and other revenue to be between $25 million and $31 million.
공지 • Oct 07Rambus Inc. to Report Q3, 2025 Results on Oct 27, 2025Rambus Inc. announced that they will report Q3, 2025 results on Oct 27, 2025
New Risk • Sep 15New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risk Significant insider selling over the past 3 months (€1.4m sold).
Recent Insider Transactions • Sep 14Independent Director recently sold €547k worth of stockOn the 11th of September, Necip Sayiner sold around 8k shares on-market at roughly €72.91 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €6.0m more than they bought in the last 12 months.
Valuation Update With 7 Day Price Move • Sep 11Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €74.26, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 20x in the Semiconductor industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €58.04 per share.
Board Change • Aug 28Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Recent Insider Transactions • Aug 13Independent Director recently sold €473k worth of stockOn the 8th of August, Necip Sayiner sold around 8k shares on-market at roughly €63.03 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €5.2m more than they bought in the last 12 months.
New Risk • Jul 29New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Significant insider selling over the past 3 months (€436k sold).
Reported Earnings • Jul 29Second quarter 2025 earnings released: EPS: US$0.54 (vs US$0.34 in 2Q 2024)Second quarter 2025 results: EPS: US$0.54 (up from US$0.34 in 2Q 2024). Revenue: US$172.2m (up 30% from 2Q 2024). Net income: US$57.9m (up 61% from 2Q 2024). Profit margin: 34% (up from 27% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Semiconductor industry in Europe.
공지 • Jul 29Rambus Inc. Provides Earnings Guidance for the Third Quarter Ending September 30, 2025Rambus Inc. provided earnings guidance for the third quarter ending September 30, 2025. For the quarter, the company expects Product revenue (GAAP) of $87 million - $93 million. Contract and other revenue (GAAP) of $22 million - $28 million.
공지 • Jul 08Rambus Inc. to Report Q2, 2025 Results on Jul 28, 2025Rambus Inc. announced that they will report Q2, 2025 results on Jul 28, 2025
Board Change • Jun 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Board Change • Jun 10Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Board Change • May 21Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Steve Laub was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
공지 • May 14Rambus Delivers Industry-Leading Client Chipsets for Next-Generation AI PC Memory ModulesRambus Inc. announced the availability of complete client chipsets for next-generation AI PC memory modules, featuring two new Power Management ICs (PMICs) for client computing. PMICs are critical to efficiently power memory modules providing breakthrough levels of performance for advanced computing applications. The two new Rambus PMICs are the PMIC5200, for LPDDR5 CAMM2 (LPCAMM2) memory modules and the PMIC5120, which supports DDR5 CSODIMMs and CUDIMMs. These PMICs, alongside the Client Clock Driver (CKD) and Serial Presence Detect Hub (SPD Hub), comprise a complete chipset offering to enable memory modules for AI PC notebooks, desktops and workstations. Further, with the addition of these new PMICs, Rambus now offers complete memory interface chipsets for all JEDEC standard DDR5 and LPDDR5 memory modules for both servers and clients.