Lam Research
LRCX Nasdaq Semiconductor Materials & Equipment Financials FY2017–FY2026
Lam Research's revenue rose 26.0% to $23.2 billion in fiscal 2026. Its operating margin was 35.3%, up from 32.0% a year earlier. Free cash flow was $4.9 billion, down 9.7%. It paid out $5.1 billion in dividends and buybacks, 105% of free cash flow. The diluted share count fell 2.2%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.
What Lam Research does
Lam Research, based in Fremont, California, makes the machines that chipmakers use to build semiconductors on silicon wafers, and sells service for them. Its customers are memory, foundry and other chip manufacturers, which make chips for phones, computers, servers, cars and data storage. Its most significant customers in recent years have been Micron, Samsung, SK hynix and TSMC.
Its equipment covers three main steps. Deposition tools lay down thin layers of metal and insulating material. Etch tools cut patterns into those layers. Clean tools remove particles and residue between steps. It also sells tools for advanced chip packaging and for a newer dry process for the photoresist (the light-sensitive layer used to print circuit patterns). Its Customer Support Business Group sells services, spare parts, upgrades, and new and refurbished older-generation tools to keep customers' installed equipment running.
Lam says chipmakers are moving to three-dimensional chip designs, which makes manufacturing more complex and drives demand for its tools. A large share of its sales and operations is outside the United States. It assembles and tests systems mostly in cleanrooms and outsources parts of manufacturing, warehousing and logistics to other companies.
- Legal name
- LAM RESEARCH CORPORATION
- Fiscal year ends
- June 28, 2026
- Latest annual report
- 10-K · Aug 7, 2026
- Accession · CIK
- 0000707549-26-000037
0000707549
Revenue and margins
Lam Research had $23.2B of revenue in fiscal 2026, up 26.0% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 22.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $4.9B in fiscal 2026, 21.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Lam Research returned $5.1B to shareholders in fiscal 2026, 105% of free cash flow. The diluted share count fell 2.3%.
Value Lam Research yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $1.9B and divides by 1,261.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 34.3x · peers 32.9x · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Lam Research can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.5B | $5.3B | $5.8B | $6.4B | $5.6B |
| Debt incl. finance leases | $5.0B | $5.0B | $5.0B | $4.5B | $3.7B |
| Net debt / EBITDA | 0.3x | −0.1x | −0.2x | −0.3x | −0.2x |
| Debt / equity | 0.8x | 0.6x | 0.6x | 0.5x | 0.3x |
| Interest coverage | 29.1x | 27.8x | 23.0x | 33.1x | 52.3x |
| Current ratio | 2.7x | 3.2x | 3.0x | 2.2x | 2.6x |
| Quick ratio | 1.8x | 2.0x | 2.0x | 1.6x | 1.9x |
| Total assets | $17.2B | $18.8B | $18.7B | $21.3B | $23.5B |
| Total liabilities | $10.9B | $10.6B | $10.2B | $11.5B | $11.1B |
| Shareholders' equity | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
| Net debt (− = net cash) | $1.5B | −$326M | −$865M | −$1.9B | −$1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$106M
7 insiders
Of sales under plans
96%
$101M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Bethany MayerDirector | Sold | 9,557 | $314.74 | $3.0M | Form 4 |
| Sep 9, 2026 | Timothy ArcherPresident and CEO | Sold plan | 30,000 | $319.26 | $9.6M | Form 4 |
| Sep 2, 2026 | Seshasayee VaradarajanSenior Vice President | Sold plan | 59,750 | $291.32 | $17.4M | Form 4 |
| Aug 31, 2026 | Ava HarterChief Legal Officer | Sold plan | 5,000 | $302.46 | $1.5M | Form 4 |
| Aug 6, 2026 | Timothy ArcherPresident and CEO | Sold plan | 30,000 | $300.00 | $9.0M | Form 4 |
| Jul 13, 2026 | Abhijit Y TalwalkarDirector | Sold plan | 18,282 | $335.00 | $6.1M | Form 4 |
| Jul 2, 2026 | Timothy ArcherPresident and CEO | Sold plan | 30,000 | $390.01 | $11.7M | Form 4 |
| Jun 12, 2026 | Eric BrandtDirector | Sold plan | 54,500 | $367.18 | $20.0M | Form 4 |
| Jun 11, 2026 | Eric BrandtDirector | Sold plan | 54,500 | $350.80 | $19.1M | Form 4 |
| Jun 1, 2026 | Neil J FernandesSenior Vice President | Sold plan | 7,659 | $309.60 | $2.4M | Form 4 |
| May 1, 2026 | Neil J FernandesSenior Vice President | Sold plan | 18,170 | $255.14 | $4.6M | Form 4 |
| Apr 27, 2026 | Ava HarterChief Legal Officer | Sold | 6,010 | $258.66 | $1.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 6 / 9 | 8 / 9 | 8 / 9 |
| Accruals ratio | −4.4% | −4.1% | 6.3% |
| Altman Z'' | 9.71 | 9.63 | 11.07 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Lam Research LRCX | $289.0B | 26.0% | 35.3% | 21.1% | 77.7% | 34.3x | 8 | |
| Applied Materials AMAT | $301.8B | 4.4% | 29.2% | 20.1% | 35.9% | 32.5x | 7 | Compare → |
| KLA KLAC | $192.1B | 11.7% | — | 27.7% | 75.3% | — | 8 | Compare → |
| Qnity Electronics Q | $23.1B | 9.7% | — | 20.8% | 7.3% | — | — | Compare → |
| MKS Instruments MKSI | $14.3B | 9.6% | 13.4% | 12.6% | 7.9% | 31.3x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $8.0B | $11.1B | $9.7B | $10.0B | $14.6B | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Gross profit | $3.6B | $5.2B | $4.4B | $4.6B | $6.8B | $7.9B | $7.8B | $7.1B | $9.0B | $11.7B |
| Research and development | $1.0B | $1.2B | $1.2B | $1.3B | $1.5B | $1.6B | $1.7B | $1.9B | $2.1B | $2.4B |
| Operating income | $1.9B | $3.2B | $2.5B | $2.7B | $4.5B | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B |
| Interest expense | $118M | $97.4M | $117M | $177M | $209M | $185M | $187M | $185M | $178M | $157M |
| Pretax income | $1.8B | $3.2B | $2.4B | $2.6B | $4.4B | $5.2B | $5.1B | $4.4B | $6.0B | $8.3B |
| Income tax | $114M | $771M | $255M | $323M | $462M | $588M | $598M | $532M | $600M | $997M |
| Net income | $1.7B | $2.4B | $2.2B | $2.3B | $3.9B | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| Diluted EPS | $0.92 | $1.32 | $1.37 | $1.51 | $2.69 | $3.27 | $3.32 | $2.90 | $4.15 | $5.76 |
| Diluted shares | 1.84B | 1.81B | 1.60B | 1.49B | 1.45B | 1.41B | 1.36B | 1.32B | 1.29B | 1.26B |
| Cash flow | ||||||||||
| Cash from operations | $2.0B | $2.7B | $3.2B | $2.1B | $3.6B | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B |
| Capital expenditure | $157M | $274M | $304M | $203M | $349M | $546M | $502M | $397M | $759M | $966M |
| Free cash flow | $1.9B | $2.4B | $2.9B | $1.9B | $3.2B | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| Depreciation and amortization | $307M | $326M | $309M | $269M | $307M | $334M | $342M | $360M | $386M | $442M |
| Stock-based compensation | $150M | $172M | $187M | $189M | $220M | $259M | $287M | $293M | $343M | $386M |
| Acquisitions | $0.0M | $116M | $0.0M | $0.0M | $0.0M | $0.0M | $120M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $812M | $2.7B | $3.8B | $1.4B | $2.7B | $3.9B | $2.0B | $2.8B | $3.4B | $3.9B |
| Dividends paid | $244M | $308M | $678M | $657M | $727M | $815M | $908M | $1.0B | $1.1B | $1.3B |
| Dividends and buybacks | $1.1B | $3.0B | $4.5B | $2.0B | $3.4B | $4.7B | $2.9B | $3.9B | $4.6B | $5.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.4B | $4.5B | $3.7B | $4.9B | $4.4B | $3.5B | $5.3B | $5.8B | $6.4B | $5.6B |
| Total debt | $2.7B | $2.4B | $4.4B | $5.8B | $5.0B | $5.0B | $5.0B | $5.0B | $4.5B | $3.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $15.2M | $40.7M | $43.4M | $46.2M | $16.0M | $0.0M | $0.0M |
| Current assets | $9.1B | $9.1B | $8.6B | $10.9B | $11.7B | $12.3B | $13.2B | $12.9B | $14.5B | $15.6B |
| Current liabilities | $3.0B | $3.2B | $2.4B | $3.2B | $3.5B | $4.6B | $4.2B | $4.3B | $6.6B | $5.9B |
| Inventory | $1.2B | $1.9B | $1.5B | $1.9B | $2.7B | $4.0B | $4.8B | $4.2B | $4.3B | $4.3B |
| Property and equipment, net | $686M | $903M | $1.1B | $1.1B | $1.3B | $1.6B | $1.8B | $2.1B | $2.4B | $2.9B |
| Total assets | $12.1B | $12.5B | $12.0B | $14.6B | $15.9B | $17.2B | $18.8B | $18.7B | $21.3B | $23.5B |
| Total liabilities | $5.1B | $5.9B | $7.3B | $9.4B | $9.9B | $10.9B | $10.6B | $10.2B | $11.5B | $11.1B |
| Shareholders' equity | $6.8B | $6.5B | $4.7B | $5.2B | $6.0B | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
| Margins | ||||||||||
| Gross margin | 45.0% | 46.6% | 45.2% | 45.9% | 46.5% | 45.7% | 44.6% | 47.3% | 48.7% | 50.5% |
| Operating margin | 23.7% | 29.0% | 25.5% | 26.6% | 30.6% | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| EBITDA margin | 27.6% | 32.0% | 28.7% | 29.3% | 32.7% | 33.2% | 31.7% | 31.0% | 34.1% | 37.2% |
| Net margin | 21.2% | 21.5% | 22.7% | 22.4% | 26.7% | 26.7% | 25.9% | 25.7% | 29.1% | 31.3% |
| FCF margin | 23.4% | 21.5% | 29.8% | 19.2% | 22.2% | 14.8% | 26.8% | 28.6% | 29.4% | 21.1% |
| Returns | ||||||||||
| Return on capital | — | 42.3% | 45.0% | 40.6% | 63.2% | 66.4% | 58.4% | 48.1% | 68.0% | 77.7% |
| Return on capital employed | 20.0% | 34.7% | 26.0% | 25.4% | 37.7% | 43.1% | 38.0% | 29.4% | 40.4% | 50.7% |
| Return on equity | 26.7% | 35.8% | 39.2% | 45.7% | 69.8% | 74.9% | 62.3% | 45.7% | 58.2% | 65.1% |
| Return on assets | 13.9% | 19.4% | 17.9% | 17.0% | 25.7% | 27.8% | 25.1% | 20.4% | 26.7% | 32.4% |
| Growth | ||||||||||
| Revenue growth | 36.2% | 38.2% | −12.9% | 4.1% | 45.6% | 17.8% | 1.2% | −14.5% | 23.7% | 26.0% |
| Net income growth | 85.7% | 40.2% | −8.0% | 2.8% | 73.6% | 17.8% | −2.1% | −15.1% | 40.0% | 35.6% |
| EPS growth | 77.0% | 42.5% | 4.0% | 10.2% | 78.2% | 21.8% | 1.4% | −12.7% | 43.1% | 38.8% |
| FCF growth | 59.3% | 27.3% | 20.6% | −33.1% | 68.4% | −21.2% | 83.2% | −9.0% | 27.2% | −9.7% |
| Share count change | 4.9% | −1.6% | −11.5% | −6.8% | −2.5% | −3.2% | −3.4% | −2.8% | −2.3% | −2.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.1x | −0.6x | 0.3x | 0.3x | 0.1x | 0.3x | −0.1x | −0.2x | −0.3x | −0.2x |
| Debt / equity | 0.4x | 0.4x | 1.0x | 1.1x | 0.8x | 0.8x | 0.6x | 0.6x | 0.5x | 0.3x |
| Interest coverage | 16.2x | 33.0x | 21.0x | 15.1x | 21.5x | 29.1x | 27.8x | 23.0x | 33.1x | 52.3x |
| Current ratio | 3.1x | 2.9x | 3.6x | 3.4x | 3.3x | 2.7x | 3.2x | 3.0x | 2.2x | 2.6x |
| Quick ratio | 2.7x | 2.3x | 3.0x | 2.8x | 2.5x | 1.8x | 2.0x | 2.0x | 1.6x | 1.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.0% | 2.5% | 3.1% | 2.0% | 2.4% | 3.2% | 2.9% | 2.7% | 4.1% | 4.2% |
| Stock comp / revenue | 1.9% | 1.6% | 1.9% | 1.9% | 1.5% | 1.5% | 1.6% | 2.0% | 1.9% | 1.7% |
| Payouts / FCF | 56.4% | 124.3% | 155.2% | 105.4% | 105.7% | 183.3% | 62.5% | 90.7% | 84.4% | 104.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 8.0 | 5.0 | 6.0 | 7.0 | 6.0 | 6.0 | 6.0 | 8.0 | 8.0 |
| Altman Z'' | 7.5 | 8.2 | 8.1 | 7.9 | 8.9 | 9.2 | 9.7 | 9.7 | 9.6 | 11.1 |
| Accruals ratio | −2.7% | −2.2% | −8.0% | 0.9% | 2.1% | 9.1% | −3.7% | −4.4% | −4.1% | 6.3% |
Source: SEC EDGAR XBRL filings (CIK 0000707549). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.