Lam Research
LRCX Nasdaq· Semiconductor Materials & Equipment
Last close · Oct 27, 2026
$240.85
KIRA · Stoqly’s AI analyst, in plain words
- Lam Research had $23.2B of revenue in fiscal 2026, up 26.0% on the year before. Over five years, revenue changed +9.7% a year on average.
- Its operating margin was 35.3%, up 3.3 pts: of every 100 in sales, about 35 is left after running the business.
- Lam Research made $7.3B of net profit in fiscal 2026. From fiscal 2017 to 2026, diluted EPS grew 22.6% a year.
- Free cash flow was $4.9B in fiscal 2026, 21.1% of revenue.
- Lam Research returned $5.1B to shareholders in fiscal 2026, 105% of free cash flow. The diluted share count fell 2.3%.
- Lam Research has $1.9B more cash than debt.
Market cap
$302.5B
P/E
35.9x
Revenue
$23.2B
Net income
$7.3B
Free cash flow
$4.9B
Operating margin
35.3%
Lam Research in 30 seconds · fiscal 2026
Are sales growing?
+26.0%
Yes. Sales grew 26.0% last year.
Does it make a profit?
31.3%
Yes. It keeps 31.3% of every sale as profit.
Does profit turn into cash?
21.1%
Yes. 21.1% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
8 / 9
Solid. It passes 8 of 9 health tests.
How is the share priced?
35.9x
One share costs 35.9 times its yearly profit per share. Typical for its sector: 33.0x.
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.
Biggest risks, in its own words
- Chipmakers' spending on equipment that rises and falls sharply, so its sales are variable.
- Relying on a limited number of key customers.
- US export license rules and trade actions that affect its sales in China.
- Rapid technology change that requires it to keep creating new products and processes.
- Fiscal year ends
- June 28, 2026
- Latest annual report
- 10-K · Aug 7, 2026
- Legal name
- LAM RESEARCH CORPORATION
- CIK
- 0000707549
Lam Research · LRCX
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Revenue growth | 17.8% | 1.2% | −14.5% | 23.7% | 26.0% |
| Gross margin | 45.7% | 44.6% | 47.3% | 48.7% | 50.5% |
| Operating margin | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| Net income | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| Net margin | 26.7% | 25.9% | 25.7% | 29.1% | 31.3% |
| Diluted EPS | $3.27 | $3.32 | $2.90 | $4.15 | $5.76 |
| Cash | |||||
| Cash from operations | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B |
| Capital expenditure | $546M | $502M | $397M | $759M | $966M |
| Free cash flow | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| FCF margin | 14.8% | 26.8% | 28.6% | 29.4% | 21.1% |
| Dividends paid | $815M | $908M | $1.0B | $1.1B | $1.3B |
| Share buybacks | $3.9B | $2.0B | $2.8B | $3.4B | $3.9B |
| Share count change | −3.2% | −3.4% | −2.8% | −2.3% | −2.3% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
| Net debt / EBITDA | 0.3x | −0.1x | −0.2x | −0.3x | −0.2x |
| Current ratio | 2.7x | 3.2x | 3.0x | 2.2x | 2.6x |
| Interest coverage | 29.1x | 27.8x | 23.0x | 33.1x | 52.3x |
| Returns and quality | |||||
| Return on capital | 66.4% | 58.4% | 48.1% | 68.0% | 77.7% |
| Return on equity | 74.9% | 62.3% | 45.7% | 58.2% | 65.1% |
| Piotroski F-score | 6 | 6 | 6 | 8 | 8 |
| Altman Z'' | 9.2 | 9.7 | 9.7 | 9.6 | 11.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$176M
8 insiders
Of sales under plans
77%
$136M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Lam Research · LRCX
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $302.5B | 26.0% | 35.3% | 21.1% | 77.7% | 35.9x | 8 |
| Applied Materials AMAT | $316.7B | 4.4% | 29.2% | 20.1% | 35.9% | 34.2x | 7 |
| KLA KLAC | $202.8B | 11.7% | — | 27.7% | 75.3% | — | 8 |
| Qnity Electronics Q | $25.0B | 9.7% | — | 20.8% | 7.3% | — | — |
| MKS Instruments MKSI | $15.4B | 9.6% | 13.4% | 12.6% | 7.9% | 33.8x | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $240.85 a share, the company is worth $302.5B: 35.9 times its earnings of the last four quarters.
Lam Research grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 2.
Source: SEC EDGAR XBRL filings (CIK 0000707549). Data updated October 22, 2026. For information only — not investment advice. Check the original filings before relying on any figure.