Applied Materials
AMAT · Semiconductor Materials & Equipment
$377.24
0.4%Lam Research
LRCX · Semiconductor Materials & Equipment
$230.10
0.0%The short version
- Applied Materials is the larger business, with $28.4B of revenue in fiscal 2025 against $23.2B for Lam Research.
- Lam Research grew revenue faster (26.0%, against 4.4%).
- Lam Research kept more of each dollar of sales as operating profit (35.3% operating margin, against 29.2% operating margin).
- Lam Research turned more of its sales into free cash flow (21.1% FCF margin, against 20.1% FCF margin).
- Lam Research earned a higher return on the capital invested in it (77.7%, against 35.9%).
- Investors pay more for each dollar of Lam Research’s earnings: a P/E of 34.3x against 32.5x for Applied Materials.
| Latest fiscal year | AMAT · FY25 | LRCX · FY26 |
|---|---|---|
| Size | ||
| Market cap | $301.8B | $289.0B |
| Revenue | $28.4B | $23.2B |
| Free cash flow | $5.7B | $4.9B |
| Net income | $7.0B | $7.3B |
| Growth | ||
| Revenue growth | 4.4% | 26.0% |
| 5-year growth | 10.5% | 9.7% |
| Share count change | −3.1% | −2.3% |
| Profitability | ||
| Gross margin | 48.7% | 50.5% |
| Operating margin | 29.2% | 35.3% |
| Net margin | 24.7% | 31.3% |
| FCF margin | 20.1% | 21.1% |
| Return on capital | 35.9% | 77.7% |
| Return on equity | 35.5% | 65.1% |
| Balance sheet | ||
| Net debt | −$2.0B | −$1.9B |
| Net debt / EBITDA | −0.2x | −0.2x |
| Dividends and buybacks | $6.3B | $5.1B |
| Valuation & quality | ||
| P/E | 32.5x | 34.3x |
| Piotroski F-score | 7 | 8 |
FY17
AMAT $14.7B
LRCX $8.0B
FY18
AMAT $16.7B
LRCX $11.1B
FY19
AMAT $14.6B
LRCX $9.7B
FY20
AMAT $17.2B
LRCX $10.0B
FY21
AMAT $23.1B
LRCX $14.6B
FY22
AMAT $25.8B
LRCX $17.2B
FY23
AMAT $26.5B
LRCX $17.4B
FY24
AMAT $27.2B
LRCX $14.9B
FY25
AMAT $28.4B
LRCX $18.4B
FY26
AMAT —
LRCX $23.2B
AMAT
LRCX
FY17
AMAT 26.8%
LRCX 23.7%
FY18
AMAT 26.9%
LRCX 29.0%
FY19
AMAT 22.9%
LRCX 25.5%
FY20
AMAT 25.4%
LRCX 26.6%
FY21
AMAT 29.9%
LRCX 30.6%
FY22
AMAT 30.2%
LRCX 31.2%
FY23
AMAT 28.9%
LRCX 29.7%
FY24
AMAT 29.0%
LRCX 28.6%
FY25
AMAT 29.2%
LRCX 32.0%
FY26
AMAT —
LRCX 35.3%
AMAT
LRCX
FY17
AMAT $3.4B
LRCX $1.9B
FY18
AMAT $3.2B
LRCX $2.4B
FY19
AMAT $2.8B
LRCX $2.9B
FY20
AMAT $3.4B
LRCX $1.9B
FY21
AMAT $4.8B
LRCX $3.2B
FY22
AMAT $4.6B
LRCX $2.6B
FY23
AMAT $7.6B
LRCX $4.7B
FY24
AMAT $7.5B
LRCX $4.3B
FY25
AMAT $5.7B
LRCX $5.4B
FY26
AMAT —
LRCX $4.9B
AMAT
LRCX
FY17
AMAT —
LRCX —
FY18
AMAT —
LRCX 42.3%
FY19
AMAT 29.8%
LRCX 45.0%
FY20
AMAT —
LRCX 40.6%
FY21
AMAT —
LRCX 63.2%
FY22
AMAT 49.0%
LRCX 66.4%
FY23
AMAT 45.0%
LRCX 58.4%
FY24
AMAT 43.8%
LRCX 48.1%
FY25
AMAT 35.9%
LRCX 68.0%
FY26
AMAT —
LRCX 77.7%
AMAT
LRCX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.