Lam Research
LRCX · Semiconductor Materials & Equipment
$230.10
0.0%MKS Instruments
MKSI · Semiconductor Materials & Equipment
$196.55
0.2%The short version
- Lam Research is the larger business, with $23.2B of revenue in fiscal 2026 against $3.9B for MKS Instruments, about 5.9 times as much.
- Lam Research grew revenue faster (26.0%, against 9.6%).
- Lam Research kept more of each dollar of sales as operating profit (35.3% operating margin, against 13.4% operating margin).
- Lam Research turned more of its sales into free cash flow (21.1% FCF margin, against 12.6% FCF margin).
- Lam Research earned a higher return on the capital invested in it (77.7%, against 7.9%).
- Investors pay more for each dollar of Lam Research’s earnings: a P/E of 34.3x against 31.3x for MKS Instruments.
| Latest fiscal year | LRCX · FY26 | MKSI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $289.0B | $14.3B |
| Revenue | $23.2B | $3.9B |
| Free cash flow | $4.9B | $497M |
| Net income | $7.3B | $295M |
| Growth | ||
| Revenue growth | 26.0% | 9.6% |
| 5-year growth | 9.7% | 11.0% |
| Share count change | −2.3% | 0.2% |
| Profitability | ||
| Gross margin | 50.5% | 46.7% |
| Operating margin | 35.3% | 13.4% |
| Net margin | 31.3% | 7.5% |
| FCF margin | 21.1% | 12.6% |
| Return on capital | 77.7% | 7.9% |
| Return on equity | 65.1% | 11.7% |
| Balance sheet | ||
| Net debt | −$1.9B | $3.9B |
| Net debt / EBITDA | −0.2x | 4.4x |
| Dividends and buybacks | $5.1B | $104M |
| Valuation & quality | ||
| P/E | 34.3x | 31.3x |
| Piotroski F-score | 8 | 6 |
FY17
LRCX $8.0B
MKSI $1.9B
FY18
LRCX $11.1B
MKSI $2.1B
FY19
LRCX $9.7B
MKSI $1.9B
FY20
LRCX $10.0B
MKSI $2.3B
FY21
LRCX $14.6B
MKSI $3.0B
FY22
LRCX $17.2B
MKSI $3.5B
FY23
LRCX $17.4B
MKSI $3.6B
FY24
LRCX $14.9B
MKSI $3.6B
FY25
LRCX $18.4B
MKSI $3.9B
FY26
LRCX $23.2B
MKSI —
LRCX
MKSI
FY17
LRCX 23.7%
MKSI 21.2%
FY18
LRCX 29.0%
MKSI 23.8%
FY19
LRCX 25.5%
MKSI 11.6%
FY20
LRCX 26.6%
MKSI 19.5%
FY21
LRCX 30.6%
MKSI 23.7%
FY22
LRCX 31.2%
MKSI 17.4%
FY23
LRCX 29.7%
MKSI −42.9%
FY24
LRCX 28.6%
MKSI 13.9%
FY25
LRCX 32.0%
MKSI 13.4%
FY26
LRCX 35.3%
MKSI —
LRCX
MKSI
FY17
LRCX $1.9B
MKSI $324M
FY18
LRCX $2.4B
MKSI $351M
FY19
LRCX $2.9B
MKSI $181M
FY20
LRCX $1.9B
MKSI $428M
FY21
LRCX $3.2B
MKSI $553M
FY22
LRCX $2.6B
MKSI $365M
FY23
LRCX $4.7B
MKSI $232M
FY24
LRCX $4.3B
MKSI $410M
FY25
LRCX $5.4B
MKSI $497M
FY26
LRCX $4.9B
MKSI —
LRCX
MKSI
FY17
LRCX —
MKSI 21.4%
FY18
LRCX 42.3%
MKSI 27.4%
FY19
LRCX 45.0%
MKSI 8.9%
FY20
LRCX 40.6%
MKSI 15.9%
FY21
LRCX 63.2%
MKSI 23.1%
FY22
LRCX 66.4%
MKSI 8.5%
FY23
LRCX 58.4%
MKSI −16.0%
FY24
LRCX 48.1%
MKSI 7.5%
FY25
LRCX 68.0%
MKSI 7.9%
FY26
LRCX 77.7%
MKSI —
LRCX
MKSI
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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.