Lam Research vs Qnity Electronics
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KIRA’s take AI analyst
I put Lam Research and Qnity Electronics side by side, using each one’s latest annual report. Here is what stands out:
- Lam Research is the larger business, with $23.2B of revenue in fiscal 2026 against $4.8B for Qnity Electronics, about 4.9 times as much.
- Lam Research grew revenue faster (26.0%, against 9.7%).
- Lam Research earned a higher return on the capital invested in it (77.7%, against 7.3%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Lam Research
LRCX
8/8
Revenue growthGross marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Qnity Electronics
Q
0/8
Side by side
Best in the row
| Latest fiscal year | LRCX FY26 | Q FY25 |
|---|---|---|
| Size | ||
| Market cap | $298.3B | $24.0B |
| Revenue | $23.2B | $4.8B |
| Free cash flow | $4.9B | $988M |
| Net income | $7.3B | $729M |
| Growth | ||
| Revenue growth | 26.0% | 9.7% |
| 5-year growth | 9.7% | — |
| Share count change | −2.3% | 0.2% |
| Profitability | ||
| Gross margin | 50.5% | 46.2% |
| Operating margin | 35.3% | — |
| Net margin | 31.3% | 15.3% |
| FCF margin | 21.1% | 20.8% |
| Return on capital | 77.7% | 7.3% |
| Return on equity | 65.1% | 8.2% |
| Balance sheet | ||
| Net debt | −$1.9B | $3.2B |
| Net debt / EBITDA | −0.2x | 2.3x |
| Dividends and buybacks | $5.1B | $13.0M |
| Valuation & quality | ||
| P/E | 35.4x | — |
| Piotroski F-score | 8 | — |
Ten years
Revenue
FY17
LRCX $8.0B
Q —
FY18
LRCX $11.1B
Q —
FY19
LRCX $9.7B
Q —
FY20
LRCX $10.0B
Q —
FY21
LRCX $14.6B
Q —
FY22
LRCX $17.2B
Q —
FY23
LRCX $17.4B
Q $4.0B
FY24
LRCX $14.9B
Q $4.3B
FY25
LRCX $18.4B
Q $4.8B
FY26
LRCX $23.2B
Q —
LRCX
Q
Operating margin
FY17
LRCX 23.7%
Q —
FY18
LRCX 29.0%
Q —
FY19
LRCX 25.5%
Q —
FY20
LRCX 26.6%
Q —
FY21
LRCX 30.6%
Q —
FY22
LRCX 31.2%
Q —
FY23
LRCX 29.7%
Q —
FY24
LRCX 28.6%
Q —
FY25
LRCX 32.0%
Q —
FY26
LRCX 35.3%
Q —
LRCX
Q
Free cash flow
FY17
LRCX $1.9B
Q —
FY18
LRCX $2.4B
Q —
FY19
LRCX $2.9B
Q —
FY20
LRCX $1.9B
Q —
FY21
LRCX $3.2B
Q —
FY22
LRCX $2.6B
Q —
FY23
LRCX $4.7B
Q $651M
FY24
LRCX $4.3B
Q $861M
FY25
LRCX $5.4B
Q $988M
FY26
LRCX $4.9B
Q —
LRCX
Q
Return on capital
FY17
LRCX —
Q —
FY18
LRCX 42.3%
Q —
FY19
LRCX 45.0%
Q —
FY20
LRCX 40.6%
Q —
FY21
LRCX 63.2%
Q —
FY22
LRCX 66.4%
Q —
FY23
LRCX 58.4%
Q —
FY24
LRCX 48.1%
Q —
FY25
LRCX 68.0%
Q 7.3%
FY26
LRCX 77.7%
Q —
LRCX
Q
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.