Lam Research
LRCX Nasdaq Semiconductor Materials & Equipment 金融 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%.
关于这些数据。 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.
Lam Research 的业务
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.
- 法定名称
- LAM RESEARCH CORPORATION
- 财年结束日
- 2026年6月28日
- 最新年报
- 10-K · 2026年8月7日
- 登记号 · CIK
- 0000707549-26-000037
0000707549
营收与利润率
Lam Research 在 2026 财年 营收为 $23.2B，同比增长 26.0%。
净利润与每股收益
从 2017 财年到 2026 财年，稀释每股收益年均增长 22.6%。 亏损期间以红色显示。
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
现金流
2026 财年 的自由现金流为 $4.9B，占营收的 21.1%。 经营现金流减资本支出。
股息、回购与股数
Lam Research 在 2026 财年 向股东返还 $5.1B，占自由现金流的 105%。 稀释股数减少 2.3%。
自己评估 Lam Research
调整假设，查看对应的每股价值。这些是模型，不是预测或目标价，结果完全取决于你的输入。
现金流折现
每股价值
—
加上净现金 $1.9B，再除以 1,261.1M 稀释股数。十年现金流加终值，折现至今天。
盈利倍数
每股价值
—
参考倍数：当前 34.3x · 同业 32.9x · 板块 33.0x。
资产负债表
现金、债务以及显示 Lam Research 承担债务能力的指标。
| 财年末 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| 现金及短期投资 | $3.5B | $5.3B | $5.8B | $6.4B | $5.6B |
| 债务(含融资租赁) | $5.0B | $5.0B | $5.0B | $4.5B | $3.7B |
| 净债务 / EBITDA | 0.3x | −0.1x | −0.2x | −0.3x | −0.2x |
| 债务 / 股东权益 | 0.8x | 0.6x | 0.6x | 0.5x | 0.3x |
| 利息保障倍数 | 29.1x | 27.8x | 23.0x | 33.1x | 52.3x |
| 流动比率 | 2.7x | 3.2x | 3.0x | 2.2x | 2.6x |
| 速动比率 | 1.8x | 2.0x | 2.0x | 1.6x | 1.9x |
| 总资产 | $17.2B | $18.8B | $18.7B | $21.3B | $23.5B |
| 总负债 | $10.9B | $10.6B | $10.2B | $11.5B | $11.1B |
| 股东权益 | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
| 净债务 (− = 净现金) | $1.5B | −$326M | −$865M | −$1.9B | −$1.9B |
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖，数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
买入(12 个月)
$0.0M
0 名内部人士
卖出(12 个月)
$106M
7 名内部人士
卖出中按计划执行的比例
96%
$101M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年9月9日 | Bethany MayerDirector | 卖出 | 9,557 | $314.74 | $3.0M | Form 4 |
| 2026年9月9日 | Timothy ArcherPresident and CEO | 卖出 计划 | 30,000 | $319.26 | $9.6M | Form 4 |
| 2026年9月2日 | Seshasayee VaradarajanSenior Vice President | 卖出 计划 | 59,750 | $291.32 | $17.4M | Form 4 |
| 2026年8月31日 | Ava HarterChief Legal Officer | 卖出 计划 | 5,000 | $302.46 | $1.5M | Form 4 |
| 2026年8月6日 | Timothy ArcherPresident and CEO | 卖出 计划 | 30,000 | $300.00 | $9.0M | Form 4 |
| 2026年7月13日 | Abhijit Y TalwalkarDirector | 卖出 计划 | 18,282 | $335.00 | $6.1M | Form 4 |
| 2026年7月2日 | Timothy ArcherPresident and CEO | 卖出 计划 | 30,000 | $390.01 | $11.7M | Form 4 |
| 2026年6月12日 | Eric BrandtDirector | 卖出 计划 | 54,500 | $367.18 | $20.0M | Form 4 |
| 2026年6月11日 | Eric BrandtDirector | 卖出 计划 | 54,500 | $350.80 | $19.1M | Form 4 |
| 2026年6月1日 | Neil J FernandesSenior Vice President | 卖出 计划 | 7,659 | $309.60 | $2.4M | Form 4 |
| 2026年5月1日 | Neil J FernandesSenior Vice President | 卖出 计划 | 18,170 | $255.14 | $4.6M | Form 4 |
| 2026年4月27日 | Ava HarterChief Legal Officer | 卖出 | 6,010 | $258.66 | $1.6M | Form 4 |
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强，0–2 为弱。
| 测试项 | FY24 | FY25 | FY26 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✕ | ✓ | ✓ |
| 经营现金流高于净利润 | ✓ | ✓ | ✕ |
| 债务相对资产下降 | ✓ | ✓ | ✓ |
| 流动比率上升 | ✕ | ✕ | ✓ |
| 股数未增加 | ✓ | ✓ | ✓ |
| 毛利率上升 | ✓ | ✓ | ✓ |
| 营收相对资产上升 | ✕ | ✓ | ✓ |
| F 分数 | 6 / 9 | 8 / 9 | 8 / 9 |
| 应计比率 | −4.4% | −4.1% | 6.3% |
| Altman Z'' | 9.71 | 9.63 | 11.07 |
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同，因此期间并不完全一致。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| 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 | 比较 → |
| KLA KLAC | $192.1B | 11.7% | — | 27.7% | 75.3% | — | 8 | 比较 → |
| Qnity Electronics Q | $23.1B | 9.7% | — | 20.8% | 7.3% | — | — | 比较 → |
| MKS Instruments MKSI | $14.3B | 9.6% | 13.4% | 12.6% | 7.9% | 31.3x | 6 | 比较 → |
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
| 财年 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $8.0B | $11.1B | $9.7B | $10.0B | $14.6B | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| 毛利 | $3.6B | $5.2B | $4.4B | $4.6B | $6.8B | $7.9B | $7.8B | $7.1B | $9.0B | $11.7B |
| 研发支出 | $1.0B | $1.2B | $1.2B | $1.3B | $1.5B | $1.6B | $1.7B | $1.9B | $2.1B | $2.4B |
| 营业利润 | $1.9B | $3.2B | $2.5B | $2.7B | $4.5B | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B |
| 利息支出 | $118M | $97.4M | $117M | $177M | $209M | $185M | $187M | $185M | $178M | $157M |
| 税前利润 | $1.8B | $3.2B | $2.4B | $2.6B | $4.4B | $5.2B | $5.1B | $4.4B | $6.0B | $8.3B |
| 所得税 | $114M | $771M | $255M | $323M | $462M | $588M | $598M | $532M | $600M | $997M |
| 净利润 | $1.7B | $2.4B | $2.2B | $2.3B | $3.9B | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| 稀释每股收益 | $0.92 | $1.32 | $1.37 | $1.51 | $2.69 | $3.27 | $3.32 | $2.90 | $4.15 | $5.76 |
| 稀释股数 | 1.84B | 1.81B | 1.60B | 1.49B | 1.45B | 1.41B | 1.36B | 1.32B | 1.29B | 1.26B |
| 现金流 | ||||||||||
| 经营现金流 | $2.0B | $2.7B | $3.2B | $2.1B | $3.6B | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B |
| 资本支出 | $157M | $274M | $304M | $203M | $349M | $546M | $502M | $397M | $759M | $966M |
| 自由现金流 | $1.9B | $2.4B | $2.9B | $1.9B | $3.2B | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| 折旧与摊销 | $307M | $326M | $309M | $269M | $307M | $334M | $342M | $360M | $386M | $442M |
| 股权激励 | $150M | $172M | $187M | $189M | $220M | $259M | $287M | $293M | $343M | $386M |
| 收购 | $0.0M | $116M | $0.0M | $0.0M | $0.0M | $0.0M | $120M | $0.0M | $0.0M | $0.0M |
| 股票回购 | $812M | $2.7B | $3.8B | $1.4B | $2.7B | $3.9B | $2.0B | $2.8B | $3.4B | $3.9B |
| 已付股息 | $244M | $308M | $678M | $657M | $727M | $815M | $908M | $1.0B | $1.1B | $1.3B |
| 股息与回购 | $1.1B | $3.0B | $4.5B | $2.0B | $3.4B | $4.7B | $2.9B | $3.9B | $4.6B | $5.1B |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $2.4B | $4.5B | $3.7B | $4.9B | $4.4B | $3.5B | $5.3B | $5.8B | $6.4B | $5.6B |
| 总债务 | $2.7B | $2.4B | $4.4B | $5.8B | $5.0B | $5.0B | $5.0B | $5.0B | $4.5B | $3.7B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $15.2M | $40.7M | $43.4M | $46.2M | $16.0M | $0.0M | $0.0M |
| 流动资产 | $9.1B | $9.1B | $8.6B | $10.9B | $11.7B | $12.3B | $13.2B | $12.9B | $14.5B | $15.6B |
| 流动负债 | $3.0B | $3.2B | $2.4B | $3.2B | $3.5B | $4.6B | $4.2B | $4.3B | $6.6B | $5.9B |
| 存货 | $1.2B | $1.9B | $1.5B | $1.9B | $2.7B | $4.0B | $4.8B | $4.2B | $4.3B | $4.3B |
| 固定资产净额 | $686M | $903M | $1.1B | $1.1B | $1.3B | $1.6B | $1.8B | $2.1B | $2.4B | $2.9B |
| 总资产 | $12.1B | $12.5B | $12.0B | $14.6B | $15.9B | $17.2B | $18.8B | $18.7B | $21.3B | $23.5B |
| 总负债 | $5.1B | $5.9B | $7.3B | $9.4B | $9.9B | $10.9B | $10.6B | $10.2B | $11.5B | $11.1B |
| 股东权益 | $6.8B | $6.5B | $4.7B | $5.2B | $6.0B | $6.3B | $8.2B | $8.5B | $9.9B | $12.5B |
| 利润率 | ||||||||||
| 毛利率 | 45.0% | 46.6% | 45.2% | 45.9% | 46.5% | 45.7% | 44.6% | 47.3% | 48.7% | 50.5% |
| 营业利润率 | 23.7% | 29.0% | 25.5% | 26.6% | 30.6% | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| EBITDA 利润率 | 27.6% | 32.0% | 28.7% | 29.3% | 32.7% | 33.2% | 31.7% | 31.0% | 34.1% | 37.2% |
| 净利率 | 21.2% | 21.5% | 22.7% | 22.4% | 26.7% | 26.7% | 25.9% | 25.7% | 29.1% | 31.3% |
| 自由现金流利润率 | 23.4% | 21.5% | 29.8% | 19.2% | 22.2% | 14.8% | 26.8% | 28.6% | 29.4% | 21.1% |
| 回报率 | ||||||||||
| 资本回报率 | — | 42.3% | 45.0% | 40.6% | 63.2% | 66.4% | 58.4% | 48.1% | 68.0% | 77.7% |
| 已动用资本回报率 | 20.0% | 34.7% | 26.0% | 25.4% | 37.7% | 43.1% | 38.0% | 29.4% | 40.4% | 50.7% |
| 股本回报率 | 26.7% | 35.8% | 39.2% | 45.7% | 69.8% | 74.9% | 62.3% | 45.7% | 58.2% | 65.1% |
| 资产回报率 | 13.9% | 19.4% | 17.9% | 17.0% | 25.7% | 27.8% | 25.1% | 20.4% | 26.7% | 32.4% |
| 增长 | ||||||||||
| 营收增长 | 36.2% | 38.2% | −12.9% | 4.1% | 45.6% | 17.8% | 1.2% | −14.5% | 23.7% | 26.0% |
| 净利润增长 | 85.7% | 40.2% | −8.0% | 2.8% | 73.6% | 17.8% | −2.1% | −15.1% | 40.0% | 35.6% |
| 每股收益增长 | 77.0% | 42.5% | 4.0% | 10.2% | 78.2% | 21.8% | 1.4% | −12.7% | 43.1% | 38.8% |
| 自由现金流增长 | 59.3% | 27.3% | 20.6% | −33.1% | 68.4% | −21.2% | 83.2% | −9.0% | 27.2% | −9.7% |
| 股数变化 | 4.9% | −1.6% | −11.5% | −6.8% | −2.5% | −3.2% | −3.4% | −2.8% | −2.3% | −2.3% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | 0.1x | −0.6x | 0.3x | 0.3x | 0.1x | 0.3x | −0.1x | −0.2x | −0.3x | −0.2x |
| 债务 / 股东权益 | 0.4x | 0.4x | 1.0x | 1.1x | 0.8x | 0.8x | 0.6x | 0.6x | 0.5x | 0.3x |
| 利息保障倍数 | 16.2x | 33.0x | 21.0x | 15.1x | 21.5x | 29.1x | 27.8x | 23.0x | 33.1x | 52.3x |
| 流动比率 | 3.1x | 2.9x | 3.6x | 3.4x | 3.3x | 2.7x | 3.2x | 3.0x | 2.2x | 2.6x |
| 速动比率 | 2.7x | 2.3x | 3.0x | 2.8x | 2.5x | 1.8x | 2.0x | 2.0x | 1.6x | 1.9x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 2.0% | 2.5% | 3.1% | 2.0% | 2.4% | 3.2% | 2.9% | 2.7% | 4.1% | 4.2% |
| 股权激励 / 营收 | 1.9% | 1.6% | 1.9% | 1.9% | 1.5% | 1.5% | 1.6% | 2.0% | 1.9% | 1.7% |
| 股东回报 / 自由现金流 | 56.4% | 124.3% | 155.2% | 105.4% | 105.7% | 183.3% | 62.5% | 90.7% | 84.4% | 104.7% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | 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 |
| 应计比率 | −2.7% | −2.2% | −8.0% | 0.9% | 2.1% | 9.1% | −3.7% | −4.4% | −4.1% | 6.3% |
来源：SEC EDGAR XBRL 文件 (CIK 0000707549). 数据更新于 2026年10月22日。 第四季度数据为全年减去前九个月。 仅供参考，不构成投资建议。依赖任何数字前，请核对原始文件。