Lam Research Corporation LRCX

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 230.72 USD on Nov 3, 2026, +35.2% year to date

Quant rating

Quant rating A Rank 19 of 389 in Information Technology

Growth B 62 of 389
Valuation C 172 of 389
Quality A 9 of 389
Revisions A 42 of 389
Momentum C 220 of 389

Wall Street consensus Buy (1.85)Average target 359.02 USD +55.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 288.2B
Enterprise value: 284.5B
52-week range: 135.56 – 438.41
3-year range: 59.09 – 438.41
Dividend yield: 0.58%
Beta (5 years): 2.01
Shares outstanding: 1,249M
Next earnings: Jan 26, 2027

About the company

Lam Research Corporation is a global supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. Its products and services are designed to help its customers build devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles and data storage devices. Its product families include ALTUS, SABRE, SPEED, Striker, VECTOR, Flex, Vantex, Kiyo, Versys Metal, Syndion, Coronus, and DV-Prime, Da Vinci, EOS, and SP Series. Its customer base includes semiconductor memory, foundries, and integrated device manufacturers that make products such as non-volatile memory, dynamic random-access memory, and logic devices. It offers services in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, and others.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	23,233	18,436	14,905	17,429	17,227	–
Revenue growth	26.0%	23.7%	−14.5%	1.2%	17.8%	9.7%
EPS (basic, normalized)	5.82	4.13	3.03	3.42	3.31	–
EPS growth	40.9%	36.3%	−11.3%	3.1%	–	–
Gross margin	50.5%	48.7%	47.6%	45.1%	45.7%	47.5%
Net margin	31.3%	29.1%	25.7%	25.9%	26.7%	27.7%
ROE	65.1%	58.2%	45.7%	62.3%	74.8%	61.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	7,437
Current ratio	2.48x
Long-term debt (mil)	3,732
Net debt (mil)	−3,702
Total equity (mil)	13,908
Net debt / equity	−0.27x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	23,233	+26.0%	12.2x	–	–	–	5.82	+40.9%	39.6x
2027	35,396	+52.4%	8.0x	14,792	–	19.2x	9.69	+66.6%	23.8x
2028	42,849	+21.1%	6.6x	18,063	+22.1%	15.8x	12.34	+27.3%	18.7x
2029	48,815	+13.9%	5.8x	21,092	+16.8%	13.5x	14.51	+17.7%	15.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	35,396	+1.9%	+2.1%	+17.3%	9.69	+2.9%	+3.0%	+23.5%
2028	42,849	+5.2%	+6.2%	+25.4%	12.34	+6.9%	+8.1%	+32.0%
2029	48,815	+4.7%	+6.8%	+28.3%	14.51	+6.3%	+5.7%	+39.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,794	3,872	4,168	4,376	4,720	5,171	5,324	5,345	5,841	6,722
Sales mean (mil)	3,724	3,823	4,051	4,311	4,646	5,008	5,232	5,236	5,779	6,665
Surprise	+1.9%	+1.3%	+2.9%	+1.5%	+1.6%	+3.3%	+1.8%	+2.1%	+1.1%	+0.9%
EPS reported	0.78	0.81	0.86	0.91	1.04	1.33	1.26	1.27	1.46	1.82
EPS mean	0.73	0.76	0.80	0.88	1.01	1.21	1.21	1.17	1.36	1.68
Surprise	+6.7%	+7.4%	+6.9%	+3.7%	+3.4%	+9.9%	+4.2%	+8.5%	+7.0%	+8.1%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LRCX Lam Research Corporation	288.2B	–	31.3%	20.72x	23.8x	18.7x	19.2x	15.8x
NVDA NVIDIA Corporation	4.98T	−0.47x	55.6%	21.80x	22.2x	13.0x	17.9x	10.6x
AVGO Broadcom Inc	1.59T	0.82x	36.2%	15.91x	28.8x	17.3x	22.3x	13.7x
MU Micron Technology, Inc.	967.5B	−0.35x	63.8%	6.99x	4.9x	4.2x	3.8x	3.2x
AMD Advanced Micro Devices, Inc.	790.0B	−1.16x	12.3%	11.75x	63.2x	30.1x	47.9x	22.8x
SKHY SK hynix Inc.	758.7B	–	44.2%	5.49x	5.9x	3.9x	3.2x	1.9x
Mean		−0.29x	40.6%	13.78x	24.8x	14.5x	19.1x	11.3x
Median		−0.41x	40.2%	13.83x	23.0x	15.2x	18.6x	12.2x

Technical analysis

1M−33.6%
3M−21.6%
1Y+43.7%
3Y+272.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lam Research Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	23,233	18,436	14,905	17,429	17,227	14,626
Cost of revenue	11,507	9,457	7,809	9,573	9,355	7,821
Gross profit	11,725	8,979	7,096	7,855	7,872	6,805
Selling, general & administrative expenses	1,150	982	868	833	886	830
Research & development	2,376	2,096	1,902	1,727	1,604	1,493
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	0	61.6	120	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	8,200	5,901	4,264	5,175	5,382	4,482
Net interest income (expense)	9.2	26.7	61.9	−54.6	−170	−196
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	53.5	30.4	34.4	−11.1	−18.4	84.7
Net income before taxes	8,262	5,958	4,360	5,109	5,193	4,371
Provision for taxes	997	600	532	598	588	462
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	7,265	5,358	3,828	4,511	4,605	3,908
Extraordinary items	–	–	–	–	–	–
Net income	7,265	5,358	3,828	4,511	4,605	3,908
EBIT, normalized	8,200	5,901	4,325	5,295	5,382	4,482
EBITDA, normalized	8,641	6,287	4,686	5,638	5,716	4,790
Basic EPS, normalized	5.82	4.13	3.03	3.42	3.31	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lam Research Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	5,579	6,391	5,848	5,375	3,658	5,729
Receivables	5,340	3,378	2,519	2,823	4,314	3,026
Total inventory	4,276	4,308	4,218	4,816	3,966	2,689
Prepaid expenses	416	440	298	214	347	208
Other current assets	0	0	0	0	0	0
Total current assets	15,611	14,517	12,883	13,228	12,285	11,652
Property, plant & equipment	3,354	2,716	2,463	2,099	1,874	1,477
Goodwill	–	–	1,627	1,622	1,515	1,490
Intangibles	1,896	1,809	139	168	102	132
Long-term investments	–	–	–	118	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	2,669	2,304	1,634	1,545	1,419	1,140
Total assets	23,530	21,345	18,745	18,782	17,196	15,892
Liabilities
Accounts payable	1,302	854	614	471	1,011	830
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,056	946	809	803	767	774
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	4.1	754	505	8.4	7.4	11.3
Other current liabilities	3,575	4,014	2,410	2,903	2,779	1,913
Total current liabilities	5,937	6,568	4,338	4,185	4,565	3,528
Long-term debt	3,730	3,730	4,479	5,003	4,998	4,990
Minority interest	–	–	–	–	–	–
Other liabilities	1,391	1,185	1,388	1,383	1,354	1,347
Total liabilities	11,059	11,484	10,205	10,571	10,917	9,865
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	1.3	1.3	0.1	0.1	0.1	0.1
Additional paid-in capital	9,244	8,697	8,225	7,809	7,415	7,053
Retained earnings (accumulated deficit)	34,950	28,989	24,811	22,032	18,455	14,685
Treasury stock	−31,598	−27,763	−24,367	−21,530	−19,481	−15,647
Other equity	−127	−62.4	−130	−101	−110	−64.1
Total equity	12,471	9,862	8,539	8,210	6,278	6,027
Total liabilities & shareholders' equity	23,530	21,345	18,745	18,782	17,196	15,892

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lam Research Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	7,265	5,358	3,828	4,511	4,605	3,908
Depreciation, depletion & amortization	442	386	360	342	334	307
Deferred taxes	−289	−363	−199	−172	−257	−151
Non-cash items	354	350	303	339	214	203
Changes in working capital	−1,914	442	360	159	−1,796	−679
Cash from operations	5,858	6,173	4,652	5,179	3,100	3,588
Investing activities
Capital expenditures	−966	−759	−397	−502	−546	−349
Other investing cash flows	44.3	51.1	26.1	−33.0	1,158	422
Cash from investing	−922	−708	−371	−535	612	73.3
Financing activities
Financing cash flow items	−13.8	0.1	−13.5	−3.6	0	−2.1
Cash dividends paid	−1,271	−1,150	−1,019	−908	−815	−727
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−4,433	−3,787	−2,963	−1,919	−3,764	−3,438
Cash from financing	−5,718	−4,937	−3,996	−2,831	−4,579	−4,167
Foreign exchange effects	−27.4	28.3	−22.4	0.1	−30.2	7.2
Net change in cash	−810	557	263	1,814	−897	−498
Free cash flow	4,891	5,414	4,256	4,677	2,554	3,239

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.