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Makes deposition and etch equipment used to build the layers and patterns inside memory and logic chips.
Makes deposition and etch equipment used to build the layers and patterns inside memory and logic chips.
Sells etch and deposition tools in large orders when chipmakers expand or move to a new generation, with memory makers a big part of demand, then earns a recurring flow from spare parts, upgrades and service on installed machines. Its sales therefore follow memory spending.
Moat: wide (process know-how, customer qualification, IP / patents). Tool-of-record status in etch/deposition for memory is deeply entrenched and costly to switch.
Headquarters: Fremont, California, US · Founded: 1980 · Employees: 23,300
Size Lam Research (LRCX) is a United States Information Technology company (Industrial Machinery) with a market value of $250B, the 45th largest of 3,117 United States companies the cockpit tracks. Shares closed at $200.44 on 6 Nov 2026.
Performance Over six months the shares fell 31.8%, against -30.2% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 33.4% over the last twelve months (peer median +12.3%); the operating margin is 37.0% (peer median 16.3%).
Valuation It trades at 19.6× forward earnings against a peer median of 16.0× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 60.1 points above its cost of capital (14.6% WACC).
Backlog Backlog (remaining performance obligations) was $2.66B at 27 Sep 2026, down 4% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Lam Research has 5 bonds outstanding ($3.75B), rated A by the agencies and trading like A+ at a weighted spread of 63 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $26.1B | $23.2B | $18.4B | $14.9B | $17.4B |
| Revenue growth | — | +26% | +24% | -14% | — |
| Gross profit | $13.3B | $11.7B | $8.98B | $7.10B | $7.85B |
| EBITDA | $10.1B | $8.64B | $6.29B | $4.69B | $5.63B |
| Net income | $8.45B | $7.27B | $5.36B | $3.83B | $4.51B |
| Free cash flow | $6.54B | $4.89B | $5.41B | $4.26B | $4.68B |
| Capital expenditure | $1.04B | $966M | $759M | $397M | $502M |
| Total debt | $3.74B | $4.12B | $4.76B | $5.27B | $5.25B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| KLA KLAC | $180B | -26% | +16% | 43% | 22.3× | 23.5% |
| ASML Holding N.V. - New York Re ASML | $574B | -11% | +29% | 39% | 22.4× | 26.4% |
| Kokusai Electric 6525.T | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LRCX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.5% | -32.2% | 9th lowest of 21 |
| 6-month return | -31.8% | -30.2% | 11th highest of 21 |
| Distance from 52-week high | -54.3% | -54.8% | 10th highest of 21 |
| Revenue growth (TTM) | +33.4% | +12.3% | 2nd highest of 21 |
| Operating margin | 37.0% | 16.3% | 3rd highest of 20 |
| Forward P/E | 19.6× | 16.0× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 26.4% | 24.2% | 4th most demanding of 15 |
| Growth delivered (Del g) | +9.7% | +11.2% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +16.7 pp | +14.8 pp | 6th most demanding of 15 |
| ROIC minus cost of capital | +60.1 pp | +4.9 pp | highest of 21 |
| EV / EBITDA | 24.4× | 15.9× | 5th most expensive of 20 |
| Net debt / EBITDA | -0.4× | -0.3× | 10th least indebted of 20 |
| Bond spread | 63 bp | 115 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lam Research LRCX | United States | $250B | -32% | +33% | 37% | 19.6× | 26.4% | +9.7% |
| Applied Materials AMAT | United States | $264B | -24% | +8% | 31% | 18.8× | 25.5% | +10.5% |
| Tokyo Electron 8035.T | Japan | $122B | +41% | +18% | 28% | 23.1× | 28.8% | +11.8% |
| Disco 6146.T | Japan | $28.1B | -45% | +22% | 44% | 23.2× | 25.4% | +19.0% |
| Jabil JBL | United States | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% | +4.2% |
| Entegris ENTG | United States | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% | +11.4% |
| MKS MKSI | United States | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% | +11.0% |
| HANMISemi 042700.KS | South Korea | $11.3B | -56% | -20% | 42% | 54.4× | 41.7% | +17.5% |
| Screen 7735.T | Japan | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% | +13.6% |
| Omron 6645.T | Japan | $5.79B | -17% | -2% | 9% | 16.7× | 11.7% | +3.2% |
| Badger Meter BMI | United States | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% | +16.6% |
| GPGI GPGI | United States | $4.12B | +2% | -100% | n/a | 14.2× | n/a | n/a |
| Sumco 3436.T | Japan | $3.96B | -28% | +4% | -4% | n/a | n/a | n/a |
| Kulicke and Soffa Industries, I KLIC | United States | $3.35B | -38% | +44% | 13% | 10.9× | 24.4% | +1.0% |
| Crane NXT CXT | United States | $3.31B | +27% | +17% | 16% | 12.6× | 7.8% | -9.7% |
| ACM Research ACMR | United States | $3.11B | -25% | +27% | 13% | 16.0× | n/a | n/a |
| Axcelis Technologies ACLS | United States | $3.06B | -39% | -3% | 10% | 17.8× | 31.2% | +12.1% |
| EO Technics 039030.KS | South Korea | $2.53B | -39% | +26% | 25% | 29.9× | 18.0% | +3.2% |
| Ultra Clean UCTT | United States | $1.97B | -53% | +16% | 4% | 7.2× | n/a | n/a |
| Ichor ICHR | United States | $1.16B | -58% | +15% | 3% | 9.9× | n/a | n/a |
| Shibaura Mechatronics 6590.T | Japan | $1.03B | -51% | +1% | 16% | 10.3× | n/a | n/a |
Lam Research has 5 bonds outstanding with $3.75B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 5.52%, a spread of 63 bp over government bonds.
Lam Research reported $2.66B of remaining performance obligations at 27 Sep 2026, down 4% from a year earlier and up 9% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.03.