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Lam Research Corporation

LRCX Technology Semiconductor Equipment & Materials

Lam Research Corporation’s revenue for fiscal 2026 (year ended June 2026) was $23.2 billion, up 26.0% from fiscal 2025. In the quarter to June 2026, revenue grew 30.0%, EPS grew 34.8%, free cash flow fell 46.8% and total debt fell 16.7%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for three consecutive years.

318.84 1.75 −0.55%

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Market cap: $401.2B
P/E: 55.1×
Fwd P/E: 38.3×
Dividend yield: 0.35%
F-score: 8/9
Altman Z: 34.22
Beneish M: −1.68
Dividend safety: 88/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 168.69

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	1	—	1	4	1	1	3	2	2	3	—

Insider Ownership 0.40%

Capital & Financial Ratios $m

Market Cap 401,190.00

Revenue 23,232.69

Net Income 7,265.40

Free Cash Flow 4,891.25

Net Debt (1,844.61)

Current Ratio 2.63

Debt/Equity 0.30

P/E ratio 55.07

Fwd P/E 38.30

P/S ratio 17.22

P/B ratio 32.09

Past 5Y EPS Growth 16.45%

This Y EPS Growth 63.17%

Next Y EPS Growth 25.79%

Next Y revenue growth 49.98%

Next 5Y EPS Growth 34.49%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 97.78%

10-year low 10-year high

P/S against its own 10 years 97.93%

10-year low 10-year high

P/B against its own 10 years 97.49%

10-year low 10-year high

EV/Sales against its own 10 years 97.93%

10-year low 10-year high

EV/FCF against its own 10 years 98.82%

10-year low 10-year high

Dividends

Payout Ratio 0.19

Annual Dividend Rate 1.11

Annual Dividend Yield 0.35%

	total	individual payouts
2029	Powerpack
2028	Powerpack
2027	Powerpack
2026	1.04	0.26 0.26 0.33
2025	0.98	0.23 0.23 0.26 0.26
2024	0.86	0.20 0.20 0.23 0.23
2023	1.02	0.17 0.17 0.20 0.28 0.20
2022	0.65	0.15 0.15 0.17 0.17
2021	0.56	0.13 0.13 0.15 0.15
2020	0.49	0.12 0.12 0.13 0.13
2019	0.45	0.11 0.11 0.12 0.12
2018	0.38	0.05 0.11 0.11 0.11
2017	0.19	0.05 0.05 0.05 0.05
2016	0.14	0.03 0.03 0.03 0.05

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	2026
Cash	5,337	5,848	6,391	5,579
Receivables	2,823	2,519	3,378	5,340
Inventory	4,816	4,218	4,308	4,276
Other	—	—	—	—
	13,228	12,883	14,517	15,611

	2023	2024	2025	2026
Payables	471	614	854	1,302
ST’ Debt	8	505	754	4
Other	—	—	—	—
	4,185	4,338	6,568	5,937

Compound Annual Growth %

	10y	5y	3y
Sales	14.72%	9.70%	10.06%
Cash Flow	15.81%	10.30%	4.19%
Earnings	23.04%	13.20%	17.22%
Book Value	7.41%	15.65%	14.95%

Revenue $m

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	5,324	5,345	5,841	6,722	23,233
’25	4,168	4,376	4,720	5,171	18,436
’24	3,482	3,758	3,794	3,872	14,905
’23	5,074	5,278	3,870	3,207	17,429
’22	4,304	4,227	4,060	4,636	17,227
’21	3,177	3,456	3,848	4,145	14,626

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	1,779	1,480	1,141	1,457	5,858
’25	1,568	742	1,309	2,554	6,173
’24	951	1,454	1,385	862	4,652
’23	1,190	1,140	1,726	1,123	5,179
’22	458	1,441	758	444	3,100
’21	643	345	1,165	1,436	3,588

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	1,594	1,219	810	1,268	4,891
’25	1,458	554	1,021	2,382	5,414
’24	874	1,339	1,281	762	4,256
’23	1,050	977	1,607	1,044	4,677
’22	321	1,302	612	318	2,554
’21	580	253	1,075	1,331	3,239

Fiscal quarters ending in the months shown.

EPS $

	Sep	Dec	Mar	Jun	Year
’26	—	—	—	—	—
’26	1.24	1.26	1.45	1.81	5.76
’25	0.86	0.92	1.03	1.35	4.15
’24	0.67	0.72	0.73	0.78	2.90
’23	1.04	1.08	0.60	0.60	3.32
’22	0.83	0.84	0.73	0.87	3.28
’21	0.56	0.60	0.74	0.80	2.69

Fiscal quarters ending in the months shown.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027e
Price, $
Price, $	Low	10.58	12.26	13.14	18.14	47.33	29.96	40.73	68.87	56.32	177.50	Analyst estimates 2027–2029 Powerpack
	High	21.97	23.49	29.94	51.67	72.84	73.19	80.13	113.00	179.80	438.50
People
People	Employees	9,400	10,900	10,700	11,300	14,100	17,700	17,200	17,450	19,000	23,300
	Revenue/emp, $m	0.85	1.02	0.90	0.89	1.04	0.97	1.01	0.85	0.97	1.00
Income, $m
Income, $m	Revenue	8,014	11,077	9,654	10,045	14,626	17,227	17,429	14,905	18,436	23,233
	Gross margin, %	44.97	46.63	45.15	45.88	46.53	45.69	44.62	47.32	48.71	50.47
	EBT	1,812	3,152	2,447	2,575	4,371	5,193	5,109	4,360	5,958	8,262
	EBT margin, %	22.61	28.45	25.34	25.64	29.88	30.15	29.32	29.25	32.32	35.56
	Net income	1,698	2,381	2,191	2,252	3,908	4,605	4,511	3,828	5,358	7,265
	Depreciation	332	341	309	269	307	334	342	360	386	442
Per share, $
Per share, $	Revenue	4.94	6.85	6.33	6.94	10.18	12.31	12.87	11.34	14.33	18.51
	Earnings	1.05	1.47	1.44	1.56	2.72	3.29	3.33	2.91	4.17	5.79
	Cash flow	1.25	1.64	2.08	1.47	2.50	2.22	3.82	3.54	4.80	4.67
	Capex	(0.10)	(0.17)	(0.20)	(0.14)	(0.24)	(0.39)	(0.37)	(0.30)	(0.59)	(0.77)
	Free cash flow	1.15	1.47	1.88	1.33	2.26	1.83	3.45	3.24	4.21	3.90
	Book value	4.31	4.07	3.10	3.58	4.20	4.49	6.06	6.50	7.67	9.94
	Shares, m	1,622	1,616	1,525	1,448	1,436	1,399	1,355	1,314	1,286	1,255
Valuation, ×
Valuation, ×	P/E	13.52	11.75	13.30	20.82	23.89	12.95	19.34	36.41	23.29	74.84
	P/S	2.86	2.53	3.02	4.66	6.39	3.46	5.00	9.35	6.79	23.41
	P/B	3.28	4.25	6.18	9.04	15.50	9.50	10.61	16.32	12.69	43.61
	EV/Sales	2.44	2.30	2.92	4.57	6.34	3.54	4.98	9.29	6.69	23.33
	EV/FCF	10.46	10.68	9.83	23.89	28.63	23.88	18.55	32.55	22.77	110.81
Cash, $m
Cash, $m	Operating cash flow	2,029	2,656	3,176	2,126	3,588	3,100	5,179	4,652	6,173	5,858
	Capex	(156)	(273)	(303)	(203)	(349)	(546)	(502)	(397)	(759)	(966)
	Free cash flow	1,873	2,382	2,873	1,923	3,239	2,554	4,677	4,256	5,414	4,891
Balance, $m
Balance, $m	Working capital	6,192	6,000	6,189	7,691	8,125	7,720	9,043	8,545	7,949	9,673
	Total debt	2,693	2,417	4,490	5,811	5,002	5,006	5,012	4,983	4,485	3,735
	Net debt	(3,348)	(2,533)	(941)	(900)	(727)	1,348	(326)	(865)	(1,906)	(1,845)
	Shareholders’ equity	6,987	6,580	4,723	5,183	6,027	6,278	8,210	8,539	9,862	12,471
Returns, %
Returns, %	ROA	13.92	19.35	17.90	16.96	25.67	27.84	25.08	20.40	26.73	32.38
	ROIC	32.66	49.62	40.73	39.01	52.86	44.10	41.02	34.72	46.36	48.23
	ROE	25.94	35.09	38.77	45.46	69.73	74.85	62.27	45.71	58.24	65.07

Negative figures in brackets.

All 10 years →

Fiscal years to Jun 2026 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ASML ASML Holding N.V.	$682.1B	55.3×	46.4×	+24.19% (above 0%: growing)	+31.69% (above 0%: growing)	+380.17% (above 0%: growing)	53.99%	37.06%	Compare
AMAT Applied Materials, Inc.	$404.4B	43.4×	12.4×	+24.83% (above 0%: growing)	+43.50% (above 0%: growing)	+13.66% (above 0%: growing)	50.31%	33.74%	Compare
LRCX Lam Research Corporation	$401.2B	55.1×	38.3×	+29.99% (above 0%: growing)	+34.81% (above 0%: growing)	−46.75% (below 0%: shrinking)	51.75%	37.39%
KLAC KLA Corporation	$256.7B	53.1×	39.4×	+15.21% (above 0%: growing)	+14.16% (above 0%: growing)	−22.88% (below 0%: shrinking)	61.36%	42.49%	Compare
TER Teradyne, Inc.	$62.3B	54.8×	51.2×	+103.90% (above 0%: growing)	+387.76% (above 0%: growing)	+187.39% (above 0%: growing)	59.79%	32.94%	Compare
Q Qnity Electronics, Inc.	$26.5B	45.2×	39.8×	+22.14% (above 0%: growing)	−37.61% (below 0%: shrinking)	−29.91% (below 0%: shrinking)	46.61%	19.31%	Compare
ENTG Entegris, Inc.	$24.8B	82.9×	48.6×	+11.46% (above 0%: growing)	+74.29% (above 0%: growing)	+148.72% (above 0%: growing)	47.55%	18.64%	Compare
ONTO Onto Innovation Inc.	$14.4B	109×	48.8×	+35.30% (above 0%: growing)	+76.81% (above 0%: growing)	+30.97% (above 0%: growing)	53.41%	18.52%	Compare
AMKR Amkor Technology, Inc.	$12.7B	21.9×	31.1×	+25.58% (above 0%: growing)	+218.18% (above 0%: growing)	−276.02% (below 0%: shrinking)	16.79%	10.53%	Compare
Median of peers	$44.4B	54.0×	43.1×	+24.51%	+58.90%	+22.32%	51.86%	26.13%

All 29 Semiconductor Equipment & Materials stocks →

Lam Research Corporation (LRCX) key facts

Strength: Lam Research Corporation’s revenue for fiscal 2026 (year ended June 2026) was $23.2 billion, up 26.0% from fiscal 2025.
Strength: Net income was $7.3 billion, or $5.79 per share (basic), a net margin of 31.3%.
Lam Research Corporation (LRCX) is a Semiconductor Equipment & Materials company in the Technology sector, listed on Nasdaq.
As of October 9, 2026, LRCX traded at $318.84, a market capitalization of $401.2 billion.
At that price the stock trades at 55.1× trailing-twelve-month earnings and 17.2× sales; its P/E is higher than 98% of its own readings over the past ten years.
Lam Research Corporation pays an annual dividend of $1.11 per share, a yield of 0.35%, with a payout ratio of 19.3%.
Return on equity was 65.1% and debt-to-equity 0.30.
Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 34.22 (safe zone) for fiscal 2026.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 25 September 2026

Lam Research reported revenue of $23.2 billion, net income of $7.3 billion and diluted EPS of $5.76 in FY2026. Revenue growth was 26.0% in FY2026 against FY2025, while net income growth was 35.6% in FY2026 against FY2025. Gross margin reached 50.5% and operating margin reached 35.3% in FY2026.

In Q4 FY2026, revenue was $6.7 billion, operating income was $2.5 billion and net income was $2.3 billion. Free cash flow was $4.9 billion in FY2026, compared with $5.4 billion in FY2025. As of September 24, 2026, the P/E was 53.1×, above its five-year and ten-year medians.

Read the full analysis →