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Saturday 10 October 2026 Export all LRCX data to Excel Powerpack

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%
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

Lam Research Corporation (LRCX) Financial Analysis

Updated · Covers results through Q4 FY2026 · How this is made

Snapshot

As of September 24, 2026, Lam Research had a market capitalisation of $385.5 billion. Revenue was $23.2 billion, gross profit was $11.7 billion, operating income was $8.2 billion and net income was $7.3 billion in FY2026. Diluted EPS was $5.76 in FY2026.

Revenue was $6.7 billion, gross profit was $3.5 billion, operating income was $2.5 billion and net income was $2.3 billion in Q4 FY2026. Diluted EPS was $1.81 in Q4 FY2026. The latest reported quarter ended June 30, 2026 in Q4 FY2026.

Growth

Revenue was $23.2 billion in FY2026, with growth of 26.0% in FY2026 against FY2025. Revenue compound annual growth was 10.1% in FY2023–FY2026 and 9.70% in FY2021–FY2026. Diluted EPS was $5.76 in FY2026, with growth of 38.8% in FY2026 against FY2025; its compound annual growth was 20.1% in FY2023–FY2026 and 16.4% in FY2021–FY2026.

Free cash flow was $4.9 billion in FY2026, with growth of −9.66% in FY2026 against FY2025. Free cash flow compound annual growth was 1.50% in FY2023–FY2026 and 8.59% in FY2021–FY2026. Revenue was $6.7 billion, diluted EPS was $1.81 and free cash flow was $1.3 billion in Q4 FY2026.

Profitability

Gross margin was 50.5%, operating margin was 35.3%, pre-tax margin was 35.6% and net margin was 31.3% in FY2026. Over FY2021–FY2026, gross margin changed by 3.9 percentage points, operating margin changed by 4.7 percentage points, pre-tax margin changed by 5.7 percentage points and net margin changed by 4.5 percentage points.

Return on equity was 65.1%, return on assets was 32.4% and return on invested capital was 48.2% in FY2026. In Q4 FY2026, gross margin was 51.7% and operating margin was 37.4%. Industry-median comparisons for profitability are not reported.

Balance sheet

Total debt was $3.7 billion, cash and short-term investments were $5.6 billion, and net debt was −$1.8 billion in FY2026. Shareholders’ equity was $12.5 billion, working capital was $9.7 billion and book value per share was $9.94 in FY2026.

The current ratio was 2.6× and debt to equity was 0.3× in Q4 FY2026. Total debt was $4.5 billion and net debt was −$1.9 billion in FY2025, compared with $3.7 billion and −$1.8 billion, respectively, in FY2026. Cash and short-term investments were $6.4 billion in FY2025, compared with $5.6 billion in FY2026.

Cash flow & capital return

Operating cash flow was $5.9 billion in FY2026, with growth of −5.11% in FY2026 against FY2025. Capital expenditure was $966.4 million in FY2026, compared with $759.2 million in FY2025. Free cash flow was $4.9 billion in FY2026, with growth of −9.66% in FY2026 against FY2025 and conversion equal to 67.3% of net income in FY2026.

Dividends paid were $1.3 billion and net share repurchases were $3.7 billion in FY2026. Capital returned to shareholders was $4.9 billion in FY2026 and $20.5 billion over FY2022–FY2026. Weighted average shares were 1.3 billion shares in FY2026, while the share count changed by −12.6% in FY2021–FY2026.

Valuation

As of September 24, 2026, the P/E was 53.1×, above the five-year median of 23.3× over the five fiscal years to FY2026 and the ten-year median of 20.1× over the ten fiscal years to FY2026. As of September 24, 2026, P/S was 16.6×, above the five-year median of 6.8× and ten-year median of 4.8×.

As of September 24, 2026, P/B was 30.9×, above the five-year median of 12.7× and ten-year median of 10.1×. As of September 24, 2026, EV/Sales was 16.5× and EV/Cash flow was 78.4×, both above their respective five-year and ten-year medians. Industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue increased 15.1%, diluted EPS increased 24.8% and free cash flow increased 56.6% in Q4 FY2026 against Q3 FY2026. Gross margin increased 1.9 percentage points and operating margin increased 2.3 percentage points in Q4 FY2026 against Q3 FY2026. Net debt changed by −$828.2 million in Q4 FY2026 against Q3 FY2026.

Revenue increased 30.0% and diluted EPS increased 34.1% in Q4 FY2026 against Q4 FY2025, while free cash flow changed by −46.7% over the same period. Gross margin increased 1.7 percentage points and operating margin increased 3.7 percentage points in Q4 FY2026 against Q4 FY2025. Reasons for these changes are not reported.

Open questions

  • What factors drove the changes in revenue and margins during the latest quarter?
  • What caused operating cash flow and free cash flow to decline despite higher net income?
  • What uses of cash accounted for the movement in cash and short-term investments?
  • How were capital expenditures allocated during the latest fiscal year?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.