What it does
Lam Research states that it is a global supplier of wafer-fabrication equipment and services for the semiconductor industry. Its systems support deposition, etch, clean, and dry-resist processes used to build semiconductor devices on wafers. The filing also describes advanced packaging offerings, including solutions for wafer-level packaging and 3D stacking of high-bandwidth memory. Its Customer Support Business Group provides customer service, spare parts, upgrades, and new and refurbished non-leading-edge products. The company says its equipment and services are intended to help customers make smaller and better-performing devices.
Source: Lam Research Corporation Form 10-K for fiscal 2026, Item 1 — sec.gov
How it makes money
The company states that it sells semiconductor manufacturing systems across deposition, etch, clean, and dry-resist applications, alongside related services. Its customers use this equipment in producing memory and logic devices. The segment table shown below provides the revenue detail. Beyond initial equipment sales, the filing describes lifecycle offerings through its Customer Support Business Group, including service, spares, upgrades, and new and refurbished non-leading-edge products. The company also states that many advances introduced in newer products can be offered as upgrades to existing wafer-fabrication lines.
Source: Lam Research Corporation Form 10-K for fiscal 2026, Item 1 — sec.gov
Customers and geography
The filing states that Lam’s customers include leading semiconductor memory, foundry, and integrated-device manufacturers, producing non-volatile memory, DRAM, and logic devices. Its most significant customers in the three fiscal years ended June 28, 2026 included Micron Technology, Samsung Electronics, SK hynix, and Taiwan Semiconductor Manufacturing Company. The company maintains facilities across Asia, Europe, and the United States, and states that a significant portion of sales and operations occurs outside the United States. For geographic reporting, it attributes revenue to the location of customers’ facilities.
Source: Lam Research Corporation Form 10-K for fiscal 2026, Item 1 — sec.gov
Competition
The company describes semiconductor capital equipment as a rapidly changing and highly competitive global industry. It names Applied Materials as its primary competitor in dielectric and metals deposition; ASM International and Wonik IPS as additional competitors in ALD and PECVD; and Applied Materials, Hitachi, and Tokyo Electron in etch. In wet clean, it names Screen Holdings, Semes, and Tokyo Electron. The filing states that semiconductor manufacturers assess suppliers on process performance, productivity, defect control, customer support, and overall cost of ownership. It also identifies competition from third-party spare-parts providers.
Source: Lam Research Corporation Form 10-K for fiscal 2026, Item 1 — sec.gov
Key risks
- Rapid technological changes in semiconductor manufacturing processes can increase pressure to develop enabling advances.
- Competitors may develop comparable or superior products or adapt more quickly to new technologies or customer requirements.
- A customer’s qualification and continued use of a competitor’s equipment can make it harder to sell Lam equipment to that customer.
- Demand in semiconductor capital equipment can change rapidly with industry conditions and customer plans.
- Sales to a limited number of large customers constitute a significant portion of shipments, revenue, cash flows, and profitability.
- Cybersecurity or other incidents can affect technology, data, intellectual property, and sensitive information.
Source: Lam Research Corporation Form 10-K for fiscal 2026, Item 1A — sec.gov
People and operations
As of August 4, 2026, the company had 23,300 regular full-time employees; the filing states that over 26% were engaged in research and development. It reports that approximately 38% of these employees were in the United States, 56% in Asia, and 6% in Europe. Manufacturing mainly consists of assembling and testing components, sub-assemblies, and modules before they are integrated into finished systems for shipment or integration at customer locations. The company states that assembly and testing are conducted predominantly in cleanroom environments and that it outsources certain manufacturing, production warehousing, and logistics functions.
Source: Lam Research Corporation Form 10-K for fiscal 2026, Item 1 — sec.gov