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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%
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

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 (at or above 1.5: strong)
Debt/Equity 0.30 (at or below 0.5: strong)
P/E ratio 55.07 (above 35: high)
Fwd P/E 38.30 (above 35: high)
P/S ratio 17.22 (above 10: high)
P/B ratio 32.09 (above 6: high)
Past 5Y EPS Growth 16.45% (at or above 15%: strong)
This Y EPS Growth 63.17% (at or above 15%: strong)
Next Y EPS Growth 25.79% (at or above 15%: strong)
Next Y revenue growth 49.98% (at or above 10%: strong)
Next 5Y EPS Growth 34.49% (at or above 15%: strong)

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

Valuation vs history

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
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

Lam Research Corporation vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

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 →

LRCX metrics, ten years each

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

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.

Lam Research Corporation (LRCX) Latest News

10 Oct

7 Aug

stockrow.com/LRCX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com