Lam Research is one of the largest semiconductor wafer fabrication equipment manufacturers in the world. It specializes in deposition and etch, which entail the buildup of layers on a semiconductor and the subsequent selective removal of patterns from each layer.
It is a $399B industrial company. Revenue grew 26.0% over the last year, it keeps 31¢ of every dollar of sales as profit, and it holds more cash than debt. It trades at 54.9× earnings — near the highest of its own history.
- Website
- lamresearch.com
- Location
- Fremont, CA
- Employees
- 23 300
- Sector
- Industrials
- Founded
- 1980
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth, profitability, health, quality and moat; Valuation lags behind.
Valuation10
- P/E vs own history91th pct · 0/25
- FCF yield1.2% · 5/25
- P/S17.2x · 5/25
- EV/EBITDA46.0x · 0/25
Growth77
- Revenue CAGR7.8% · 12/25
- Net income CAGR12.1% · 20/25
- EPS CAGR ~5Y16.5% · 20/25
- Fwd implied growth74.7% · 25/25
Profitability100
- ROIC66.0% · 25/25
- ROE67.0% · 25/25
- Net margin31.3% · 25/25
- Operating margin35.3% · 25/25
Health100
- Altman Z26.53 · 25/25
- Current ratio2.63 · 25/25
- Interest coverage94.7x · 25/25
- Net cash / debtNet cash · 25/25
Quality84
- Piotroski F8/9 · 25/25
- Beneish M-2.05 · 12/25
- FCF conversion90% · 22/25
- Margin stabilityσ 4.5% · 25/25
Moat95
- ROIC >12% years11/11 yrs · 25/25
- Median gross margin45.9% · 20/25
- FCF-positive years11/11 yrs · 25/25
- Worst-year net marginworst 15.5% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2026MilestoneAt the Semicon India conference held in New Delhi in 2026, Lam Research announced an investment of ₹10,000 crore…
- FY2026FinancialBest year on record$7.27B net income
- 2022AcquisitionIt was announced Lam had acquired the Salzburg-headquartered, wet processing semiconductor…
- FY2018FinancialRevenue crossed $10B$11.1B for the year
- FY2018FinancialBecame debt-freecash now exceeds total debt
- 2017AcquisitionThe company announced the acquisition of Cary, North Carolina–based chip simulation firm Coventor
- 2016MilestoneIt was announced that Lam Research had joined the Fortune 500 for the first time
- FY2016FinancialProfitable every year on record11 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$5.89B in first reported year
- FY2016FinancialPositive free cash flow every year since11-year streak
- 2008AcquisitionLam Research acquired SEZ AG, now Lam Research AG
- 2006AcquisitionLam Research acquired Bullen Semiconductor, now Silfex, Inc
- 1985AcquisitionDavid Lam left the company to join Link Technologies
- 1984IPOThe company issued an initial public offering and was listed on Nasdaq under the symbol LRCX
- 1981ProductThe company introduced its first product, the AutoEtch 480, an automated polysilicon plasma etcher
- 1980FoundedLam Research was founded in 1980 by David K
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (50.5%)
- Strongly profitable — 31.3% net margin
- Revenue growing 26.0% year over year
- Strong cash conversion — FCF is 21.1% of revenue
- Net cash position after subtracting debt from cash
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+26.0% YoY
- Profitable — makes more than it spends$7.27B TTM
- Profit growing — earnings are higher than last year+20.2% YoY
- Generates cash — cash left after running and investing$4.89B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$399B market cap
- Not printing shares — share count not ballooning — you keep your slice-13.2% shares over ~5y
- Proven track record — years of profitability behind it11/11 profitable years
- Financially stable — balance sheet not near distressAltman Z 26.5 — safe
- Pays a dividend — returns cash to shareholdersyield 0.32%
- Valuation not extreme — price not wildly above earningsP/E 54.9
Peer comparisonLam Research Corp vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| LRCX this company | $399.2B | 54.9 | +26.0% | 31.3% | Strong |
| CAT Caterpillar Inc. | $368.0B | 33.9 | +18.4% | 14.5% | Solid |
| RTX RTX Corporation | $251.3B | 32.4 | +11.8% | 8.3% | Strained |
| DE Deere & Company | $167.7B | 34.4 | +8.3% | 10.2% | Solid |
| ETN Eaton Corporation, plc | $167.2B | 43.6 | +15.5% | 12.8% | Mixed |
| UNP Union Pacific Corp. | $166.8B | 22.6 | +4.2% | 28.8% | Strained |
| BA Boeing Company | $150.6B | 61.8 | +24.8% | 2.6% | Strained |
Head-to-head: LRCX vs CAT · LRCX vs RTX · LRCX vs DE
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2026. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/LRCX
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of LRCX on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $318.97 · market cap $399B.