# Lam Research Corp (LRCX) — Stock CV

Lam Research Corp 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.

> 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.

## Identity

- **Ticker**: LRCX
- **Sector**: Industrials
- **Industry**: Special Industry Machinery, Nec
- **Headquarters**: FREMONT, CA
- **Employees**: 23 300
- **Website**: https://www.lamresearch.com
- **Market cap**: $399B
- **Last price**: $318.97
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $23.2B
- **Net income**: $7.27B
- **Free cash flow**: $4.89B
- **Net cash**: $1.46B
- **P/E**: 54.9
- **Revenue growth (YoY)**: 26.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 10 |
| Growth | 77 |
| Profitability | 100 |
| Health | 100 |
| Quality | 84 |
| Moat | 95 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +26.0% YoY
- [x] Profitable — $7.27B TTM
- [x] Profit growing — +20.2% YoY
- [x] Generates cash — $4.89B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $399B market cap
- [x] Not printing shares — -13.2% shares over ~5y
- [x] Proven track record — 11/11 profitable years
- [x] Financially stable — Altman Z 26.5 — safe
- [x] Pays a dividend — yield 0.32%
- [ ] Valuation not extreme — P/E 54.9

## Experience (career milestones)

- **2026** — At the Semicon India conference held in New Delhi in 2026, Lam Research announced an investment of ₹10,000 crore…
- **FY2026** — Best year on record: $7.27B net income
- **2022** — It was announced Lam had acquired the Salzburg-headquartered, wet processing semiconductor…
- **FY2018** — Revenue crossed $10B: $11.1B for the year
- **FY2018** — Became debt-free: cash now exceeds total debt
- **2017** — The company announced the acquisition of Cary, North Carolina–based chip simulation firm Coventor
- **2016** — It was announced that Lam Research had joined the Fortune 500 for the first time
- **FY2016** — Profitable every year on record: 11 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $5.89B in first reported year
- **FY2016** — Positive free cash flow every year since: 11-year streak
- **2008** — Lam Research acquired SEZ AG, now Lam Research AG
- **2006** — Lam Research acquired Bullen Semiconductor, now Silfex, Inc
- **1985** — David Lam left the company to join Link Technologies
- **1984** — The company issued an initial public offering and was listed on Nasdaq under the symbol LRCX
- **1981** — The company introduced its first product, the AutoEtch 480, an automated polysilicon plasma etcher
- **1980** — Lam Research was founded in 1980 by David K

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $17.2B | $4.61B | $2.55B |
| FY2023 | $17.4B | $4.51B | $4.68B |
| FY2024 | $14.9B | $3.83B | $4.26B |
| FY2025 | $18.4B | $5.36B | $5.41B |
| FY2026 | $23.2B | $7.27B | $4.89B |

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Source: https://stockcv.com/LRCX — derived from company filings; may be delayed or incomplete. Information, not investment advice.