Lam Research Corp (LRCX)
Information Technology · Semiconductor Materials & Equipment · US stock · S&P 500 component
$230.15
▼ -30.66 (11.76%)
Fair valueFair
$202 −12.1% to fair value
$101fair band $172–$245$303
Day's range
$227.68 – $242.10
52-week range
$135.50 – $438.50
About Lam Research Corp
Lam Research makes equipment used by chipmakers to manufacture semiconductors, specifically systems for depositing thin films and etching patterns onto silicon wafers. Its customers are memory and logic chip producers, and it also provides spare parts, upgrades and services for installed machines. The company earns money from system sales and from its customer support business. Demand follows chip makers' capital spending, which can vary widely from year to year.
Revenue for the last twelve months was $23.2 billion, and it grew by 10.1% a year over three years. The operating margin is 35.3%, and return on invested capital reached 66%. Net debt to EBITDA is -0.2 times, which means the company holds more cash than debt. It pays a dividend with a yield of 0.5%. Its X-Ray Score is 58 out of 100.
LRCX news
All LRCX news →Price chart
52-wk range $135.50 – $438.50Volume 22,960,509Daily, split-adjusted
Vitals
Market cap$290.2B
52-week range$135.50 – $438.50
Volume (last day)22,960,509
P/E (TTM)40.0
EBIT / EV yield2.8%
Free-cash-flow yield1.7%
Dividend yield0.5%
Revenue (TTM)$23.2B
Net income (TTM)$7.3B
Operating margin35.3%
Return on capital65.5%
Debt incl. leases$4.1B
Cash & securities$5.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$202middle half of models $184 – $213
Fair
−12.1% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Low, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $230
Undervalued < $172Fair $172 – $245Overvalued > $245
P/E multiple
$215
P/B multiple
$179
P/S multiple
$176
EV/EBITDA multiple
$207
EV/EBIT multiple
$182
EV/revenue multiple
$189
10-year DCF, EBITDA exit
$206
5-year DCF, EBITDA exit
$232
10-year DCF, revenue exit
$206
5-year DCF, revenue exit
$230
10-year DCF, growth exit · not used
$86
5-year DCF, growth exit · not used
$80
Dividend discount, stable · not used
$37
Dividend discount, multi-stage · not used
$48
Earnings power value · not used
$87
Growth the price implies
30.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
34/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.8%
Free-cash-flow yield1.7%
Fair value vs price0.9×
Growth
Fair
54/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)10.1%
EPS growth (3y)20.2%
Growth consistency90%
Profitability
Fair
66/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital65.5%
Operating margin35.3%
Gross profitability49.8%
Financial health
Strong
88/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA-0.2×
Interest coverNo interest cost
Dividends
Weak
44/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.5%
Dividends vs free cash flow29%
Dividend growth11.9%
Quarterly results: last 6 quarters
+24.4%
Mar '25
+33.6%
Jun '25
+27.7%
Sep '25
+22.1%
Dec '25
+23.8%
Mar '26
+30.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $6.7B.
Compare with peers
KLAC Kla Corp50 AMAT Applied Materials Inc49 TER Teradyne, Inc47 Q Qnity Electronics, Inc...41Other Semiconductor Materials & Equipment companies by X-Ray Score.
SWOT analysis: Lam Research Corp
Strengthsinside the company
- Return on invested capital is 65.5%, against a median of 35.3% for industry peers.
- Revenue has grown 10.1% a year over three years (median 3.2% for industry peers).
- Earnings per share have compounded at 20.2% a year over three years.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 26.0% last year from 10.1% a year over three years.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Earnings in Semiconductor Materials & Equipment follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare LRCX with peers and sector
Medians of 4 Semiconductor Materials & Equipment peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): AMAT 49, KLAC 50, TER 47, Q 41.
| Metric | LRCX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 58 | 48 | 50 |
| Valuation | 34 | 36 | 52 |
| Growth | 54 | 32 | 54 |
| Profitability | 66 | 59 | 49 |
| Financial health | 87 | 68 | 49 |
| Dividends | 44 | 49 | 51 |
Sector leaders: highest X-Ray Score in Information Technology
LRCX ranks #24 of 75 in Information Technology and #1 of 5 in Semiconductor Materials & Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for LRCX
Each factor is rated by where LRCX stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 10 Good · 5 Average · 7 Bad of 22
Growth: 2 · 1 · 0
Profitability: 4 · 1 · 0
Financial strength: 4 · 0 · 0
Valuation: 0 · 2 · 3
Cash flow: 0 · 1 · 3
Efficiency: 0 · 0 · 1
| Factor | LRCX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +10.1% | Average beats 55% | +9.7% | – | – |
| Revenue growth, last year | +26.0% | Good beats 79% | +13.7% | +17.8% | ▲ Better |
| EPS growth, 3 years a year | +20.2% | Good beats 68% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 50.5% | Average beats 39% | 57.8% | 47.3% | ≈ In line |
| Operating margin | 35.3% | Good beats 79% | 20.3% | 31.2% | ▲ Better |
| Net margin | 31.3% | Good beats 83% | 17.8% | 26.7% | ▲ Better |
| Return on invested capital | 65.5% | Good beats 87% | 19.4% | – | – |
| Return on equity | 58.3% | Good beats 81% | 21.0% | 54.9% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | -0.2x | Good beats 81% | 0.8x | -0.2x | ≈ In line |
| Interest cover | 52.3x | Good beats 89% | 23.0x | 29.1x | ▲ Better |
| Current ratio | 2.63 | Good beats 81% | 1.57 | 2.69 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 89% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 39.9x | Average beats 40% | 33.6x | 30.1x | ▼ Worse |
| Price / book | 23.3x | Bad beats 15% | 8.3x | 14.6x | ▼ Worse |
| Price / sales | 12.5x | Bad beats 23% | 6.9x | 8.1x | ▼ Worse |
| EV / EBITDA | 33.4x | Average beats 34% | 24.7x | 24.9x | ▼ Worse |
| Free cash flow yield | 1.7% | Bad beats 20% | 3.4% | 3.7% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 21.1% | Average beats 42% | 22.3% | 26.8% | ▼ Worse |
| Cash from operations / net income | 0.81 | Bad beats 8% | 1.39 | 1.15 | ▼ Worse |
| Free cash flow growth, 3 years a year | +1.5% | Bad beats 22% | +15.4% | – | – |
| Accruals (lower is better) | +6.0% | Bad beats 5% | −4.4% | – | – |
| Efficiency | |||||
| Days sales outstanding | 84 days | Bad beats 22% | 63 days | 67 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 9 Good · ● 4 Average · ● 3 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 56/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Operating income | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B |
| Net income | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| Operating cash flow | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B |
| Operating margin | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| Free cash flow | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| Diluted EPS | $32.75 | $3.32 | $2.90 | $4.15 | $5.76 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 0 neutral · 12 bearish
Weekly
Bearish
4 bullish · 1 neutral · 7 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 278.4 | Bearish |
| EMA 10 | 273.6 | Bearish |
| SMA 20 | 304.2 | Bearish |
| EMA 20 | 289.0 | Bearish |
| SMA 50 | 304.3 | Bearish |
| EMA 50 | 301.3 | Bearish |
| SMA 100 | 320.8 | Bearish |
| EMA 100 | 300.8 | Bearish |
| SMA 200 | 282.9 | Bearish |
| EMA 200 | 274.6 | Bearish |
Oscillators (daily)
| RSI (14) | 24.57 | Bullish |
| MACD (12, 26) | -15.11 | Bearish |
| Momentum (12) | -31.07 | Bearish |
| Stochastic %K (14) | 2.00 | Bullish |
| Williams %R (14) | -98.00 | Bullish |
| CCI (20) | -175.6 | Bullish |
Pivot points (classic, last session)
S3 210.1 | S2 218.9 | S1 224.5 | Pivot 233.3 | R1 238.9 | R2 247.7 | R3 253.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.11 USD
Yield on today's price
0.48%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.3300 | |
| 0.2600 | |
| 0.2600 | |
| 0.2600 | |
| 0.2600 | |
| 0.2300 | |
| 0.2300 | |
| 0.2300 | |
| 2.3000 | |
| 2.0000 | |
| 2.0000 | |
| 2.0000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold LRCX
| ETF | Share of the fund |
|---|---|
| XNTK SPDR Morgan Stanley Technology | 5.49% |
| QLTY GMO U.S. Quality | 5.38% |
| PSI Invesco Dynamic Semiconductors | 5.33% |
| SMH VanEck Semiconductor | 5.31% |
| CHPY YieldMax Semiconductor Portfolio Optio... | 5.21% |
| JTEK JPMorgan U.S. Tech Leaders | 5.07% |
| SOXX iShares Semiconductor | 4.89% |
| RDVY First Trust Rising Dividend Achievers | 4.42% |
The eight funds with the largest weight in LRCX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
LRCX stock splits
LRCX has split its stock 2 times since 1993. The latest was a 10-for-1 split on 3 Oct 2024.
Full LRCX stock split history →LRCX SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Director or officer change
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.