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LRCX · NasdaqGS

Lam Research

Semiconductor Equipment & Materials · United States

USD 339.10-1.9% daily changeQuote 2026-10-06 · USD
Market cap (USD)
US$424.36B
Trailing P/E
59.18x
Forward P/E
28.82x
Quarterly revenue growth
30.0%
Trailing net margin
31.3%
Indicated dividend yield
0.4%

Snapshot 2026-10-06 · Latest financial period 2026-06-28 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Next earnings: 2026-10-21 (provider estimate, not issuer-confirmed).

Company background

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. The company offers ALTUS systems to deposit conformal or selective films for tungsten or molybdenum metallization applications; SABRE electrochemical deposition products for copper interconnect transition, which support copper damascene manufacturing; Striker single-wafer atomic layer deposition products for dielectric film solutions; and VECTOR plasma-enhanced chemical vapor deposition (CVD) products. It also provides Akara, a conductor etch system designed to enhance etch precision, selectivity, and defect control; Argos, Prevos, and Selis, which are selective etch systems used in the fabrication of advanced logic and memory devices that require precise control at nanoscale dimensions; Flex for dielectric etch applications; Vantex, a dielectric etch system that provides RF technology and repeatable wafer-to-wafer performance enabled by Equipment Intelligence solutions; Kiyo for conductor etch applications; Syndion for deep silicon etch; and Versys metal products for metal etch processes. In addition, the company offers Coronus bevel clean products to enhance die yield and Da Vinci, DV-Prime, EOS, and SP series products to address various wafer cleaning applications. Further, it provides Reliant deposition, etch, and clean products; Sense.i platform products; and customer service, spares, and upgrades. Lam Research Corporation was incorporated in 1980 and is headquartered in Fremont, California.

Company website

Q4 FY2026

Go beyond the headline.

Lam Research (LRCX): Record Quarter, Blowout Guide — So Why Are We Saying AVOID?

Published 2026-07-29

Comparable businesses

LRCX peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

Market metrics · missing or inapplicable values shown as —
MetricLRCXLam Research CorporationSnapshot 2026-10-06Financial period: 2026-06-28AMATApplied Materials, Inc.Snapshot 2026-10-06Financial period: 2026-07-26KLACKLA CorporationSnapshot 2026-10-06Financial period: 2026-06-30Peer medianSimilar-size peers only
Market capMarket value, converted to USDUS$424.36BUS$423.73BUS$264.43BUS$344.08Bn=2
Forward P/EProvider forward earnings estimate28.82x28.91x30.22x29.57xn=2
EV / EBITDAEnterprise value / trailing EBITDA49.91x42.19x44.84x43.52xn=2
Revenue growthLatest quarter vs prior-year quarter30.0%24.8%15.2%20.0%n=2
Operating marginLatest reported quarter37.4%33.7%42.5%38.1%n=2
Free cash flow yieldTrailing cash flow / market cap0.7%0.7%1.0%0.9%n=2
Net debt / EBITDANet debt / trailing EBITDA-0.17x-0.19x0.21x0.01xn=2
Debt / equityTotal debt / positive book equity0.33x0.29x0.97x0.63xn=2
Trailing P/ETrailing twelve-month earnings59.18x46.07x55.36x50.72xn=2
Price / bookPrice / positive book equity per share34.02x16.54x41.71x29.12xn=2
EV / salesEnterprise value / trailing revenue18.56x13.89x19.99x16.94xn=2
Earnings growthLatest quarter vs prior-year quarter34.8%42.8%13.8%28.3%n=2
Gross marginTrailing twelve months50.5%49.4%61.3%55.3%n=2
Net marginTrailing twelve months31.3%30.1%35.6%32.8%n=2
Return on equityProvider trailing return; positive equity only65.1%41.1%87.5%64.3%n=2
Free cash flow marginTrailing free cash flow / revenue13.3%10.0%19.3%14.7%n=2
Dividend yieldIndicated annual dividend / price0.4%0.4%0.5%0.4%n=2
Earnings payoutProvider trailing dividend payout18.1%16.5%21.9%19.2%n=2
Current ratioCurrent assets / current liabilities2.63x2.42x2.88x2.65xn=2
BetaProvider historical market sensitivity1.851.591.451.52n=2

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

Reported performance

Financial trends

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Financial history
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Market context

Valuation & price history

Adjusted closing price

Price history

Price history loads separately.

Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-10-06. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for LRCX

All available reporting periods
Q4 FY20262026-07-29
Q1 20262026-04-23
Deep Dive2026-04-23
Q2 FY20262026-04-09

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.