LRCX Lam Research Corporation - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗

$294.48

Price · May 21, 2026

Fundamentals as of Apr 23, 2026

LRCX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$294.48

Market Cap

$123.32B

P/E (TTM)

23.4

EPS (TTM)

$4.15

Revenue (TTM)

$18.44B

Div Yield

0.93%

ROE

57.4%

Debt/Equity

0.5

52W Range

$79 – $302

LRCX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $18.44B

2017-06-25 → 2025-06-29

EPS $4.15

2017-06-25 → 2025-06-29

Free Cash Flow $5.41B

2017-06-25 → 2025-06-29

Margins 29.1%

2017-06-25 → 2025-06-29

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

LRCX

Peer Median

P/E (TTM)

23.4

37.0

P/S (TTM)

6.7

6.6

P/B

12.5

7.5

EV / EBITDA

20.6

—

Price / FCF

22.8

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

LRCX

Peer Median

Gross Margin

48.7%

31.1%

Operating Margin

32.0%

—

Net Profit Margin

29.1%

-22.2%

ROA

26.7%

-18.5%

ROE

57.4%

-28.5%

ROIC

37.0%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

LRCX

Peer Median

Debt / Equity

0.5

3.8

Current Ratio

2.2

4.5

Quick Ratio

1.5

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

LRCX

Peer Median

Revenue YoY

23.7%

—

Revenue CAGR 3Y

2.3%

—

Revenue CAGR 5Y

12.9%

—

EPS YoY

43.1%

—

Net Income YoY

40.0%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

LRCX

Peer Median

EPS (Diluted)

$4.15

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

LRCX

Peer Median

Payout Ratio

21.4%

—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

0.93%

Payout Ratio

21.4%

5Y Div CAGR

—

Ex-date	Amount
March 4, 2026	$0.2600
Dec. 3, 2025	$0.2600
Sept. 24, 2025	$0.2600
June 18, 2025	$0.2300
March 5, 2025	$0.2300
Dec. 11, 2024	$0.2300
Sept. 17, 2024	$0.2300
June 18, 2024	$0.2000
March 12, 2024	$0.2000
Dec. 12, 2023	$0.2000
Sept. 12, 2023	$0.2000
June 13, 2023	$0.1725
March 14, 2023	$0.1725
Dec. 13, 2022	$0.1725
Sept. 13, 2022	$0.1725
June 14, 2022	$0.1500
March 15, 2022	$0.1500
Dec. 14, 2021	$0.1500
Sept. 27, 2021	$0.1500
June 15, 2021	$0.1300

LRCX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 41 analysts

Strong Buy 10 24.4%
Buy 22 53.7%
Hold 9 22.0%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

32 analysts · 2026-05-22

Median $315.00

Now $294.48

Low $220.00

High $385.00

Median target $315.00 +7.0%

Mean target $312.12 +6.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.05%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$1.46	$1.39	0.07%
Dec. 31, 2025	$1.27	$1.19	0.08%
Sept. 30, 2025	$1.26	$1.25	0.01%
June 30, 2025	$1.33	$1.23	0.10%
March 31, 2025	$1.04	$1.03	0.01%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
LRCX	$123.32B	23.4	23.7%	29.1%	57.4%	48.7%
AMAT	$181.40B	26.4	4.4%	24.7%	35.5%	48.7%
KLAC	$118.26B	29.5	23.9%	33.4%	98.1%	—
TER	$30.21B	55.8	13.1%	17.4%	19.7%	58.2%
Q	—	24.7	9.7%	15.3%	8.2%	—
MKSI	$10.74B	36.6	9.6%	7.5%	11.2%	46.7%
ENTG	$12.80B	54.4	-1.4%	7.4%	6.1%	44.4%
AMKR	$9.76B	26.3	6.2%	5.6%	8.7%	14.0%
ONTO	$8.24B	59.7	1.8%	13.6%	6.7%	49.7%
FORM	$4.51B	84.1	2.8%	6.9%	5.4%	39.3%
ENPH	$4.20B	24.8	10.7%	11.7%	17.9%	46.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18

Annual Income Statement data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$18.44B	$14.91B	$17.43B	$17.23B	$14.63B	$10.04B	$9.65B	$11.08B	$8.01B	$5.89B	$5.26B	$4.61B
Cost of Revenue	$9.46B	$7.85B	$9.65B	$9.36B	$7.82B	$5.44B	$5.30B	$5.91B	$4.41B	$3.27B	$2.97B	$2.60B
Gross Profit	$8.98B	$7.05B	$7.78B	$7.87B	$6.81B	$4.61B	$4.36B	$5.17B	$3.60B	$2.62B	$2.28B	$2.01B
R&D Expense	$2.10B	$1.90B	$1.73B	$1.60B	$1.49B	$1.25B	$1.19B	$1.19B	$1.03B	$914M	$825M	$716M
SG&A Expense	$982M	$868M	$833M	$886M	$830M	$682M	$702M	$762M	$667M	$631M	$592M	$613M
Operating Expenses	$3.08B	$2.79B	$2.60B	$2.49B	$2.32B	$1.93B	$1.89B	$1.95B	$1.70B	$1.54B	$1.50B	$1.33B
Operating Income	$5.90B	$4.26B	$5.17B	$5.38B	$4.48B	$2.67B	$2.46B	$3.21B	$1.90B	$1.07B	$788M	$678M
Interest Expense	·	·	$186M	$185M	$209M	$177M	$117M	$97M	$118M	$135M	$74M	$62M
Interest Income	$231M	$252M	$139M	$15M	$20M	$85M	$99M	$86M	$58M	$30M	$19M	$13M
Other Non-op	$57M	$96M	$-66M	$-189M	$-111M	$-99M	$-18M	$-62M	$-90M	$-114M	$-47M	$-37M
Pretax Income	$5.96B	$4.36B	$5.11B	$5.19B	$4.37B	$2.57B	$2.45B	$3.15B	$1.81B	$960M	$741M	$723M
Income Tax	$600M	$532M	$598M	$588M	$462M	$323M	$255M	$771M	$114M	$46M	$85M	$91M
Net Income	$5.36B	$3.83B	$4.51B	$4.61B	$3.91B	$2.25B	$2.19B	$2.38B	$1.70B	$914M	$656M	$632M
EPS (Basic)	$4.17	$2.91	$3.33	$32.92	$27.22	$15.55	$14.37	$14.73	$10.47	$5.75	$4.11	$3.84
EPS (Diluted)	$4.15	$2.90	$3.32	$32.75	$26.90	$15.10	$13.70	$13.17	$9.24	$5.22	$3.70	$3.62
Shares (Basic)	1,286,101,000	1,314,102,000	1,354,715,000	139,899,000	143,609,000	144,814,000	152,478,000	161,643,000	162,222,000	158,919,000	159,629,000	164,741,000
Shares (Diluted)	1,290,142,000	1,319,949,000	1,358,336,000	140,628,000	145,320,000	149,090,000	159,915,000	180,782,000	183,770,000	175,159,000	177,067,000	174,503,000
EBITDA	$5.90B	$4.26B	$5.17B	$5.38B	$4.48B	$2.67B	$2.46B	$3.21B	$1.90B	$1.07B	$788M	$678M

Balance Sheet 29

Annual Balance Sheet data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$6.39B	$5.85B	$5.34B	$3.52B	$4.42B	$4.92B	$3.66B	$4.51B	$2.38B	$5.04B	$1.50B	$1.45B
Short-term Investments	·	·	·	·	·	·	·	·	·	·	$2.57B	$1.61B
Receivables	$3.38B	$2.52B	$2.82B	$4.31B	$3.03B	$2.10B	$1.46B	$2.18B	$1.67B	$1.26B	$1.09B	$801M
Inventory	$4.31B	$4.22B	$4.82B	$3.97B	$2.69B	$1.90B	$1.54B	$1.88B	$1.23B	$972M	$943M	$741M
Prepaid Expense	$440M	$298M	$252M	$347M	$208M	$146M	$134M	$147M	$195M	$151M	$157M	$177M
Current Assets	$14.52B	$12.88B	$13.23B	$12.29B	$11.65B	$10.85B	$8.56B	$9.15B	$9.14B	$9.21B	$6.27B	$4.78B
PP&E (Net)	$2.41B	$2.13B	$1.80B	$1.61B	$1.26B	$1.05B	$1.06B	$903M	$686M	$640M	$621M	$543M
PP&E (Gross)	$4.58B	$3.99B	$3.45B	$3.05B	$2.53B	$2.14B	$2.02B	$1.74B	$1.44B	$1.36B	$1.25B	$1.10B
Accum. Depreciation	$2.17B	$1.86B	$1.64B	$1.44B	$1.27B	$1.08B	$964M	$834M	$757M	$722M	$630M	$553M
Goodwill	$1.60B	$1.60B	$1.62B	$1.52B	$1.49B	$1.48B	$1.48B	$1.48B	$1.39B	$1.39B	$1.39B	$1.47B
Intangibles	$182M	$138M	$168M	$102M	$132M	$169M	$217M	$318M	$411M	$565M	$728M	$894M
Other Non-current Assets	$2.59B	$1.94B	$1.91B	$1.39B	$1.06B	$727M	$425M	$368M	$242M	$210M	$186M	$159M
Total Assets	$21.35B	$18.74B	$18.78B	$17.20B	$15.89B	$14.56B	$12.00B	$12.48B	$12.12B	$12.26B	$9.36B	$7.99B
Accounts Payable	$854M	$614M	$471M	$1.01B	$830M	$592M	$377M	$511M	$465M	$348M	$300M	$224M
Accrued Liabilities	$2.39B	$1.80B	$2.01B	$1.97B	$1.72B	$1.27B	$947M	$1.31B	$969M	$773M	$649M	$604M
Current Liabilities	$6.57B	$4.34B	$4.18B	$4.56B	$3.53B	$3.16B	$2.37B	$3.15B	$2.95B	$2.42B	$2.63B	$1.58B
Capital Leases	$193M	$223M	$173M	$165M	$118M	$124M	$28M	$46M	$6M	$205.0K	$7M	$10M
Other Non-current Liabilities	$582M	$575M	$501M	$423M	$399M	$333M	$191M	$91M	$280M	$135M	$184M	$123M
Total Liabilities	$11.48B	$10.21B	$10.57B	$10.92B	$9.86B	$9.38B	$7.28B	$5.90B	$5.14B	$6.16B	$4.02B	$2.78B
Long-term Debt	$4.47B	$4.97B	$4.97B	$4.96B	$4.96B	$5.80B	$4.43B	$2.37B	$2.69B	$4.32B	$2.35B	$1.32B
Total Debt	$4.47B	$4.97B	$4.97B	·	$4.96B	$5.80B	$4.43B	$2.37B	$2.69B	$4.33B	·	$1.32B
Common Stock	$1M	$1M	$133.0K	$137.0K	$143.0K	$145.0K	$144.0K	$157.0K	$162.0K	$160.0K	$159.0K	$162.0K
Paid-in Capital	$8.70B	$8.22B	$7.81B	$7.41B	$7.05B	$6.70B	$6.41B	$6.14B	$5.85B	$5.57B	$5.37B	$5.24B
Retained Earnings	$28.99B	$24.81B	$22.03B	$18.45B	$14.68B	$11.52B	$9.93B	$8.26B	$6.25B	$4.82B	$4.10B	$3.58B
Treasury Stock	$27.76B	$24.37B	$21.53B	$19.48B	$15.65B	$12.95B	$11.60B	$7.85B	$5.22B	$4.43B	$4.30B	$3.76B
AOCI	$-62M	$-130M	$-101M	$-110M	$-64M	$-94M	$-64M	$-57M	$-62M	$-69M	$-58M	$-29M
Stockholders' Equity	$9.86B	$8.54B	$8.21B	$6.28B	$6.03B	$5.17B	$4.67B	$6.50B	$6.82B	$5.89B	$5.10B	$5.03B
Liabilities + Equity	$21.35B	$18.74B	$18.78B	$17.20B	$15.89B	$14.56B	$12.00B	$12.48B	$12.12B	$12.26B	$9.36B	$7.99B
Shares Outstanding	1,268,740,000	1,303,769,000	1,332,966,000	1,369,750,000	142,501,000	145,331,000	144,433,000	156,892,000	161,723,000	160,201,000	158,531,000	162,350,000

Cash Flow 19

Annual Cash Flow data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$386M	$360M	$342M	$334M	$307M	$269M	$309M	$326M	$307M	$291M	$278M	$292M
Stock-based Comp	$343M	$293M	$287M	$259M	$220M	$189M	$187M	$172M	$150M	$142M	$135M	$104M
Deferred Tax	$-363M	$-199M	$-172M	$-257M	$-151M	$-18M	$-5M	$3M	$105M	$-49M	$6M	$8M
Amort. of Intangibles	·	$56M	$52M	$78M	$71M	$66M	$127M	$161M	$155M	$156M	$158M	$163M
Restructuring	·	$62M	$120M	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$6.17B	$4.65B	$5.18B	$3.10B	$3.59B	$2.13B	$3.18B	$2.66B	$2.03B	$1.35B	$786M	$717M
CapEx	$759M	$397M	$502M	$546M	$349M	$203M	$303M	$273M	$157M	$175M	$198M	$146M
Investing Cash Flow	$-708M	$-371M	$-535M	$612M	$73M	$-244M	$-1.64B	$2.75B	$-2.05B	·	·	·
Debt Issued	·	·	·	$0	$0	$1.97B	$2.48B	$0	$0	$2.34B	$992M	$0
Net Debt Issued	·	·	·	$0	$0	$1.97B	$2.48B	$0	$0	$2.34B	$992M	·
Stock Issued	$2M	$16M	$11M	$6M	$24M	$8M	$7M	$9M	$13M	$3M	$18M	$35M
Stock Repurchased	$3.42B	$2.84B	$2.02B	$3.87B	$2.70B	$1.37B	$3.78B	$2.65B	$812M	$158M	$573M	$245M
Net Stock Activity	$-3.42B	$-2.83B	$-2.01B	$-3.86B	$-2.67B	$-1.36B	$-3.77B	$-2.64B	$-799M	$-155M	$-556M	$-210M
Dividends Paid	$1.15B	$1.02B	$908M	$815M	$727M	$657M	$678M	$308M	$243M	$190M	$116M	$0
Financing Cash Flow	$-4.94B	$-4.00B	$-2.83B	$-4.58B	$-4.17B	$-624M	$-2.39B	$-3.27B	$-2.63B	·	·	·
Net Change in Cash	$557M	$263M	$1.81B	$-897M	$-498M	$1.26B	$-855M	$2.13B	$-2.66B	$3.54B	$49M	$290M
Taxes Paid	$973M	$992M	$810M	$808M	$519M	$223M	$300M	$143M	$28M	$40M	$115M	$18M
Free Cash Flow	$5.41B	$4.26B	$4.68B	$2.55B	$3.24B	$1.92B	$2.87B	$2.38B	$1.87B	$1.17B	$587M	$572M
Levered FCF	·	·	$4.51B	$2.39B	$3.05B	$1.77B	$2.77B	$2.31B	$1.76B	$1.05B	$522M	$518M

Profitability 8

Annual Profitability data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	48.7%	47.3%	44.6%	45.7%	46.5%	45.9%	45.1%	46.6%	45.0%	44.5%	43.4%	43.6%
Operating Margin	32.0%	28.6%	29.7%	31.2%	30.6%	26.6%	25.5%	29.0%	23.7%	18.2%	15.0%	14.7%
Net Margin	29.1%	25.7%	25.9%	26.7%	26.7%	22.4%	22.7%	21.5%	21.2%	15.5%	12.5%	13.7%
Pretax Margin	32.3%	29.2%	29.3%	30.1%	29.9%	25.6%	25.3%	28.4%	22.6%	16.3%	14.1%	15.7%
EBITDA Margin	32.0%	28.6%	29.7%	31.2%	30.6%	26.6%	25.5%	29.0%	23.7%	18.2%	15.0%	14.7%
ROA	26.7%	20.4%	25.1%	27.8%	25.7%	17.0%	17.9%	19.4%	13.9%	8.5%	7.5%	8.3%
ROE	57.4%	46.2%	54.3%	74.9%	68.6%	46.4%	44.0%	35.8%	26.7%	16.6%	12.9%	13.3%
ROIC	37.0%	27.7%	34.7%	76.0%	36.5%	21.3%	24.2%	27.4%	18.8%	10.0%	13.7%	9.3%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	2.2	3.0	3.2	2.7	3.3	3.4	3.6	2.9	3.1	3.8	2.4	3.0
Quick Ratio	1.5	1.9	1.9	1.7	2.1	2.2	2.2	2.1	1.4	2.6	2.0	2.4
Debt / Equity	0.5	0.6	0.6	·	0.8	1.1	0.9	0.4	0.4	0.7	·	0.3
LT Debt / Equity	0.4	0.5	0.6	·	0.8	1.0	0.8	0.3	0.3	0.6	·	0.2
Interest Coverage	·	·	27.8	29.1	21.5	15.1	21.0	33.0	16.2	8.0	10.7	11.0

Efficiency 3

Annual Efficiency data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.9	0.8	1.0	1.0	1.0	0.8	0.8	0.9	0.7	0.5	0.6	0.6
Inventory Turnover	2.2	1.7	2.2	2.8	3.4	3.2	3.1	3.8	4.0	3.4	3.5	4.0
Receivables Turnover	6.3	5.6	4.9	4.7	5.7	5.7	5.3	5.8	5.5	5.0	5.6	6.6

Per Share 6

Annual Per Share data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$7.77	$65.50	$61.59	$45.84	$42.30	$35.59	$32.36	$41.44	$42.16	$36.79	$32.19	$30.98
Revenue / Share	$14.29	$112.92	$128.31	$122.50	$100.65	$67.37	$60.37	$61.27	$43.61	$33.60	$29.70	$26.40
Cash Flow / Share	$4.78	$35.25	$38.13	$22.04	$24.69	$14.26	$19.86	$14.69	$11.04	$7.71	$4.44	$4.11
Cash / Share	$5.04	$44.85	$40.04	$25.71	$31.01	$33.82	$25.33	$28.76	$14.70	$31.46	$9.47	$8.95
Dividend / Share	$1	$1	$1	$6	$5	$5	$4	$3	$2	$1	$1	$0
EPS (TTM)	$4.15	$2.90	$3.32	$32.75	$26.90	$15.10	$13.70	$13.17	$9.24	$5.22	$3.70	$3.62

Growth Rates 10

Annual Growth Rates data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	23.7%	-14.5%	1.2%	17.8%	45.6%	·	·	·	·	·	·	·
Revenue CAGR 3Y	2.3%	0.63%	20.2%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	12.9%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	43.1%	-12.7%	-89.9%	21.8%	78.1%	·	·	·	·	·	·	·
EPS CAGR 3Y	-49.8%	-52.4%	-39.6%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	-22.8%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	40.0%	-15.1%	-2.1%	17.8%	73.6%	·	·	·	·	·	·	·
Net Income CAGR 3Y	5.2%	-0.69%	26.1%	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	18.9%	·	·	·	·	·	·	·	·	·	·	·
Dividend CAGR 5Y	11.8%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for LRCX
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$18.44B	$14.91B	$17.43B	$17.23B	$14.63B	$10.04B	$9.65B	$11.08B	$8.01B	$5.89B	$5.26B	$4.61B
Net Income TTM	$5.36B	$3.83B	$4.51B	$4.61B	$3.91B	$2.25B	$2.19B	$2.38B	$1.70B	$914M	$656M	$632M
Market Cap	$123.32B	$13.88B	$8.11B	$6.17B	$8.98B	$4.40B	$2.71B	$2.74B	$2.45B	$1.32B	$1.31B	$1.09B
Enterprise Value	$121.40B	$13.00B	$7.74B	·	$9.53B	$5.28B	$3.48B	$597M	$2.76B	$604M	·	$-655M
P/E	23.4	36.7	18.3	1.4	2.3	2.0	1.4	1.3	1.6	1.6	2.2	1.8
P/S	6.7	0.9	0.5	0.4	0.6	0.4	0.3	0.2	0.3	0.2	0.2	0.2
P/B	12.5	1.6	1.0	1.0	1.5	0.8	0.6	0.4	0.4	0.2	0.3	0.2
P / Tangible Book	15.3	2.0	1.3	1.3	2.0	1.2	·	·	·	·	·	·
P / Cash Flow	20.0	3.0	1.6	2.0	2.5	2.1	0.9	1.0	1.2	1.0	1.7	1.5
P / FCF	22.8	3.3	1.7	2.4	2.8	2.3	0.9	1.2	1.3	1.1	2.2	1.9
EV / EBITDA	20.6	3.0	1.5	·	2.1	2.0	1.4	0.2	1.5	0.6	·	-1.0
EV / FCF	22.4	3.1	1.7	·	2.9	2.7	1.2	0.3	1.5	0.5	·	-1.1
EV / Revenue	6.6	0.9	0.4	·	0.7	0.5	0.4	0.1	0.3	0.1	·	-0.1
Dividend Yield	0.93%	7.3%	11.2%	13.2%	8.1%	14.9%	25.0%	11.2%	9.9%	14.4%	8.8%	0.00%
Earnings Yield	4.3%	2.7%	5.5%	72.8%	42.7%	49.9%	72.9%	75.4%	60.9%	63.4%	44.6%	54.1%
Payout Ratio	21.4%	26.6%	20.1%	17.7%	18.6%	29.2%	30.9%	12.9%	14.3%	20.8%	17.7%	·
Annual Payout	$1.15B	$1.02B	$908M	$815M	$727M	$657M	$678M	$308M	$243M	$190M	$116M	$0

Income Statement 18

Quarterly Income Statement data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
Revenue	$5.84B	$5.34B	$5.32B	$5.17B	$4.72B	$4.38B	$4.17B	$3.87B	$3.79B	$3.76B	$3.48B	$3.21B	$3.87B	$5.28B	$5.07B	$4.64B
Cost of Revenue	·	·	·	$2.58B	$2.41B	$2.30B	$2.17B	$2.03B	$1.99B	$2.00B	$1.83B	$1.75B	$2.26B	$2.90B	$2.74B	$2.54B
Gross Profit	$2.91B	$2.65B	$2.68B	$2.59B	$2.31B	$2.07B	$2.00B	$1.84B	$1.80B	$1.76B	$1.65B	$1.46B	$1.61B	$2.38B	$2.34B	$2.10B
R&D Expense	$583M	$573M	$576M	$580M	$526M	$495M	$495M	$498M	$512M	$470M	$423M	$402M	$429M	$462M	$433M	$411M
SG&A Expense	$280M	$268M	$279M	$268M	$226M	$244M	$243M	$216M	$216M	$229M	$207M	$200M	$194M	$234M	$206M	$210M
Operating Expenses	$864M	$841M	$856M	$849M	$752M	$739M	$738M	$714M	$743M	$700M	$632M	$604M	$663M	$696M	$639M	$621M
Operating Income	$2.05B	$1.81B	$1.83B	$1.74B	$1.56B	$1.33B	$1.26B	$1.13B	$1.06B	$1.06B	$1.02B	$855M	$942M	$1.68B	$1.70B	$1.48B
Interest Expense	·	·	·	·	·	·	·	·	$47M	$46M	$45M	·	$47M	$47M	$46M	·
Interest Income	$43M	$53M	$64M	$55M	$51M	$58M	$68M	$66M	$72M	$58M	$57M	$56M	$42M	$26M	$15M	$6M
Other Non-op	$-35M	$26M	$30M	$38M	$-25M	$14M	$30M	$28M	$36M	$30M	$3M	$9M	$-3M	$-28M	$-43M	$-120M
Pretax Income	$2.01B	$1.84B	$1.86B	$1.78B	$1.54B	$1.35B	$1.29B	$1.15B	$1.09B	$1.09B	$1.03B	$864M	$939M	$1.65B	$1.65B	$1.36B
Income Tax	$186M	$243M	$291M	$59M	$206M	$157M	$178M	$134M	$127M	$133M	$138M	$61M	$125M	$183M	$229M	$150M
Net Income	$1.83B	$1.59B	$1.57B	$1.72B	$1.33B	$1.19B	$1.12B	$1.02B	$966M	$954M	$887M	$803M	$814M	$1.47B	$1.43B	$1.21B
EPS (Basic)	$1.46	$1.27	$1.24	$1.34	$1.04	$0.93	$0.86	$0.78	$0.74	$0.72	$0.67	$-23.92	$6.03	$10.80	$10.42	$8.76
EPS (Diluted)	$1.45	$1.26	$1.24	$1.34	$1.03	$0.92	$0.86	$0.78	$0.73	$0.72	$0.67	$-23.85	$6.01	$10.77	$10.39	$8.74
Shares (Basic)	1,249,728,000	1,254,856,000	1,264,446,000	-2,584,023,000	1,283,779,000	1,287,109,000	1,299,236,000	-2,636,413,000	1,308,382,000	1,316,293,000	1,325,840,000	946,882,000	134,924,000	136,018,000	136,891,000	-281,703,000
Shares (Diluted)	1,257,325,000	1,261,739,000	1,269,313,000	-2,593,493,000	1,288,100,000	1,291,469,000	1,304,066,000	-2,649,094,000	1,315,178,000	1,322,201,000	1,331,664,000	949,394,000	135,395,000	136,339,000	137,208,000	-283,571,000
EBITDA	$2.05B	$1.81B	$1.83B	·	$1.56B	$1.33B	$1.26B	·	$1.06B	$1.06B	$1.02B	·	$942M	$1.68B	$1.70B	·

Balance Sheet 27

Quarterly Balance Sheet data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
Cash & Equivalents	$4.75B	$6.18B	$6.69B	$6.39B	$5.45B	$5.67B	$6.07B	$5.85B	$5.67B	$5.62B	$5.13B	$5.34B	$5.31B	$4.48B	$4.26B	$3.52B
Receivables	$4.13B	$3.49B	$3.63B	$3.38B	$3.23B	$3.30B	$2.94B	$2.52B	$2.20B	$2.71B	$2.81B	·	$3.26B	$4.07B	$4.57B	·
Inventory	$4.00B	$4.04B	$4.10B	$4.31B	$4.46B	$4.36B	$4.21B	$4.22B	$4.32B	$4.43B	$4.75B	·	$4.88B	$4.82B	$4.36B	·
Prepaid Expense	$413M	$308M	$386M	$440M	$318M	$284M	$278M	$298M	$290M	$279M	$278M	·	$216M	$231M	$306M	·
Current Assets	$13.30B	$14.02B	$14.81B	$14.52B	$13.46B	$13.61B	$13.49B	$12.88B	$12.49B	$13.05B	$12.99B	·	$13.73B	$13.71B	$13.61B	·
PP&E (Net)	$2.83B	$2.69B	·	$2.41B	·	·	·	$2.13B	·	·	·	·	·	·	·	·
PP&E (Gross)	$5.23B	$5.02B	·	$4.58B	·	·	·	$3.99B	·	·	·	·	·	·	·	·
Accum. Depreciation	$2.40B	$2.33B	·	$2.17B	·	·	·	$1.86B	·	·	·	·	·	·	·	·
Goodwill	·	·	·	$1.60B	·	·	$1.60B	$1.60B	$1.63B	$1.63B	$1.63B	·	$1.62B	$1.62B	$1.51B	·
Intangibles	·	·	·	$182M	·	·	·	$138M	$142M	$151M	$158M	·	$180M	$185M	$110M	·
Other Non-current Assets	$2.76B	$2.80B	$2.76B	$2.59B	$2.34B	$2.15B	$2.07B	$1.94B	$1.84B	$1.80B	$1.65B	·	$1.61B	$1.58B	$1.51B	·
Total Assets	$20.79B	$21.39B	$21.90B	$21.35B	$19.97B	$19.84B	$19.53B	$18.74B	$18.28B	$18.78B	$18.54B	·	$19.24B	$19.21B	$18.72B	·
Accounts Payable	$1.07B	$1.03B	$863M	$854M	$853M	$822M	$704M	$614M	$532M	$500M	$528M	·	$602M	$919M	$1.15B	·
Accrued Liabilities	$2.08B	$2.27B	$2.44B	$2.39B	$2.00B	$2.10B	$2.20B	$1.80B	$1.79B	$1.98B	$2.12B	·	$1.99B	$2.07B	$1.95B	·
Current Liabilities	$5.24B	$6.21B	$6.71B	$6.57B	$5.49B	$5.35B	$5.34B	$4.34B	$4.43B	$4.27B	$4.25B	·	$4.44B	$4.55B	$5.05B	·
Capital Leases	·	·	·	$193M	·	·	·	$223M	·	·	·	·	·	·	·	·
Other Non-current Liabilities	$613M	$635M	$624M	$582M	$547M	$534M	$574M	$575M	$517M	$511M	$483M	·	$512M	$496M	$419M	·
Total Liabilities	$10.21B	$11.25B	$11.71B	$11.48B	$10.46B	$11.03B	$11.06B	$10.21B	$10.26B	$10.56B	$10.49B	·	$10.84B	$10.90B	$11.31B	·
Long-term Debt	·	·	·	$4.47B	·	·	·	$4.97B	·	·	·	·	·	·	·	·
Common Stock	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$131.0K	$131.0K	$132.0K	·	$135.0K	$135.0K	$136.0K	·
Paid-in Capital	$9.05B	$8.95B	$8.79B	$8.70B	$8.53B	$8.44B	$8.30B	$8.22B	$8.08B	$8.00B	$7.88B	·	$7.68B	$7.61B	$7.49B	·
Retained Earnings	$33.00B	$31.50B	$30.23B	$28.99B	$27.56B	$26.53B	$25.63B	$24.81B	$24.05B	$23.35B	$22.66B	·	$21.46B	$20.88B	$19.64B	·
Treasury Stock	$31.35B	$30.20B	$28.76B	$27.76B	$26.46B	$26.02B	$25.37B	$24.37B	$23.98B	$23.00B	$22.37B	·	$20.63B	$20.07B	$19.59B	·
AOCI	$-121M	$-99M	$-74M	$-62M	$-124M	$-134M	$-88M	$-130M	$-128M	$-118M	$-121M	·	$-105M	$-109M	$-134M	·
Stockholders' Equity	$10.58B	$10.15B	$10.19B	$9.86B	$9.51B	$8.81B	$8.47B	$8.54B	$8.02B	$8.22B	$8.05B	$8.21B	$8.41B	$8.30B	$7.41B	$6.28B
Liabilities + Equity	$20.79B	$21.39B	$21.90B	$21.35B	$19.97B	$19.84B	$19.53B	$18.74B	$18.28B	$18.78B	$18.54B	·	$19.24B	$19.21B	$18.72B	·
Shares Outstanding	1,250,539,000	1,251,180,000	1,259,176,000	1,268,740,000	1,282,957,000	1,284,956,000	1,291,958,000	1,303,769,000	130,736,000	131,278,000	132,072,000	1,332,966,000	134,692,000	135,403,000	136,374,000	136,975,000

Cash Flow 16

Quarterly Cash Flow data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
D&A	$116M	$104M	$102M	$98M	$97M	$96M	$94M	$88M	$90M	$91M	$90M	$90M	$92M	$85M	$76M	$88M
Stock-based Comp	$97M	$89M	$97M	$94M	$87M	$82M	$80M	$79M	$77M	$70M	$67M	$68M	$74M	$73M	$71M	$70M
Deferred Tax	$-19M	$-31M	$-63M	$-152M	$-20M	$-83M	$-109M	$-61M	$-25M	$-89M	$-24M	$-39M	$7M	$-7M	$-134M	$-174M
Amort. of Intangibles	·	·	·	·	·	·	·	·	$15M	$13M	$14M	·	$14M	$12M	$12M	$19M
Restructuring	·	·	·	·	·	·	·	$5M	$30M	$17M	$10M	·	·	·	·	·
Operating Cash Flow	$1.14B	$1.48B	$1.78B	$2.55B	$1.31B	$742M	$1.57B	$862M	$1.38B	$1.45B	$951M	$1.12B	$1.73B	$1.14B	$1.19B	$444M
CapEx	$332M	$261M	$185M	$172M	$288M	$188M	$111M	$101M	$104M	$115M	$77M	$79M	$119M	$163M	$140M	$126M
Investing Cash Flow	$-335M	$-258M	$-186M	$-129M	$-293M	$-175M	$-111M	$-102M	$-92M	$-102M	$-75M	$-55M	$-84M	$-267M	$-128M	$-76M
Stock Issued	$9M	$4M	$0	$696.0K	$2M	$-194.0K	$-43.0K	$3M	$8M	$2M	$3M	$3M	$0	$877.0K	$7M	$997.0K
Stock Repurchased	$1.16B	$1.47B	$976M	$1.29B	$435M	$698M	$997M	$374M	$981M	$645M	$843M	$869M	$582M	$456M	$110M	$876M
Net Stock Activity	·	·	$-976M	·	·	·	$-997M	·	·	·	$-840M	·	·	·	$-103M	·
Dividends Paid	$326M	$328M	$292M	$295M	$296M	$298M	$261M	$261M	$263M	$264M	$230M	$232M	$234M	$236M	$206M	$208M
Financing Cash Flow	$-2.23B	$-1.73B	$-1.28B	$-1.51B	$-1.23B	$-935M	$-1.26B	$-574M	$-1.24B	$-860M	$-1.33B	$-1.04B	$-820M	$-662M	$-311M	$-1.02B
Net Change in Cash	$-1.43B	$-516M	$304M	$945M	$-214M	$-395M	$221M	$177M	$48M	$499M	$-461M	$31M	$820M	$229M	$734M	$-672M
Free Cash Flow	·	·	$1.59B	·	·	·	$1.46B	·	·	·	$874M	·	·	·	$1.05B	·
Levered FCF	·	·	·	·	·	·	·	·	·	·	$835M	·	·	·	$1.01B	·

Profitability 8

Quarterly Profitability data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
Gross Margin	49.8%	49.6%	50.4%	·	49.0%	47.4%	48.0%	·	47.5%	46.8%	47.5%	·	41.5%	45.0%	46.1%	·
Operating Margin	35.0%	33.9%	34.4%	·	33.1%	30.5%	30.3%	·	27.9%	28.1%	29.4%	·	24.3%	31.8%	33.5%	·
Net Margin	31.2%	29.8%	29.5%	·	28.2%	27.2%	26.8%	·	25.5%	25.4%	25.5%	·	21.0%	27.8%	28.1%	·
Pretax Margin	34.4%	34.4%	34.9%	·	32.6%	30.8%	31.1%	·	28.8%	28.9%	29.4%	·	24.3%	31.3%	32.6%	·
EBITDA Margin	35.0%	33.9%	34.4%	·	33.1%	30.5%	30.3%	·	27.9%	28.1%	29.4%	·	24.3%	31.8%	33.5%	·
ROA	9.0%	7.7%	7.6%	·	7.0%	6.2%	5.9%	·	5.1%	5.0%	4.8%	·	4.5%	8.2%	8.3%	·
ROE	18.2%	16.8%	16.8%	·	15.2%	14.0%	13.5%	·	11.8%	11.6%	11.5%	·	11.3%	19.9%	21.6%	·
ROIC	17.5%	15.5%	15.1%	·	14.2%	13.4%	12.9%	·	11.6%	11.3%	11.0%	·	9.7%	18.0%	19.7%	·

Liquidity & Solvency 3

Quarterly Liquidity & Solvency data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
Current Ratio	2.5	2.3	2.2	·	2.5	2.5	2.5	·	2.8	3.1	3.1	·	3.1	3.0	2.7	·
Quick Ratio	1.7	1.6	1.5	·	1.6	1.7	1.7	·	1.8	1.9	1.9	·	1.9	1.9	1.7	·
Interest Coverage	·	·	·	·	·	·	·	·	22.4	22.8	22.6	·	20.0	36.0	36.9	·

Efficiency 3

Quarterly Efficiency data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
Asset Turnover	0.3	0.3	0.3	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.3	0.3	·
Inventory Turnover	·	·	·	·	0.5	0.5	0.5	·	0.4	0.4	0.4	·	0.5	0.7	0.8	·
Receivables Turnover	1.6	1.6	1.6	·	1.7	1.5	1.5	·	1.4	1.1	0.9	·	1.1	1.4	1.3	·

Per Share 6

Quarterly Per Share data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
Book Value / Share	$8.46	$8.11	$8.09	·	$7.41	$6.85	$6.56	·	$61.36	$62.63	$60.93	·	$62.42	$61.33	$54.35	·
Revenue / Share	$4.65	$4.24	$4.19	·	$3.66	$3.39	$3.20	·	$28.84	$28.42	$26.15	·	$28.58	$38.71	$36.98	·
Cash Flow / Share	·	·	$1.40	·	·	·	$1.20	·	·	·	$7.14	·	·	·	$8.67	·
Cash / Share	$3.80	$4.94	$5.32	·	$4.25	$4.41	$4.70	·	$43.39	$42.84	$38.81	·	$39.39	$33.12	$31.21	·
Dividend / Share	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$-4	$2	$2	$2	$2
EPS (TTM)	$4.98	$4.45	$4.05	·	$3.54	$3.23	$2.98	·	$8.13	$18.17	$27.84	·	$34.47	$36.90	$34.40	·

Valuation (TTM) 11

Quarterly Valuation (TTM) data for LRCX
Metric	Q3 2026	Q2 2025	Q1 2025	Q4 2025	Q3 2025	Q2 2024	Q1 2024	Q4 2024	Q3 2024	Q2 2023	Q1 2023	Q4 2023	Q3 2023	Q2 2022	Q1 2022	Q4 2022
Revenue TTM	$21.23B	$19.77B	$18.59B	·	$17.06B	$16.10B	$15.20B	·	$14.90B	$16.39B	$17.70B	·	$18.28B	$18.64B	$17.67B	·
Net Income TTM	$6.32B	$5.68B	$5.21B	·	$4.60B	$4.23B	$3.92B	·	$3.62B	$4.12B	$4.60B	·	$4.73B	$5.11B	$4.82B	·
Market Cap	$264.38B	$222.80B	$161.59B	·	$93.16B	$94.32B	$106.86B	·	$12.70B	$10.24B	$8.18B	·	$6.76B	$5.58B	$5.19B	·
P/E	42.5	40.0	31.7	·	20.5	22.7	27.8	·	12.0	4.3	2.2	·	1.5	1.1	1.1	·
P/S	12.5	11.3	8.7	·	5.5	5.9	7.0	·	0.9	0.6	0.5	·	0.4	0.3	0.3	·
P/B	25.0	22.0	15.9	·	9.8	10.7	12.6	·	1.6	1.2	1.0	·	0.8	0.7	0.7	·
P / Tangible Book	25.0	22.0	15.9	·	9.8	10.7	15.6	·	2.0	1.6	1.3	·	1.0	0.9	0.9	·
P / Cash Flow	·	·	90.8	·	·	·	68.1	·	·	·	8.6	·	·	·	4.4	·
P / FCF	·	·	101.4	·	·	·	73.3	·	·	·	9.4	·	·	·	4.9	·
Earnings Yield	2.4%	2.5%	3.2%	·	4.9%	4.4%	3.6%	·	8.4%	23.3%	45.0%	·	68.7%	89.5%	90.4%	·
Payout Ratio	·	·	18.6%	·	·	·	23.4%	·	·	·	26.0%	·	·	·	14.4%	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-06-29	2024-06-30	2023-06-25	2022-06-26	2021-06-27
Revenue	$18.44B	$14.91B	$17.43B	$17.23B	$14.63B
Gross Margin %	48.7%	47.3%	44.6%	45.7%	46.5%
Operating Margin %	32.0%	28.6%	29.7%	31.2%	30.6%
Net Income	$5.36B	$3.83B	$4.51B	$4.61B	$3.91B
Diluted EPS	$4.15	$2.90	$3.32	$32.75	$26.90

Balance Sheet

	2025-06-29	2024-06-30	2023-06-25	2022-06-26	2021-06-27
Debt / Equity	0.5	0.6	0.6	—	0.8
Current Ratio	2.2	3.0	3.2	2.7	3.3
Quick Ratio	1.5	1.9	1.9	1.7	2.1

Cash Flow

	2025-06-29	2024-06-30	2023-06-25	2022-06-26	2021-06-27
Free Cash Flow	$5.41B	$4.26B	$4.68B	$2.55B	$3.24B

LRCX AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.85

↑ Bullish

Lam Research stands out as a powerhouse in semiconductor equipment, primed to ride the AI-driven wave of chip complexity and capacity expansion into 2026Q2. Its ROE clocks in at 60.57%. That extreme return means Lam converts shareholder equity into profits far beyond typical hardware peers, underscoring unmatched efficiency in etch and deposition. Gross margins remain rock-solid at 49.31%. This flatlines pricing power even as R&D costs rise, a hallmark of moaty leadership. The stock's surge from $62 to $102 reflects market conviction in EPS growth to $4.54 TTM.

↓ Bearish

If the semiconductor upcycle falters amid economic slowdown or overcapacity, Lam's premium valuation could unwind brutally by 2026Q2. P/E TTM at 37 is up but still trails some peers—yet it prices in flawless execution. Any earnings miss would crush it, given the multiple's sensitivity to growth. Debt/equity holds at 44, seemingly tame but amplifying risks if cash flows dip. P/B at 12.6 stays flat despite market cap doubling to $215B. This suggests the market has front-run the upside, leaving little margin for error.

Claude NEUTRAL 0.68

↑ Bullish

Lam Research is printing cash from a structural shift in chip complexity that only a handful of suppliers can serve. The company's 60.57% ROE tells you it's converting shareholder equity into profit at a rate most hardware makers cannot sustain — that pricing power reflects real, durable competitive moat. Even at a 37.0x P/E, which sits below AMAT's 39.2x, you're paying for a business that has grown EPS from $4.16 to $4.54 in one quarter while holding margins flat. The AI-driven demand for advanced packaging and logic scaling (per March news) suggests the tailwind is structural, not cyclical.

↓ Bearish

The stock has nearly doubled from May lows to current levels, and valuation is now stretched relative to the underlying earnings growth rate. A 10.97x P/S on flat gross margins (49.31%) means the market is pricing in years of flawless execution with no room for a China slowdown, capex cycle reset, or customer inventory correction. The debt-to-equity ratio of 43.99% is manageable but not trivial in a downturn. Most critically, the news mentions a potential Besi acquisition — large M&A at peak valuations often destroys shareholder value. If that deal materializes at a premium, returns compress significantly.

Gemini NEUTRAL 0.75

↑ Bullish

Lam Research is essentially the indispensable architect of the next generation of semiconductors, making it a primary beneficiary of rising chip complexity. The company is generating a 60.57% return on equity. This level of efficiency means management is exceptionally skilled at turning capital into profit, which is a massive competitive advantage in the capital-intensive equipment space. With a current ratio of 2.21, the firm maintains a strong liquidity cushion. This means they have more than enough short-term assets to cover their immediate obligations, providing the financial stability needed to fund aggressive R&D for future logic scaling.

↓ Bearish

The market has fully priced in the AI-driven growth narrative, leaving very little room for error if demand cools. Investors are now paying a 37.00 price-to-earnings multiple for the stock. This valuation implies that the market expects sustained, high-growth performance for years, which is a high bar for a cyclical equipment supplier. Furthermore, the debt-to-equity ratio sits at 43.99. This indicates that the company relies on a significant amount of leverage to fuel its operations, which could become a major liability if the semiconductor industry hits a cyclical downturn.

Chatgpt NEUTRAL 0.65

↑ Bullish

I think Lam Research's strongest bullish case is durable profitability in a world of AI-driven semiconductor manufacturing. ROE TTM 60.57%. That level shows the company is turning a lot of equity into profits, signaling high capital efficiency. Gross margin TTM 49.31%. That near-50% margin points to pricing power and cost discipline in a capital-intensive business. EPS TTM: 4.54. Rising earnings support a higher multiple by reflecting persistent demand for leading-edge wafer-fabrication equipment.

↓ Bearish

I worry that Lam faces valuation risk and cyclical exposure that could break the bull case. P/E TTM: 37.00. That high multiple leaves little cushion for earnings disappointment. P/S TTM: 10.97. A rich revenue multiple means even modest growth slowdowns can punish the stock. Debt/Equity: 43.99. That leverage level could magnify losses if cash flow weakens and rates rise.

Round 2 — Responses & Rebuttals

Grok

Claude, you're right to flag M&A risks but overstate the Besi rumor as 'most critical'—it's unconfirmed speculation from a March 22 news item, not a done deal. Lam's current ratio sits at 2.21. That strong liquidity means they have ample short-term assets to cover debts twice over, cushioning any premium paid without straining the balance sheet. With ROE at 60.57%, Lam's efficiency buys optionality for smart deals that could actually extend their moat in advanced packaging.

Claude

I need to push back on Grok's confidence level here. Grok, you're calling this a buy at 0.85 conviction, but you're glossing over the same valuation cliff you identified in your bearish case. Yes, the stock ran from $62 to $102 — that's a 64% move in five months. But your own point about P/B staying flat at 12.6 while market cap doubled to $215B is the tell: the market has already priced in the AI narrative. If earnings disappoint even slightly, that 37x P/E doesn't compress gracefully — it reprices hard. I'm staying hold, not buy, because the risk-reward is no longer asymmetric.

Gemini

Grok, your bullish conviction on the Besi merger potential overlooks the historical reality of integration risk in this sector. Paying a massive premium for an acquisition while the company already carries a 43.99 debt-to-equity ratio is a dangerous gamble. This ratio shows that for every dollar of shareholder equity, Lam has nearly 44 cents in debt, which limits their financial flexibility during a downturn. If they overpay for an asset, they risk destroying the very capital efficiency that currently makes their 60.57% ROE look so attractive to investors.

Chatgpt

Grok, your point about P/E being high but below some peers misses the cycle risk Lam faces going into 2026Q2. P/E TTM is 37x. That means the market is counting on continued earnings power; if the chip cycle cools or AI-driven demand slows, multiple compression could come fast. Lam's profitability strength and pricing power can support a premium, but the valuation remains the swing factor for upside or downside. That means even small misses could punish the stock.

Round 3 — Final Rebuttals

Grok

Gemini, your claim about the 'historical reality of integration risk' in semis M&A doesn't hold up—Lam's 2012 Novellus acquisition integrated smoothly and solidified etch leadership without derailing finances. Debt/equity was around 40 then, similar to today's 43.99, yet ROE held strong. With a 2.21 current ratio, Lam has liquidity twice over for obligations, making a disciplined Besi move accretive, not destructive. This track record keeps my buy conviction intact for 2026Q2.

Claude

I want to widen the frame here because we're all dancing around valuation without naming the customer concentration risk that actually moves the needle. Lam's top three customers — TSMC, Samsung, Intel — likely represent 60-70% of revenue, which means a single capex pause from any one of them can crater guidance overnight. That's not theoretical: it happened in 2022-23. The AI narrative has masked this cyclicality, but it hasn't eliminated it. Grok, your 0.85 conviction assumes flawless demand through 2026Q2, but you're not accounting for the fact that a single customer's inventory correction could compress that 49.31% gross margin faster than any multiple compression. That's why I'm holding, not buying.

Gemini

I want to challenge Grok’s dismissal of the Besi merger risk by pointing to the macro reality of export controls. Grok, your focus on the current ratio ignores that Lam’s revenue is heavily exposed to China, which accounted for a massive portion of recent growth. If the U.S. government tightens export restrictions on advanced deposition tools, that revenue stream could evaporate overnight. A current ratio of 2.21, meaning the company has over two dollars of liquid assets for every dollar of debt, provides a buffer for operations, but it cannot offset a sudden, geopolitically forced loss of a critical market segment.

Chatgpt ⇄ Mind changed

I think Claude, your ROE moat claim deserves a challenge. ROE 60.57%. That level can be inflated by buybacks or leverage rather than signaling a durable moat, and relying on capital structure for profitability can disappear if cash flow weakens. Debt/Equity 43.99%. It signals meaningful leverage that could magnify losses in a downturn, so the cushion implied by the ROE isn’t as sturdy as it looks, and the stock could reprice quickly on any earnings miss.

Price Forecasts

Model	3M Target	6M Target	Reasoning
G Grok	3M Target $115.00	6M Target $135.00	Reasoning I see Lam Research pushing to $115 in 3 months and $135 in 6 months because its etch/deposition dominance locks in AI chip complexity tailwinds through 2026Q2. The catalyst is Lam's Q1 FY2026 earnings around October 30, 2025, where guidance should confirm advanced packaging ramps cited in the March 25 Renaissance letter. The key risk is TSMC signaling a capex pause in its October 17 earnings, hitting Lam's 60-70% customer concentration. My $135 six-month target implies a 33% gain from the $102 close and P/E near 42x—for Lam, that means the market prices in EPS acceleration to $6+, backed by 49% gross margins holding firm.
C Claude	3M Target $78.00	6M Target $85.00	Reasoning Lam Research will consolidate near current levels before grinding higher as AI-driven capex cycles through 2026Q2, but valuation risk is real. My thesis: the stock re-rates on earnings delivery, not narrative. The concrete catalyst is Lam's next earnings print — if EPS growth accelerates past 4.54 TTM and management confirms sustained TSMC/Samsung capex into H2 2026, the market re-rates the 37x P/E upward. The concrete risk is a customer inventory correction or China export tightening that forces gross margin compression below 48%, which would crater the multiple instantly. A 37x P/E assumes flawless execution; any miss reprices hard. I'm forecasting modest upside because the AI tailwind is real, but I'm not chasing the 64% run-up from May lows. The stock needs to prove earnings growth, not just narrative momentum.
G Gemini	3M Target $78.50	6M Target $85.00	Reasoning My thesis is that Lam Research will continue to command a premium as AI-driven logic scaling forces chipmakers to increase their capital intensity. The primary catalyst for my six-month target is the Q3 2026 earnings print, where I expect management to confirm sustained demand for advanced deposition tools. Conversely, a tightening of U.S. export controls on semiconductor equipment to China would break my thesis by cutting off a vital revenue stream. The current P/E of 37.0 means investors are paying a significant premium for future growth, essentially betting that the company can maintain its current pace of technological leadership without a cyclical slowdown.
C Chatgpt	3M Target $75.00	6M Target $82.00	Reasoning I think Lam can drift modestly higher over the next few quarters on earnings visibility and margins. Catalyst: a strong upcoming earnings print should lift sentiment and validate the AI-driven demand story. Risk: a sharper chip-cycle downturn or export-control shock could derail the narrative and compress multiple. The stock trades at a P/E TTM around 37x. That pricing implies the market is betting on sustained growth; any miss could trigger meaningful multiple compression.

Latest News Recent headlines mentioning this company

Semiconductor Equipment Stocks Powering the AI Chip Manufacturing Boom: Etching Yahoo Finance · 2 hours, 2 minutes ago
Is Lam Research Corporation (LRCX) A Good Stock To Buy Now? Yahoo Finance · 6 days, 20 hours ago
Here’s Why Investors Favour Lam Research Corporation (LRCX) Yahoo Finance · 1 week, 1 day ago
JPMorgan Just Crowned Lam Research With a $315 Target. Is the Chip Equipment Supercycle Just Getting Started? Yahoo Finance · 4 weeks ago
Is Lam Research Stock a Smart Investment for 2025? Nasdaq · 1 month, 2 weeks ago
What to Expect From Lam Research’s Next Quarterly Earnings Report Yahoo Finance · 1 month, 3 weeks ago
AI-Driven Dynamics Propelled Lam Research (LRCX) Shares in Q4 Yahoo Finance · 1 month, 3 weeks ago
Lam Research Corporation (LRCX) is Positioned to Benefit from Growing Chip Complexity Yahoo Finance · 1 month, 3 weeks ago
Is Lam Research Corporation (LRCX) Eyeing Besi Industries Merger amid IBM Pact for Logic Scaling Yahoo Finance · 1 month, 4 weeks ago
Up 33% YTD, This Stock Isn’t Making Headlines, But Investors Keep Buying Yahoo Finance · 1 month, 4 weeks ago

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Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

LRCX AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Round 2 — Responses & Rebuttals

Round 3 — Final Rebuttals

Price Forecasts

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