LRCX Lam Research Corporation - Common Stock

NASDAQ · Semiconductors · 在 SEC EDGAR 上查看 ↗
$283.39
价格 · 五月 20, 2026
截至...的财报数据 四月 23, 2026
52周区间
$79–$302
92% of range
分析师评级
BUY
41 analysts
目标价
$310
+10% upside
P/E (TTM)
23.4
ROE
57.4%
净利润率
29.1%

LRCX 股票快照 价格、市值、P/E、EPS、ROE、负债/权益、52周范围

价格
$283.39
市值
$123.32B
P/E (TTM)
23.4
每股收益 (TTM)
$4.15
营收 (TTM)
$18.44B
股息收益率
0.93%
ROE
57.4%
负债/权益
0.5
52周区间
$79 – $302

LRCX 股价图表 包含技术指标的日 OHLCV — 平移、缩放和自定义您的视图

10年表现 收入、净利润、利润率和每股收益趋势

营收与净利润 $18.44B
9-point trend, +130.1%
2017-06-25 → 2025-06-29
EPS $4.15
9-point trend, -55.1%
2017-06-25 → 2025-06-29
自由现金流 $5.41B
9-point trend, +189.2%
2017-06-25 → 2025-06-29
利润率 29.1%
9-point trend, +8.3%
2017-06-25 → 2025-06-29

估值 P/E、P/S、P/B、EV/EBITDA 比率 — 该股票是昂贵还是便宜？

指标
5年趋势
LRCX
同行中位数
P/E (TTM)
5-point trend, +899.4%
23.4
37.0
P/S (TTM) (市销率 (TTM))
5-point trend, +989.1%
6.7
6.6
P/B (市净率)
5-point trend, +738.9%
12.5
7.5
EV / EBITDA (企业价值 / EBITDA)
5-point trend, +942.5%
20.6
—
Price / FCF (股价/自由现金流)
5-point trend, +721.2%
22.8
—

盈利能力 毛利率、营业利润率和净利率；股本回报率 (ROE)、资产回报率 (ROA)、投入资本回报率 (ROIC)

指标
5年趋势
LRCX
同行中位数
Gross Margin (毛利率)
5-point trend, +4.7%
48.7%
31.1%
Operating Margin (营业利润率)
5-point trend, +4.5%
32.0%
—
Net Profit Margin (净利润率)
5-point trend, +8.8%
29.1%
-22.2%
ROA
5-point trend, +4.1%
26.7%
-18.5%
ROE
5-point trend, -16.3%
57.4%
-28.5%
ROIC
5-point trend, +1.5%
37.0%
—

财务健康 债务、流动性、偿付能力 — 资产负债表强度

指标
5年趋势
LRCX
同行中位数
Debt / Equity (负债/股东权益比率)
5-point trend, -59.6%
0.5
3.8
Current Ratio (流动比率)
5-point trend, -33.1%
2.2
4.5
Quick Ratio (速动比率)
5-point trend, -29.5%
1.5
—

成长 营收、每股收益 (EPS) 和净利润增长：同比、3年复合年增长率 (CAGR)、5年复合年增长率 (CAGR)

指标
5年趋势
LRCX
同行中位数
Revenue YoY (营收同比增长)
5-point trend, +26.0%
23.7%
—
Revenue CAGR 3Y (营收3年复合年增长率)
5-point trend, +26.0%
2.3%
—
Revenue CAGR 5Y (营收5年复合年增长率)
5-point trend, +26.0%
12.9%
—
EPS YoY
5-point trend, -84.6%
43.1%
—
Net Income YoY (净利润同比增长)
5-point trend, +37.1%
40.0%
—

每股指标 每股收益 (EPS)、每股净资产、每股现金流、每股股息

指标
5年趋势
LRCX
同行中位数
EPS (Diluted) (EPS (稀释))
5-point trend, -84.6%
$4.15
—

资本效率 资产周转率、库存周转率、应收账款周转率

指标
5年趋势
LRCX
同行中位数
Payout Ratio (派息率)
5-point trend, +15.3%
21.4%
—

股息 收益率、派息率、股息历史、5年CAGR

股息收益率
0.93%
派息率
21.4%
5年股息复合年增长率 (CAGR)
—
除息日金额
2026年3月4日$0.2600
2025年12月3日$0.2600
2025年9月24日$0.2600
2025年6月18日$0.2300
2025年3月5日$0.2300
2024年12月11日$0.2300
2024年9月17日$0.2300
2024年6月18日$0.2000
2024年3月12日$0.2000
2023年12月12日$0.2000
2023年9月12日$0.2000
2023年6月13日$0.1725
2023年3月14日$0.1725
2022年12月13日$0.1725
2022年9月13日$0.1725
2022年6月14日$0.1500
2022年3月15日$0.1500
2021年12月14日$0.1500
2021年9月27日$0.1500
2021年6月15日$0.1300

LRCX 分析师共识 看涨和看跌分析师观点、12个月价格目标、上涨空间

买入 41 位分析师
  • 强烈买入 10 24.4%
  • 买入 22 53.7%
  • 持有 9 22.0%
  • 卖出 0 0.0%
  • 强烈卖出 0 0.0%

12个月价格目标

32 位分析师 · 2026-05-15
中位数目标 $315.00 +11.2%
平均目标 $310.47 +9.6%

收益历史 每股收益实际值 vs 预估值，惊喜%，达标率，下次财报日期

平均惊喜
0.05%
期间 EPS Actual EPS 预期 惊喜
2026年3月31日 $1.46 $1.39 0.07%
2025年12月31日 $1.27 $1.19 0.08%
2025年9月30日 $1.26 $1.25 0.01%
2025年6月30日 $1.33 $1.23 0.10%
2025年3月31日 $1.04 $1.03 0.01%

同行比较 关键指标与行业同行对比

股票代码 市值 P/E 营收同比增长 净利润率 ROE 毛利率
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%
AXTI $905M -33.4 -11.1% -24.1% -9.1% 12.7%

完整基本面 所有年度指标 — 损益表、资产负债表、现金流量表

损益表 18
LRCX 的年度损益表数据
指标 趋势 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +300.1% $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 12-point trend, +263.7% $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 12-point trend, +347.3% $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 12-point trend, +192.6% $2.10B $1.90B $1.73B $1.60B $1.49B $1.25B $1.19B $1.19B $1.03B $914M $825M $716M
SG&A Expense 12-point trend, +60.1% $982M $868M $833M $886M $830M $682M $702M $762M $667M $631M $592M $613M
Operating Expenses 12-point trend, +131.5% $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 12-point trend, +770.8% $5.90B $4.26B $5.17B $5.38B $4.48B $2.67B $2.46B $3.21B $1.90B $1.07B $788M $678M
Interest Expense 10-point trend, +202.2% · · $186M $185M $209M $177M $117M $97M $118M $135M $74M $62M
Interest Income 12-point trend, +1744.7% $231M $252M $139M $15M $20M $85M $99M $86M $58M $30M $19M $13M
Other Non-op 12-point trend, +252.9% $57M $96M $-66M $-189M $-111M $-99M $-18M $-62M $-90M $-114M $-47M $-37M
Pretax Income 12-point trend, +723.7% $5.96B $4.36B $5.11B $5.19B $4.37B $2.57B $2.45B $3.15B $1.81B $960M $741M $723M
Income Tax 12-point trend, +558.7% $600M $532M $598M $588M $462M $323M $255M $771M $114M $46M $85M $91M
Net Income 12-point trend, +747.4% $5.36B $3.83B $4.51B $4.61B $3.91B $2.25B $2.19B $2.38B $1.70B $914M $656M $632M
EPS (Basic) 12-point trend, +8.6% $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) 12-point trend, +14.6% $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) 12-point trend, +680.7% 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) 12-point trend, +639.3% 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 12-point trend, +770.8% $5.90B $4.26B $5.17B $5.38B $4.48B $2.67B $2.46B $3.21B $1.90B $1.07B $788M $678M
资产负债表 29
LRCX 的年度资产负债表数据
指标 趋势 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +339.9% $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-point trend, +59.6% · · · · · · · · · · $2.57B $1.61B
Receivables 12-point trend, +321.9% $3.38B $2.52B $2.82B $4.31B $3.03B $2.10B $1.46B $2.18B $1.67B $1.26B $1.09B $801M
Inventory 12-point trend, +481.8% $4.31B $4.22B $4.82B $3.97B $2.69B $1.90B $1.54B $1.88B $1.23B $972M $943M $741M
Prepaid Expense 12-point trend, +148.9% $440M $298M $252M $347M $208M $146M $134M $147M $195M $151M $157M $177M
Current Assets 12-point trend, +203.5% $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) 12-point trend, +342.6% $2.41B $2.13B $1.80B $1.61B $1.26B $1.05B $1.06B $903M $686M $640M $621M $543M
PP&E (Gross) 12-point trend, +317.1% $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 12-point trend, +292.1% $2.17B $1.86B $1.64B $1.44B $1.27B $1.08B $964M $834M $757M $722M $630M $553M
Goodwill 12-point trend, +9.1% $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 12-point trend, -79.6% $182M $138M $168M $102M $132M $169M $217M $318M $411M $565M $728M $894M
Other Non-current Assets 12-point trend, +1525.8% $2.59B $1.94B $1.91B $1.39B $1.06B $727M $425M $368M $242M $210M $186M $159M
Total Assets 12-point trend, +167.0% $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 12-point trend, +282.2% $854M $614M $471M $1.01B $830M $592M $377M $511M $465M $348M $300M $224M
Accrued Liabilities 12-point trend, +296.2% $2.39B $1.80B $2.01B $1.97B $1.72B $1.27B $947M $1.31B $969M $773M $649M $604M
Current Liabilities 12-point trend, +315.2% $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 12-point trend, +1776.8% $193M $223M $173M $165M $118M $124M $28M $46M $6M $205.0K $7M $10M
Other Non-current Liabilities 12-point trend, +374.2% $582M $575M $501M $423M $399M $333M $191M $91M $280M $135M $184M $123M
Total Liabilities 12-point trend, +313.0% $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 12-point trend, +237.7% $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 10-point trend, +237.7% $4.47B $4.97B $4.97B · $4.96B $5.80B $4.43B $2.37B $2.69B $4.33B · $1.32B
Common Stock 12-point trend, +682.7% $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 12-point trend, +66.0% $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 12-point trend, +710.7% $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 12-point trend, +639.0% $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 12-point trend, -117.8% $-62M $-130M $-101M $-110M $-64M $-94M $-64M $-57M $-62M $-69M $-58M $-29M
Stockholders' Equity 12-point trend, +96.1% $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 12-point trend, +167.0% $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 12-point trend, +681.5% 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
现金流 19
LRCX 的年度现金流数据
指标 趋势 202520242023202220212020201920182017201620152014
D&A 12-point trend, +32.2% $386M $360M $342M $334M $307M $269M $309M $326M $307M $291M $278M $292M
Stock-based Comp 12-point trend, +231.1% $343M $293M $287M $259M $220M $189M $187M $172M $150M $142M $135M $104M
Deferred Tax 12-point trend, -4919.5% $-363M $-199M $-172M $-257M $-151M $-18M $-5M $3M $105M $-49M $6M $8M
Amort. of Intangibles 11-point trend, -65.5% · $56M $52M $78M $71M $66M $127M $161M $155M $156M $158M $163M
Restructuring 2-point trend, -48.8% · $62M $120M · · · · · · · · ·
Operating Cash Flow 12-point trend, +760.9% $6.17B $4.65B $5.18B $3.10B $3.59B $2.13B $3.18B $2.66B $2.03B $1.35B $786M $717M
CapEx 12-point trend, +421.8% $759M $397M $502M $546M $349M $203M $303M $273M $157M $175M $198M $146M
Investing Cash Flow 9-point trend, +65.5% $-708M $-371M $-535M $612M $73M $-244M $-1.64B $2.75B $-2.05B · · ·
Debt Issued 9-point trend, +0.00 · · · $0 $0 $1.97B $2.48B $0 $0 $2.34B $992M $0
Net Debt Issued 8-point trend, -100.0% · · · $0 $0 $1.97B $2.48B $0 $0 $2.34B $992M ·
Stock Issued 12-point trend, -93.0% $2M $16M $11M $6M $24M $8M $7M $9M $13M $3M $18M $35M
Stock Repurchased 12-point trend, +1297.7% $3.42B $2.84B $2.02B $3.87B $2.70B $1.37B $3.78B $2.65B $812M $158M $573M $245M
Net Stock Activity 12-point trend, -1528.0% $-3.42B $-2.83B $-2.01B $-3.86B $-2.67B $-1.36B $-3.77B $-2.64B $-799M $-155M $-556M $-210M
Dividends Paid 12-point trend, +1149542000.00 $1.15B $1.02B $908M $815M $727M $657M $678M $308M $243M $190M $116M $0
Financing Cash Flow 9-point trend, -87.5% $-4.94B $-4.00B $-2.83B $-4.58B $-4.17B $-624M $-2.39B $-3.27B $-2.63B · · ·
Net Change in Cash 12-point trend, +91.9% $557M $263M $1.81B $-897M $-498M $1.26B $-855M $2.13B $-2.66B $3.54B $49M $290M
Taxes Paid 12-point trend, +5256.1% $973M $992M $810M $808M $519M $223M $300M $143M $28M $40M $115M $18M
Free Cash Flow 12-point trend, +847.3% $5.41B $4.26B $4.68B $2.55B $3.24B $1.92B $2.87B $2.38B $1.87B $1.17B $587M $572M
Levered FCF 10-point trend, +771.8% · · $4.51B $2.39B $3.05B $1.77B $2.77B $2.31B $1.76B $1.05B $522M $518M
盈利能力 8
LRCX 的年度盈利能力数据
指标 趋势 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, +11.8% 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 12-point trend, +117.6% 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 12-point trend, +111.8% 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 12-point trend, +105.9% 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 12-point trend, +117.6% 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 12-point trend, +222.0% 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 12-point trend, +331.9% 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 12-point trend, +297.3% 37.0% 27.7% 34.7% 76.0% 36.5% 21.3% 24.2% 27.4% 18.8% 10.0% 13.7% 9.3%
流动性与偿付能力 5
LRCX 的年度流动性与偿付能力数据
指标 趋势 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -26.9% 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 12-point trend, -39.1% 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 10-point trend, +72.3% 0.5 0.6 0.6 · 0.8 1.1 0.9 0.4 0.4 0.7 · 0.3
LT Debt / Equity 10-point trend, +135.2% 0.4 0.5 0.6 · 0.8 1.0 0.8 0.3 0.3 0.6 · 0.2
Interest Coverage 10-point trend, +152.7% · · 27.8 29.1 21.5 15.1 21.0 33.0 16.2 8.0 10.7 11.0
效率 3
LRCX 的年度效率数据
指标 趋势 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +52.1% 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 12-point trend, -44.5% 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 12-point trend, -4.8% 6.3 5.6 4.9 4.7 5.7 5.7 5.3 5.8 5.5 5.0 5.6 6.6
每股 6
LRCX 的年度每股数据
指标 趋势 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, -74.9% $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 12-point trend, -45.9% $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 12-point trend, +16.4% $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 12-point trend, -43.7% $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 12-point trend, +411.1% $1 $1 $1 $6 $5 $5 $4 $3 $2 $1 $1 $0
EPS (TTM) 12-point trend, +14.6% $4.15 $2.90 $3.32 $32.75 $26.90 $15.10 $13.70 $13.17 $9.24 $5.22 $3.70 $3.62
增长率 10
LRCX 的年度增长率数据
指标 趋势 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -48.1% 23.7% -14.5% 1.2% 17.8% 45.6% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -88.6% 2.3% 0.63% 20.2% · · · · · · · · ·
Revenue CAGR 5Y 12.9% · · · · · · · · · · ·
EPS YoY 5-point trend, -44.8% 43.1% -12.7% -89.9% 21.8% 78.1% · · · · · · ·
EPS CAGR 3Y 3-point trend, -25.6% -49.8% -52.4% -39.6% · · · · · · · · ·
EPS CAGR 5Y -22.8% · · · · · · · · · · ·
Net Income YoY 5-point trend, -45.7% 40.0% -15.1% -2.1% 17.8% 73.6% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -80.1% 5.2% -0.69% 26.1% · · · · · · · · ·
Net Income CAGR 5Y 18.9% · · · · · · · · · · ·
Dividend CAGR 5Y 11.8% · · · · · · · · · · ·
估值 (TTM) 17
LRCX 的年度估值 (TTM)数据
指标 趋势 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +300.1% $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 12-point trend, +747.4% $5.36B $3.83B $4.51B $4.61B $3.91B $2.25B $2.19B $2.38B $1.70B $914M $656M $632M
Market Cap 12-point trend, +11245.8% $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 10-point trend, +18628.4% $121.40B $13.00B $7.74B · $9.53B $5.28B $3.48B $597M $2.76B $604M · $-655M
P/E 12-point trend, +1166.4% 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 12-point trend, +2735.7% 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-point trend, +5686.8% 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 6-point trend, +1121.9% 15.3 2.0 1.3 1.3 2.0 1.2 · · · · · ·
P / Cash Flow 12-point trend, +1217.9% 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 12-point trend, +1097.8% 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 10-point trend, +2227.7% 20.6 3.0 1.5 · 2.1 2.0 1.4 0.2 1.5 0.6 · -1.0
EV / FCF 10-point trend, +2056.0% 22.4 3.1 1.7 · 2.9 2.7 1.2 0.3 1.5 0.5 · -1.1
EV / Revenue 10-point trend, +4730.9% 6.6 0.9 0.4 · 0.7 0.5 0.4 0.1 0.3 0.1 · -0.1
Dividend Yield 12-point trend, +0.01 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 12-point trend, -92.1% 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 11-point trend, +21.2% 21.4% 26.6% 20.1% 17.7% 18.6% 29.2% 30.9% 12.9% 14.3% 20.8% 17.7% ·
Annual Payout 12-point trend, +1149542000.00 $1.15B $1.02B $908M $815M $727M $657M $678M $308M $243M $190M $116M $0

财务报表 损益表、资产负债表、现金流量表 — 年度，近5年

损益表
2025-06-292024-06-302023-06-252022-06-262021-06-27
收入 $18.44B$14.91B$17.43B$17.23B$14.63B
毛利率 % 48.7%47.3%44.6%45.7%46.5%
营业利润率 % 32.0%28.6%29.7%31.2%30.6%
净收入 $5.36B$3.83B$4.51B$4.61B$3.91B
稀释后每股收益 (EPS) $4.15$2.90$3.32$32.75$26.90
资产负债表
2025-06-292024-06-302023-06-252022-06-262021-06-27
负债/股东权益比率 0.50.60.6—0.8
流动比率 2.23.03.22.73.3
速动比率 1.51.91.91.72.1
现金流
2025-06-292024-06-302023-06-252022-06-262021-06-27
自由现金流 $5.41B$4.26B$4.68B$2.55B$3.24B

LRCX AI分析师小组 — 看涨和看跌观点 2026Q2 辩论：Claude、Grok、Gemini、ChatGPT 对该股票前景的看法

第一轮 — 开盘观点

Grok NEUTRAL 0.85
↑ 看涨

Lam Research 在半导体设备领域脱颖而出，有望在人工智能驱动的芯片复杂性和产能扩张浪潮中一路领先至 2026 年第二季度。其股本回报率（ROE）为 60.57%。如此高的回报意味着 Lam 将股东权益转化为利润的能力远超典型的硬件同行，凸显了其在蚀刻和沉积方面的无与伦比的效率。毛利率保持坚挺，为 49.31%。即使研发成本上升，这一数字也保持稳定，显示出其强大的定价能力，这是其拥有护城河式领导地位的标志。该股票从 62 美元飙升至 102 美元，反映了市场对其每股收益（EPS）增长至 4.54 美元（TTM）的信心。

↓ 看跌

如果半导体上行周期因经济放缓或产能过剩而停滞，到 2026 年第二季度，Lam 的高估值可能会残酷地回落。市盈率（TTM）为 37 倍，有所上涨，但仍落后于一些同行——但它已经计入了完美的执行。鉴于市盈率对增长的敏感性，任何盈利失误都会对其造成打击。负债/权益比率为 44，看似温和，但在现金流下降时会放大风险。市净率（P/B）为 12.6，尽管市值翻倍至 2150 亿美元，但仍保持平稳。这表明市场已经提前消化了上涨空间，几乎没有犯错的余地。

Claude NEUTRAL 0.68
↑ 看涨

Lam Research 受益于芯片复杂性的结构性转变，只有少数供应商能够满足需求，公司正在因此赚取巨额利润。公司 60.57% 的股本回报率（ROE）表明，其将股东权益转化为利润的速度是大多数硬件制造商无法持续的——这种定价能力反映了真实、持久的竞争优势。即使市盈率（P/E）为 37.0 倍，低于 AMAT 的 39.2 倍，您仍然在为一家在一个季度内将每股收益（EPS）从 4.16 美元增长到 4.54 美元，同时保持利润率不变的公司支付溢价。人工智能驱动的高级封装和逻辑扩展需求（根据 3 月份的新闻）表明，这种顺风是结构性的，而非周期性的。

↓ 看跌

该股票从 5 月份的低点几乎翻了一番，达到当前水平，目前的估值相对于潜在的盈利增长率而言已经过高。10.97 倍的市销率（P/S）和持平的毛利率（49.31%）意味着市场已经为未来多年的完美执行定价，而没有任何消化中国经济放缓、资本支出周期重置或客户库存调整的空间。43.99% 的负债权益比是可以管理的，但在经济下行时并非微不足道。最关键的是，新闻提到了可能收购 Besi——在估值高峰期进行大规模并购通常会损害股东价值。如果该交易以溢价达成，回报将显著压缩。

Gemini NEUTRAL 0.75
↑ 看涨

Lam Research essentially is 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.

↓ 看跌

市场已经完全消化了人工智能驱动的增长叙事，如果需求降温，几乎没有犯错的空间。投资者目前为该股票支付 37.00 倍的市盈率。这一估值意味着市场预期未来几年将持续实现高增长业绩，这对于周期性设备供应商来说是一个很高的标准。此外，负债权益比为 43.99%。这表明该公司依赖大量的杠杆来为其运营提供资金，如果半导体行业出现周期性低迷，这可能会成为一个主要负债。

Chatgpt NEUTRAL 0.65
↑ 看涨

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.

↓ 看跌

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.

第二轮 — 回复与反驳

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.

第三轮 — 最终反驳

G
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.

C
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.

G
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.

C
Chatgpt ⇄ 改变想法

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.

价格预测

模型 3个月目标 6个月目标 原因
G Grok 3个月目标 $115.00 6个月目标 $135.00 原因 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 3个月目标 $78.00 6个月目标 $85.00 原因 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 3个月目标 $78.50 6个月目标 $85.00 原因 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 3个月目标 $75.00 6个月目标 $82.00 原因 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.

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