Lam Research LRCX

Semiconductors, Technology

$230.10

−0.02%

Market cap: $287.9B
PE: 34.3×; 10y median 21.2×
Forward PE: 22.6×; 10y median 16.6×
Price to sales: 11.0×
EV/EBIT: 29.4×
Revenue, 12 months: $26.1B; +33% on a year ago
Net margin: 32.3%
Free cash flow yield: n/m; Q1 FY27 missing

Lam Research trades at 34.3× trailing earnings, pricier than 87% of the last ten years. Revenue was $26.1B over the last twelve months, up 33% on a year earlier with a 32% net margin.

Charts

Financials

Income statement for LRCX, by quarter
Income statement	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
	$3.8B−29%	$3.8B−2%	$3.9B+21%	$4.2B+20%	$4.4B+16%	$4.7B+24%	$5.2B+34%	$5.3B+28%	$5.3B+22%	$5.8B+24%	$6.7B+30%	$8.2B+54%
Cost of revenue	$2B−31%	$2B−12%	$2B+16%	$2.2B+19%	$2.3B+15%	$2.4B+21%	$2.6B+27%	$2.6B+22%	$2.7B+17%	$2.9B+22%	$3.2B+26%	$3.9B+49%
Gross profit	$1.8B−26%	$1.8B+12%	$1.8B+26%	$2B+21%	$2.1B+18%	$2.3B+29%	$2.6B+41%	$2.7B+34%	$2.7B+28%	$2.9B+26%	$3.5B+34%	n/a
R&D	$469.7M+2%	$512.3M+19%	$497.8M+24%	$495.4M+17%	$494.9M+5%	$525.9M+3%	$580.2M+17%	$576.4M+16%	$573.3M+16%	$583.2M+11%	$642.9M+11%	$666.4M+16%
SG&A	$228.8M−2%	$215.9M+12%	$216.5M+8%	$243.1M+17%	$244.2M+7%	$226M+5%	$268.4M+24%	$279.3M+15%	$267.7M+10%	$280.3M+24%	$322.3M+20%	$348.7M+25%
	$1.1B−37%	$1.1B+12%	$1.1B+32%	$1.3B+24%	$1.3B+26%	$1.6B+48%	$1.7B+55%	$1.8B+45%	$1.8B+36%	$2B+31%	$2.5B+44%	$3.3B+80%
Interest expense	$46.3M−1%	$47.2M−0%	$46.4M−0%	$44.9M−1%	$45.3M−2%	$45.2M−4%	$42.8M−8%	$42.5M−6%	$40.9M−10%	$39.3M−13%	$34.2M−20%	n/a
Pre-tax income	$1.1B−34%	$1.1B+16%	$1.2B+34%	$1.3B+26%	$1.3B+24%	$1.5B+41%	$1.8B+54%	$1.9B+44%	$1.8B+36%	$2B+31%	$2.6B+44%	$3.3B+78%
	$132.8M−28%	$127.4M+2%	$134.1M+120%	$177.8M+29%	$157.1M+18%	$206.1M+62%	$58.9M−56%	$290.5M+63%	$242.6M+54%	$186.1M−10%	$277.9M+372%	$559.1M+93%
Net income	$954.3M−35%	$965.8M+19%	$1B+27%	$1.1B+26%	$1.2B+25%	$1.3B+38%	$1.7B+69%	$1.6B+41%	$1.6B+34%	$1.8B+37%	$2.3B+32%	$2.8B+76%
	$0.72−33%	$0.73+22%	$0.78+30%	$0.86+28%	$0.92+28%	$1.03+41%	$1.35+74%	$1.24+44%	$1.26+37%	$1.45+41%	$1.81+34%	$2.19+77%
	1.3B−3%	1.3B−3%	1.3B−2%	1.3B−2%	1.3B−2%	1.3B−2%	1.3B−3%	1.3B−3%	1.3B−2%	1.3B−2%	1.3B−2%	1.3B−1%

Net income: 15 periods, Q4 FY11 to Q4 FY26: printed in the fourth-quarter results release.

EPS, diluted: Q4 FY10: quarter's net income to common over its shares, to the cent. 16 periods, Q4 FY11 to Q4 FY26: printed in the fourth-quarter results release.

Diluted shares: Q4 FY10: share-days: the 12-month average less the 9-month, weighted by days. 16 periods, Q4 FY11 to Q4 FY26: printed in the fourth-quarter results release.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet. Figures from older filings without data tags, and from a results release before its 10-Q, are read from the document's text and checked against it.

Estimates

Next earnings report: Jan 27, 2027.

Quarter	Revenue	Range	EPS	Range	Analysts
Q2 FY27	$8.6B	$8.2B to $9.2B	$2.35	$2.19 to $2.51	18
Q3 FY27	$9B	$8.3B to $9.6B	$2.48	$2.27 to $2.71	17
Q4 FY27	$9.5B	$9.1B to $10B	$2.65	$2.51 to $2.82	12
Q1 FY28	$9.9B	$9.4B to $10.3B	$2.80	$2.65 to $2.98	7
Q2 FY28	$10.3B	$9.9B to $10.8B	$2.96	$2.80 to $3.15	7
Q3 FY28	$10.7B	$10.2B to $11.2B	$3.10	$2.93 to $3.30	8
Q4 FY28	$11.1B	$10.7B to $11.7B	$3.28	$3.11 to $3.50	8
Q1 FY29	$11.5B	$11B to $12.1B	$3.40	$3.21 to $3.61	11

Peers

Companies in Semiconductors nearest Lam Research's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
LRCXLam Research	$287.9B	34.3×	21.2×	22.6×	11.0×	+33%	32.3%
AMATApplied Materials	$299.4B	32.5×	19.7×	21.3×	9.7×	+8%	30.1%
TXNTexas Instruments	$260B	36.9×	24.1×	27.0×	12.5×	+20%	34.3%
MRVLMarvell Technology	$200.4B	75.4×	30.1×	40.3×	21.2×	+31%	27.9%
KLACKLA	$190.2B	39.7×	24.0×	26.2×	14.0×	+12%	35.6%
ADIAnalog Devices	$189.5B	46.4×	39.5×	24.1×	13.7×	+34%	29.8%
INTCIntel	$438.6B	n/m	13.3×	50.0×	7.7×	+7%	−19.8%
QCOMQUALCOMM	$184.7B	20.4×	20.2×	19.0×	4.2×	+2%	21.0%
AMDAdvanced Micro Devices	$843.6B	133×	106×	45.7×	20.4×	+40%	15.6%
MUMicron Technology	$992.9B	11.8×	18.1×	5.0×	7.5×	+256%	63.8%
TELTE Connectivity	$60.2B	20.4×	19.1×	16.5×	3.1×	+17%	15.6%
Peer median	$230.2B	36.9×	22.1×	25.2×	11.1×	+18%	28.9%