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Lam ResearchLRCX

$385.0B market cap
$307.65Read the full report →Fact sheet
Lam ResearchLRCX
Revenue

Revenue: is the business selling more than it used to?

$23.2B+26% YoYFY 2025

0.00$10.0B$20.0B201120122013201420152016201720182019202020212022202320242025$23.2B

→Revenue reached $23.2B in 2025, compounding +10% a year since 2022 though the pace has cooled.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Net income

Net income: how much of that revenue becomes profit?

$7.3B+36% YoYFY 2025

0.00$5.0B201120122013201420152016201720182019202020212022202320242025$7.3B

→Net income was $7.3B in 2025, compounding +17% a year over three years. Earnings per share moved +36% over the last twelve months.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Growth rate

How fast is it growing, year by year?

+26.0%revenue growth, FY 2025

0.0%50%2012201320142015201620172018201920202021202220232024202526%36%

Off the axis: 2013 earnings +455.2% - rebounds off a collapsed prior year.

→Revenue grew +26% in 2025 against a five-year average of +11%. Earnings grew faster (+36%), so each new dollar of sales is arriving more profitably. 2013's +455% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Per-share growth

Revenue per share: is your slice growing as fast as the company?

$18.42revenue per share, FY 2025

0.0010.0020112012201320142015201620172018201920202021202220232024202518.423.88

→Revenue per share reached $18.42 in 2025, compounding +13% a year against +10% for LRCX as a whole. Buybacks added roughly 2.8 points to your per-share result. Free cash flow per share stands at $3.88.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Free cash flow

Free cash flow: what is left in real cash after everything?

$4.9B−10% YoYFY 2025

0.00$2.0B$4.0B20102011201320142015201620172018201920202021202220232024$5.4B2025$4.9B

→Free cash flow was $4.9B in 2025, compounding +2% a year since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Income waterfall

Where does each dollar of revenue actually go?

$23.2BRevenue 2025$11.7BGross profit$8.2BOperating income$7.3BNet income

→Of $23.2B in 2025 sales, $7.3B reaches net profit - 31 cents on the dollar. The largest single deduction is producing the product ($11.5B).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Cash conversion

How much of every sales dollar ends up as free cash?

0.0%20%201120132014201520162017201830%201920202021202220232024202521%

→21 cents of every sales dollar became free cash in 2025, down 6 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Spending intensity

What does staying competitive cost, per dollar of sales?

0.0%10%20%2011201220132014201520162017201820192020202120222023202420254.2%10%1.7%

→The biggest claim on each sales dollar is research and development, at 10% of revenue (capital spending 4%, stock compensation 2%).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Operating leverage

When sales grow, do profits grow faster?

0.0%200%400%2012201320142015201620172018201920202021202220232024202526%39%

→Operating profit outgrew revenue in 3 of the last 5 years, most recently +39% against +26%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Margins

Margins: of every $1 of sales, how much survives each cost layer?

0.0%20%40%20112012201320142015201620172018201920202021202220232024202550%35%31%

→Operating margin widened 6 points to 35% since 2022. After everything, 31 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Returns on capital

What does it earn on the money it uses?

0.0%50%201120122013201420152016201720182019202020212022202320242025202658%31%54%

◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-28), not a full fiscal year

→ROE of 58% and ROCE of 54% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Valuation history

What has the market paid for LRCX over time?

53.4xP/E today

0.0020.0040.0020152016201720182019202020212022202320242025202611-year median 15.9xP/E 53.40

◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages

→At 53.4x earnings, the market is paying +236% more than LRCX's own 11-year median of 15.9x. Expectations are elevated, so more has to go right to justify the price. Today's multiple is the highest in the charted history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Free cash flow yield

What cash return does the business throw off per dollar of market value?

1.3%FCF yield today

0.0%5.0%10%20152016201720182019202020212022202320242025202611-year median 5.4%FCF yield 1.3%

◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages

→Every dollar of market value currently buys 1.3% of annual free cash flow, less than its 11-year median of 5.4% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Debt & cash

Could it handle its debt if things went wrong?

0.00$5.0B201220132014201520162017201820192020202120222023202420252026$3.7B$8.2B

◌ 2026 = the latest balance sheet (2026-06-28), not a fiscal year-end

→The company holds $5.6B in cash against $3.7B of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Shareholders' equity

Is the company's own capital growing?

0.00$5.0B$10.0B201220132014201520162017201820192020202120222023202420252026$12.5B

→The company's own capital grew from $8.2B in 2023 to $12.5B (+52%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Capital returned

How much goes back, and how much leaks out as stock comp?

0.00$2.0B$4.0B2011201220132014201520162017201820192020202120222023202420252026

→Shareholders received $3.9B in buybacks and $1.3B in dividends in 2025. Stock compensation issued $386M of new shares in the same year, offsetting 8% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Dilution rate

How fast is your ownership being diluted - or concentrated?

0.0%20%40%201238%2013201420152016201720182019202020212022202320242025-2.3%

→The share count shrank 2.3% in 2025, averaging 2.4% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Dividend per share

Is the dividend cheque growing?

0.000.501.00201420152016201720182019202020212022202320242025DPS 1.01

→The dividend per share reached $1.01 in 2025, compounding +15% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Payout quality

Can it afford the dividend?

0.0%20%20142015201620172018201920202021202220232024202517%26%

→The dividend consumed 17% of profit and 26% of free cash flow in 2025. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Return on capital employed

Does LRCX earn more on its capital than that capital costs?

0.0%20%40%20112012201320142015201620172018201920202021202220232024202510% cost of capitalreturn on capital 54%

→LRCX earns 54.0% on the capital it employs, well above the 10% most investors treat as the cost of capital. It was 35.3% in 2022, so the trend is up, and the pace is picking up. That is the highest in LRCX's filed history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Dilution against what it bought

LRCX has issued or retired shares - did shareholders end up better off?

0500201120122013201420152016201720182019202020212022202320242025101866

→LRCX's share count has barely moved from 2011 to 2025, so growth has not been funded by issuing stock. Revenue per share is +766% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

Lam ResearchLRCX
Insider flow

Are the people running it buying or selling?

$40M$20M0.00Nov '25Dec '25Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26

→Insiders sold $156M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 7 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-28

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