Lam Research Corporation
- Open
- 306.94
- Day high
- 322.07
- Day low
- 298.65
- Prev close
- 320.96
- Volume
- 12.8M
- Mkt cap
- $391.8B
- P/E (TTM)
- 58.9
- EPS (TTM)
- $5.32
- P/B
- 37.0
- P/S
- 18.1
- Yield
- 0.33%
- Per share
- $1.04
- ▼Insiders net selling -$59.4M over the last 3 months (0 open-market buys, 47 sales)
- 🏛Institutions mixed (13F)
Lam Research Corporation (LRCX) is a Technology company listed on NASDAQ. The stock is up 211% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 47 sales (SEC Form 4). Drillr has 6 published research articles covering LRCX.
Lam Research Corporation (LRCX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 18 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LRCX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.36 | $1.47 | +8.1% | $5.8B | +1.6% |
| Jan 28, 2026 | $1.17 | $1.27 | +8.5% | $5.3B | +2.1% |
| Oct 22, 2025 | $1.22 | $1.26 | +3.3% | $5.3B | +1.9% |
| Jul 30, 2025 | $1.21 | $1.33 | +9.9% | $5.2B | +3.3% |
| Apr 23, 2025 | $1.00 | $1.04 | +4.0% | $4.7B | +1.7% |
| Jan 29, 2025 | $0.88 | $0.91 | +3.6% | $4.4B | +1.4% |
| Oct 23, 2024 | $0.81 | $0.86 | +6.2% | $4.2B | +2.7% |
| Jul 31, 2024 | $0.76 | $0.81 | +6.9% | $3.9B | +1.3% |
| Jan 24, 2024 | $0.71 | $0.75 | +5.6% | $3.8B | +1.3% |
| Oct 18, 2023 | $0.61 | $0.69 | +13.1% | $3.5B | -0.9% |
| Jul 26, 2023 | $0.50 | $0.60 | +20.0% | $3.2B | +2.5% |
| Apr 19, 2023 | $0.65 | $0.70 | +7.7% | $3.9B | +23.6% |
LRCX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | ARCHER TIMOTHYofficer: President and CEO | Sell | 30,000 | $390.01 |
| Jul 6, 2026 | ARCHER TIMOTHYofficer: President and CEO | Option | 30,000 | $30.03 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 1,906 | $360.15 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 1,880 | $358.22 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 642 | $364.00 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 2,604 | $362.20 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 300 | $355.71 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 1,600 | $373.09 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 780 | $359.24 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 5,717 | $362.95 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 4,030 | $368.03 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 1,481 | $343.96 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 3,208 | $344.92 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 2,708 | $362.40 |
| Jun 15, 2026 | BRANDT ERICdirector | Sell | 1,653 | $356.27 |
Source: LRCX SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full LRCX insider & 13F page →LRCX research & analysis
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Lam Research Corporation company profile
Overview
Lam Research Corporation (NASDAQ:LRCX) is a leading semiconductor equipment manufacturer founded in 1980 and headquartered in Fremont, California. The company went public in 1984 and has established itself as a critical supplier to the global semiconductor industry. Lam Research designs, manufactures, and services sophisticated processing equipment used in the fabrication of integrated circuits, serving major semiconductor manufacturers worldwide including foundries, memory producers, and logic device makers.
Business
Lam Research operates in the semiconductor capital equipment industry, which provides the specialized machinery necessary for manufacturing computer chips. The company focuses on two critical steps in semiconductor fabrication: etching and deposition. Etching involves precisely removing layers of material from silicon wafers to create the intricate patterns that form transistors and interconnects. Lam's etch product portfolio includes the Flex systems for dielectric etch applications, Kiyo systems for conductor etch, and Syndion systems for specialized through-silicon via applications. These tools use plasma-based processes to selectively remove materials with atomic-level precision. Deposition is the process of adding thin films of various materials onto wafers. Lam offers several deposition platforms including ALTUS systems for conformal film deposition, SABRE electrochemical deposition products for copper interconnects, and VECTOR plasma-enhanced chemical vapor deposition systems. The company also provides atomic layer deposition (ALD) tools like Striker for creating ultra-thin, uniform films. Beyond manufacturing equipment, Lam operates a Customer Support Business Group (CSBG) that provides maintenance, spare parts, upgrades, and refurbishment services. This segment generates approximately 35-40% of total revenue and provides recurring income streams throughout the equipment lifecycle. The company also offers cleaning systems including the Da Vinci and EOS product lines for wafer cleaning applications, and metrology systems like Metryx for precision measurement during manufacturing. Additionally, Lam provides Semiverse Solutions, advanced modeling and simulation software that helps customers optimize their manufacturing processes.
Revenue model
Lam Research generates revenue primarily through equipment sales to semiconductor manufacturers, with systems revenue typically accounting for 60-65% of total revenue. The company sells complex, high-value tools ranging from several hundred thousand to several million dollars each. Customers include major foundries like TSMC and Samsung, memory manufacturers like SK Hynix and Micron, and integrated device manufacturers. The Customer Support Business Group provides a stable, recurring revenue stream representing 35-40% of total revenue. This includes spare parts sales, maintenance contracts, equipment upgrades, and refurbishment services. CSBG revenue tends to be more predictable and carries higher margins than new equipment sales. Several factors influence Lam's profitability and margins. Technology transitions in the semiconductor industry create significant opportunities, as new chip architectures often require more complex processing steps, increasing the total addressable market per wafer. Current transitions include the move to Gate-All-Around transistor structures, advanced packaging for AI chips, and next-generation memory technologies. Market cyclicality significantly impacts demand, as semiconductor capital spending fluctuates with end-market conditions, inventory cycles, and technology upgrade timing. Memory markets are particularly cyclical, while foundry spending tends to be more stable due to diverse end markets. Geopolitical factors affect revenue distribution and supply chains. Export restrictions on China have reduced Lam's addressable market, while the company maintains manufacturing flexibility across multiple regions to mitigate trade tensions. Supply chain dynamics influence both costs and delivery capabilities. Component shortages can constrain shipments and increase costs, while supply chain normalization improves margins through better procurement and reduced expediting expenses. Product mix substantially affects margins, with newer, more advanced tools typically commanding higher prices and margins. The shift toward more etch and deposition steps in advanced semiconductor manufacturing generally benefits Lam's market position and pricing power.
Competitive moat
Lam Research possesses a strong competitive moat built on several sustainable advantages. The company benefits from high switching costs and technical lock-in effects - once a semiconductor manufacturer qualifies Lam's equipment for a specific process, changing suppliers requires extensive and expensive re-qualification that can take months or years. This creates significant customer stickiness. The company's technological expertise in plasma processing, atomic layer deposition, and etch chemistry represents decades of accumulated knowledge that is difficult to replicate. Lam's R&D investments of over $1 billion annually maintain its technological edge in increasingly complex semiconductor manufacturing processes. Scale advantages provide cost efficiencies in R&D, manufacturing, and global service support. With revenues exceeding $15 billion annually, Lam can invest in advanced technologies and maintain global infrastructure that smaller competitors cannot match. The company's installed base of thousands of tools worldwide creates a substantial service revenue opportunity that competitors with smaller footprints cannot replicate. However, Lam's moat faces some challenges. The semiconductor equipment industry has only a few major players - Applied Materials, ASML, and Tokyo Electron are formidable competitors with their own technological strengths. Customer concentration among a small number of large semiconductor manufacturers gives buyers significant negotiating power. Cyclical demand can pressure pricing during downturns, and geopolitical risks create market access challenges. Additionally, as semiconductor manufacturing becomes increasingly complex, new entrants with specialized technologies could potentially disrupt established players in specific process steps. Overall, Lam's moat appears moderately strong, supported by technical expertise, customer relationships, and scale, but not impregnable given industry dynamics and competitive pressures.
Risks & safety
Lam Research demonstrates a solid financial position with reasonable margin of safety: • Strong liquidity: $5.5 billion in cash and short-term investments with minimal debt service requirements • Positive cash generation: Free cash flow of $1.0 billion in Q3 2025, representing 22% of revenue • Manageable debt levels: Debt-to-equity ratio of 0.47, well within comfortable ranges for a cyclical business • Current ratio of 2.45 indicates strong ability to meet short-term obligations Valuation metrics suggest mixed signals: • P/E ratio of 17.5x appears reasonable for a technology leader • EV/EBITDA of 13.8x is elevated but not extreme given growth prospects • Price-to-book ratio of 9.8x reflects premium valuation typical of asset-light technology companies Other considerations: • Cyclical nature of semiconductor equipment demand creates earnings volatility • Geographic revenue concentration in Asia creates geopolitical exposure • Strong market position in critical manufacturing processes provides defensive characteristics • Recurring service revenue (35-40% of total) adds stability to cash flows
Recent development
Over the past several years, Lam Research has executed several strategic initiatives to strengthen its market position and expand its addressable market. The company has significantly increased R&D investments, reaching over $1 billion annually, to maintain technological leadership in increasingly complex semiconductor manufacturing processes. Technology portfolio expansion has been a key focus, with Lam developing capabilities in emerging areas like Gate-All-Around transistor architectures, advanced packaging for AI chips, backside power distribution, and dry EUV resist processing. These technologies represent multi-billion dollar market opportunities as the industry transitions to new chip designs. The company has made substantial investments in global manufacturing and supply chain infrastructure, expanding facilities across the United States, Asia, and Europe to improve delivery capabilities and mitigate geopolitical risks. This includes qualifying alternative suppliers and building redundancy into critical supply chains. Digital transformation initiatives include the development of Semiverse Solutions, advanced modeling and simulation software that helps customers optimize manufacturing processes. This represents Lam's expansion beyond hardware into software and services, potentially creating new revenue streams and deeper customer relationships. The company has also focused on operational efficiency improvements, implementing workforce optimization measures during the 2023 downturn while maintaining critical R&D investments. These efforts have contributed to gross margin improvements and better cost structure flexibility. Market share expansion has been achieved through strong execution in technology transitions, with Lam consistently gaining share in etch and deposition processes as semiconductor manufacturing becomes more complex. The company's served addressable market has grown faster than overall wafer fabrication equipment spending due to increased process intensity in advanced nodes.
LRCX company profile · for informational purposes only — not investment advice.
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