Lam Research CorporationLRCX
NasdaqGS•Technology•Semiconductor Equipment & Materials
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. The company offers ALTUS systems to deposit conformal or selective films for tungsten or molybdenum metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition products for dielectric film solutions; and VECTOR plasma-enhanced CVD products. It also provides Flex for dielectric etch applications; Vantex, a dielectric etch system that provides RF technology and repeatable wafer-to-wafer performance enabled by Equipment Intelligence solutions; Kiyo for conductor etch applications; Syndion for through-silicon via etch applications; and Versys metal products for metal etch processes. In addition, the company offers Coronus bevel clean products to enhance die yield; and Da Vinci, DV-Prime, EOS, and SP series products to address various wafer cleaning applications. Further, it provides Reliant deposition, etch, and clean products; and Sense.i platform products, as well as customer service, spares, and upgrades. Lam Research Corporation was incorporated in 1980 and is headquartered in Fremont, California.
Lam Research Corporation (LRCX) reported trailing twelve months revenue of $21.68B as of March 2026, a 26.5% increase year-over-year. Quarterly revenue reached $5.84B, reflecting continued top-line momentum.
Lam Research Corporation generated $6.71B in TTM net income, with quarterly EBITDA of $2.16B. The operating margin expanded from 33.1% to 35.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (35.0%) and net margin (31.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 28.2% a year ago, signaling stronger bottom-line efficiency.
LRCX trades at a P/E of 39.4x (a premium multiple) and a P/S of 12.2x. The price-to-book ratio of 25.0x indicates a significant premium over book value.
The company generated $809.82M in free cash flow over the trailing twelve months, a 20.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $20.79B in total assets with $3.73B in long-term debt against $10.58B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~32.5%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 53.3% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~45.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~34.2% — no sign of cost or pricing stress.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation