Lam Research Corporation (LRCX) Stock Analysis
Technology · Semiconductor Equipment & Materials · NasdaqGS
Lam Research Corporation (LRCX) posted $23.23B in revenue for fiscal 2026 (up 26.0% year over year), at a 31.3% net margin, and has compounded revenue about 9.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Lam Research Corporation
Lam Research Corporation has grown revenue from $8.01B to $23.23B over the last 10 fiscal years, compounding about 9.7% a year. The most recent year was up 26%, so growth is actually accelerating.
Net margin sits at 31.3%, up 2.2 points year over year.
At today's valuation the market is pricing in roughly 24.4% annual free-cash-flow growth — versus the 23% it actually delivered over the last five years, broadly in line with what it has delivered.
Synthesised from Lam Research Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
Lam Research Corporation revenue & earnings — last 10 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.01B | $11.08B | $9.65B | $10.04B | $14.63B | $17.23B | $17.43B | $14.91B | $18.44B | $23.23B |
| Gross profit | $3.60B | $5.17B | $4.36B | $4.61B | $6.81B | $7.87B | $7.78B | $7.05B | $8.98B | — |
| Net income | $1.70B | $2.38B | $2.19B | $2.25B | $3.91B | $4.61B | $4.51B | $3.83B | $5.36B | $7.27B |
| Net margin | 21.2% | 21.5% | 22.7% | 22.4% | 26.7% | 26.7% | 25.9% | 25.7% | 29.1% | 31.3% |
Source: Lam Research Corporation SEC filings (10-K). 18 years of history available in the interactive view.
Lam Research Corporation: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into LRCX stock?
At today's market cap of $366.65B, Lam Research Corporation is priced for free-cash-flow growth of about 24.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.41B from the FY ending 2025-06-30). For comparison, free cash flow actually grew 23%/yr over the last five fiscal years and revenue 9.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of Lam Research Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Lam Research Corporation financial history by metric
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About Lam Research Corporation
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 — frequently asked questions
What is Lam Research Corporation's revenue?
Lam Research Corporation (LRCX) reported revenue of $23.23B for fiscal year 2026, up 26.0% from the prior year, according to its SEC filings.
Is Lam Research Corporation profitable?
Yes. LRCX earned net income of $7.27B in fiscal 2026, a net margin of 31.3%.
What is LRCX's P/E ratio?
Lam Research Corporation trades at a price-to-earnings ratio of about 50.8 based on the latest data in our nightly-refreshed cache.
How fast is Lam Research Corporation growing?
LRCX's revenue grew at roughly 9.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Lam Research Corporation have?
As of fiscal year 2026, LRCX carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Lam Research Corporation's market cap?
Lam Research Corporation (LRCX) has a market capitalization of about $366.65B, based on the latest data in our nightly-refreshed cache.
When does Lam Research Corporation's fiscal year end?
LRCX's fiscal year ends in June. Its most recent annual filing covers the fiscal year ending 2026-06-30.
What growth is priced into LRCX stock?
At today's market cap of $366.65B, Lam Research Corporation is priced for free-cash-flow growth of about 24.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.41B from the FY ending 2025-06-30). For comparison, free cash flow actually grew 23%/yr over the last five fiscal years and revenue 9.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Lam Research Corporation's official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.