⬤ Loading…
Lam Research Corporation
…
NASDAQ: LRCX Technology Semiconductor Equipment & Materials 🔎 Screen
S&P 500 Nasdaq 100
$471.7B
Market Cap
23.4
P/E
1.59
PEG
47.8%
ROCE
58.2%
ROE
0.38
D/E
32.0%
OPM
⚖️ Compare? 🔒 Generate Report 📚 Guides
🌏 Global Investor Returns
Currency-adjusted total returns for LRCX including FX impact
🌏
Click 🌏 Returns tab to load data
📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
Shareholding
About

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.

Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
📊 Quick Scorecard
Loading…
⭐ Superinvestors Holding LRCX
View All Superinvestors →
Manager Shares Value % of Fund Period
Daniel Loeb Third Point LLC 75.0K $16.0B 0.77% Mar 2026
Tiger Global Management Tiger Global Management LLC 3.90M $833.4M 3.65% Mar 2026
David Tepper Appaloosa LP 382.5K $81.7M 1.38% Mar 2026
Steve Cohen Point72 Asset Management 29.9K $6.4M 0.01% Mar 2026
Jim Simons Renaissance Technologies LLC 3.4K $728K 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔒
Premium Feature
AI-generated 10-section company profile — business model, financials, strengths, risks & management quality
Upgrade to Premium
Already a member? Log in
📐
3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
Open Model →
🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q3 2026
Revenue
$5.84B
+24% YoY
Operating Margin
35.0%
+0.7pp QoQ
Net Income (non-GAAP)
$1.85B
+16% QoQ
EPS (non-GAAP, diluted)
$1.47
+16% QoQ
What Went Right
  • Record revenue and EPS driven by AI-fueled WFE growth to $140B
  • CSBG delivered first $2.1B quarter, up 6% QoQ and 25% YoY
  • NAND conversion spending pulled forward, majority before end of CY2027
  • DRAM record revenue, with 1C node transitions expanding SAM >20%
What to Watch
  • Customer down payments hit lowest level in nearly four years
  • China revenue expected to decline in June quarter from 34% level
  • OpEx grew 5% QoQ and guided to grow further, potentially pressuring leverage if revenue slows
Management Guidance
  • June quarter revenue: $6.6B ± $400M
  • June quarter gross margin: 50.5% ± 1pp
  • June quarter operating margin: 36.5% ± 1pp
  • June quarter non-GAAP EPS: $1.65 ± $0.15
Investor Lens
The thesis is stronger after this call. Lam delivered record results and raised WFE outlook to $140B with upside bias, driven by accelerating AI demand across memory and logic. The pull-forward of NAND conversion spending and expanding SAM in DRAM and foundry logic reinforce Lam's multiyear outperformance narrative. Strong gross margin guidance (50.5%) despite mix headwinds shows operational leverage is sustainable. Risks remain around China revenue normalization and potential cyclicality, but management's confidence in 2027 growth and disciplined capital allocation (139% FCF return) support the bullish view.
From investor presentation · AI-generated analysis · Not investment advice
🔒
Premium Feature
Investor Presentation One-Pager — quarterly highlights, what went right/wrong & management guidance
Upgrade to Premium
Already a member? Log in
📈 STRONG Record quarter with strong beat; June guide suggests continued momentum
Revenue
Revenue came in at $5.84B, up 9% sequentially and 24% year-over-year, above the midpoint of guidance. Foundry accounted for 54% of systems revenue (down from 59% QoQ), memory 39% (up from 34%), with DRAM reaching a record 27% of systems revenue.
Profitability
Non-GAAP net income was $1.85B, up 16% sequentially, with diluted EPS of $1.47 exceeding the high end of guidance. Operating income (non-GAAP) was $2.04B, implying a 35.0% operating margin.
Margins
Non-GAAP gross margin was 49.9%, at the high end of guidance, driven by favorable product mix and factory efficiencies. Operating margin expanded to 35.0% (up 70 bps QoQ). Management expects gross margin to sustain near 50.5% for the rest of the year, with further OpEx leverage as revenue grows.
Balance Sheet
Cash and equivalents stood at $4.8B, down from $6.2B due to $800M in buybacks, $326M in dividends, and $750M debt repayment. Deferred revenue was flat at $2.22B, but customer down payments fell by ~$300M to a four-year low. Capital expenditures were $332M, with investments in Malaysia and lab expansion.
Key Risks
Three risks flagged: (1) China revenue likely to decline in June quarter, (2) customer down payments at low levels indicating less prepayment from smaller customers, (3) potential capacity constraints and lead-time stretch as demand outpaces clean room availability, which could cap near-term WFE growth.
Outlook
For June quarter, Lam guided revenue of $6.6B ± $400M, gross margin of 50.5% ± 1pp, operating margin of 36.5% ± 1pp, and EPS of $1.65 ± $0.15. Management expects H2 CY2026 revenues to exceed H1, and sees WFE growing to $140B with upside bias, setting up for another year of growth in 2027.
Generated by AI · Q3 2026 results · Not investment advice
🔒
Free Account Required

Create a free Finmagine account to access Finmagine™ Scorecard.

See how this company scores across 5 dimensions — Financial Health, Growth Prospects, Competitive Position, Management Quality, and Valuation — powered by 30+ computed ratios.

Create Free AccountLog In
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Ask AI.

Get 25 expert AI analysis templates — Business KPIs, Comprehensive, Forensic Governance, Peer Comparison, Risk-Reward, Full Research Report, IPO Decoder, Red Flag Detector, and more — ready to paste into ChatGPT, Claude, Gemini, or Perplexity.

Upgrade to PremiumCreate Free Account
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Peer Comparison.

Compare this company side-by-side against its sector peers with financial metrics, ratio benchmarking, and relative performance across all key dimensions.

Upgrade to PremiumCreate Free Account
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Documents.

Access concall transcripts, annual reports, credit ratings, and investor presentations.

Upgrade to PremiumCreate Free Account
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Full Report.

Read the complete Finmagine™ investment research report — comprehensive fundamental analysis, business model assessment, competitive positioning, and investment recommendation.

Upgrade to PremiumCreate Free Account

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯
Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.
📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.