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Lam Research
S&P 500 Nasdaq 100
$374.0B
Market Cap
23.4
P/E
2.27
PEG
77.6%
ROCE
65.1%
ROE
0.30
D/E
35.3%
OPM
-31.2%
% from 52W High
92
α RS
🔍 LRCX is showing a high-conviction setup because it matches 24 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still rolling over, and RS Rating is 92 (top decile vs market). Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 24/39 · Technology in Leading quadrant · RS Rating 92
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🌏 Global Investor Returns
Currency-adjusted total returns for LRCX including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
📊 Sector Averages
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. 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, which support copper damascene manufacturing; Striker single-wafer atomic layer deposition products for dielectric film solutions; and VECTOR plasma-enhanced chemical vapor deposition (CVD) products. It also provides Akara, a conductor etch system designed to enhance etch precision, selectivity, and defect control; Argos, Prevos, and Selis, which are selective etch systems used in the fabrication of advanced logic and memory devices that require precise control at nanoscale dimensions; 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 deep silicon etch; 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; Sense.i platform products; and customer service, spares, and upgrades. Lam Research Corporation was incorporated in 1980 and is headquartered in Fremont, California.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding LRCX
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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.

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Good quarter Investor Presentation One-Pager? Q4 2026
Revenue
$6.72B
+30% YoY / +15% QoQ
Gross Margin
52.0%
+210 bps QoQ
Operating Margin
38.4%
+340 bps QoQ
Non-GAAP Net Income
$2.28B
EPS $1.82, +23.8% QoQ
What Went Right
  • Record revenue of $6.72B, up 30% YoY, with record EPS of $1.82 and 20-year high gross margin.
  • NAND revenue more than doubled sequentially, driving memory to 46% of systems revenue and a record dollar level.
  • CSBG posted third consecutive record at nearly $2.5B, up 43% YoY; advanced packaging growth tracked above 70%.
What to Watch
  • September quarter tax rate is expected to rise to mid-teens from 11%, with the higher rate likely to persist beyond 2026.
  • China revenue fell to 26% of total from 34%, driven by lower domestic customer spending.
  • Management noted tightening lead times and a stretched supply chain, making further upside this year harder to deliver.
Management Guidance
  • September 2026 revenue of $8.1B +/- $400M.
  • Gross margin of 52% +/- 1pp, operating margin of 39.5% +/- 1pp, and non-GAAP EPS of $2.15 +/- $0.15.
  • Calendar 2026 WFE raised to low $150B range from prior $140B.
  • Longer-term gross margin target of mid-50% and operating margin of mid-40%; SAM trending toward high-30s % of WFE.
Investor Lens
The investment thesis is stronger after this call. Lam delivered a record June quarter with $6.72B revenue (+30% YoY) and guided September to $8.1B, while raising calendar 2026 WFE to the low $150B range. NAND strength, CSBG momentum, and SAM expansion to roughly 36-36.5% of WFE support management's 'extraordinary setup' for 2027. The main headwinds are a higher tax rate and a declining China revenue mix, but operational execution and margin expansion clearly remain intact.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record June quarter: revenue $6.72B, up 30% YoY, with September guide $8.1B.
Revenue
Revenue was $6.72B, up 15% sequentially and 30% YoY, above the midpoint of guidance. Memory systems revenue was 46% of systems, with NAND doubling sequentially and foundry at 44%; CSBG contributed a record ~$2.5B.
Profitability
Non-GAAP net income was $2.28B with diluted EPS of $1.82, a record and up 23.8% sequentially. Fiscal 2026 diluted EPS was $5.82, up 41% from fiscal 2025.
Margins
Non-GAAP gross margin was 52.0%, the highest in 20 years, and operating margin was 38.4%, both above guidance. Operating expenses were $916M, with R&D at 67%, and margin expansion was driven by pricing, operational scale efficiencies, and favorable product mix.
Balance Sheet
Cash and short-term investments rose to $5.6B from $4.8B. Inventory was $4.3B with turns improving to 3.0x, while CapEx was $189M; $571M was returned to shareholders via buybacks and dividends.
Key Risks
Management flagged a step-up in the tax rate to mid-teens in September, plus continued higher U.S. GILTI impact. China revenue dropped sequentially to 26% from 34%, and global lead times are becoming challenging as demand stretches the supply chain.
Outlook
September quarter revenue is guided to $8.1B +/- $400M, with gross margin of 52% +/- 1pp and operating margin of 39.5% +/- 1pp. Calendar 2026 WFE is now expected at low $150B, and management described 2027 as an extraordinary growth setup.
Generated by AI · Q4 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q4 2026 Q4 2026 2026-07-29
Record quarterly and annual results were driven by strong NAND and CSBG growth, with gross and operating margins reaching multi-year highs. AI-fueled demand is accelerating technology transitions and capacity investments, supporting robust guidance for the next quarter and a positive multi-year outlook.
Q3 2026 Q3 2026 2026-04-22
March 2026 quarter delivered record revenue and EPS, with strong growth in memory and customer support segments. Guidance for June 2026 points to continued momentum, driven by AI demand and expanding margins. Capital returns and investments remain robust.
Q2 2026 Q2 2026 2026-01-28
Record 2025 revenue and profitability were driven by strong execution, technology transitions, and AI-fueled demand. Guidance for 2026 anticipates continued outperformance, with growth weighted to the second half due to industry clean room constraints.
Q1 2026 Q1 2026 2025-10-22
Record quarterly revenue and margins were achieved, driven by strong foundry and memory demand, especially from AI and high-bandwidth memory investments. New China export restrictions will impact future revenue, but growth is expected to continue in 2026, led by global multinationals and advanced technology transitions.
Q4 2025 Q4 2025 2025-07-30
Revenue and profitability reached record levels, with gross margin exceeding 50% and strong performance in foundry, NAND, and advanced packaging. Guidance for September remains robust, but December is expected to see lower revenue and margins due to mix and tariffs.
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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.

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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.

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Information Sources:
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