Lam Research Corp

Technology
Industrial Machinery/Components
www.lamresearch.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $94.31B
PE 20
Debt $4.48B
Cash $5.46B
EV $93.33B
FCF $3.79B

Earnings

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Sales & Net Margins

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Earnings	$4.66B
EBIT	$5.33B
ROE	49%
ROA	27%
FCF	$3.79B
Equity	$9.51B
Growth Stability	88%
PE	20.25
PEG	2.62
PB	9.92
P/FCF	24.86
P/S	5.5
Price/Cash	0.06
Debt/Equity	0.47
Debt/FCF	1.18
Net Margins	27%
Gross Margins	48%
Op. Margins	31%
Earnings CAGR	18%
Sales Growth YoY	24%
Sales Growth QoQ	8%
Sales CAGR	12%
FCF CAGR	14%
Equity CAGR	4%
Earnings Stability	0.77
Earnings Growth YoY	38%
Earnings Growth QoQ	12%
Earnings CAGR 5Y	8%

Sales CAGR 5Y	7%
FCF CAGR 5Y	18%
Equity CAGR 5Y	14%
Earnings CAGR 3Y	-6%
Sales CAGR 3Y	-6%
FCF CAGR 3Y	15%
Equity CAGR 3Y	9%
Market Cap	$94.31B
Revenue	$17.14B
Dividend Yield	1%
Payout Ratio	25%
Assets	$19.97B
Total Debt	$4.48B
Cash	$5.46B
Shares Outstanding	1.28B
EV	93.33B
Earnings Score	93%
Moat Score	98%
Safety Score	94%
Final Score	95%
Working Capital	7.97B
Current Ratio	2.45
Gross Profit	$8.23B
Shares Growth 3y	-3%
Equity Growth QoQ	8%
Equity Growth YoY	19%

Assets & ROA

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Stockholders Equity & ROE

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Lam Research manufactures equipment used to fabricate semiconductors. The firm is focused on the etch, deposition, and clean markets, which are key steps in the semiconductor manufacturing process, especially for 3D NAND flash storage, advanced DRAM, and leading-edge logic/foundry chipmakers. Lam's flagship Kiyo, Vector, and Sabre products are sold in all major geographies to key customers such as Samsung Electronics, Micron, Intel, and Taiwan Semiconductor Manufacturing.

SEC Filings

Direct access to Lam Research Corp (LRCX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 30
2024
- 10-Q Dec 29
- 10-Q Sep 29
- 10-K Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 24
- 10-Q Sep 24
- 10-K Jun 25
- 10-Q Mar 26

Sector Comparison

How does Lam Research Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Lam Research Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 18%

Stability 77%

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Lam Research Corp Discounted Cash Flow

Fully customizable DCF calculator online for Lam Research Corp.

Years

Calculation mode

= $101B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$3.8B	$4.3B	$4.9B	$5.6B	$6.4B	$7.3B	$8.4B	$9.5B	$11B	$12B	$14B	$141B
DCF		$3.9B	$4.1B	$4.2B	$4.4B	$4.5B	$4.7B	$4.9B	$5.1B	$5.3B	$5.5B	$55B
Value	$101B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	06/2015	06/2016	06/2017	06/2018	06/2019	06/2020	06/2021	06/2022	06/2023	06/2024	TTM
Net Margins	12%	16%	21%	21%	23%	22%	27%	27%	26%	26%	27%
ROA	-	9%	16%	26%	21%	19%	29%	31%	28%	23%	27%
ROE	-	16%	25%	37%	47%	44%	65%	73%	55%	45%	49%

Good Net Margins (27.43%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	06/2015	06/2016	06/2017	06/2018	06/2019	06/2020	06/2021	06/2022	06/2023	06/2024	TTM
Debt over FCF	-	4.68	2.02	1.3	1.8	3.48	1.55	1.96	1.07	1.29	1.18
Debt over Equity	0.78	0.93	0.56	0.48	1.11	1.29	0.83	0.8	0.61	0.64	0.47
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	88%	88%

Good Debt/FCF ratio (1.18)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.47)

The company is not overleveraged and has a good balance between equity and debt.

Neutral Graham’s Stability (88%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	06/2015	06/2016	06/2017	06/2018	06/2019	06/2020	06/2021	06/2022	06/2023	06/2024	CAGR 5Y
Revenue YoY growth	-	12%	36%	38%	-13%	4%	46%	18%	1%	-14%	7%
Earnings YoY growth	-	39%	86%	40%	-8%	3%	74%	18%	-2%	-15%	8%
Equity YoY growth	-	16%	16%	-5%	-28%	11%	17%	4%	31%	4%	14%
FCF YoY growth	-	100%	59%	27%	21%	-33%	68%	-21%	83%	-9%	18%