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LAM RESEARCH CORP (LRCX) USD

Wafer fabrication equipment—etch, deposition, and clean systems used in chip manufacturing.

At a glance: strengths & risks
✓Revenue growing (+54% y/y, Q1 2026)✓Profit growing (+76% y/y, Q1 2026)✓Margins improving (36%→41%, Q1 2026)✓Net cash balance sheet

Sector: Technology

US_LRCX

Price chart

230.1 USDDay -0.02%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
230.1 USD · -0.02%
Market cap
287.9 bn USD

Growth

Δ revenue y/y
54.4%
Δ EBITDA y/y
76.4%

Multiples

P/E (LTM)
34.1x
3y avg: 34.2x
P/B (FY)
23.1x
P/E (ann.)
26.1x
EV/EBITDA (LTM)
28.1x
3y avg: 28.6x
EV/EBITDA (ann.)
20.9x

Cash return

Dividend yield
0.5%
FCF yield (LTM)
2.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+29.2%
↓ details

Liquidity

Daily turnover (US listing)
2.9 bln USD

Shares: yahoo_fundamentals_timeseries/LRCX

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-27Q3 2026 (3M)OK8.2
y/y 54.4%
3.3
y/y 79.5%
0.1
y/y 20.1%
3.4
y/y 76.4%
2.8
y/y 75.5%
3.5-0.326.4
y/y 20.3%
13.9
y/y 36.5%
83.5%-3.7Link
2026-06-28Q2 2026 (3M)OK6.7
y/y 30.0%
2.5
y/y 44.4%
0.1
y/y 21.5%
2.6
y/y 43.1%
2.3
y/y 32.4%
1.5-0.223.5
y/y 10.2%
12.5
y/y 26.5%
63.0%-1.5Link
2026-03-29Q1 2026 (3M)OK5.8
y/y 23.8%
2.0
y/y 31.1%
0.1
y/y 19.5%
2.2
y/y 30.4%
1.8
y/y 37.2%
1.1-0.320.8
y/y 4.1%
10.6
y/y 11.3%
23.5%-1.0Link
2025-12-28Q4 2025 (3M)OK5.3
y/y 22.1%
1.8
y/y 35.7%
0.1
y/y 8.0%
1.9
y/y 33.8%
1.6
y/y 33.8%
1.5-0.321.4
y/y 7.8%
10.1
y/y 15.2%
62.7%-1.7Link
2025-09-28Q3 2025 (3M)OK5.3
y/y 27.7%
1.8
y/y 44.7%
0.1
y/y 7.8%
1.9
y/y 42.1%
1.6
y/y 40.5%
1.8-0.221.9
y/y 12.1%
10.2
y/y 20.3%
62.6%-2.2Link
2025-06-29Q2 2025 (3M)OK5.2
y/y 33.6%
1.7
y/y 54.6%
0.1
y/y 11.4%
1.8
y/y 51.4%
1.7
y/y 68.6%
2.6-0.221.3
y/y 13.9%
9.9
y/y 15.5%
55.3%-1.6Link
2025-03-30Q1 2025 (3M)OK4.7
y/y 24.4%
1.6
y/y 47.7%
0.1
y/y 8.3%
1.7
y/y 44.6%
1.3
y/y 37.8%
1.3-0.320.0
y/y 9.2%
9.5
y/y 18.6%
19.4%-1.0Link
2024-12-29Q4 2024 (3M)OK4.4
y/y 16.4%
1.3
y/y 26.2%
0.1
y/y 5.8%
1.4
y/y 24.6%
1.2
y/y 24.8%
0.7-0.219.8
y/y 5.6%
8.8
y/y 7.1%
55.1%-0.7Link
2024-09-29Q3 2024 (3M)OK4.2
y/y 19.7%
1.3
y/y 23.6%
0.1
y/y 4.2%
1.4
y/y 22.0%
1.1
y/y 25.8%
1.6-0.119.5
y/y 5.4%
8.5
y/y 5.3%
52.5%-1.1Link
2024-06-30Q2 2024 (3M)OK3.9
y/y —
1.1
y/y —
0.1
y/y —
1.2
y/y —
1.0
y/y —
0.9-0.118.7
y/y -0.2%
8.5
y/y 4.0%
46.2%-0.6Link
2024-03-31Q1 2024 (3M)OK3.8
y/y -2.0%
1.1
y/y 12.2%
0.1
y/y -1.9%
1.1
y/y 10.9%
1.0
y/y 18.7%
1.4-0.118.3
y/y -5.0%
8.0
y/y -4.6%
15.9%-0.7Link
2023-12-24Q4 2023 (3M)OK3.8
y/y —
1.1
y/y —
0.1
y/y —
1.1
y/y —
1.0
y/y —
1.5-0.118.8
y/y —
8.2
y/y —
46.9%-0.6Link
2023-09-24Q3 2023 (3M)OK3.5
y/y —
1.0
y/y —
0.1
y/y —
1.1
y/y —
0.9
y/y —
1.0-0.118.5
y/y —
8.0
y/y —
43.7%-0.1Link
2023-06-25FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——18.8
y/y —
8.2
y/y —
54.3%-0.1Link
2023-03-26Q1 2023 (3M)OK3.9
y/y —
0.9
y/y —
0.1
y/y —
1.0
y/y —
0.8
y/y —
1.7-0.119.2
y/y —
8.4
y/y —
—-0.3Link

Net debt structure (leases included, IFRS 16) 2026-09-27

Long-term debt (incl. LT leases)3 732
− Cash & equivalents7 437
Net debt-3 705

Net debt / LTM EBITDA: -0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 00010 0002024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q32026 q4

Year-over-year change

-50%0%50%100%2024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q32026 q4

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

05001 0001 5002 0002 5002024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q32026 q4

Net debt / cash ($ mln)

-4 000-3 000-2 000-1 00002024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q32026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.15x of reported net profit; after capex, 1.01x.
year20222023202420252026
cash flow / profit0.67x1.15x1.22x1.15x0.81x
accruals, % of assets8.8%-3.6%-4.4%-3.8%6.0%
Last twelve months (to 2026-09-27): 0.90x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · EBIT covers interest 52.3x · capex 1.7x of depreciation · dividends 18% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +29.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-27 vs 2025-09-28)
= (3 406 − 1 931) × 2.58
3 813
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (287 919 + -3 705) ÷ 8 803
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 742 + 653 + 2 629 − 13
4 024
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (3 813 × 21.0 + 4 024) ÷ 287 919
+29.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +26% vs +24% the year before — a +2.3 pp move. 3-year CAGR +10%.
revenue growth by year: 2024 -14% · 2025 +24% · 2026 +26%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Technology. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS987.28.8x
ORACLE CORPUS381.515.2x
INTERNATIONAL BUSINESS MACHINES CORPUS240.518.9x
MICROSOFT CORPUS3909.220.5x
TEXAS INSTRUMENTS INCUS259.925.2x
NVIDIA CORPUS5127.225.6x
CISCO SYSTEMS, INC.US420.227.1x
Broadcom Inc.US1561.128.6x
Apple Inc.US5137.030.1x
ANALOG DEVICES INCUS191.530.5x
APPLIED MATERIALS INC /DEUS299.230.7x
Arista Networks, Inc.US219.946.9x
Group median26.3x
Group average25.7x
This companyUS287.928.1x

Group median 26.3x; this company 28.1x — a 7% premium.

Group average 25.7x; against the average this company is at a 9% premium.

At the adjusted group median the market cap would be -6% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-230.33 USDEx-dividend: 0.33 USD per sharePaidYahoo Finance (ex-div)
2026-06-170.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2026-03-040.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2025-12-030.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2025-09-240.26 USDEx-dividend: 0.26 USD per sharePaidYahoo Finance (ex-div)
2025-06-180.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2025-03-050.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2024-12-110.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2024-09-170.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2024-06-180.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2024-03-120.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2023-12-120.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2023-09-120.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2023-06-130.1725 USDEx-dividend: 0.1725 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.1725 USDEx-dividend: 0.1725 USD per sharePaidYahoo Finance (ex-div)
2022-12-130.1725 USDEx-dividend: 0.1725 USD per sharePaidYahoo Finance (ex-div)
2022-09-130.1725 USDEx-dividend: 0.1725 USD per sharePaidYahoo Finance (ex-div)
2022-06-140.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2022-03-150.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2021-12-140.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of LAM RESEARCH CORP (LRCX) — from primary filings.

Frequently asked questions

What is LAM RESEARCH CORP (LRCX)'s P/E ratio?
LAM RESEARCH CORP (LRCX) trades at a P/E of 34.1x (price to trailing 12-month earnings).
What is LAM RESEARCH CORP (LRCX)'s EV/EBITDA?
LAM RESEARCH CORP (LRCX) trades at 28.1x EV/EBITDA.
What is LAM RESEARCH CORP (LRCX)'s P/B ratio?
LAM RESEARCH CORP (LRCX) trades at a P/B of 23.1x.
What is LAM RESEARCH CORP (LRCX)'s dividend yield?
LAM RESEARCH CORP (LRCX)'s trailing 12-month dividend yield is 0.5%.
What is LAM RESEARCH CORP (LRCX)'s return on equity (ROE)?
LAM RESEARCH CORP (LRCX)'s ROE is 83.5%.
What is LAM RESEARCH CORP (LRCX)'s market capitalization?
LAM RESEARCH CORP (LRCX)'s market cap is 287.9 bn USD.

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