LAM RESEARCH CORP LRCX
Incorporated in 1980, Lam Research Corporation ("Lam Research," "Lam," "we," "our," "us," or the "Company") is a Delaware corporation, headquartered in Fremont, California. We maintain a network of facilities throughout Asia, Europe, and the United States in order to meet the needs of our dynamic customer base.
The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries. All other marks mentioned herein are the property of their respective holders.
We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.23B | $18.44B | $14.91B | $17.43B | $17.23B | $14.63B | $10.04B | $9.65B | $11.08B | $8.01B |
| Cost of revenue | $11.51B | $9.46B | $7.85B | $9.65B | $9.36B | $7.82B | $5.44B | $5.30B | $5.91B | $4.41B |
| Gross profit | $11.73B | $8.98B | $7.05B | $7.78B | $7.87B | $6.81B | $4.61B | $4.36B | $5.17B | $3.60B |
| R&D | $2.38B | $2.10B | $1.90B | $1.73B | $1.60B | $1.49B | $1.25B | $1.19B | $1.19B | $1.03B |
| SG&A | $1.15B | $981.7M | $868.2M | $832.8M | $885.7M | $829.9M | $682.5M | $702.4M | $762.2M | $667.5M |
| Total operating expenses | $3.53B | $3.08B | $2.79B | $2.60B | $2.49B | $2.32B | $1.93B | $1.89B | $1.95B | $1.70B |
| Operating income | $8.20B | $5.90B | $4.26B | $5.17B | $5.38B | $4.48B | $2.67B | $2.46B | $3.21B | $1.90B |
| Interest expense | $156.9M | $178.2M | $185.2M | $186.5M | $184.8M | $208.6M | $177.4M | $117.3M | $97.4M | $117.7M |
| Pre-tax income | $8.26B | $5.96B | $4.36B | $5.11B | $5.19B | $4.37B | $2.57B | $2.45B | $3.15B | $1.81B |
| Income tax | $997.1M | $599.9M | $532.5M | $598.3M | $587.8M | $462.3M | $323.2M | $255.1M | $771.1M | $113.9M |
| Net income | $7.27B | $5.36B | $3.83B | $4.51B | $4.61B | $3.91B | $2.25B | $2.19B | $2.38B | $1.70B |
| EPS, basic | 5.79 | 4.17 | 2.91 | 3.33 | 32.92 | 27.22 | 15.55 | 14.37 | 14.73 | 10.47 |
| EPS, diluted | 5.76 | 4.15 | 2.90 | 3.32 | 32.75 | 26.90 | 15.10 | 13.70 | 13.17 | 9.24 |
| Shares, diluted (wtd. avg.) | $1.26B | $1.29B | $1.32B | $1.36B | $140.6M | $145.3M | $149.1M | $159.9M | $180.8M | $183.8M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.58B | $6.39B | $5.85B | $5.59B | $3.77B | $4.67B | $5.17B | $3.91B | $4.77B | $2.63B |
| Receivables | $5.34B | $3.38B | $2.52B | $2.82B | $4.31B | $3.03B | $2.10B | $1.46B | $2.18B | $1.67B |
| Inventory | $4.28B | $4.31B | $4.22B | $4.82B | $3.97B | $2.69B | $1.90B | $1.54B | $1.88B | $1.23B |
| Total current assets | $15.61B | $14.52B | $12.88B | $13.23B | $12.29B | $11.65B | $10.85B | $8.56B | $9.15B | $9.14B |
| Property, plant and equipment | $2.94B | $2.41B | $2.13B | $1.80B | $1.61B | $1.26B | $1.05B | $1.06B | $902.5M | $685.6M |
| Goodwill | $1.63B | $1.63B | $1.60B | $1.62B | $1.52B | $1.49B | $1.48B | $1.48B | $1.48B | $98.9M |
| Other intangibles | $269.3M | $182.2M | $138.5M | $168.5M | $101.8M | $132.4M | $168.5M | $216.9M | $317.8M | $411.0M |
| Total assets | $23.53B | $21.35B | $18.74B | $18.78B | $17.20B | $15.89B | $14.56B | $12.00B | $12.48B | $12.12B |
| Accounts payable | $1.30B | $854.2M | $614.0M | $470.7M | $1.01B | $829.7M | $592.4M | $376.6M | $511.0M | $464.6M |
| Short-term debt | $147.0K | $749.7M | $501.3M | $421.0K | $0 | $0 | $836.1M | $662.3M | $608.5M | $907.8M |
| Total current liabilities | $5.94B | $6.57B | $4.34B | $4.18B | $4.56B | $3.53B | $3.16B | $2.37B | $3.15B | $2.95B |
| Long-term debt | $3.72B | $3.72B | $4.47B | $4.96B | $4.96B | $4.96B | $4.96B | $3.77B | $1.76B | $1.78B |
| Total liabilities | $11.06B | $11.48B | $10.21B | $10.57B | $10.92B | $9.86B | $9.38B | $7.28B | $5.90B | $5.14B |
| Retained earnings | $34.95B | $28.99B | $24.81B | $22.03B | $18.45B | $14.68B | $11.52B | $9.93B | $8.26B | $6.25B |
| Total equity | $12.47B | $9.86B | $8.54B | $8.21B | $6.28B | $6.03B | $5.17B | $4.67B | $6.50B | $6.82B |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.86B | $6.17B | $4.65B | $5.18B | $3.10B | $3.59B | $2.13B | $3.18B | $2.66B | $2.03B |
| Depreciation and amortisation | $383.9M | $329.5M | $299.0M | $282.8M | $248.2M | $229.8M | $198.8M | $182.1M | $165.2M | $152.3M |
| Stock-based compensation | $386.4M | $343.4M | $293.1M | $286.6M | $259.1M | $220.2M | $189.2M | $187.2M | $172.2M | $150.0M |
| Capital expenditure | $966.4M | $759.2M | $396.7M | $501.6M | $546.0M | $349.1M | $203.2M | $303.5M | $273.5M | $157.4M |
| Investing cash flow | -$922.2M | -$708.1M | -$370.6M | -$534.6M | $612.3M | $73.3M | -$244.1M | -$1.64B | $2.75B | -$2.05B |
| Financing cash flow | -$5.72B | -$4.94B | -$4.00B | -$2.83B | -$4.58B | -$4.17B | -$623.9M | -$2.39B | -$3.27B | -$2.63B |
| Dividends paid | $1.27B | $1.15B | $1.02B | $907.9M | $815.3M | $727.0M | $656.8M | $678.3M | $307.6M | $243.5M |
| Buybacks | $3.85B | $3.42B | $2.84B | $2.02B | $3.87B | $2.70B | $1.37B | $3.78B | $2.65B | $811.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000707549-26-000037.
Others in SIC 3559
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ACMR | ACM Research, Inc. | $5.05B | 54.3x | 15.2% |
| ACLS | AXCELIS TECHNOLOGIES INC | $3.55B | 30.3x | -17.6% |
| VECO | VEECO INSTRUMENTS INC | $2.73B | 75.7x | -7.4% |
| AZTA | Azenta, Inc. | $1.37B | — | 3.6% |
| CRCT | Cricut, Inc. | $1.16B | 15.8x | -0.5% |
| ERII | Energy Recovery, Inc. | $389.5M | 18.2x | -6.9% |
| VELO | Velo3D, Inc. | $373.3M | — | 12.1% |
| ASYS | AMTECH SYSTEMS INC | $261.7M | — | -21.6% |