A Business at a Glance
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Item 1. Business 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. Additional information about Lam Research is available on our website at www.lamresearch.com. The content on any website referred to in this Form 10-K is not a part of or incorporated by reference in this Form 10-K unless expressly noted. Our Annual Report on Form 10-K, Quarterly Reports on Forms 10-Q, Current Reports on Forms 8-K, Proxy Statements and all other filings we make with the SEC are available on our website, free of charge, as soon as reasonably practical after we file them with or furnish them to the SEC and are also available online at the SEC’s website at www.sec.gov.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 20.6B | 18.4B | 14.9B | 17.4B | 17.2B | 14.6B |
| Net Income | 6.2B | 5.4B | 3.8B | 4.5B | 4.6B | 3.9B |
| EPS | $4.87 | $4.15 | $2.90 | $3.32 | $3.28 | $2.69 |
| Free Cash Flow | 6.2B | 5.4B | 4.3B | 4.7B | 2.6B | 3.2B |
| ROIC | 203.6% | 61.5% | 160.5% | 178.8% | 112.4% | 181.9% |
| Gross Margin | 49.8% | 48.7% | 47.3% | 44.6% | 45.7% | 46.5% |
| Debt/Equity | 0.52 | 0.53 | 0.64 | 0.61 | 0.80 | 0.83 |
| Dividends/Share | $0.97 | $0.92 | $0.80 | $0.67 | $0.60 | $0.52 |
| Operating Income | 6.9B | 5.9B | 4.3B | 5.2B | 5.4B | 4.5B |
| Operating Margin | 33.8% | 32.0% | 28.6% | 29.7% | 31.2% | 30.6% |
| ROE | 61.2% | 58.2% | 44.8% | 54.9% | 73.4% | 64.8% |
| Shares Outstanding | 1,249M | 1,291M | 1,320M | 1,358M | 1,406M | 1,453M |
LAM RESEARCH CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
LAM RESEARCH CORP trades at 64.4x trailing earnings, compared to its 15-year median P/E of 16.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 63.7x vs a median of 20.1x. The company's 5-year average ROIC is 139.0% with a gross margin of 46.6%. Total shareholder yield (dividends + buybacks) is 1.6%. At current prices, the estimated annualized return to fair value is +18.8%.
LAM RESEARCH CORP (LRCX) has a current P/E ratio of 64.4, compared to its historical median P/E of 16.5. The stock is currently considered Expensive based on its historical valuation range.
LAM RESEARCH CORP (LRCX) has a 5-year average return on invested capital (ROIC) of 139.0%. This indicates strong capital allocation and a potential competitive advantage.
LAM RESEARCH CORP (LRCX) has a market capitalization of $333.8B. It is classified as a mega-cap stock.
Yes, LAM RESEARCH CORP (LRCX) pays a dividend with a trailing twelve-month yield of 0.36%. The company also returns capital through share buybacks, with a buyback yield of 1.25%.
Based on historical P/E analysis, LAM RESEARCH CORP (LRCX) appears expensive. The current P/E of 64.4 is 290% above its historical median of 16.5. The estimated fair value CAGR (P/E method) is 18.3%.
LAM RESEARCH CORP (LRCX) operates in the Special Industry Machinery, Nec industry, within the Industrials sector.
LAM RESEARCH CORP (LRCX) reported annual revenue of $18.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
LAM RESEARCH CORP (LRCX) has a net profit margin of 29.1%. This is a strong margin indicating high profitability.
LAM RESEARCH CORP (LRCX) generated $5.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LAM RESEARCH CORP (LRCX) has a debt-to-equity ratio of 0.53. This indicates moderate leverage.
LAM RESEARCH CORP (LRCX) reported earnings per share (EPS) of $4.15 in its most recent fiscal year.
LAM RESEARCH CORP (LRCX) has a return on equity (ROE) of 58.2%. This indicates the company generates strong returns for shareholders.
LAM RESEARCH CORP (LRCX) has a 5-year average gross margin of 46.6%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for LAM RESEARCH CORP (LRCX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LAM RESEARCH CORP (LRCX) has a book value per share of $7.64, based on its most recent annual SEC filing.