Is Lam Research financially healthy?

On 27 September 2026 Lam Research held 7.44B USD in cash and short-term investments against total debt of 3.74B USD. Its current ratio is 2.48: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 6.54B USD of free cash flow.

Is Lam Research growing?

Lam Research's revenue grew 9.7% a year over its last five fiscal years, from 14.63B USD in fiscal year 2021 to 23.23B USD in fiscal year 2026. Over the last twelve months it was up 33.4% on the twelve months before.

Where can I find Lam Research's annual report (10-K)?

Lam Research files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Lam Research
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LRCX

Arincen ScoreBeta83/100

83/100B

200.360

USD

15.52

(8.40%)

Post Trading·201.400USD+1.040(+0.52%)

Last updated: 9 Nov, 04:10 GMT-5 · Delayed 15 min

Fair value188.89Plus+6%72Price 200.36550

Q2 FY2027 · Earnings report

EPS estimate 2.34Revenue estimate 8.63B

Q2 FY2027 · Earnings report

Wednesday 27 January

EPS estimate 2.34Revenue estimate 8.63B

Fair value188.89Plus+6%72Price 200.36550

Q2 FY2027 · Earnings report

EPS estimate 2.34Revenue estimate 8.63B

Q2 FY2027 · Earnings report

Wednesday 27 January

EPS estimate 2.34Revenue estimate 8.63B

Overview Financials Forecast Earnings Dividends Company

Lam Research financials

Yes. Lam Research earned 8.45B USD of net income over the last twelve months, 32.3% of its revenue. It made a profit in 33 of its 41 fiscal years since 1986. Its last loss was in fiscal year 2009.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 26.13B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 8.45B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 6.54B USD
Cash and short-term investments: 7.44B USD
Total debt: 3.74B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 13.91B USD

Cash, debt and equity as of 27 Sept 2026.

Lam Research earnings

Next earnings · Q2 FY2027

27 Jan 2027

EPS estimate

2.34 USD

Revenue estimate

8.63B USD

Last quarter · Q1 FY2027

EPS2.20Beat +0.9%Revenue8.22BBeat +1.0%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q3 FY2028	—	3.05	—	—	—	10.57B	—	—	—
Q2 FY2028	—	2.92	—	—	+24.74%	10.23B	—	—	+18.45%
Q1 FY2028	—	2.77	—	—	+25.71%	9.79B	—	—	+19.08%
Q2 FY2027	27 Jan 2027	2.34	—	—	+84.25%	8.63B	—	—	+61.52%
Q1 FY2027	21 Oct 2026	2.18	2.20	+0.92%	+74.60%	8.14B	8.22B	+0.95%	+54.38%
Q4 FY2026	29 Jul 2026	1.69	1.82	+7.69%	+36.84%	6.66B	6.72B	+0.86%	+29.99%
Q3 FY2026	22 Apr 2026	1.36	1.47	+8.09%	+41.35%	5.75B	5.84B	+1.58%	+23.76%
Q2 FY2026	28 Jan 2026	1.17	1.27	+8.55%	+39.56%	5.23B	5.34B	+2.13%	+22.14%
Q1 FY2026	22 Oct 2025	1.22	1.26	+3.28%	+46.51%	5.22B	5.32B	+1.93%	+27.74%
Q4 FY2025	30 Jul 2025	1.21	1.33	+9.92%	+64.20%	5.00B	5.17B	+3.35%	+33.58%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2029	14.45	—	—	+19.22%	48.90B	—	—	+15.14%
FY2028	12.12	—	—	+25.56%	42.47B	—	—	+20.11%
FY2027	9.66	—	—	+65.91%	35.36B	—	—	+52.19%
FY2026	5.70	5.82	+2.19%	+40.58%	23.20B	23.23B	+0.16%	+26.02%
FY2025	4.01	4.14	+3.15%	+36.63%	18.26B	18.44B	+0.97%	+23.68%
FY2024	3.10	3.03	-2.35%	-11.14%	15.59B	14.91B	-4.40%	-14.48%
FY2023	3.32	3.41	+2.69%	+3.02%	17.36B	17.43B	+0.41%	+1.17%

Lam Research growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 26.13B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 8.45B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 51.05%
Operating margin: 36.95%
Net margin: 32.34%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2026	23.23B	+26.02%	7.27B	+35.59%	50.47%	35.29%	31.27%	8.70B	+37.19%
FY2025	18.44B	+23.68%	5.36B	+39.98%	48.71%	32.01%	29.06%	6.34B	+29.34%
FY2024	14.91B	-14.47%	3.83B	-15.14%	47.32%	28.61%	25.68%	4.91B	-13.00%
FY2023	17.43B	+1.16%	4.51B	-2.05%	44.63%	29.69%	25.89%	5.64B	-1.29%
FY2022	17.23B	+17.78%	4.61B	+17.83%	45.69%	31.24%	26.73%	5.71B	+16.88%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q1 FY2027	8.22B	2.75B	52.30%	39.95%	33.50%
Q4 FY2026	6.72B	2.28B	51.75%	37.39%	33.88%
Q3 FY2026	5.84B	1.83B	49.83%	35.04%	31.25%
Q2 FY2026	5.34B	1.59B	49.60%	33.87%	29.82%
Q1 FY2026	5.32B	1.57B	50.43%	34.35%	29.46%

How Lam Research makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

System14.89B 64.1%

Customer Support and Other8.35B 35.9%

Revenue23.23B 100.0%

Cost of revenue11.51B 49.5%

Gross profit11.73B 50.5%

Research and development2.38B 10.2%

Selling and administration1.15B 4.9%

Operating income8.20B 35.3%

Tax997.08M 4.3%

Net income7.27B 31.3%

FY2026, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Lam Research revenue breakdown

By product

FY2026

64.1%System35.9%Customer Support and Other

Segment	Revenue	Share of revenue	Change on the year
System	14.89B	64.1%	+29.5%
Customer Support and Other	8.35B	35.9%	+20.2%

By region

FY2026

33.8%China22.5%Taiwan19.4%South Korea9.3%Japan6.6%United States5.4%South East Asia3.0%Europe

Region	Revenue	Share of revenue	Change on the year
China	7.86B	33.8%	+26.7%
Taiwan	5.22B	22.5%	+51.6%
South Korea	4.51B	19.4%	+9.1%
Japan	2.17B	9.3%	+15.4%
United States	1.53B	6.6%	+11.0%
South East Asia	1.25B	5.4%	+48.8%
Europe	698.71M	3.0%	+24.2%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2026	5.86B	4.89B
FY2025	6.17B	5.41B
FY2024	4.65B	4.26B
FY2023	5.18B	4.68B
FY2022	3.10B	2.55B
FY2021	3.59B	3.24B
FY2020	2.13B	1.92B
FY2019	3.18B	2.87B
FY2018	2.66B	2.38B
FY2017	2.03B	1.87B

Lam Research financial health

Full balance sheet

Cash and short-term investments: 7.44B USD
Total debt: 3.74B USD
Net cash: 3.70B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 6.54B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 2.48
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.27
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 7 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 16.78

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2026	5.58B	4.12B	4.89B
FY2025	6.39B	4.76B	5.41B
FY2024	5.85B	4.98B	4.26B
FY2023	5.37B	5.01B	4.68B
FY2022	3.66B	5.01B	2.55B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2026	23.53B	11.06B	12.47B
FY2025	21.35B	11.48B	9.86B
FY2024	18.74B	10.21B	8.54B
FY2023	18.78B	10.57B	8.21B
FY2022	17.20B	10.92B	6.28B
FY2021	15.89B	9.86B	6.03B
FY2020	14.56B	9.38B	5.18B
FY2019	12.00B	7.28B	4.72B
FY2018	12.48B	5.90B	6.58B
FY2017	12.12B	5.14B	6.99B

Lam Research valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 29.68
Forward P/E (FY2027)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 20.75
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 9.60
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 18.03
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 24.27

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

250.74B USD

Total debt

3.74B USD

−

Cash and short-term investments

7.44B USD

Enterprise value

247.03B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2029 (est.)	13.86	—	—	—	—
FY2028 (est.)	16.53	13.86	—	—	—
FY2027 (est.)	20.75	16.53	—	—	—
Now (TTM)	29.68	18.97	9.60	18.03	24.27
FY2026	70.97	39.24	22.20	41.35	59.08
FY2025	23.34	17.10	6.79	12.69	19.47
FY2024	36.45	26.54	9.35	16.32	28.24
FY2023	18.63	19.61	4.82	10.24	14.85
FY2022	13.67	13.55	3.65	10.02	11.28

Lam Research against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2022 to FY2026: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Texas Instruments, Applied Materials, Intel, Analog Devices, KLA, and QUALCOMM, the US Semiconductors companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median29.7
9.681.4
Gross marginHighest in 5 years50.5%
44.6%50.5%
Against its peers: 5 of 7Peers' median 56.2%
Operating marginHighest in 5 years35.3%
28.6%35.3%
Against its peers: 2 of 7Peers' median 28.6%
Net marginHighest in 5 years31.3%
25.7%31.3%
Against its peers: 2 of 7Peers' median 22.6%
Return on equityAbove its median58.3%
44.8%73.4%
Against its peers: 2 of 7Peers' median 28.4%
Free cash flow marginBelow its median21.1%
14.8%29.4%
Against its peers: 4 of 7Peers' median 23.9%
Revenue growthHighest in 5 years26.0%
-14.5%26.0%
Against its peers: 1 of 7Peers' median 12.4%
EPS growthAbove its median38.8%
-12.7%43.1%
Against its peers: 2 of 6Peers' median 4.8%
Debt to EBITDALowest in 5 years0.47×
0.47×1.02×
Against its peers: 1 of 7Peers' median 1.41×
Current ratioBelow its median2.63
2.213.16
Against its peers: 4 of 7Peers' median 2.71

Figure	FY2026	5-year low – high	Against its history	Against its peers
P/E (today)	29.7	9.681.4	Above its median	—
Gross margin	50.5%	44.6%50.5%	Highest in 5 years	5 of 7
Operating margin	35.3%	28.6%35.3%	Highest in 5 years	2 of 7
Net margin	31.3%	25.7%31.3%	Highest in 5 years	2 of 7
Return on equity	58.3%	44.8%73.4%	Above its median	2 of 7
Free cash flow margin	21.1%	14.8%29.4%	Below its median	4 of 7
Revenue growth	26.0%	-14.5%26.0%	Highest in 5 years	1 of 7
EPS growth	38.8%	-12.7%43.1%	Above its median	2 of 6
Debt to EBITDA	0.47×	0.47×1.02×	Lowest in 5 years	1 of 7
Current ratio	2.63	2.213.16	Below its median	4 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Lam Research dividends

Annual dividend: 1.32 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 0.66%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 16.44%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 12
Frequency: Quarterly
Last payment: 0.33 USD
Last ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 23 Sept 2026
Last payment date: 14 Oct 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	0.95	0.83	0.72	0.62	0.54	0.48	0.34	0.43	0.18	0.12

Lam Research ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 86.52%
Institutional holders: 3,247 (+515)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.50%

Who owns the shares

Institutions 86.5% Others 13.5%

As of 30 Jun 2026

Shares free to trade

Free float 1.25B shares ·99.5% Closely held 6.21M shares ·0.5%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	2	31.40K	64.01K
Q3 2026	9	129.75K	318.13K
Q2 2026	46	6.01K	146.85K
Q1 2026	6	953.49K	1.02M

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2026	1.26B	1.26B	-2.25%
FY2025	1.29B	1.29B	-2.26%
FY2024	1.31B	1.32B	-2.83%
FY2023	1.35B	1.36B	-3.41%
FY2022	1.40B	1.41B	-3.23%

Common questions about Lam Research's financials

Source: Financial Modeling Prep

Lam Research
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Quotes are delayed by 15 minutes

LRCX

Lam Research financials

Lam Research earnings

Revenue

EPS

Lam Research growth and profitability

Revenue / Net income

How Lam Research makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Lam Research revenue breakdown

By product

By region

Operating and free cash flow

Lam Research financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Lam Research valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Lam Research against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Lam Research dividends

Dividends per share

Lam Research ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Lam Research's financials

Is Lam Research profitable?

Is Lam Research financially healthy?

Is Lam Research growing?

Where can I find Lam Research's annual report (10-K)?

Need help?

Lam Research DQuotes are delayed by 15 minutes

LRCX

Lam Research financials

Lam Research earnings

Revenue

EPS

Lam Research growth and profitability

Revenue / Net income

How Lam Research makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Lam Research revenue breakdown

By product

By region

Operating and free cash flow

Lam Research financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Lam Research valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Lam Research against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Lam Research dividends

Dividends per share

Lam Research ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Lam Research's financials

Is Lam Research profitable?

Is Lam Research financially healthy?

Is Lam Research growing?

Where can I find Lam Research's annual report (10-K)?

Need help?

Lam Research
D
Quotes are delayed by 15 minutes