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LAM RESEARCH CORP

LRCX· Nasdaq· Special Industry Machinery, NEC

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
21.1%
ROIC, 5 yr avg
60.8%
Revenue, 5 yr CAGR
+9.7%
We record prices for the companies we cover; LRCX is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
1.26B
Revenue
$23.2B
Free cash flow
$4.9B
Owner earnings
$4.5B

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
50.5%
Operating
35.3%
Net
31.3%
Free cash flow
21.1%
Owner earnings
19.4%
Stock pay
1.7%

Returns

ROIC, FY2026
67.9%
ROIC, 5 yr avg
60.8%
ROE, FY2026
58.3%
ROE, 5 yr avg
57.1%

Growth (CAGR)

Revenue, 3 yr
10.1%
Revenue, 5 yr
9.7%
Revenue, 9 yr
12.6%
Diluted EPS, 3 yr
20.2%
Diluted EPS, 5 yr
16.4%
Diluted EPS, 9 yr
22.5%
Free cash flow, 3 yr
1.5%
Free cash flow, 5 yr
8.6%
Free cash flow, 9 yr
11.3%

Financial health · FY2026

Cash and investments
$5.6B
Total debt
$3.7B
Net cash
$1.9B
Debt/Equity
0.3x
Debt/FCF
0.8x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
17.5%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-2.8%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$23.2B

+12.6% a year over 9 years

FY2017: Revenue $8.0BFY2018: Revenue $11.1BFY2019: Revenue $9.7BFY2020: Revenue $10.0BFY2021: Revenue $14.6BFY2022: Revenue $17.2BFY2023: Revenue $17.4BFY2024: Revenue $14.9BFY2025: Revenue $18.4BFY2026: Revenue $23.2B
FY2017FY2026

Margins

Gross50.5%Operating35.3%Net31.3%

FY2026

FY2017: Gross 45.0%, Operating 23.7%, Net 21.2%FY2018: Gross 46.6%, Operating 29.0%, Net 21.5%FY2019: Gross 45.1%, Operating 25.5%, Net 22.7%FY2020: Gross 45.9%, Operating 26.6%, Net 22.4%FY2021: Gross 46.5%, Operating 30.6%, Net 26.7%FY2022: Gross 45.7%, Operating 31.2%, Net 26.7%FY2023: Gross 44.6%, Operating 29.7%, Net 25.9%FY2024: Gross 47.3%, Operating 28.6%, Net 25.7%FY2025: Gross 48.7%, Operating 32.0%, Net 29.1%FY2026: Gross 50.5%, Operating 35.3%, Net 31.3%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$4.9BOwner earnings$4.5B

Free cash flow +11.3% a year

FY2017: Free cash flow $1.9B, Owner earnings $1.7BFY2018: Free cash flow $2.4B, Owner earnings $2.2BFY2019: Free cash flow $2.9B, Owner earnings $2.7BFY2020: Free cash flow $1.9B, Owner earnings $1.7BFY2021: Free cash flow $3.2B, Owner earnings $3.0BFY2022: Free cash flow $2.6B, Owner earnings $2.3BFY2023: Free cash flow $4.7B, Owner earnings $4.4BFY2024: Free cash flow $4.3B, Owner earnings $4.0BFY2025: Free cash flow $5.4B, Owner earnings $5.1BFY2026: Free cash flow $4.9B, Owner earnings $4.5B
FY2017FY2026

Diluted shares

1.26B

-31.4% over 9 years, net buybacks

FY2017: Diluted shares 1.84BFY2018: Diluted shares 1.81BFY2019: Diluted shares 1.60BFY2020: Diluted shares 1.49BFY2021: Diluted shares 1.45BFY2022: Diluted shares 1.41BFY2023: Diluted shares 1.36BFY2024: Diluted shares 1.32BFY2025: Diluted shares 1.29BFY2026: Diluted shares 1.26B
FY2017FY2026

Return on invested capital

67.9%

FY2026

FY2017: ROIC 25.0%FY2018: ROIC 55.7%FY2019: ROIC 40.5%FY2020: ROIC 38.6%FY2021: ROIC 61.0%FY2022: ROIC 61.8%FY2023: ROIC 58.3%FY2024: ROIC 48.9%FY2025: ROIC 66.8%FY2026: ROIC 67.9%
FY2017FY2026

Net cash

$1.9B

$1.9B more cash than debt

FY2017: Net cash -$309.1MFY2018: Net cash $2.1BFY2019: Net cash -$771.8MFY2020: Net cash -$880.3MFY2021: Net cash -$542.7MFY2022: Net cash -$1.4BFY2023: Net cash $371.7MFY2024: Net cash $880.5MFY2025: Net cash $1.9BFY2026: Net cash $1.9B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$8.0B$11.1B$9.7B$10.0B$14.6B$17.2B$17.4B$14.9B$18.4B$23.2B
Revenue growth36.1%38.2%-12.9%4.1%45.6%17.8%1.2%-14.5%23.7%26.0%
Gross margin45.0%46.6%45.1%45.9%46.5%45.7%44.6%47.3%48.7%50.5%
Operating margin23.7%29.0%25.5%26.6%30.6%31.2%29.7%28.6%32.0%35.3%
Net income$1.7B$2.4B$2.2B$2.3B$3.9B$4.6B$4.5B$3.8B$5.4B$7.3B
Net margin21.2%21.5%22.7%22.4%26.7%26.7%25.9%25.7%29.1%31.3%
Diluted EPS$0.92s$1.32s$1.37s$1.51s$2.69s$3.28s$3.32$2.90$4.15$5.76
Return on invested capital?25.0%55.7%40.5%38.6%61.0%61.8%58.3%48.9%66.8%67.9%
Cash
Operating cash flow$2.0B$2.7B$3.2B$2.1B$3.6B$3.1B$5.2B$4.7B$6.2B$5.9B
Capital expenditure$157.4M$273.5M$303.5M$203.2M$349.1M$546.0M$501.6M$396.7M$759.2M$966.4M
Free cash flow$1.9B$2.4B$2.9B$1.9B$3.2B$2.6B$4.7B$4.3B$5.4B$4.9B
Stock-based compensation$150.0M$172.2M$187.2M$189.2M$220.2M$259.1M$286.6M$293.1M$343.4M$386.4M
Owner earnings?$1.7B$2.2B$2.7B$1.7B$3.0B$2.3B$4.4B$4.0B$5.1B$4.5B
Free cash flow per share$1.02$1.32$1.80$1.29$2.23$1.82$3.44$3.22$4.20$3.88
Capital allocation
Dividends paid$243.5M$307.6M$678.3M$656.8M$727.0M$815.3M$907.9M$1.0B$1.1B$1.3B
Share repurchases$811.7M$2.7B$3.8B$1.4B$2.7B$3.9B$2.0B$2.8B$3.4B$3.9B
Diluted shares1.84Bs1.81Bs1.60Bs1.49Bs1.45Bs1.41Bs1.36B1.32B1.29B1.26B
Share count change?4.9%-1.6%-11.5%-6.8%-2.5%-3.2%-3.4%-2.8%-2.3%-2.3%
Balance sheet
Cash and equivalents$2.4B$4.5B$3.7B$4.9B$4.4B$3.5B$5.3B$5.8B$6.4B$5.6B
Short-term investments––––––––––
Total debt$2.7B$2.4B$4.4B$5.8B$5.0B$5.0B$5.0B$5.0B$4.5B$3.7B
Net debt$309.1M-$2.1B$771.8M$880.3M$542.7M$1.4B-$371.7M-$880.5M-$1.9B-$1.9B
Shareholders' equity$6.8B$6.5B$4.7B$5.2B$6.0B$6.3B$8.2B$8.5B$9.9B$12.5B

Latest filings

All on EDGAR
2026-10-2210-QQuarterly report
2026-10-218-KEarnings release
2026-09-24DEF 14AProxy statement
2026-08-0710-KAnnual report
2026-07-298-KEarnings release
2026-04-2310-QQuarterly report
2026-04-228-KEarnings release
2026-01-2910-QQuarterly report
2026-01-288-KEarnings release
2025-10-2410-QQuarterly report

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