Lam Research Corp (LRCX)
Information Technology · Semiconductor Materials & Equipment · US stock · S&P 500 component
$263.94
▼ -13.52 (4.87%)
Fair valueOvervalued
$137 −48.1% to fair value
$69fair band $96–$178$206
Day's range
$263.14 – $275.58
52-week range
$134.88 – $438.03
About Lam Research Corp
Lam Research makes equipment used by chipmakers to manufacture semiconductors, specifically systems for depositing thin films and etching patterns onto silicon wafers. Its customers are memory and logic chip producers, and it also provides spare parts, upgrades and services for installed machines. The company earns money from system sales and from its customer support business. Demand follows chip makers' capital spending, which can vary widely from year to year.
Revenue for the last twelve months was $23.2 billion, and it grew by 10.1% a year over three years. The operating margin is 35.3%, and return on invested capital reached 66%. Net debt to EBITDA is -0.2 times, which means the company holds more cash than debt. It pays a dividend with a yield of 0.4%. Its X-Ray Score is 58 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $134.88 – $438.03Volume 11,343,000Daily, split-adjusted
Vitals
Market cap$332.9B
52-week range$134.88 – $438.03
Volume (last day)11,343,000
P/E (TTM)45.9
EBIT / EV yield2.5%
Free-cash-flow yield1.5%
Dividend yield0.4%
Revenue (TTM)$23.2B
Net income (TTM)$7.3B
Operating margin35.3%
Return on capital65.5%
Debt incl. leases$4.1B
Cash & securities$5.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$137model spread $133 – $142
Overvalued
−48.1% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Multiples use through-the-cycle earnings (0.87x of the last twelve months)
Price $264
Undervalued < $96Fair $96 – $178Overvalued > $178
10-year DCF (market-scaled)
$122
Peer multiples
$161
Earnings power floor (not blended)
$46
Fundamentals-adjusted multiple
$127
Growth the price implies
32.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Healthy business, but priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Valuation
Weak
28/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.5%
Free-cash-flow yield1.5%
Fair value vs price0.5×
Growth
Fair
54/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)10.1%
EPS growth (3y)20.2%
Growth consistency90%
Profitability
Fair
66/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital65.5%
Operating margin35.3%
Gross profitability49.8%
Financial health
Strong
88/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA-0.2×
Interest coverNo interest cost
Dividends
Weak
44/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.4%
Dividends vs free cash flow29%
Dividend growth11.9%
Quarterly results: last 6 quarters
+24.4%
Mar '25
+33.6%
Jun '25
+27.7%
Sep '25
+22.1%
Dec '25
+23.8%
Mar '26
+30.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $6.7B.
Compare with peers
AMAT Applied Materials Inc52 KLAC Kla Corp50 TER Teradyne, Inc44 Q Qnity Electronics, Inc...38Other Semiconductor Materials & Equipment companies by X-Ray Score.
Fundamentals checklist
● 9 Good · ● 2 Average · ● 5 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 55/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Operating income | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B |
| Net income | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| Operating cash flow | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B |
| Operating margin | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| Free cash flow | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| Diluted EPS | $32.75 | $3.32 | $2.90 | $4.15 | $5.76 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
3 bullish · 1 neutral · 12 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 308.8 | Bearish |
| EMA 10 | 298.6 | Bearish |
| SMA 20 | 314.2 | Bearish |
| EMA 20 | 305.8 | Bearish |
| SMA 50 | 308.9 | Bearish |
| EMA 50 | 309.2 | Bearish |
| SMA 100 | 323.2 | Bearish |
| EMA 100 | 304.5 | Bearish |
| SMA 200 | 281.5 | Bearish |
| EMA 200 | 275.3 | Bearish |
Oscillators (daily)
| RSI (14) | 30.28 | Neutral |
| MACD (12, 26) | -5.68 | Bearish |
| Momentum (12) | -19.66 | Bearish |
| Stochastic %K (14) | 0.89 | Bullish |
| Williams %R (14) | -99.11 | Bullish |
| CCI (20) | -182.0 | Bullish |
Pivot points (classic, last session)
S3 247.1 | S2 255.1 | S1 259.5 | Pivot 267.6 | R1 272.0 | R2 280.0 | R3 284.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.11 USD
Yield on today's price
0.42%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 23 Sep 2026 | 0.3300 |
| 17 Jun 2026 | 0.2600 |
| 4 Mar 2026 | 0.2600 |
| 3 Dec 2025 | 0.2600 |
| 24 Sep 2025 | 0.2600 |
| 18 Jun 2025 | 0.2300 |
| 5 Mar 2025 | 0.2300 |
| 11 Dec 2024 | 0.2300 |
| 17 Sep 2024 | 2.3000 |
| 18 Jun 2024 | 2.0000 |
| 12 Mar 2024 | 2.0000 |
| 12 Dec 2023 | 2.0000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
LRCX SEC filings
24 Sep 2026
DEF 14ASEC EDGAR
Proxy statement
27 Aug 2026
8-KSEC EDGAR
Director or officer change
7 Aug 2026
10-KSEC EDGAR
Annual report
29 Jul 2026
8-KSEC EDGAR
Results of operations
23 Apr 2026
10-QSEC EDGAR
Quarterly report
22 Apr 2026
8-KSEC EDGAR
Results of operations
3 Feb 2026
8-KSEC EDGAR
Director or officer change
29 Jan 2026
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.