# LAM Research Corporation (LRCX)

> Lam Research makes equipment and provides services used to manufacture semiconductors.

- Exchange: NASDAQ · Sector: Technology · Industry: Semiconductor Equipment and Materials
- Headquarters: Fremont, California, United States
- Founded: 1980
- Employees: approximately 23,300 (as of 2026-08-04)
- SEC CIK: 0000707549 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000707549))
- Full page: https://inspectstocks.com/stocks/lrcx
- Data as of: price 2026-09-29; newest filing used 2026-08-07; latest fiscal period ended 2026-06-28

## Grade

**B+** on the growth-and-cash rubric, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $23.2B | $17.4B |
| Revenue growing recently | passed | $23.2B | $18.4B |
| Free cash flow positive | passed | $4.9B |  |
| Free cash flow growing overall | passed | $4.9B | $4.7B |
| Free cash flow growing recently | failed | $4.9B | $5.4B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 31.3% |  |
| Healthy profit margin | passed | 31.3% |  |
| Strong operating margin | passed | 35.3% |  |
| Good return on equity | passed | 58.3% |  |
| Debt under control | passed | 0.33 |  |
| Turns sales into cash | passed | 21.1% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $23.2B |
| Net income, trailing twelve months | $7.3B |
| Free cash flow, trailing twelve months | $4.9B |
| Net margin | 31.3% |
| Operating margin | 35.3% |
| Return on equity | 58.3% |
| Debt to equity | 0.33 |
| Diluted EPS, trailing twelve months | $5.76 |
| Share price | $323.97 |
| Market value | $405.4B |
| Price / earnings | 56.2x |
| Price / sales | 17.4x |

## What the business does

Lam sells machines that add thin material layers to silicon wafers, shape tiny features in those layers, and clean the wafers during chip production. Its customers are semiconductor manufacturers that make memory, logic, and other chips. Lam also sells spare parts, equipment upgrades, and services for machines already in customers’ factories.

### How it makes money

- **Semiconductor manufacturing systems** (63.9% (quarter ended 2026-03-31)) — Semiconductor manufacturers buy Lam’s wafer-processing equipment for use in their chip factories.
- **Customer support and other** (36.1% (quarter ended 2026-03-31)) — Customers pay for spare parts, equipment upgrades, repair and maintenance services, equipment monitoring, and new or refurbished machines for less advanced manufacturing steps.

### Products

- **Deposition equipment, including ALTUS, SABRE, Striker, and VECTOR** — Machines that put thin layers of metal or insulating material onto a wafer. Those layers form parts of a chip, including its wiring and electrical barriers.
- **Etch equipment, including Akara, Kiyo, Flex, Vantex, and Syndion** — Machines that remove selected material from a wafer to form tiny chip features, including holes, trenches, and wiring patterns.
- **Wafer-cleaning equipment, including EOS, DV-Prime, Da Vinci, SP Series, and Coronus** — Machines that remove particles, residues, and unwanted films from wafer surfaces or wafer edges during chip production.
- **Aether dry-resist equipment** — Machines that apply and develop a dry photoresist film used to create fine patterns on a wafer.
- **Advanced packaging equipment, including SABRE 3D and Syndion** — Machines used to make connections through silicon and plate copper for packaging chips together, including in stacked-memory packages.
- **Customer support products and services** — Spare parts, upgrades, equipment servicing, monitoring tools, and new or refurbished Reliant machines for manufacturing steps that do not need the newest equipment.

### Customers

- Semiconductor memory manufacturers, foundries, and integrated device manufacturers buy wafer-processing machines for their chip factories.
- Named significant customers include Micron Technology, Samsung Electronics, SK hynix, and Taiwan Semiconductor Manufacturing Company.
- Customers also buy spare parts, upgrades, and service for Lam equipment already installed in their factories.

### Competitors

- Applied Materials (AMAT) — Competes with Lam in deposition and etch equipment.
- ASM International (ASMIY) — Competes with Lam in atomic layer deposition and plasma-enhanced chemical vapor deposition equipment.
- Wonik IPS (240810) — Competes with Lam in atomic layer deposition and plasma-enhanced chemical vapor deposition equipment.
- Hitachi (HTHIY) — Competes with Lam in etch equipment.
- Tokyo Electron (TOELY) — Competes with Lam in etch and wet-clean equipment.
- SCREEN Holdings (SCRNY) — Competes with Lam in wet-clean equipment.

### What it depends on

- Demand depends on semiconductor manufacturers’ spending on factory equipment, which is affected by their business conditions, chip demand, and available factory capacity.
- Some parts and subassemblies can be obtained from only one supplier, so a prolonged supply interruption could affect production and customer deliveries.
- A substantial portion of sales and operations are outside the United States, and sales to customers in China are affected by export-license requirements and other trade rules.

### What could go wrong

- After a manufacturer qualifies a competitor’s equipment for a particular production step, it may continue buying that equipment, making it harder for Lam to sell to that customer for that use.
- Changes in semiconductor industry spending or broader economic conditions can cause rapid increases or declines in equipment demand and affect Lam’s results.
- Export controls and other government actions affecting China can restrict sales of Lam equipment and spare parts to customers there.

## More on this company

- [Overview](https://inspectstocks.com/stocks/lrcx)
- [Financial statements](https://inspectstocks.com/stocks/lrcx/financials)
- [Competitors](https://inspectstocks.com/stocks/lrcx/peers)
- [Earnings](https://inspectstocks.com/stocks/lrcx/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.