LRCX

Lam Research Corporation

$272.20

+3.13% 2026-10-19

Information TechnologyS&P 500

1M 3M 6M 1Y 2Y

LRCXSPY

-12.1%

-5.4%

-11.2%

+3.6%

YTD

+59.5%

+93.2%

Grades vs sector

Momentum

85th pct in sector

A-

12-1 return: +109.6%
Percentile within its GICS sector across the S&P 1500.

Growth

76th pct in sector

B+

Revenue growth (YoY): +30.0%
Percentile within its GICS sector across the S&P 1500.

Value

28th pct in sector

D+

Forward E/P: 4.5% · EBITDA/EV: 2.6%
Percentile within its GICS sector across the S&P 1500.

Profitability

90th pct in sector

Profit margin: +31.3% · Return on equity: +65.1%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 3 live models right now.

Momentum Top 15

rank 16 of 499 · 12-1 momentum % 126.0

Quality Growth

rank 23 of 360 · Composite (0-1) 0.8

Momentum Blend

not in the current book

Key stats

Market cap$340.6B

P/E (trailing)47.3

P/E (forward)23.1

52-week range135.50 – 438.50

Revenue growth (YoY, latest qtr)+30.0%

Dividend yield0.50%

Analyst consensusStrong Buy (31)

Mean price target$375.90 (+38%)

Valuation & fundamentals

Bottom line

Leans expensive

Model read-out from the numbers below, not advice. Score -1 (DCF counts double).

▼DCF (base case)below the price by 56%

▼Forward P/E vs sector23.1x vs median 16.9x

▲Piotroski F-score8/9

▲Altman Z23.2 (safe)

▲Net debt / EBITDA-0.5x

▲Analyst target+38% (31 analysts)

Discounted cash flow

CyclicalValued on average-cycle margins

Bear

$73

-73%

growth 12% · disc. 14.0% · term. 2.0%

Base

$121

-56%

growth 20% · disc. 13.0% · term. 2.5%

Bull

$180

-34%

growth 25% · disc. 12.0% · term. 3.0%

Starting cash flow is mid-cycle: 26.6% average margin × current revenue = 6.2B (last 12 months: 5.9B at a 25% margin). On trailing cash flow the base case would be $115.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 28% a year for 10 years.

Implied

+28%/yr

FCF, last 3 yrs

+4%/yr

FCF, last 5 yrs

+10%/yr

Revenue, last 3 yrs

+10%/yr

Revenue, last 5 yrs

+10%/yr

Same inputs as the DCF above: mid-cycle free cash flow 6.2B, 13.0% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (FY to 2026-06-28). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.85 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.9× · 70th pct

47.3×
pricier

Forward P/E

sector median 16.9× · 70th pct

23.1×
pricier

EV / EBITDA

sector median 20.8× · 78th pct

38.9×
pricier

Price / sales

sector median 4.6× · 88th pct

14.7×
pricier

Price / book

sector median 5.1× · 93rd pct

27.3×
pricier

FCF yield

sector median 3.5% · 24th pct

1.7%
pricier

Forward EPS $11.77 vs trailing $5.76 (+104% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$2.4B

as of 2026-06-28

vs a year ago

-9%

YoY

× TTM revenue

0.10×

coverage

24-09

24-12

25-03

25-06

25-09

25-12

26-03

26-06

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

50.5%

Operating margin

35.3%

FCF margin

25.2%

Net margin

31.3%

Return on equity

58.3%

Return on invested capital

89.7%

Net debt / EBITDA

-0.5×

Current ratio

2.6×

Interest cover

52.3×

Cash conversion (OCF/NI)

0.8×

Piotroski F-score 8/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✗ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✓ Gross margin improved✓ Asset turnover improved

Altman Z-score 23.2 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$376

+38%

Analysts

Strong Buy

Range

$290–$500

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2026	$23.2B	$7.3B	$5.9B
2025	$18.4B	$5.4B	$6.2B
2024	$14.9B	$3.8B	$4.7B
2023	$17.4B	$4.5B	$5.2B
2022	$17.2B	$4.6B	$3.1B
2021	$14.6B	$3.9B	$3.6B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +10.1%.

Earnings

Next report: 2026-10-21 · after close · EPS est 2.18

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-07-29	1.68	1.82	+8.1%
2026-04-22	1.36	1.47	+7.9%
2026-01-28	1.17	1.27	+8.7%
2025-10-22	1.22	1.26	+3.3%
2025-07-30	1.21	1.33	+10.4%
2025-04-23	1.00	1.04	+4.1%
2025-01-29	0.88	0.91	+3.5%
2024-10-23	0.81	0.86	+6.5%

Quarterly revenue

Quarter	Revenue	YoY
2026-06-30	$6.7B	+30.0%
2026-03-31	$5.8B	–
2025-12-31	$5.3B	–
2025-09-30	$5.3B	–
2025-06-30	$5.2B	–

Analyst actions

Morgan Stanley

2026-10-05 · main

Overweight → Overweight
PT $385

B. Riley Securities

2026-10-01 · main

Buy → Buy
PT $390

UBS

2026-09-01 · main

Buy → Buy
PT $425

Mizuho

2026-08-25 · main

Outperform → Outperform
PT $365

Morgan Stanley

2026-07-30 · main

Overweight → Overweight
PT $367

B. Riley Securities

2026-07-30 · main

Buy → Buy
PT $350

Recent dividends

2026-09-23: $0.330 · 2026-06-17: $0.260 · 2026-03-04: $0.260 · 2025-12-03: $0.260 · 2025-09-24: $0.260 · 2025-06-18: $0.230 · 2025-03-05: $0.230 · 2024-12-11: $0.230

Insider trades

Archer Timothy

President and CEO · 2026-09-09

SELL
$9.6M

Mayer Bethany

Director · 2026-09-09

SELL
$3.0M

Varadarajan Seshasayee

Senior Vice President · 2026-09-02

SELL
$5.8M

Varadarajan Seshasayee

Senior Vice President · 2026-09-02

SELL
$3.6M

Varadarajan Seshasayee

Senior Vice President · 2026-09-02

SELL
$8.0M

Harter Ava

Chief Legal Officer · 2026-08-31

SELL
$1.5M

Archer Timothy

President and CEO · 2026-08-06

SELL
$9.0M

None

None · None

SELL
–

News

ETFs Are Net Sellers of Lam Research (LRCX) on Oct. 15

GuruFocus.com · 13h ago

AI Sector Pressure, Earnings and Other Key Things to Watch this Week

Barchart · Oct 18

Lam Research Releases Its Fiscal Q1 Results Next Week - What's the Best LRCX Play?

Barchart · Oct 18

Lam Research (LRCX) Stock Stays Fully Priced After Fresh AI Fab News

Simply Wall St. · Oct 17

Lam Research vs. Applied Materials: Which Buybacks Are Better Covered by Cash?

Insider Monkey · Oct 17

Lam Research vs. Applied Materials: How Much Protection Does the Installed Base Offer?

Insider Monkey · Oct 17

Chip Stocks Just Fell 8 Days in a Row, Their Longest Losing Streak Since 2008

24/7 Wall St. · Oct 17

Tesla, SpaceX, CoreWeave, Lam Research, Netflix, Strategy, and More Stocks That Explain Today’s Market

Barrons.com · Oct 16

Intel, Lam Research, Amkor, and Kulicke and Soffa Shares Are Falling, What You Need To Know

StockStory · Oct 16

Stats refreshed 2026-10-19 19:02:43 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

coteau

Hypothetical research for education, not investment advice. Data: Yahoo Finance (via yfinance, delayed), SEC EDGAR.

Disclaimer Terms Privacy Glossary Track record Data status