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Earnings transcript
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LRCX
Lam Research Corporation
$319.39
-24.45
(-7.11%)
| Exchange: | NASDAQ |
| Market Cap: | 399.42B |
| Shares Outstanding: | 340M |
Delayed data
About The Company
| Sector: | Technology | |||||
| Industry: | Semiconductors | |||||
| CEO: | Timothy Archer | |||||
| Full Time Employees: | 23300 | |||||
| Address: |
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| Website: | https://www.lamresearch.com |
Lam Research Corporation is a prominent supplier of equipment vital for semiconductor processing, encompassing its design, production, sales, repair, and ongoing maintenance. These sophisticated systems are fundamental for the creation of integrated circuits. The company’s extensive product catalog features a variety of deposition technologies. For tungsten metallization, they provide ALTUS systems that deposit conformal films. SABRE products excel in electrochemical deposition, crucial for copper interconnect transitions and enabling copper damascene manufacturing. SOLA utilizes ultraviolet thermal processing for film treatments, while VECTOR delivers plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition (ALD) solutions. Furthermore, SPEED addresses gapfill applications with its high-density plasma CVD products, and Striker is engineered for single-wafer atomic layer deposition of dielectric films. Beyond deposition, Lam Research offers a comprehensive suite of etching tools. Flex is designed for dielectric etch applications, Kiyo handles conductor etch processes, Syndion specializes in through-silicon via etching, and Versys metal products are used for metal etch processes. The company’s offerings also extend to specialized solutions like Coronus, which enhances die yield through bevel cleaning. For various wafer cleaning requirements, Lam Research supplies multiple product lines, including Da Vinci, DV-Prime, EOS, and SP series. Additionally, Metryx mass metrology systems provide precise, in-line mass measurement capabilities for semiconductor wafer manufacturing. Lam Research serves the global semiconductor industry, distributing its technologies and services across the United States, China, Europe, Japan, Korea, Southeast Asia, Taiwan, and other international markets. Established in 1980, the company maintains its corporate headquarters in Fremont, California.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 14,905,386 | 18,435,591 | 23,232,690 |
| Gross Profit | 7,052,791 | 8,979,059 | 11,725,308 |
| EBITDA | 4,905,157 | 6,344,406 | 8,704,006 |
| Operating Income | 4,263,913 | 5,900,968 | 8,199,795 |
| Net Income | 3,827,772 | 5,358,217 | 7,265,396 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Total Assets | 18,744,728 | 21,345,260 | 23,529,743 |
| Total Liabilities | 10,205,274 | 11,483,641 | 11,058,822 |
| Total Stockholders Equity | 8,539,454 | 9,861,619 | 12,470,921 |
| Total Debt | 4,983,334 | 4,484,505 | 3,734,563 |
| Cash and Cash Equivalents | 5,847,856 | 6,390,659 | 5,579,171 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating Cash Flow | 4,652,269 | 6,173,264 | 5,857,657 |
| Capital Expenditure | -396,670 | -759,186 | -966,405 |
| Free Cash Flow | 4,255,599 | 5,414,078 | 4,891,252 |
| Net Income | 3,827,772 | 5,358,217 | 7,265,396 |
| Net Change in Cash | 263,431 | 556,853 | -809,713 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2031 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 47,949,321.036 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 61,856,061.775 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 55,747,600 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 16,331,075.119 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 21,067,576.549 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 18,987,093.532 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 17,849,612.500 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 24,924,810.889 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 21,817,064.617 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 2,495,151.176 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 3,218,819.828 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 2,900,952.228 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 17.300 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 19.760 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 14.150 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 11 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 4 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Record Revenue Performance: Lam Research reported record revenues of $20.6 billion in the December 2025 earnings call, reflecting strong operational execution and market demand for semiconductor equipment, as highlighted in the earnings call transcript.
- Robust Financial Metrics: The company demonstrates solid profitability with high gross profit margins and net profit margins (specific figures from Key Metrics TTM), supported by consistent revenue growth as seen in Income Statements data, positioning LRCX as a financially stable player in the sector.
- Strong Free Cash Flow: Significant free cash flow generation (as per Cash Flow Statements) indicates the company’s ability to fund innovation, reduce debt, and return value to shareholders through dividends (noted in lastDiv and dividendYieldTTM metrics).
- Industry Leadership: Operating in the semiconductor equipment industry within the technology sector (from Company Profile and Industry/Sector data), LRCX benefits from a strong market position, leveraging its expertise to maintain competitive advantages.
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates LRCX intrinsic value between $47.44 – $80.96 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about LRCX valuation
Is Lam Research Corporation (LRCX) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Lam Research Corporation (LRCX) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is LRCX a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether LRCX trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is LRCX’s P/E ratio?
You can see LRCX’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for LRCX?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is LRCX a good long-term investment?
Whether LRCX fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
LRCX
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Daily snapshot
-7.11
Trading Metrics:
| Open: | 324.31 | Previous Close: | 343.84 | |
| Day Low: | 318.75 | Day High: | 329.07 | |
| Year Low: | 94.11 | Year High: | 438.5 | |
| Price Avg 50: | 337.62 | Price Avg 200: | 250.5 | |
| Volume: | 2.405M | Average Volume: | 10.973M |
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Login — it's freeLRCX full analysis
Hey everyone, welcome back to the channel. Today we are diving deep into Lam Research, ticker LRCX. This is a company that’s been absolutely on fire, up over 267% in the last year alone. But with that kind of run, the big question is, is there still room to run, or are we looking at a peak? We’re going to break down the business, the financials, the valuation, and of course, give you my honest take. Let’s get into it.…
