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Earnings transcript
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LRCX
Lam Research Corporation
$218.44
-3.57
(-1.61%)
| Exchange: | NASDAQ |
| Market Cap: | 272.782B |
| Shares Outstanding: | 340M |
About The Company
| Sector: | Technology | |||||
| Industry: | Semiconductors | |||||
| CEO: | Timothy Archer | |||||
| Full Time Employees: | 18600 | |||||
| Address: |
| |||||
| Website: | https://www.lamresearch.com |
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products. It also provides SPEED gapfill high-density plasma chemical vapor deposition products; and Striker single-wafer atomic layer deposition products for dielectric film solutions. In addition, the company offers Flex for dielectric etch applications; Kiyo for conductor etch applications; Syndion for through-silicon via etch applications; and Versys metal products for metal etch processes. Further, it provides Coronus bevel clean products to enhance die yield; Da Vinci, DV-Prime, EOS, and SP series products to address various wafer cleaning applications; and Metryx mass metrology systems for high precision in-line mass measurement in semiconductor wafer manufacturing. The company sells its products and services to semiconductors industry in the United States, China, Europe, Japan, Korea, Southeast Asia, Taiwan, and internationally. Lam Research Corporation was incorporated in 1980 and is headquartered 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 17,426,706 | 14,905,386 | 18,435,591 |
| Gross Profit | 7,776,925 | 7,052,791 | 8,979,059 |
| EBITDA | 5,638,104 | 4,905,157 | 6,344,406 |
| Operating Income | 5,174,860 | 4,263,913 | 5,900,968 |
| Net Income | 4,510,931 | 3,827,772 | 5,358,217 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 18,781,643 | 18,744,728 | 21,345,260 |
| Total Liabilities | 10,571,471 | 10,205,274 | 11,483,641 |
| Total Stockholders Equity | 8,210,172 | 8,539,454 | 9,861,619 |
| Total Debt | 5,011,541 | 4,983,334 | 4,484,505 |
| Cash and Cash Equivalents | 5,337,056 | 5,847,856 | 6,390,659 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 5,178,938 | 4,652,269 | 6,173,264 |
| Capital Expenditure | -501,568 | -396,670 | -759,186 |
| Free Cash Flow | 4,677,370 | 4,255,599 | 5,414,078 |
| Net Income | 4,510,931 | 3,827,772 | 5,358,217 |
| Net Change in Cash | 1,813,837 | 263,431 | 556,853 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 47,866,483.853 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 55,722,968.946 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 50,594,200 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 15,914,685.111 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 18,526,815.275 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 16,821,598.258 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 15,212,438.474 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 18,514,814.954 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 16,359,000.572 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 2,560,298.702 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 2,980,529.038 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 2,706,199.707 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 12.680 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 14.350 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 11.790 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 10 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 3 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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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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At what price to buy it? -
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.
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
-1.61
Trading Metrics:
| Open: | 211.37 | Previous Close: | 222.01 | |
| Day Low: | 208.8 | Day High: | 222.01 | |
| Year Low: | 56.32 | Year High: | 256.68 | |
| Price Avg 50: | 226.71 | Price Avg 200: | 158.3 | |
| Volume: | 6.795M | Average Volume: | 10.911M |
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Login — it's freeLRCX full analysis
Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of Lam Research Corporation, ticker LRCX, one of the heavyweights in the semiconductor equipment space. If you’re looking to understand whether this stock deserves a spot in your portfolio, especially with all the buzz around AI and chip demand, stick around. We’re breaking down everything from financials to recent performance, valuation, and more. Let’s get started! So, why are we talking about Lam Research today?…
