Lam Research Corp (LRCX)
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Lam Research builds the machines without which no modern chip gets made — and delivers one record after another in the AI boom: $18.4 billion in revenue in fiscal year 2025, a gross margin near 50 percent, a record quarter in March 2026. We read the annual report (10-K), the quarterly reports (10-Q) and the insider filings (Form 4): 34 percent of revenue comes from China and sits under export controls, two customers pay a third of the bills, and the CEO sold in July 2026 at $390 per share. Not investment advice — we simply count what the record costs and what it hangs on.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
Uses AILam Research verkauft keine KI-Produkte — die Ätz- und Beschichtungsanlagen sind generische Chipfertigungs-Werkzeuge, und KI erscheint in Geschäfts- und Quartalsberichten (10-K/10-Q) durchgängig als externer Nachfrage-Treiber (inklusive des Ergebnisrisikos „Änderungen im Umfang der KI-Investitionen") —, aber der Geschäftsbericht (10-K) 2025 belegt den eigenen operativen Einsatz von maschinellem Lernen und KI in der Technologieentwicklung sowie den KI-Einsatz „durch uns" im Betrieb (Cyber-Risikokapitel), daher „Nutzt KI".
View the full file — quotes, sources, reviewed filings
„In addition, the emergence of “big data” and new tools such as machine learning and artificial intelligence (“AI”) that capitalize on the availability of large data sets is leading semiconductor manufacturers and equipment manufacturers to pursue new products and approaches that exploit those tools to advance technology development."
Zudem führt das Aufkommen von „Big Data" und neuen Werkzeugen wie maschinellem Lernen und Künstlicher Intelligenz („KI"), die die Verfügbarkeit großer Datensätze nutzen, dazu, dass Halbleiterhersteller und Anlagenbauer neue Produkte und Ansätze verfolgen, die diese Werkzeuge für den Fortschritt der Technologieentwicklung einsetzen.
„Further, the use of AI by us, our customers, suppliers, and third-party providers, among others, may also introduce unique vulnerabilities whose existence or exploitation could have a material adverse effect on our business or operations."
Darüber hinaus kann der Einsatz von KI durch uns, unsere Kunden, Zulieferer und Drittanbieter, unter anderem, auch besondere Schwachstellen mit sich bringen, deren Existenz oder Ausnutzung erhebliche nachteilige Auswirkungen auf unser Geschäft oder unseren Betrieb haben könnte.
„Demand from cloud computing, artificial intelligence (“AI”), 5G, the Internet of Things, and other markets is driving the need for increasingly powerful and cost-efficient semiconductors."
Die Nachfrage aus Cloud-Computing, Künstlicher Intelligenz („KI"), 5G, dem Internet der Dinge und anderen Märkten treibt den Bedarf an immer leistungsfähigeren und kosteneffizienteren Halbleitern.
„[…] changes in industry trends or demand drivers for semiconductor chips and semiconductor equipment, including changes in the level of investment in AI and related infrastructure […]"
[…] Änderungen bei Branchentrends oder Nachfrage-Treibern für Halbleiterchips und Halbleiter-Ausrüstung, einschließlich Änderungen im Umfang der Investitionen in KI und zugehörige Infrastruktur […]
Filings Reviewed: 10-Q 2026-04-23 · 10-Q 2026-01-29 · 10-Q 2025-10-24 · 10-Q 2025-04-25 · 10-K 2025-08-11 · 10-K 2024-08-29
Rated on July 10, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.92 | 27.80 | 4,376 | 16.40 | 27.20 | 742 | 853 |
| 2025: Q1 | 1.03 | 40.70 | 4,720 | 24.40 | 28.20 | 1,309 | 1,021 |
| 2025: Q2 | 1.35 | 73.10 | 5,171 | 33.60 | 33.30 | 2,554 | 2,382 |
| 2025: Q3 | 1.24 | 44.40 | 5,324 | 27.70 | 29.50 | 1,779 | 1,594 |
| 2025: Q4 | 1.26 | 36.60 | 5,345 | 22.10 | 29.80 | 1,480 | 1,665 |
| 2026: Q1 | 1.45 | 40.50 | 5,842 | 23.80 | 31.20 | 1,141 | 810 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Revenue up 24 percent to $18.4 billion in fiscal year 2025, another +24 percent in the first nine months of fiscal year 2026, a record quarter in March 2026 and guidance of roughly $6.6 billion for the closing quarter — the AI investment cycle pays straight into Lam's order books.
A gross margin around 49 to 50 percent, a 35 percent operating margin, a 29 percent net margin in fiscal year 2025; about $4.75 billion in cash and an equity ratio around 51 percent — our scanner rightly lists the stock in the "Altman-Z: balance-sheet fortress".
A quarterly dividend since 2014 and massive buybacks ($3.6 billion in nine months of FY 2026) — but the buyback prices doubled within two quarters ($105.67 to $210.57), and more recently flowed to shareholders than came in from operations.
34 percent of fiscal year 2025 revenue (37 percent in nine months of FY 2026) from China under U.S. license reservation with no assurance of approval; at the same time China controls rare earths for Lam's supply chain — the suspension applies only in part and until November 2026.
Two unnamed major customers = 32 percent of fiscal year 2025 revenue; the investment decision of individual groups moves demand, and fiscal year 2024 showed with revenue down 14.5 percent how fast the equipment cycle turns.
A price-to-earnings ratio around 70 and price-to-sales around 25 after roughly +311 percent in twelve months (data as of July 10, 2026); the CEO sold at $390.01 on July 2, 2026, board member Brandt a good quarter of his position in June, board member Talwalkar 18,282 shares in July.
Lam Research is a flawless cyclical in record form: the AI boom fills the order books, the margins are first-rate, the balance sheet a fortress. But a third of the revenue hangs on China and thus on two feuding governments, two customers pay a third of the bills, and after the stock's quadrupling within twelve months its price assumes none of this ever becomes a problem. Not investment advice.
- The fiscal year ends in late June: "fiscal year 2025" = July 2024 through June 29, 2025; the closing quarter of fiscal year 2026 ends on June 28, 2026, with the numbers usually presented in late July.
- All price and share figures are split-adjusted (10-for-1 stock split in October 2024). Insider sales are legal and often long pre-planned; CEO Archer still holds more than a million shares after the July 2, 2026 sale.
- Governance margin note: after 44 years, Lam changed its audit firm for fiscal year 2026 (Ernst & Young since 1981, KPMG from September 2025) — per the current report (8-K) of September 11, 2025, without disagreements.
About the Company
Lam Research Corporation entwickelt, fertigt, vermarktet und wartet Anlagen zur Halbleiterbearbeitung für die Fertigung integrierter Schaltkreise in den USA, China, Korea, Taiwan, Japan, Südostasien und Europa. Das Unternehmen bietet ALTUS-Systeme zur konformen Abscheidung an.
| Employees | 20,600 |
|---|---|
| Headquarters | Fremont, CA |
| Website | lamresearch.com |
| IPO Date | 11. May 1984 |
| Next Earnings | 29. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Timothy M. Archer | President, CEO & Director | 1967 |
| Douglas R. Bettinger | Executive VP & CFO | 1967 |
| Seshasayee Varadarajan | Executive VP & COO | 1975 |
| Ava A. Harter J.D. | Senior VP, Chief Legal Officer & Secretary | 1970 |
| Christina C. Correia | Chief Accounting Officer & Group VP | 1970 |
| Vahid Vahedi Ph.D. | Senior VP, Chief Technology & Sustainability Officer | 1966 |
| Ram Ganesh | Vice President of Investor Relations | – |
| Steve Fine | Group VP & Chief Communication Officer | – |
| Mary Teresa Hassett | Senior VP & Chief Human Resources Officer | 1974 |
| Karthik Rammohan | Senior Vice President of Global Operations & Enterprise Solutions | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.