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Lam Research Corporation (LRCX) 10-Year Financial Performance & Capital Metrics

LRCX • • Industrial / General
TechnologySemiconductorsSemiconductor Manufacturing EquipmentWafer Fabrication Equipment
AboutLam 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.Show more
  • Revenue $18.44B +23.7%
  • EBITDA $6.29B +36.0%
  • Net Income $5.36B +40.0%
  • EPS (Diluted) 4.15 +43.1%
  • Gross Margin 48.7% +2.9%
  • EBITDA Margin 34.1% +9.9%
  • Operating Margin 32.01% +11.9%
  • Net Margin 29.06% +13.2%
  • ROE 58.24% +27.4%
  • ROIC 55.66% +35.4%
  • Debt/Equity 0.48 -17.3%
  • Interest Coverage 33.11 +43.9%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 55.4%
  • ✓Strong 5Y profit CAGR of 18.9%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 29.4% free cash flow margin
  • ✓11 consecutive years of dividend growth
  • ✓Momentum leader: RS Rating 94 (top 6%)

✗Weaknesses

  • ✗Expensive at 28.5x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.36%
5Y12.91%
3Y2.29%
TTM25.66%

Profit (Net Income) CAGR

10Y23.38%
5Y18.93%
3Y5.18%
TTM43.23%

EPS CAGR

10Y27.35%
5Y22.41%
3Y8.16%
TTM46.93%

ROCE

10Y Avg30.78%
5Y Avg37.73%
3Y Avg35.95%
Latest40.44%

Peer Comparison

Wafer Fabrication Equipment
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
UCTTUltra Clean Holdings, Inc.1.97B43.3683.3820.93%-7.52%-20.33%0.08%0.71
ASMLASML Holding N.V.516.86B1331.6069.212.56%30.58%51.86%1.84%0.27
LRCXLam Research Corporation273.15B217.4752.4023.68%29.66%57.01%1.98%0.48
AMATApplied Materials, Inc.253.01B319.0836.854.39%24.67%34.28%2.25%0.32
ACMRACM Research, Inc.3.12B52.2034.1140.23%13.3%6.21%2.24%0.17
VECOVeeco Instruments Inc.2.06B34.0927.727.63%7.23%5.62%2.22%0.41
ACLSAxcelis Technologies, Inc.2.96B96.5015.69-9.97%15.93%13.32%4.34%0.04
ASYSAmtech Systems, Inc.203.87M14.20-23.67-10.68%-38.18%-61.74%2.43%0.21

Profit & Loss

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Sales/Revenue+5.89B8.01B11.08B9.65B10.04B14.63B17.23B17.43B14.91B18.44B
Revenue Growth %0.12%0.36%0.38%-0.13%0.04%0.46%0.18%0.01%-0.14%0.24%
Cost of Goods Sold+3.27B4.41B5.91B5.3B5.44B7.82B9.36B9.65B7.85B9.46B
COGS % of Revenue0.56%0.55%0.53%0.55%0.54%0.53%0.54%0.55%0.53%0.51%
Gross Profit+2.62B3.6B5.17B4.36B4.61B6.81B7.87B7.78B7.05B8.98B
Gross Margin %0.44%0.45%0.47%0.45%0.46%0.47%0.46%0.45%0.47%0.49%
Gross Profit Growth %0.15%0.38%0.43%-0.16%0.06%0.48%0.16%-0.01%-0.09%0.27%
Operating Expenses+1.54B1.7B1.95B1.89B1.93B2.32B2.49B2.6B2.79B3.08B
OpEx % of Revenue0.26%0.21%0.18%0.2%0.19%0.16%0.14%0.15%0.19%0.17%
Selling, General & Admin630.95M667.49M762.22M702.41M682.48M829.88M885.74M832.75M868.25M981.7M
SG&A % of Revenue0.11%0.08%0.07%0.07%0.07%0.06%0.05%0.05%0.06%0.05%
Research & Development913.71M1.03B1.19B1.19B1.25B1.49B1.6B1.73B1.9B2.1B
R&D % of Revenue0.16%0.13%0.11%0.12%0.12%0.1%0.09%0.1%0.13%0.11%
Other Operating Expenses000000042.15M18.19M0
Operating Income+1.07B1.9B3.21B2.46B2.67B4.48B5.38B5.17B4.26B5.9B
Operating Margin %0.18%0.24%0.29%0.26%0.27%0.31%0.31%0.3%0.29%0.32%
Operating Income Growth %0.36%0.77%0.69%-0.23%0.08%0.68%0.2%-0.04%-0.18%0.38%
EBITDA+1.37B2.21B3.54B2.77B2.94B4.79B5.72B5.52B4.62B6.29B
EBITDA Margin %0.23%0.28%0.32%0.29%0.29%0.33%0.33%0.32%0.31%0.34%
EBITDA Growth %0.28%0.62%0.6%-0.22%0.06%0.63%0.19%-0.03%-0.16%0.36%
D&A (Non-Cash Add-back)291.03M306.9M326.39M309.28M268.52M307.15M333.74M342.43M359.7M386.28M
EBIT1.09B1.93B3.25B2.56B2.75B4.58B5.38B5.3B4.55B5.96B
Net Interest Income+-105.26M-59.88M-11.57M-18.49M-92.01M-188.91M-169.55M-47.48M66.7M53.13M
Interest Income29.51M57.86M85.81M98.77M85.43M19.69M15.21M138.98M251.94M231.33M
Interest Expense134.77M117.73M97.39M117.26M177.44M208.6M184.76M186.46M185.24M178.2M
Other Income/Expense-114.14M-90.46M-61.51M-18.16M-98.82M-111.22M-188.71M-65.65M96.31M57.16M
Pretax Income+960.12M1.81B3.15B2.45B2.57B4.37B5.19B5.11B4.36B5.96B
Pretax Margin %0.16%0.23%0.28%0.25%0.26%0.3%0.3%0.29%0.29%0.32%
Income Tax+46.07M113.91M771.11M255.14M323.23M462.35M587.83M598.28M532.45M599.91M
Effective Tax Rate %0.95%0.94%0.76%0.9%0.87%0.89%0.89%0.88%0.88%0.9%
Net Income+914.05M1.7B2.38B2.19B2.25B3.91B4.61B4.51B3.83B5.36B
Net Margin %0.16%0.21%0.21%0.23%0.22%0.27%0.27%0.26%0.26%0.29%
Net Income Growth %0.39%0.86%0.4%-0.08%0.03%0.74%0.18%-0.02%-0.15%0.4%
Net Income (Continuing)914.05M1.7B2.38B2.19B2.25B3.91B4.61B4.51B3.83B5.36B
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+0.520.921.321.371.512.693.283.322.904.15
EPS Growth %0.41%0.77%0.43%0.04%0.1%0.78%0.22%0.01%-0.13%0.43%
EPS (Basic)0.581.051.471.441.562.723.293.332.914.17
Diluted Shares Outstanding1.75B1.84B1.81B1.6B1.49B1.45B1.41B1.36B1.32B1.29B
Basic Shares Outstanding1.59B1.62B1.81B1.52B1.45B1.44B1.4B1.35B1.31B1.29B
Dividend Payout Ratio0.21%0.14%0.13%0.31%0.29%0.19%0.18%0.2%0.27%0.21%

Balance Sheet

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Total Current Assets+9.21B9.14B9.15B8.56B10.85B11.65B12.29B13.23B12.88B14.52B
Cash & Short-Term Investments6.83B6.04B4.95B5.43B6.71B5.73B3.66B5.37B5.85B6.39B
Cash Only5.04B2.38B4.51B3.66B4.92B4.42B3.52B5.34B5.85B6.39B
Short-Term Investments1.79B3.66B437.34M1.77B1.8B1.31B135.73M37.64M00
Accounts Receivable1.26B1.67B2.18B1.46B2.1B3.03B4.31B2.82B2.52B3.38B
Days Sales Outstanding78.2776.2271.7355.0376.275.5391.459.1461.6966.88
Inventory971.91M1.23B1.88B1.54B1.9B2.69B3.97B4.82B4.22B4.31B
Days Inventory Outstanding108.59102.04115.83106.16127.58125.51154.75182.14196.06166.28
Other Current Assets2.17M8.27M7.69M1.37M000-37.64M298.19M440.27M
Total Non-Current Assets+3.06B2.98B3.33B3.44B3.71B4.24B4.91B5.55B5.86B6.83B
Property, Plant & Equipment639.61M685.6M902.55M1.06B1.25B1.48B1.65B1.86B2.15B2.43B
Fixed Asset Turnover9.20x11.69x12.27x9.12x8.06x9.90x10.46x9.39x6.92x7.59x
Goodwill1.39B1.39B1.48B1.48B1.48B1.49B1.52B1.62B1.63B1.63B
Intangible Assets564.92M411M317.84M216.95M168.53M132.37M101.85M168.45M138.54M182.2M
Long-Term Investments000000002.95M17M
Other Non-Current Assets465.81M754.21M880.58M937.01M806.46M1.14B1.65B1.91B1.94B2.57B
Total Assets+12.27B12.12B12.48B12B14.56B15.89B17.2B18.78B18.74B21.35B
Asset Turnover0.48x0.66x0.89x0.80x0.69x0.92x1.00x0.93x0.80x0.86x
Asset Growth %0.31%-0.01%0.03%-0.04%0.21%0.09%0.08%0.09%-0%0.14%
Total Current Liabilities+2.42B2.95B3.15B2.37B3.16B3.53B4.56B4.18B4.34B6.57B
Accounts Payable348.2M464.64M510.98M376.56M592.39M829.71M1.01B470.7M613.97M854.21M
Days Payables Outstanding38.938.4531.5525.9639.7838.7239.4517.828.5432.97
Short-Term Debt947.73M908.44M610.03M667.13M836.11M00421K501.32M749.67M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities431.85M609.34M698.95M464.02M520.24M728.96M1.3B1.32B1.35B1.48B
Current Ratio3.81x3.10x2.90x3.61x3.43x3.30x2.69x3.16x2.97x2.21x
Quick Ratio3.41x2.68x2.31x2.96x2.83x2.54x1.82x2.01x2.00x1.55x
Cash Conversion Cycle147.95139.8156.02135.24164162.31206.69223.47229.21200.19
Total Non-Current Liabilities+3.74B2.19B2.75B4.91B6.21B6.34B6.35B6.39B5.87B4.92B
Long-Term Debt3.38B1.78B1.81B3.82B4.96B4.95B4.96B4.96B4.47B3.72B
Capital Lease Obligations000011.48M29.4M35.99M38.24M12.47M203.84M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities366.08M400.36M942.57M1.08B1.24B1.35B1.35B1.38B1.39B991.68M
Total Liabilities6.16B5.14B5.9B7.28B9.38B9.86B10.92B10.57B10.21B11.48B
Total Debt+4.33B2.69B2.42B4.49B5.81B5B5.01B5.01B4.98B4.76B
Net Debt-713.46M315.88M-2.1B831.68M895.55M576.8M1.48B-325.51M-864.52M-1.63B
Debt / Equity0.71x0.39x0.37x0.95x1.12x0.83x0.80x0.61x0.58x0.48x
Debt / EBITDA3.17x1.22x0.68x1.62x1.97x1.04x0.88x0.91x1.08x0.76x
Net Debt / EBITDA-0.52x0.14x-0.59x0.30x0.30x0.12x0.26x-0.06x-0.19x-0.26x
Interest Coverage7.97x16.16x33.00x21.02x15.07x21.49x29.13x27.75x23.02x33.11x
Total Equity+6.1B6.99B6.58B4.72B5.18B6.03B6.28B8.21B8.54B9.86B
Equity Growth %0.14%0.15%-0.06%-0.28%0.1%0.16%0.04%0.31%0.04%0.15%
Book Value per Share3.483.803.642.953.484.154.466.046.477.64
Total Shareholders' Equity6.1B6.99B6.58B4.72B5.18B6.03B6.28B8.21B8.54B9.86B
Common Stock160K162K157K144K145K143K137K133K130K1.27M
Retained Earnings4.82B6.25B8.26B9.93B11.52B14.68B18.45B22.03B24.81B28.99B
Treasury Stock-4.43B-5.22B-7.85B-11.6B-12.95B-15.65B-19.48B-21.53B-24.37B-27.76B
Accumulated OCI-69.33M-61.7M-57.45M-64.03M-94.21M-64.13M-109.98M-100.71M-130.43M-62.42M
Minority Interest0000000000

Cash Flow

Jun 2016Jun 2017Jun 2018Jun 2019Jun 2020Jun 2021Jun 2022Jun 2023Jun 2024Jun 2025
Cash from Operations+1.35B2.03B2.66B3.18B2.13B3.59B3.1B5.18B4.65B6.17B
Operating CF Margin %0.23%0.25%0.24%0.33%0.21%0.25%0.18%0.3%0.31%0.33%
Operating CF Growth %0.72%0.5%0.31%0.2%-0.33%0.69%-0.14%0.67%-0.1%0.33%
Net Income914.05M1.7B2.38B2.19B2.25B3.91B4.61B4.51B3.83B5.36B
Depreciation & Amortization291.03M306.9M326.39M309.28M268.52M307.15M333.74M342.43M359.7M386.28M
Stock-Based Compensation142.35M149.97M172.22M187.23M189.2M220.16M259.06M286.6M293.06M343.37M
Deferred Taxes-49M104.94M3.05M-4.98M-17.78M-151.48M-257.44M-172.06M-198.98M-363.25M
Other Non-Cash Items104.08M80.53M90.6M1.52M6.63M-17.39M-44.75M52.3M10.24M6.84M
Working Capital Changes-52.23M-310.83M-317.19M491.52M-571.88M-678.74M-1.8B158.74M360.48M441.8M
Change in Receivables-169.03M-411.29M-501.63M732.14M-641.83M-928.93M-1.29B1.45B303.44M-858.75M
Change in Inventory-66.37M-307.88M-701.01M281.36M-411.61M-792.59M-1.35B-961.97M528.72M-180.73M
Change in Payables41.65M126.82M35.66M-131.47M208.48M184.62M167.88M-522.2M125.94M212M
Cash from Investing+592.48M-2.06B2.75B-1.64B-244.08M73.27M612.27M-534.56M-370.61M-708.09M
Capital Expenditures-175.33M-157.42M-273.47M-303.49M-203.24M-349.1M-546.03M-501.57M-396.67M-759.19M
CapEx % of Revenue0.03%0.02%0.02%0.03%0.02%0.02%0.03%0.03%0.03%0.04%
Acquisitions----------
Investments----------
Other Investing668.65M-2.87B2.52B-1.91B-229.08M-391.25M-7.58M86.96M-11.71M51.09M
Cash from Financing+1.6B-2.63B-3.27B-2.39B-623.93M-4.17B-4.58B-2.83B-4B-4.94B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-190.4M-243.5M-307.61M-678.35M-656.84M-726.99M-815.29M-907.91M-1.02B-1.15B
Share Repurchases----------
Other Financing57.89M38.51M75.63M64.75M95.44M95.65M108.22M106.35M106.42M143K
Net Change in Cash----------
Free Cash Flow+1.17B1.87B2.38B2.87B1.92B3.24B2.55B4.68B4.26B5.41B
FCF Margin %0.2%0.23%0.22%0.3%0.19%0.22%0.15%0.27%0.29%0.29%
FCF Growth %1%0.59%0.27%0.21%-0.33%0.68%-0.21%0.83%-0.09%0.27%
FCF per Share0.671.021.321.801.292.231.823.443.224.20
FCF Conversion (FCF/Net Income)1.48x1.20x1.12x1.45x0.94x0.92x0.67x1.15x1.22x1.15x
Interest Paid58.81M104.62M84.4M76.93M171.89M203.93M175.53M174.75M173.09M172.35M
Taxes Paid39.74M28.1M142.8M300.27M222.91M518.57M807.67M809.75M991.82M972.51M

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)15.97%25.94%35.09%38.77%45.46%69.73%74.85%62.27%45.71%58.24%
Return on Invested Capital (ROIC)13.9%22.48%40.89%36.83%34.47%53.01%56.19%49.61%41.11%55.66%
Gross Margin44.49%44.97%46.63%45.15%45.88%46.53%45.69%44.63%47.32%48.7%
Net Margin15.53%21.19%21.49%22.7%22.42%26.72%26.73%25.89%25.68%29.06%
Debt / Equity0.71x0.39x0.37x0.95x1.12x0.83x0.80x0.61x0.58x0.48x
Interest Coverage7.97x16.16x33.00x21.02x15.07x21.49x29.13x27.75x23.02x33.11x
FCF Conversion1.48x1.20x1.12x1.45x0.94x0.92x0.67x1.15x1.22x1.15x
Revenue Growth11.91%36.15%38.23%-12.85%4.05%45.61%17.78%1.16%-14.47%23.68%

Revenue by Segment

2016201720182019202020212022202320242025
System----6.63B9.76B11.32B10.7B8.92B11.49B
System Growth-----47.39%15.95%-5.53%-16.59%28.80%
Customer Support and Other----3.42B4.86B5.9B6.73B5.98B6.94B
Customer Support and Other Growth-----42.16%21.46%14.02%-11.12%16.05%

Revenue by Geography

2016201720182019202020212022202320242025
CHINA1.04B1.02B1.78B2.16B3.08B5.14B5.41B4.46B6.29B6.21B
CHINA Growth--1.61%74.40%21.13%42.68%66.60%5.33%-17.53%41.04%-1.41%
KOREA, REPUBLIC OF1.06B2.48B3.83B2.21B2.39B3.92B4.04B3.55B2.87B4.13B
KOREA, REPUBLIC OF Growth-134.58%54.53%-42.46%8.43%64.13%2.87%-12.03%-19.08%43.62%
TAIWAN, PROVINCE OF CHINA1.49B2.1B1.4B1.6B1.91B2.12B2.94B3.48B1.67B3.45B
TAIWAN, PROVINCE OF CHINA Growth-41.12%-33.29%14.18%19.42%11.11%38.64%18.44%-51.93%106.08%
JAPAN983.82M1.04B1.88B1.97B954.74M1.36B1.62B1.76B1.46B1.88B
JAPAN Growth-5.91%80.70%4.62%-51.53%42.86%19.11%8.24%-16.94%28.79%
UNITED STATES495.12M629.94M820.44M748.6M812.48M672.72M1.15B1.67B1.1B1.38B
UNITED STATES Growth-27.23%30.24%-8.76%8.53%-17.20%70.55%45.13%-33.69%24.71%
South East Asia605.24M401.88M781.36M615.81M587.64M945.48M1.36B1.35B794.05M837.24M
South East Asia Growth--33.60%94.43%-21.19%-4.58%60.89%43.59%-0.23%-41.38%5.44%
Europe219.39M340.64M577.19M356.23M308.48M463.48M712.02M1.16B707M562.56M
Europe Growth-55.27%69.44%-38.28%-13.40%50.25%53.63%62.67%-38.96%-20.43%

Frequently Asked Questions

Valuation & Price

Lam Research Corporation (LRCX) has a price-to-earnings (P/E) ratio of 52.4x. This suggests investors expect higher future growth.

Growth & Financials

Lam Research Corporation (LRCX) reported $19.59B in revenue for fiscal year 2025. This represents a 635% increase from $2.67B in 2012.

Lam Research Corporation (LRCX) grew revenue by 23.7% over the past year. This is strong growth.

Yes, Lam Research Corporation (LRCX) is profitable, generating $5.81B in net income for fiscal year 2025 (29.1% net margin).

Dividend & Returns

Yes, Lam Research Corporation (LRCX) pays a dividend with a yield of 0.41%. This makes it attractive for income-focused investors.

Lam Research Corporation (LRCX) has a return on equity (ROE) of 58.2%. This is excellent, indicating efficient use of shareholder capital.

Lam Research Corporation (LRCX) generated $5.85B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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