Last 48 quarters of trend data · Technology · Semiconductors
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Lam Research Corporation's quarterly P/E stands at 36.5x, up 106.8% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 119.4% YoY to 30.6x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 93.74 | 36.45 | 35.33 | 25.87 | 18.00 | 17.62 | 19.95 | 24.04 | 34.13 | 33.27 | 27.08 | 23.10 | 26.79 |
| — | +106.8% | +77.1% | +7.6% | -47.3% | -47.0% | -26.4% | +4.1% | +27.4% | +59.0% | +183.9% | +152.5% | +118.7% | |
| P/S Ratio | 26.35 | 11.38 | 10.54 | 7.65 | 6.00 | 4.95 | 5.42 | 6.47 | 9.08 | 8.42 | 6.86 | 5.92 | 6.73 |
| — | +129.6% | +94.6% | +18.2% | -33.9% | -41.2% | -21.1% | +9.3% | +34.8% | +91.7% | +157.8% | +130.1% | +111.8% | |
| P/B Ratio | 50.90 | 25.11 | 22.21 | 15.98 | 12.59 | 9.83 | 10.76 | 12.73 | 16.46 | 15.93 | 12.54 | 10.24 | 10.52 |
| — | +155.4% | +106.4% | +25.5% | -23.5% | -38.3% | -14.2% | +24.3% | +56.4% | +97.0% | +85.4% | +45.4% | +12.1% | |
| P/FCF | 89.73 | 82.06 | 33.83 | 25.55 | 13.03 | 22.91 | 27.80 | 18.50 | 46.14 | 24.93 | 19.26 | 23.58 | 20.69 |
| — | +258.2% | +21.7% | +38.1% | -71.8% | -8.1% | +44.3% | -21.6% | +123.0% | +135.8% | +33.9% | +89.5% | -55.3% | |
| EV / EBITDA | 77.01 | 30.60 | 29.21 | 20.81 | 16.61 | 13.95 | 16.45 | 19.65 | 28.75 | 27.70 | 22.32 | 18.48 | 22.79 |
| — | +119.4% | +77.6% | +5.9% | -42.2% | -49.6% | -26.3% | +6.3% | +26.1% | +69.3% | +177.9% | +147.5% | +136.4% | |
| EV / EBIT | 82.05 | 32.34 | 29.76 | 21.60 | 17.17 | 14.63 | 16.88 | 19.93 | 29.08 | 27.86 | 22.61 | 19.21 | 23.64 |
| — | +121.1% | +76.2% | +8.4% | -40.9% | -47.5% | -25.3% | +3.7% | +23.0% | +62.4% | +170.9% | +146.8% | +119.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Lam Research Corporation's operating margin was 35.0% in Q3 2026, up 1.2 pp QoQ and up 2.0 pp YoY.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.7% | 49.8% | 49.6% | 50.4% | 50.1% | 49.0% | 47.4% | 48.0% | 47.5% | 47.5% | 46.8% | 47.5% | 45.5% |
| — | +1.6% | +4.7% | +5.0% | +5.4% | +3.3% | +1.3% | +1.1% | +4.5% | +14.4% | +3.9% | +3.2% | +0.3% | |
| Operating Margin | 32.0% | 35.0% | 33.9% | 34.4% | 33.7% | 33.1% | 30.5% | 30.3% | 29.1% | 27.9% | 28.1% | 29.4% | 26.6% |
| — | +5.9% | +11.1% | +13.3% | +15.7% | +18.7% | +8.4% | +3.2% | +9.2% | +14.4% | -11.6% | -12.2% | -16.5% | |
| Net Margin | 29.1% | 31.2% | 29.8% | 29.5% | 33.3% | 28.2% | 27.2% | 26.8% | 26.4% | 25.5% | 25.4% | 25.5% | 25.0% |
| — | +10.9% | +9.6% | +10.0% | +26.2% | +10.7% | +7.2% | +5.1% | +5.3% | +21.0% | -8.7% | -9.3% | -4.1% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 58.2% | 17.6% | 15.7% | 15.6% | 17.8% | 14.5% | 13.8% | 13.1% | 12.3% | 11.9% | 11.7% | 10.9% | 9.7% |
| — | +21.2% | +13.7% | +19.2% | +44.1% | +22.2% | +17.5% | +20.2% | +27.6% | +22.1% | -37.2% | -47.6% | -50.8% | |
| ROA | 26.7% | 8.7% | 7.4% | 7.3% | 8.3% | 6.7% | 6.0% | 5.8% | 5.5% | 5.2% | 5.1% | 4.8% | 4.2% |
| — | +29.5% | +21.7% | +24.4% | +51.1% | +28.3% | +18.3% | +22.7% | +30.6% | +23.1% | -34.0% | -40.1% | -41.0% | |
| ROIC | 55.7% | 17.0% | 16.5% | 17.2% | 15.8% | 14.1% | 12.9% | 12.6% | 11.3% | 10.6% | 10.2% | 9.7% | 8.0% |
| — | +21.3% | +28.1% | +36.7% | +40.6% | +32.2% | +26.0% | +29.5% | +40.5% | +27.3% | -31.0% | -39.2% | -47.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Lam Research Corporation's Debt/EBITDA ratio is 1.7x, down from 2.3x last quarter — comfortably within a safe range.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.35 | 0.44 | 0.44 | 0.45 | 0.47 | 0.57 | 0.59 | 0.58 | 0.62 | 0.61 | 0.62 | 0.61 |
| — | -25.2% | -21.9% | -25.2% | -22.1% | -24.1% | -6.7% | -5.0% | -4.4% | +4.3% | +0.6% | -8.2% | -23.4% | |
| Debt / EBITDA | 0.76 | 1.73 | 2.34 | 2.32 | 2.44 | 2.70 | 3.48 | 3.67 | 4.10 | 4.34 | 4.34 | 4.48 | 5.31 |
| — | -36.1% | -32.8% | -36.7% | -40.6% | -37.8% | -19.7% | -18.0% | -22.7% | -10.3% | +53.2% | +58.7% | +66.2% | |
| Current Ratio | 2.21 | 2.54 | 2.26 | 2.21 | 2.21 | 2.45 | 2.54 | 2.53 | 2.97 | 2.82 | 3.06 | 3.06 | 3.16 |
| — | +3.4% | -11.3% | -12.6% | -25.6% | -13.0% | -16.7% | -17.5% | -6.1% | -8.8% | +1.3% | +13.6% | +17.5% | |
| Quick Ratio | 1.55 | 1.77 | 1.61 | 1.60 | 1.55 | 1.64 | 1.73 | 1.74 | 2.00 | 1.84 | 2.02 | 1.94 | 2.01 |
| — | +8.2% | -7.1% | -8.1% | -22.2% | -11.1% | -14.3% | -10.5% | -0.6% | -7.5% | +3.3% | +6.0% | +10.3% | |
| Interest Coverage | 33.43 | 3037.12 | 44.24 | 43.79 | 41.59 | 35.01 | 30.76 | 29.80 | 25.86 | 24.18 | 24.47 | 23.63 | 19.56 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying LRCX stock.
Lam Research Corporation's current P/E is 93.7x. The average P/E over the last 4 quarters is 28.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Lam Research Corporation's current operating margin is 32.0%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Lam Research Corporation's business trajectory between earnings reports.