Lam Research Corporation (LRCX) P/E Ratio History
Historical price-to-earnings valuation from 1991 to 2026
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Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of February 28, 2026, Lam Research Corporation (LRCX) trades at a price-to-earnings ratio of 56.4x, with a stock price of $233.89 and trailing twelve-month earnings per share of $4.91.
The current P/E is 146% above its 5-year average of 22.9x. Over the past five years, LRCX's P/E has ranged from a low of 10.9x to a high of 36.7x, placing the current valuation at the 100th percentile of its historical range.
Compared to the Technology sector median P/E of 25.2x, LRCX trades at a 123% premium to its sector peers. The sector includes 345 companies with P/E ratios ranging from 0.0x to 199.1x.
The PEG ratio of 2.52 (P/E divided by 43% EPS growth) suggests the stock may be expensive relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, LRCX commands a significant premium over the S&P 500 median P/E of 26.2x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our LRCX DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
Peer Comparison
P/E metrics vs. Semiconductor Manufacturing Equipment peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
ASMLASML Holding N.V. | $563B | 51.8 | 2.10 | +23% |
AMATApplied Materials, Inc. | $295B | 43.0 | 2.50 | +1% |
LRCXLam Research Corporation | $293B | 56.4 | 2.52 | +43%Best |
ACMRACM Research, Inc. | $3B | 36.4 | 1.01Best | +32% |
ACLSAxcelis Technologies, Inc. | $3B | 21.7Lowest | 1.03 | -38% |
VECOVeeco Instruments Inc. | $2B | 51.8 | - | -52% |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
Historical P/E Data
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | Sun Dec 28 2025 00:00:00 GM | $178.07 | $4.88 | 36.5x | +33% |
| FY2026 Q1 | Sun Sep 28 2025 00:00:00 GM | $128.33 | $4.54 | 28.3x | +3% |
| FY2025 Q4 | Sun Jun 29 2025 00:00:00 GM | $97.20 | $4.16 | 23.4x | -15% |
| FY2025 Q3 | Sun Mar 30 2025 00:00:00 GM | $72.61 | $3.59 | 20.2x | -26% |
| FY2025 Q2 | Sun Dec 29 2024 00:00:00 GM | $73.40 | $3.29 | 22.3x | -19% |
| FY2025 Q1 | Sun Sep 29 2024 00:00:00 GM | $82.71 | $3.09 | 26.8x | -2% |
| FY2024 Q4 | Sun Jun 30 2024 00:00:00 GM | $106.49 | $2.90 | 36.7x | +34% |
| FY2024 Q3 | Sun Mar 31 2024 00:00:00 GM | $97.16 | $2.72 | 35.7x | +30% |
| FY2024 Q2 | Sun Dec 24 2023 00:00:00 GM | $78.00 | $2.59 | 30.1x | +10% |
| FY2024 Q1 | Sun Sep 24 2023 00:00:00 GM | $61.91 | $2.95 | 21.0x | -23% |
| FY2023 Q4 | Fri Jun 30 2023 00:00:00 GM | $64.29 | $3.32 | 19.4x | -29% |
| FY2023 Q3 | Sun Mar 26 2023 00:00:00 GM | $50.21 | $3.59 | 14.0x | -49% |
Average P/E for displayed period: 27.4x
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Start ComparisonFrequently Asked Questions
Is LRCX stock overvalued or undervalued?
LRCX trades at 56.4x P/E, above its 5-year average of 22.9x. The 100th percentile ranking indicates a premium to historical valuation.
How does LRCX's valuation compare to peers?
Lam Research Corporation P/E of 56.4x compares to sector median of 25.2x. The premium reflects expected growth above peers.
What is LRCX's PEG ratio?
LRCX PEG ratio is 2.52. Above 2.0 indicates premium valuation relative to growth rate. Historical P/E data spans 1991-2026.