Lam Research Corporation (LRCX) P/E Ratio History
ExpensiveTrading at 54.0x vs 5Y avg 25.7x · 95th percentile · Material premium to history · Data 1991–2026
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P/E Ratio Analysis
As of September 23, 2026, Lam Research Corporation (LRCX) trades at a price-to-earnings ratio of 54.0x, with a stock price of $310.96 and trailing twelve-month earnings per share of $5.76.
The current P/E is 110% above its 5-year average of 25.7x. Over the past five years, LRCX's P/E has ranged from a low of 10.9x to a high of 65.8x, placing the current valuation at the 95th percentile of its historical range.
Compared to the Technology sector median P/E of 29.9x, LRCX trades at a 81% premium to its sector peers. The sector includes 365 companies with P/E ratios ranging from 0.0x to 199.0x.
The PEG ratio of 3.28 (P/E divided by 39% 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 25.5x. 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.
LRCX Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
LRCX P/E vs Peers
Semiconductor Manufacturing Equipment peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $375B | 54.6 | 3.18 | +1% | |
| $246B | 51.5 | 2.31 | +21% | |
| $674B | 61.7 | 2.40 | +28% | |
| $62B | 114.6 | - | +5% | |
| $14B | 102.1 | 2.95 | -32% | |
| $4B | 30.5Lowest | 1.44 | -38% | |
| $12B | 46.5 | 1.26Best | +38% | |
| $7B | 145.5 | 10.39 | -57% | |
| $18B | 59.6 | - | +56%Best |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
LRCX Historical P/E Data (1991–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q4 | Jun 28 2026 | $379.09 | $5.76 | 65.8x | +136% |
| FY2026 Q3 | Mar 29 2026 | $211.41 | $5.30 | 39.9x | +43% |
| FY2026 Q2 | Dec 28 2025 | $178.07 | $4.88 | 36.5x | +31% |
| FY2026 Q1 | Sep 28 2025 | $128.33 | $4.54 | 28.3x | +2% |
| FY2025 Q4 | Jun 29 2025 | $97.20 | $4.16 | 23.4x | -16% |
| FY2025 Q3 | Mar 30 2025 | $72.61 | $3.59 | 20.2x | -27% |
| FY2025 Q2 | Dec 29 2024 | $73.40 | $3.29 | 22.3x | -20% |
| FY2025 Q1 | Sep 29 2024 | $82.71 | $3.09 | 26.8x | -4% |
| FY2024 Q4 | Jun 30 2024 | $106.49 | $2.90 | 36.7x | +32% |
| FY2024 Q3 | Mar 31 2024 | $97.16 | $2.72 | 35.7x | +28% |
| FY2024 Q2 | Dec 24 2023 | $78.00 | $2.59 | 30.1x | +8% |
| FY2024 Q1 | Sep 24 2023 | $61.91 | $2.95 | 21.0x | -25% |
| FY2023 Q4 | Jun 30 2023 | $64.29 | $3.32 | 19.4x | -30% |
| FY2023 Q3 | Mar 26 2023 | $50.21 | $3.59 | 14.0x | -50% |
| FY2023 Q2 | Dec 25 2022 | $41.21 | $3.72 | 11.1x | -60% |
| FY2023 Q1 | Sep 25 2022 | $38.06 | $3.48 | 10.9x | -61% |
| FY2022 Q4 | - | $42.62 | $3.27 | 13.0x | -53% |
| FY2022 Q3 | Mar 27 2022 | $55.48 | $3.20 | 17.3x | -38% |
| FY2022 Q2 | Dec 26 2021 | $69.87 | $3.21 | 21.8x | -22% |
| FY2022 Q1 | Sep 26 2021 | $61.25 | $2.97 | 20.6x | -26% |
| FY2021 Q4 | Jun 30 2021 | $65.07 | $2.70 | 24.1x | -13% |
| FY2021 Q3 | Mar 28 2021 | $58.42 | $2.37 | 24.6x | -11% |
| FY2021 Q2 | Dec 27 2020 | $48.03 | $2.02 | 23.8x | -15% |
| FY2021 Q1 | Sep 27 2020 | $33.03 | $1.76 | 18.8x | -33% |
| FY2020 Q4 | - | $32.35 | $1.51 | 21.4x | -23% |
| FY2020 Q3 | Mar 29 2020 | $24.12 | $1.39 | 17.4x | -38% |
| FY2020 Q2 | Dec 29 2019 | $29.37 | $1.35 | 21.8x | -22% |
| FY2020 Q1 | Sep 29 2019 | $23.01 | $1.36 | 16.9x | -39% |
| FY2019 Q4 | Jun 30 2019 | $18.78 | $1.37 | 13.7x | -51% |
| FY2019 Q3 | Mar 31 2019 | $17.90 | $1.60 | 11.2x | -60% |
| FY2019 Q2 | Dec 23 2018 | $12.72 | $1.68 | 7.6x | -73% |
| FY2019 Q1 | Sep 23 2018 | $15.57 | $1.32 | 11.8x | -58% |
| FY2018 Q4 | Jun 30 2018 | $17.29 | $1.32 | 13.1x | -53% |
| FY2018 Q3 | Mar 25 2018 | $20.26 | $1.02 | 19.8x | -29% |
| FY2018 Q2 | Dec 24 2017 | $18.67 | $0.90 | 20.7x | -26% |
| FY2018 Q1 | Sep 24 2017 | $17.67 | $1.09 | 16.2x | -42% |
| FY2017 Q4 | Jun 30 2017 | $14.14 | $0.92 | 15.4x | -45% |
| FY2017 Q3 | Mar 26 2017 | $12.75 | $0.79 | 16.1x | -42% |
| FY2017 Q2 | Dec 25 2016 | $10.81 | $0.56 | 19.2x | -31% |
| FY2017 Q1 | Sep 25 2016 | $9.18 | $0.51 | 17.9x | -36% |
| FY2016 Q4 | - | $8.41 | $0.53 | 15.8x | -43% |
| FY2016 Q3 | Mar 27 2016 | $7.89 | $0.46 | 17.3x | -38% |
| FY2016 Q2 | Dec 27 2015 | $8.04 | $0.49 | 16.3x | -42% |
| FY2016 Q1 | Sep 27 2015 | $6.31 | $0.46 | 13.6x | -51% |
| FY2015 Q4 | - | $8.14 | $0.37 | 21.8x | -22% |
| FY2015 Q3 | Mar 29 2015 | $7.20 | $0.44 | 16.4x | -41% |
| FY2015 Q2 | Dec 28 2014 | $8.10 | $0.42 | 19.5x | -30% |
| FY2015 Q1 | Sep 28 2014 | $7.52 | $0.40 | 18.7x | -33% |
| FY2014 Q4 | Jun 30 2014 | $6.76 | $0.37 | 18.1x | -35% |
| FY2014 Q3 | Mar 30 2014 | $5.45 | $0.28 | 19.3x | -31% |
| FY2014 Q2 | Dec 29 2013 | $5.42 | $0.20 | 27.4x | -2% |
| FY2014 Q1 | Sep 29 2013 | $5.11 | $0.12 | 44.4x | +60% |
| FY2013 Q4 | Jun 30 2013 | $4.43 | $0.07 | 66.1x | +137% |
| FY2013 Q3 | Mar 31 2013 | $4.15 | $0.03 | 138.3x | +397% |
| FY2013 Q2 | Dec 23 2012 | $3.62 | $0.06 | 63.5x | +128% |
| FY2013 Q1 | Sep 23 2012 | $3.29 | $0.08 | 41.1x | +48% |
| FY2012 Q4 | Jun 30 2012 | $3.77 | $0.14 | 27.7x | -0% |
| FY2012 Q3 | Mar 25 2012 | $4.38 | $0.22 | 19.6x | -29% |
| FY2012 Q2 | Dec 25 2011 | $3.69 | $0.33 | 11.4x | -59% |
| FY2012 Q1 | Sep 25 2011 | $3.69 | $0.48 | 7.7x | -72% |
| FY2011 Q4 | - | $4.43 | $0.58 | 7.6x | -73% |
| FY2011 Q3 | Mar 27 2011 | $5.46 | $0.59 | 9.3x | -67% |
| FY2011 Q2 | Dec 26 2010 | $5.21 | $0.54 | 9.6x | -66% |
| FY2011 Q1 | Sep 26 2010 | $4.16 | $0.42 | 10.0x | -64% |
| FY2010 Q4 | Jun 30 2010 | $3.81 | $0.27 | 14.1x | -50% |
| FY2010 Q3 | Mar 28 2010 | $3.65 | $0.09 | 40.1x | +44% |
| FY2009 Q2 | Dec 28 2008 | $2.09 | $0.13 | 16.5x | -41% |
| FY2009 Q1 | Sep 28 2008 | $3.21 | $0.24 | 13.5x | -51% |
| FY2008 Q4 | Jun 30 2008 | $3.61 | $0.35 | 10.3x | -63% |
| FY2008 Q3 | Mar 30 2008 | $3.77 | $0.42 | 8.9x | -68% |
| FY2008 Q2 | Dec 23 2007 | $4.44 | $0.46 | 9.6x | -65% |
| FY2008 Q1 | Sep 23 2007 | $5.38 | $0.49 | 11.0x | -61% |
| FY2007 Q4 | Jun 30 2007 | $5.14 | $0.50 | 10.3x | -63% |
| FY2007 Q3 | Mar 25 2007 | $4.73 | $0.45 | 10.4x | -63% |
| FY2007 Q2 | Dec 24 2006 | $4.98 | $0.39 | 12.6x | -55% |
| FY2007 Q1 | Sep 24 2006 | $4.14 | $0.33 | 12.6x | -55% |
| FY2006 Q4 | Jun 30 2006 | $4.67 | $0.23 | 20.0x | -28% |
| FY2006 Q3 | Mar 26 2006 | $4.37 | $0.20 | 22.2x | -20% |
| FY2006 Q2 | Dec 25 2005 | $3.65 | $0.18 | 20.5x | -26% |
| FY2006 Q1 | Sep 25 2005 | $2.94 | $0.18 | 16.2x | -42% |
| FY2005 Q4 | - | $2.90 | $0.21 | 13.7x | -51% |
| FY2005 Q3 | Mar 27 2005 | $2.83 | $0.20 | 14.0x | -50% |
| FY2005 Q2 | Dec 26 2004 | $2.82 | $0.17 | 16.2x | -42% |
| FY2005 Q1 | Sep 26 2004 | $2.17 | $0.12 | 18.1x | -35% |
| FY2004 Q4 | Jun 30 2004 | $2.68 | $0.06 | 44.7x | +60% |
| FY2004 Q3 | Mar 28 2004 | $2.51 | $0.02 | 101.2x | +263% |
| FY2004 Q2 | Dec 28 2003 | $3.16 | $0.01 | 246.9x | +787% |
| FY2004 Q1 | Sep 28 2003 | $2.28 | $0.01 | 256.2x | +820% |
| FY2002 Q1 | Sep 23 2001 | $1.66 | $0.11 | 14.8x | -47% |
| FY2001 Q4 | Jun 30 2001 | $2.96 | $0.04 | 80.0x | +187% |
| FY2001 Q3 | Mar 25 2001 | $2.94 | $0.19 | 15.6x | -44% |
| FY2001 Q2 | Dec 24 2000 | $1.53 | $0.19 | 8.1x | -71% |
| FY2001 Q1 | Sep 24 2000 | $2.33 | $0.05 | 51.0x | +83% |
| FY2000 Q4 | Jun 30 2000 | $3.75 | $0.15 | 25.6x | -8% |
| FY2000 Q3 | Mar 26 2000 | $5.43 | $0.10 | 52.4x | +88% |
| FY2000 Q2 | Dec 26 1999 | $3.61 | $0.04 | 84.7x | +204% |
| FY1997 Q3 | Mar 31 1997 | $1.12 | $0.01 | 80.0x | +187% |
| FY1997 Q2 | - | $0.94 | $0.10 | 9.7x | -65% |
| FY1997 Q1 | Sep 30 1996 | $0.89 | $0.13 | 6.7x | -76% |
| FY1996 Q4 | Jun 30 1996 | $0.87 | $0.15 | 5.6x | -80% |
| FY1996 Q3 | Mar 31 1996 | $1.17 | $0.15 | 7.9x | -72% |
| FY1996 Q2 | Dec 31 1995 | $1.52 | $0.13 | 11.3x | -59% |
| FY1996 Q1 | Sep 30 1995 | $1.99 | $0.12 | 16.9x | -39% |
| FY1995 Q4 | Jun 30 1995 | $2.13 | $0.10 | 20.5x | -26% |
| FY1995 Q3 | Mar 31 1995 | $1.49 | $0.08 | 17.7x | -36% |
| FY1995 Q2 | Dec 31 1994 | $1.24 | $0.07 | 18.0x | -35% |
| FY1995 Q1 | Sep 30 1994 | $1.34 | $0.06 | 22.3x | -20% |
| FY1994 Q4 | - | $0.93 | $0.05 | 19.4x | -30% |
| FY1994 Q3 | - | $1.03 | $0.04 | 25.0x | -10% |
| FY1994 Q2 | Dec 31 1993 | $1.08 | $0.04 | 29.8x | +7% |
| FY1994 Q1 | - | $1.13 | $0.03 | 37.4x | +34% |
| FY1993 Q4 | Jun 30 1993 | $0.88 | $0.03 | 32.4x | +16% |
| FY1993 Q3 | Mar 31 1993 | $0.67 | $0.02 | 28.9x | +4% |
| FY1993 Q2 | - | $0.46 | $0.02 | 24.2x | -13% |
| FY1993 Q1 | Sep 30 1992 | $0.37 | $0.02 | 21.5x | -23% |
| FY1992 Q4 | - | $0.26 | $0.02 | 15.3x | -45% |
| FY1992 Q3 | - | $0.29 | $0.02 | 18.3x | -34% |
| FY1992 Q2 | - | $0.28 | $0.01 | 19.0x | -32% |
| FY1992 Q1 | Sep 30 1991 | $0.22 | $0.01 | 17.2x | -38% |
| FY1991 Q4 | Jun 30 1991 | $0.19 | $0.01 | 18.1x | -35% |
Average P/E for displayed period: 27.8x
LRCX Chart Terminal
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LRCX Stock Analysis
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Intrinsic Valuation
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Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
LRCX — Frequently Asked Questions
Quick answers to the most common questions about buying LRCX stock.
What is LRCX's P/E ratio?
Lam Research Corporation (LRCX) trailing twelve-month P/E ratio is 54.0x, based on TTM diluted EPS of $5.76. The 5-year average P/E is 25.7x and the historical range spans 10.9x to 65.8x.
Is LRCX stock overvalued or undervalued?
LRCX trades at 54.0x P/E, above its 5-year average of 25.7x. The 95th percentile ranking within the 10.9x–65.8x historical range indicates a premium to historical valuation.
Is LRCX stock expensive?
Yes, LRCX is expensive relative to its own history. The current P/E of 54.0x is above the 5-year average of 25.7x and also above the Technology sector median of 29.9x. The stock sits at the 95th percentile of its 5-year valuation range.
What is LRCX's historical P/E range?
Over the past 5 years, LRCX's P/E ratio has ranged from 10.9x to 65.8x, with a median of 22.3x and an average of 25.7x. The current P/E of 54.0x places the stock at the 95th percentile of this range. Full historical data spans 1991–2026.
How does LRCX's P/E compare to the S&P 500?
LRCX trades at 54.0x P/E versus the S&P 500 median of 25.5x. The 112% premium to the market typically reflects higher expected earnings growth or quality.
How does LRCX's valuation compare to Technology peers?
Lam Research Corporation P/E of 54.0x compares to the Technology sector median of 29.9x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is LRCX's PEG ratio?
LRCX PEG ratio is 3.28, based on a P/E of 54.0x and EPS growth of 38.8%. A PEG above 2.0 indicates a premium valuation relative to earnings growth — typically considered expensive.
What is LRCX's earnings yield?
LRCX earnings yield is 1.85%, the inverse of its 54.0x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.