Latest revenue
$5.84B
as of 2026-03-29
Latest net income
$1.83B
as of 2026-03-29
Net margin
31.2%
as of 2026-03-29
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $381.86B
- Enterprise value
- $380.85B
- P/E (trailing)
- 71.3×
- Forward P/E
- —
- P/B
- 36.08×
- Dividend yield
- 0.3%
- 52-wk high
- $309.98
- 52-wk low
- $79.49
- Beta
- —
- Shares out
- 1.25B
5-year trend
What this company does
Lam Research builds the wafer fabrication equipment that semiconductor manufacturers use to deposit and etch microscopic films onto silicon, a critical step in making advanced memory and logic chips. The company earns revenue primarily by selling these tools to chipmakers like TSMC, Samsung, and SK Hynix, supplemented by recurring service and spare-parts income from its installed base. Quarterly revenue jumped 24% year-over-year to $5.84 billion with net income up 37%, reflecting a strong upcycle driven by AI-related memory and advanced logic spending.
Generated from LRCX's filing dated 2025-08-11
Key risks
- China exposure: company operates significant business in China amid ongoing US semiconductor export controls that could restrict tool shipments to key customers.
- Aggressive capital return depleting cash: $3.6B buybacks plus $945M dividends drove cash down $1.64B to $4.75B over nine months.
- Customer concentration in WFE cycle: revenue tied to a handful of memory/foundry customers (Samsung, SK Hynix, TSMC, Micron) capex decisions.
Generated from LRCX's filing dated 2025-08-11
Profitability
Gross margin
48.7%
2.9%Operating margin
32.0%
11.9%Net margin
29.1%
13.2%Return on equity
54.3%
21.2%Return on assets
25.1%
22.9%Leverage
Debt / equity
1.16×
2.6%Long-term debt / equity
0.38×
27.9%Debt / assets
53.8%
1.2%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-29 | $5.84B | +23.8% | $1.83B | +37.2% | 31.2% |
Q4 2025 2025-12-28 | $5.34B | +22.1% | $1.59B | +33.8% | 29.8% |
Q3 2025 2025-09-28 | $5.32B | +27.7% | $1.57B | +40.5% | 29.5% |
Q2 2025 2025-06-29 | $5.17B | +33.6% | $1.72B | +68.6% | 33.3% |
Q1 2025 2025-03-30 | $4.72B | +24.4% | $1.33B | +37.8% | 28.2% |
Q4 2024 2024-12-29 | $4.38B | +16.4% | $1.19B | +24.8% | 27.2% |
Q3 2024 2024-09-29 | $4.17B | +19.7% | $1.12B | +25.8% | 26.8% |
Q2 2024 2024-06-30 | $3.87B | — | $1.02B | — | 26.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Special Industry Machinery, NEC · SIC 3559
Your notes
Keep private notes on LRCX — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$77.5M
Net activity
−$77.5M
Distinct insiders
7
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns LRCX
Institutional value
$62.78B
Total shares held
300.2M
Distinct holders
721
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 81.2M | $17.34B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 37.1M | $7.92B | — | New |
| 3 | Invesco Ltd. | 24.3M | $5.18B | — | New |
| 4 | Legal & General Group Plc | 11.1M | $2.36B | — | New |
| 5 | Bank of New York Mellon Corp | 8.9M | $1.91B | — | New |
| 6 | VANGUARD FIDUCIARY TRUST CO | 7.2M | $1.54B | — | New |
| 7 | UBS Group AG | 6.5M | $1.39B | — | New |
| 8 | DIMENSIONAL FUND ADVISORS LP | 6.3M | $1.35B | — | New |
| 9 | California Public Employees Retirement System | 5.9M | $1.25B | — | New |
| 10 | WELLS FARGO & COMPANY/MN | 5.1M | $1.10B | — | New |
| 11 | DEUTSCHE BANK AG\ | 4.5M | $961.3M | — | New |
| 12 | Voya Investment Management LLC | 4.0M | $849.9M | — | New |
| 13 | Swiss National Bank | 3.7M | $787.6M | — | New |
| 14 | CITIGROUP INC | 3.6M | $771.0M | — | New |
| 15 | JENNISON ASSOCIATES LLC | 3.4M | $720.7M | — | New |
| 16 | National Pension Service | 3.4M | $718.9M | — | New |
| 17 | Mitsubishi UFJ Asset Management Co., Ltd. | 3.2M | $676.8M | — | New |
| 18 | TD ASSET MANAGEMENT INC | 3.1M | $653.1M | — | New |
| 19 | Allianz Asset Management GmbH | 3.0M | $632.0M | — | New |
| 20 | ENVESTNET ASSET MANAGEMENT INC | 2.9M | $611.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Revenue grew 24% YTD but deferred profit fell to $2.09B from $2.57B—is shipment timing masking weakening backlog into FY27?
- 2
With $3.6B in buybacks YTD versus $4.4B operating cash flow, why prioritize repurchases over capacity for NAND/HBM upcycle demand?
- 3
What percentage of the $16.5B revenue is China-exposed, and how do tightening U.S. export controls threaten gross margin sustainability above 49%?
Refreshed when LRCX files a new report · last from 2025-08-11