Lam Research Corporation (LRCX) is a Industrials stock trading at $290.00 (as of 2026-09-01), with a market capitalization of $362.88B and a trailing P/E of 49.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Lam 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.
Lam Research designs and sells semiconductor deposition and etch equipment to chip fabs, earning revenue from both new tool sales and ongoing customer support. Roughly two-thirds of demand ties to memory (DRAM and NAND), making the company a leveraged play on the memory capex cycle with a services layer that stabilizes the bottom.
As chip architectures add layers (more deposition, more etch steps), each wafer passes through more Lam tools per dollar of fab spend, so revenue grows structurally ahead of raw capex; that step-intensity premium is the hidden engine under the 37% operating margin.
Business quality (Exceptional): Exceptional. 52% gross margin and 37% operating margin on a capital-goods business, with 58% ROE, signal genuine pricing power from a near-monopoly position in several critical deposition and etch niches. The recurring customer-support layer (roughly one-third of revenue) smooths the cyclical systems business.
Valuation: At 53× earnings, LRCX trades 65% above the Machinery average (32×).
| Price | $290.00 |
| Market Cap | $362.88B |
| P/E Ratio | 49.9 |
| EV / EBITDA | 41.8 |
| Price / Book | 29.10 |
| Price / Sales | 15.62 |
| FCF Yield | 1.3% |
| DCF Value (model) | $126.74 |
| DCF Upside vs Price | -56.3% |
| Revenue (TTM) | $23.23B |
| Net Margin | 31.3% |
| Revenue Growth (YoY) | 26.0% |
| EPS Growth (YoY) | 38.8% |
| FCF Growth (YoY) | -9.7% |
| Altman Z-Score | 24.40 (safe) |
| Piotroski F-Score | 8/9 (strong) |
| Stock P/E | 49.9 |
| Sector P/E (Industrials) | 25.7 |
| Industry P/E (Machinery) | 31.6 |
| vs Sector | 94.2% |
| vs Industry | 58.0% |
| Top Institutional Holder | BlackRock, Inc. ($28.40B) |
| Institutional Holders Tracked | 10 |
| Congressional Trades (recent) | 10 |
| Sector | Industrials |
| Industry | Machinery |
| CEO | Timothy Archer |
| Employees | 18,600 |
| Country | US |
| IPO Date | 1984-05-04 |
Data as of 2026-09-01.
Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.