Lam Research Corporation (LRCX) Stock Price & Analysis
Lam Research Corporation (LRCX) closed at USD 230.15 on Thursday, October 22, 2026, down 11.76% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 260.81; the Oct 22, 2026 session ranged USD 227.68–242.1 on volume of 22,960,509 shares. Market capitalization is $288.02B, with a 52-week range of USD 135.5–438.5 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:20 UTC.
Also available as compact Markdown for AI agents: nexqual.com/LRCX.md
Key facts (LRCX)
- Last four reported quarters (through Sep 27, 2026): revenue $26.1B, net income $8.45B (32.3% margin), free cash flow $6.54B (SEC filings).
- Valuation: P/E 34.1x (avg 45.1x at the last 3 fiscal year-ends), EV/EBITDA 28.1x, net cash $3.71B.
- 7 of 80 tracked superinvestors hold LRCX (13F, Q2 2026): 3 new, 0 added, 2 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $106M; 2 not under a Rule 10b5-1 plan ($4.6M); 3 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.03 on a 1–5 scale) (34 analysts), mean target USD 364.03 (range 255–500).
- Total return with dividends: 1Y +56.7% vs S&P 500 +14.9%; 5Y +334.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 2.35, revenue estimate $8.64B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (LRCX)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B | $26.1B |
| Gross profit | $7.87B | $7.78B | $7.05B | $8.98B | $11.7B | — |
| Operating income | $5.38B | $5.17B | $4.26B | $5.90B | $8.20B | $9.65B |
| Net income | $4.61B | $4.51B | $3.83B | $5.36B | $7.27B | $8.45B |
| EPS (diluted) | $3.27 | $3.32 | $2.90 | $4.15 | $5.76 | — |
| Free cash flow | $2.55B | $4.68B | $4.26B | $5.41B | $4.89B | $6.54B |
| Gross margin | 45.7% | 44.6% | 47.3% | 48.7% | 50.5% | — |
| Operating margin | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% | 37.0% |
| Net margin | 26.7% | 25.9% | 25.7% | 29.1% | 31.3% | 32.3% |
| Revenue growth | +17.8% | +1.2% | -14.5% | +23.7% | +26.0% | — |
| Cash + short-term investments | $3.52B | $5.34B | $5.85B | $6.39B | $5.58B | — |
| Total debt | $4.96B | $4.97B | $4.97B | $4.47B | $3.72B | — |
Fiscal years end Jun. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Sep 27, 2026) (LRCX)
P/E 34.1x · P/S 11.0x · EV/EBITDA 28.1x · EV/Sales 10.9x · P/FCF 44.1x · P/B 20.7x · FCF yield 2.27% · Earnings yield 2.93% · Dividend yield (paid, TTM) 0.45% · Buyback yield (TTM) 1.35% · Net cash $3.71B · EV $284B
P/E at fiscal year-ends: Jun 2026 75.2x, Jun 2025 23.4x, Jun 2024 36.7x.
Superinvestors (SEC 13F-HR, Q2 2026) (LRCX)
7 of 80 tracked investors hold LRCX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Chase Coleman | Tiger Global Management | 5.72% | $1.37B | Reduced -18.9% |
| Polen Capital | Polen Capital Management | 3.21% | $372M | Reduced -18.5% |
| David Tepper | Appaloosa Management | 2.22% | $166M | Unchanged |
| Lee Ainslie | Maverick Capital | 0.02% | $1.8M | New position |
| Christopher Davis | Davis Advisors | 0.01% | $1.2M | Unchanged |
| Sarah Ketterer | Causeway Capital Management | <0.01% | $354K | New position |
| Mairs & Power | Mairs & Power Funds | <0.01% | $331K | New position |
Insider sales (SEC Form 4, open-market, last ~7 months) (LRCX)
10 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Archer Timothy | President and CEO | 30,000 | $9.6M | 2.6% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-09 | Mayer Bethany | Director | 9,557 | $3.0M | 29.7% | No | Too little history (no open-market trades in 2023) |
| 2026-09-02 | Varadarajan Seshasayee | Senior Vice President | 59,750 | $17.4M | 22.3% | Yes (adopted May 4, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-31 | Harter Ava | Chief Legal Officer | 5,000 | $1.5M | 10.5% | Yes (adopted April 28, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-06 | Archer Timothy | President and CEO | 30,000 | $9.0M | 2.6% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-13 | Talwalkar Abhijit Y | Director | 18,282 | $6.1M | 17.3% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2025) |
| 2026-07-02 | Archer Timothy | President and CEO | 30,000 | $11.7M | 2.6% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-12 | Brandt Eric | Director | 54,500 | $20.0M | 27.4% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11 | Brandt Eric | Director | 54,500 | $19.1M | 21.5% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Fernandes Neil J | Senior Vice President | 7,659 | $2.4M | 11.4% | Yes (adopted November 17, 2025) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-01 | Fernandes Neil J | Senior Vice President | 18,170 | $4.6M | 21.3% | Yes (adopted November 17, 2025) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-27 | Harter Ava | Chief Legal Officer | 6,010 | $1.6M | 10.1% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (LRCX)
Consensus Buy (mean 2.03 on a 1–5 scale), 34 analysts; mean target USD 364.03 (low 255, high 500).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | UBS | Target lowered | Buy | $425 → $400 |
| 2026-10-22 | Citigroup | Target lowered | Buy | $450 → $435 |
| 2026-10-22 | Morgan Stanley | Target lowered | Overweight | $385 → $339 |
| 2026-10-22 | Mizuho | Target lowered | Outperform | $365 → $360 |
| 2026-10-22 | Needham | Target lowered | Buy | $390 → $290 |
| 2026-10-20 | Evercore ISI Group | Target lowered | Outperform | $355 → $315 |
| 2026-10-05 | Morgan Stanley | Target raised | Overweight | $367 → $385 |
| 2026-10-01 | B. Riley Securities | Target raised | Buy | $350 → $390 |
| 2026-09-01 | UBS | Target lowered | Buy | $435 → $425 |
| 2026-08-25 | Mizuho | Target lowered | Outperform | $370 → $365 |
| 2026-07-30 | Morgan Stanley | Target lowered | Overweight | $404 → $367 |
| 2026-07-30 | B. Riley Securities | Target lowered | Buy | $385 → $350 |
Total return (dividends reinvested) (LRCX)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +56.7% | +334.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +57.0% | +34.1% |
| Volatility (annualized) | 65.5% | 48.0% |
| Max drawdown | -46.8% (Jun 2026→Oct 2026) | -56.4% (Jan 2022→Oct 2022) |
LRCX revenue by product line (quarter ended Sep 27, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Systems revenue | $5.73B | 69.7% | +61.6% |
| Customer support-related revenue and other | $2.49B | 30.3% | +40.0% |
| Total revenue | $8.22B | 100% | — |
LRCX revenue by region (quarter ended Sep 27, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| China | $2.89B | 35.1% | +26.4% |
| Korea | $1.63B | 19.9% | +110.5% |
| Taiwan | $1.48B | 18.0% | +44.3% |
| Japan | $721.5M | 8.8% | +36.3% |
| United States | $663.1M | 8.1% | +117.6% |
| Southeast Asia | $531.7M | 6.5% | +75.9% |
| Europe | $301.3M | 3.7% | +195.9% |
| Total revenue | $8.22B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
LRCX suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Huawei | “The U.S. Department of Commerce has also enacted rules that have expanded export license requirements for U.S. companies to sell certain items to companies and other end-users in China that are designated as military end-users or have operations that could support military end uses; has added additional Chinese companies to its restricted entity list and unverified list under suspicion of military-civil fusion, su…” |
| Customer | Micron Technology (MU) | “Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.” |
| Customer | Samsung Electronics | “Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.” |
| Customer | SK hynix | “Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.” |
| Customer | TSMC (TSM) | “Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.” |
| Competitor | Applied Materials (AMAT) | “Our primary competitor in the dielectric and metals deposition market is Applied Materials, Inc. For ALD and PECVD, we also compete against ASM International and Wonik IPS.” |
| Competitor | Tokyo Electron | “Hitachi, Ltd.; and Tokyo Electron, Ltd., and our primary competitors in the wet clean market are Screen Holding Co., Ltd.;” |
Quoted from the company's 10-K filed Aug 7, 2026.
Companies that name LRCX in their SEC reports
| Relationship to LRCX | Company | Filing | Sentence |
|---|---|---|---|
| customer | ASE Technology Holding Co., Ltd. (ASX) | 20-F Apr 1, 2026 | “We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limited, and Lam Research Corporation.” |
| competitor | ACM Research, Inc. (ACMR) | 10-K Mar 2, 2026 | “We consider our principal competitors to be those companies that provide wafer cleaning, electrical plating and furnace products to the global market, including Lam Research Corporation, NAURA Technology Group Co., Ltd., SCREEN Holdings Co., Ltd., SEMES Co. Ltd., Tokyo Electron Ltd. and Kokusai Semiconductor Equipment Corporation.” |
| supplier | Ultra Clean Holdings, Inc. (UCTT) | 10-K Feb 23, 2026 | “Our two largest revenue customers in fiscal years 2025, 2024 and 2023 were Applied Materials, Inc. and Lam Research Corporation, each of which accounted for more than 10% of our total revenues in those three years.” |
| supplier | ICHOR HOLDINGS, LTD. (ICHR) | 10-K Feb 20, 2026 | “We have long standing relationships with top tier OEM customers, including Lam Research, Applied Materials, and ASML which were our largest customers by sales in 2025.” |
LRCX customer concentration
In the period ended Jun 28, 2026, 4 direct customers each accounted for at least 10% (16%, 15%, 12%, 12%) of revenue, per the company's 10-K filed Aug 7, 2026. The company does not name them.
LRCX company outlook (results filed Oct 21, 2026)
- “For the quarter ending December 27, 2026, Lam is providing the following guidance: U.S.”
Quoted word-for-word from the SEC 8-K results press release.
LRCX analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Dec 2026) | $2.35 | $2.00 | +17.5% | $8.64B | 26 |
| Next quarter (ends Mar 2027) | $2.48 | $2.14 | +15.8% | $9.01B | 26 |
| Current fiscal year (ends Jun 2027) | $9.63 | $8.22 | +17.2% | $35.38B | 28 |
| Next fiscal year (ends Jun 2028) | $12.11 | $10.16 | +19.3% | $42.65B | 28 |
LRCX options: expected move
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 66.0% | ±7.8% |
| Nov 6, 2026 | 14 | 61.1% | ±10.0% |
| Nov 13, 2026 | 21 | 59.7% | ±11.9% |
| Nov 20, 2026 | 28 | 58.0% | ±13.2% |
| Nov 27, 2026 | 35 | 56.2% | ±14.2% |
| Dec 4, 2026 | 42 | 55.2% | ±15.3% |
| Dec 18, 2026 | 56 | 54.5% | ±17.3% |
| Jan 15, 2027 | 84 | 54.3% | ±21.1% |
30-day implied volatility 57.7% vs 61.9% realized over the last 30 trading days. Put/call ratio (volume) 1.8. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:20 UTC)
| Price | USD 230.15 |
|---|---|
| Change | ▼ 11.76% (down) |
| Previous Close | USD 260.81 |
| Open | USD 234.63 |
| Day Range | USD 227.68 – 242.1 |
| 52-Week Range | USD 135.5 – 438.5 |
| Volume | 22,960,509 shares |
| Market Cap | $288.02B |
| Exchange | NMS |
Technical Analysis (LRCX)
Nexqual's technical model rates LRCX "SELL" based on 3 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:20 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 24.01 (oversold) |
| vs SMA50 | Below (USD 304.53) |
| MACD | -15.15 (negative) |
Analyst Ratings (LRCX)
Wall Street analysts rate LRCX "Buy" based on 34 analysts, with a mean price target of USD 364.03 (range USD 255–500), per Nexqual as of October 23, 2026 at 09:20 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 34 |
| Mean Target | USD 364.03 |
| High Target | USD 500 |
| Low Target | USD 255 |
| Buy / Hold / Sell | 29 / 5 / 0 |
Earnings (LRCX)
| Next Earnings Date | 2026-10-21 |
|---|---|
| EPS Estimate | USD 2.35 |
| Revenue Estimate | $8.64B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-09-30 | USD 2.2 vs est 2.18 ▲ beat |
| 2026-06-30 | USD 1.82 vs est 1.68 ▲ beat |
| 2026-03-31 | USD 1.47 vs est 1.36 ▲ beat |
| 2025-12-31 | USD 1.27 vs est 1.17 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:20 UTC.
Financials & Fundamentals (LRCX)
| Total Revenue | $23.23B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +30.00% |
| Gross Margin | +50.47% |
| Operating Margin | +37.39% |
| Profit Margin | +31.27% |
| ROE | +65.07% |
| Debt / Equity | 0.33 |
| Current Ratio | 2.63 |
| Total Cash | $5.58B |
| Total Debt | $4.12B |
| Free Cash Flow (last four quarters to Sep 2026, SEC 10-Q / 10-K) | $6.54B (25.0% of revenue) |
Source: Nexqual, October 23, 2026 at 09:20 UTC.
Financial Health Score (LRCX)
Nexqual rates Lam Research Corporation's overall financial health "Strong" across five dimensions, as of October 23, 2026 at 09:20 UTC.
| Growth | Strong — Revenue +26% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 50%, operating 37% (last 12 months) |
| Balance Sheet | Strong — $7.44B cash and investments vs $3.73B debt (Sep 2026, SEC), net cash |
| Cash Flow | Strong — FCF $6.54B (last 4 quarters to Sep 2026, SEC), 25% margin |
| Efficiency | Strong — ROE 65%, ROA 22.8% |
Ownership (LRCX)
| Insider Ownership | +0.28% |
|---|---|
| Institutional Ownership | +88.81% |
| Shares Outstanding | 1.25B |
| Float | 1.25B |
| Short % of Float | +2.07% |
Source: Nexqual, October 23, 2026 at 09:20 UTC.
Leadership (LRCX)
Lam Research Corporation is led by Timothy M. Archer, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:20 UTC.
| President, CEO & Director | Timothy M. Archer |
|---|---|
| Executive VP & CFO | Douglas R. Bettinger |
| Executive VP & COO | Seshasayee Varadarajan |
| Senior VP, Chief Technology & Sustainability Officer | Vahid Vahedi |
| Vice President of Investor Relations | Ram Ganesh |
Major Backers & Investors (LRCX)
Notable institutional backers of Lam Research Corporation include Invesco, JPMorgan, FMR, LLC, according to Nexqual as of October 23, 2026 at 09:20 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Invesco | 4.18% |
| JPMorgan | 3.62% |
| FMR, LLC | 2.69% |
| Price (T.Rowe) Associates Inc | 1.97% |
| Morgan Stanley | 1.54% |
| Fidelity | 1.3% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 10.61% |
| Vanguard Group | 9.46% |
| State Street | 4.85% |
| Geode Capital | 2.76% |
Source: Nexqual, October 23, 2026 at 09:20 UTC.
From Lam Research Corporation's Latest SEC 10-K Filing (filed 2026-08-07)
Key Strengths & Strategy (as disclosed to the SEC)
- We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.
- Our ability to achieve and maintain our competitive advantage depends in part on our continued and timely development of new products and enhancements to existing products.
Legal & Regulatory Risks (Item 1A, quoted)
- Increasing and Evolving Environmental Regulations May Adversely Affect Our Results of Operations
- Intellectual Property, Indemnity, Misuse of Third-Party Information, and Other Claims Against Us Can Be Costly and We Could Lose Significant Rights That Are Necessary to Our Continued Business and Profitability
- We Are Exposed to Various Risks from Our Regulatory Environment
- Our Financial Results May Be Adversely Impacted by Higher than Expected Tax Rates or Exposure to Additional Tax Liabilities
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| AMAT | Applied Materials, Inc. | USD 375.58 | ▼ 8.16% |
| KLAC | KLA Corporation | USD 147.83 | ▼ 9.55% |
| ASML | ASML Holding N.V. - New York Re | USD 1,560.54 | ▼ 6.93% |
| TER | Teradyne, Inc. | USD 308.75 | ▼ 10.63% |
| Q | Qnity Electronics, Inc. | USD 108.78 | ▼ 9.48% |
| ENTG | Entegris, Inc. | USD 128.31 | ▼ 13.12% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:20 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt