# Lam Research Corporation (LRCX)

> Source: Nexqual · https://nexqual.com/LRCX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lam Research Corporation (LRCX), nexqual.com/LRCX" · informational, not investment advice.

**Price:** USD 230.15 (-11.76% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 260.81 · day 227.68–242.1 · 52w 135.5–438.5 · market cap $288B · NMS

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Semiconductor Equipment & Materials)
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%

## More
Full page: https://nexqual.com/LRCX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LRCX's own 10-K filed 2026-08-07 (https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm):

| 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…" |
| 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 M…" |
| 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 M…" |
| 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 M…" |
| 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 M…" |
| 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.;" |

Other companies that name LRCX in their own reports (relationship from LRCX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ASE Technology Holding Co., Ltd. (ASX) | 20-F 2026-04-01 | "We purchase our packaging equipment from major international manufacturers, including All Ring Tech Co., Ltd., Marketech lnternational Corp., Grand Process Technology Corporation, Tokyo Electron Limit…" |
| competitor | ACM Research, Inc. (ACMR) | 10-K 2026-03-02 | "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 Technol…" |
| supplier | Ultra Clean Holdings, Inc. (UCTT) | 10-K 2026-02-23 | "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 thos…" |
| supplier | ICHOR HOLDINGS, LTD. (ICHR) | 10-K 2026-02-20 | "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." |

## Revenue by product line (quarter ended 2026-09-27)

| Line | Revenue | Share | 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% | — |

## Revenue by region (quarter ended 2026-09-27)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2026-06-28: 16%, 15%, 12%, 12% of revenue from unnamed direct customers (10-K, filed 2026-08-07).

## Company outlook (8-K filed 2026-10-21)

- "For the quarter ending December 27, 2026, Lam is providing the following guidance: U.S."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.35 | $2.00 | +17.5% | $8.64B | 26 |
| Next quarter (ends 2027-03-31) | $2.48 | $2.14 | +15.8% | $9.01B | 26 |
| Current fiscal year (ends 2027-06-30) | $9.63 | $8.22 | +17.2% | $35.38B | 28 |
| Next fiscal year (ends 2028-06-30) | $12.11 | $10.16 | +19.3% | $42.65B | 28 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 66.0% | ±7.8% |
| 2026-11-06 | 14 | 61.1% | ±10.0% |
| 2026-11-13 | 21 | 59.7% | ±11.9% |
| 2026-11-20 | 28 | 58.0% | ±13.2% |
| 2026-11-27 | 35 | 56.2% | ±14.2% |
| 2026-12-04 | 42 | 55.2% | ±15.3% |
| 2026-12-18 | 56 | 54.5% | ±17.3% |
| 2027-01-15 | 84 | 54.3% | ±21.1% |