FirmAtlas
Company handbook · LRCX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
LRCX · CIK 707549 · LATEST FILING: 10-K FY26 · FILED AUG 7, 2026
LAM RESEARCH CORPORATION
$263.94
−13.52 (−4.87%)
Close, Oct 16, 2026 · 52-week $136–438
Last fiscal year
LAM RESEARCH CORPORATION reported revenue of $23.2B for the year ended Jun 28, 2026 (FY26), up 26.0% from FY25. Net income was $7.3B, operating cash flow $5.9B and free cash flow $4.9B. Source: 10-K filed Aug 7, 2026.
Market cap
$330.3B
P/E
45.5
EV/EBITDA
38.0x
P/B
26.5
Div yield
0.42%
ROIC
81.1%
Revenue 1Y
26.0%/yr
EPS 1Y
38.8%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOTimothy M. Archer
HQFremont, CA
AuditorKPMG LLP
Year endsJune
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
39.0%
36.1%
59.5%
85.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY25–FY26
$11.4B deployed
Capex
$1.7B
15.1%
Dividends
$2.4B
21.2%
Buybacks
$7.3B
63.7%
Operating cash flow over the period: $12.0B. Total debt changed by +$0M. R&D of $4.5B is already inside operating costs.
More cash than debt at the end of FY26.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY26 = year ended Jun 28, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (10-for-1 split after FY23).
Income
Revenue
18,436
23,233+26.0%
YoY
+26.0%
Gross profit
8,979
11,725+30.6%
Gross margin
48.7%
50.5%+1.8 pp
Operating income
5,901
8,200+39.0%
Operating margin
32.0%
35.3%+3.3 pp
EBITDA
6,287
8,641+37.4%
EBITDA margin
34.1%
37.2%+3.1 pp
Interest expense
177
156−12.0%
Interest coverage
35.48x
55.43x+19.95x
Net income
5,358
7,265+35.6%
YoY
+35.6%
Net margin
29.1%
31.3%+2.2 pp
EPS (diluted, $)
4.15
5.76+38.8%
YoY
+38.8%
Balance sheet
Total assets
21,345
23,530+10.2%
Cash & short-term investments
6,408
5,598−12.6%
Accounts receivable
3,378
5,340+58.1%
Inventory
4,308
4,276−0.7%
Net PP&E
2,406
2,936+22.1%
Other assets
4,846
5,380+11.0%
Total liabilities
11,484
11,059−3.7%
Accounts payable
854
1,302+52.5%
Total debt
3,730
3,730+0.0%
Other liabilities
6,899
6,026−12.7%
Shareholders’ equity
9,862
12,471+26.5%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
6,173
5,858−5.1%
Net income
5,358
7,265+35.6%
Depreciation & amortization
386
442+14.3%
Stock-based compensation
343
386+12.5%
Working capital & other
85
(2,236)−2717.9%
Cash from investing
(708)
(922)n/m
Capex
(759)
(966)n/m
Acquisitions
0
—
Investments sold / matured
0
0n/m
Other investing
51
44−13.4%
Cash from financing
(4,937)
(5,718)n/m
Dividends
(1,150)
(1,271)n/m
Buybacks
(3,422)
(3,851)n/m
Shares issued
2
17+611.5%
Other financing
(367)
(613)n/m
Net change in cash
557
(810)−245.4%
Free cash flow (OCF − capex)
5,414
4,891−9.7%
Where the cash went
Operating cash flow
6,173
5,858−5.1%
Reinvested in the business
759
966+27.3%
% of operating cash flow
12.3%
16.5%
Capex
759
966+27.3%
Acquisitions
0
—
R&D (memo, already in costs)
2,096
2,376+13.3%
Free cash flow
5,414
4,891−9.7%
YoY
−9.7%
Returned to shareholders
4,572
5,122+12.0%
% of free cash flow
84.4%
104.7%
Dividends
1,150
1,271+10.5%
Buybacks
3,422
3,851+12.5%
Change in total debt
—
0.3
Cash left over
—
(230)
FCF conversion (FCF ÷ net income)
101.0%
67.3%−33.7 pp
Owner earnings
—
5,259
Owner earnings margin
—
22.6%
Buyback yield
2.8%
0.8%−2.0 pp
Returns & ratios
ROIC (all capital)
73.9%
81.1%+7.2 pp
ROIC (operating)
57.4%
70.4%+12.9 pp
Net debt / EBITDA
−0.43x
−0.22x+0.21x
Debt / equity
0.38x
0.30x−0.08x
Cash conversion cycle (days)
200
178−22 d
ROE
54.3%
58.3%+3.9 pp
ROA
25.1%
30.9%+5.8 pp
ROCE
39.9%
46.6%+6.7 pp
NOPAT
5,307
7,210+35.9%
Invested capital (operating)
9,237
11,249+21.8%
Invested capital (all)
7,184
10,603+47.6%
Reinvestment rate
—
27.9%
Debtor days
67
84+17 d
Inventory days
166
136−31 d
Days payable
33
41+8 d
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
5,324
5,345
5,841
6,722
vs year-ago quarter
Gross profit
2,685
2,651
2,911
3,479
Gross margin
50.4%
49.6%
49.8%
51.7%
Operating income
1,829
1,810
2,047
2,513
Net income
1,569
1,594
1,825
2,277
vs year-ago quarter
Net margin
29.5%
29.8%
31.2%
33.9%
EPS (diluted, $)
1.24
1.26
1.45
1.82
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
21,900
21,391
20,792
23,530
Cash & equivalents
6,712
6,196
4,767
5,598
Total debt
3,730
3,730
3,730
3,730
Shareholders’ equity
10,193
10,145
10,585
12,471
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,779
1,480
1,141
1,457
Capex
185
261
332
189
Free cash flow
1,594
1,219
810
1,268
vs year-ago quarter