The Capital MachineWide moat

Lam Research (LRCX) — moat facet

Lam earned a 70.7% return on invested capital in fiscal 2026 and gave shareholders more than its free cash flow.

Lam's technology lead shows up most clearly in its returns. Return on invested capital, computed from its filings, was 70.7% in fiscal 20261. Operating margin was 35.3%2, and the business needs relatively little capital: capital expenditure was $966.4 million in fiscal 2026 on revenue of $23,232.7 million3.

Operating margin by fiscal year (%)15.0FY201523.7FY201725.5FY201930.6FY202129.7FY202328.6FY202432.0FY202535.3FY2026Calculated from Lam Research XBRL filings (CF); FY2025-26 from Q4 FY2026 release
More than twice the FY2015 margin.

The cash goes back to shareholders. In fiscal 2026 Lam bought back $3,851.3 million of shares and paid $1,270.6 million of dividends4, together $5,121.9 million5. Over eleven years it has reduced its diluted share count by 28.8%6.

Returns this high partly reflect a small capital base. Stockholders' equity was $12,470.9 million at the end of fiscal 20267 after years of buybacks, and treasury stock stands at $31.6 billion8. Return on equity was 65.07%9. A smaller denominator lifts every ratio.

The machine also has a known weakness. In fiscal 2026 shareholder returns exceeded free cash flow10, because customers took longer to pay and capital spending doubled over two years11.

Returns on equity make the same point from the other side of the balance sheet: 58.2% in fiscal 2025 and 65.1% in fiscal 202612, the latter matching the 65.07% reported by stockanalysis13. Equity is small because treasury stock at cost, $31.6 billion, is about nine-tenths of retained earnings1415.

Over twelve fiscal years, from 2015 to 2026, Lam spent $28,043.5 million on buybacks and $8,081.9 million on dividends1617. That is about 91% of the $39,567.4 million it earned over the same years18. The capital machine is also a distribution machine.

The facet is wide because the margins come from pricing power and the capital needs are low. It would narrow if the gross margin stopped rising toward management's mid-50s target19 while buybacks kept exceeding free cash flow, which would mean the returns were being funded from the balance sheet rather than the business.

Moat trajectory: Widening

Margins rising; returns above free cash flow are the limit.

The number that tests this moat
Reported
Operating margin, full year
35.3% (FY2026), from 32.0% in FY2025

Pricing power turned into profit; a fall while revenue grows would mean costs or prices are slipping.

Source: Lam Research Q4 FY2026 results release ↗
Aspects of the moat
DIG DEEPER 01
Margins at a Twenty-Year High
Lam's gross margin reached its highest in twenty years in the June 2026 quarter, and management is aiming higher still.
DIG DEEPER 02
A Share Count Down 29%
Lam has retired 29% of its shares since fiscal 2015, which turned an 11-fold rise in profit into a 15-fold rise in earnings per share.
DIG DEEPER 03
A Dividend Raised 27%
Lam raised its dividend 27% after its best year, but the payout is small next to the buybacks and yields 0.43%.
DIG DEEPER 04
Net Cash and a Short Debt Stack
Lam holds net cash of about $1.9 billion and owes most of its debt after 2049, which lets it keep investing through a downturn.
⚠ Threats to the moat
⚠ THREAT 01
Returning More Than the Business Produced
Lam returned 105% of its free cash flow in fiscal 2026 and drew down its cash to do it.
⚠ THREAT 02
A Return on Capital Flattered by Buybacks
Lam's 70.7% return on invested capital is real but partly the effect of a capital base shrunk by $31.6 billion of buybacks.
References
  1. Moat Explorer calcReturn on invested capital, computed from its filings, was 70.7% in fiscal 2026.
    Moat Explorer calculation, tools_roic_edgar.py on SEC EDGAR XBRL for CIK 707549: return on invested capital 13.7% (FY2015), 20.4%, 30.7%, 41.8%, 40.9%, 37.6%, 55.6%, 56.0%, 49.7%, 42.0%, 62.6%, 70.7% (FY2026). FY2026 inputs: operating income 8,199.8; tax 997.1 on pretax 8,262.5 (12.1%); invested capital 12,013.3 (assets 23,529.7 - current liabilities 5,937.2 - cash 5,579.2) against 8,386.2 in FY2025. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: NOPAT (operating income x (1 - effective tax rate)) divided by average operating invested capital (total assets less current liabilities less cash), from SEC EDGAR XBRL via tools_roic_edgar.py. Short-term investments held until FY2022 are not deducted, so FY2015-FY2021 are understated.
  2. ReportedOperating margin was 35.3%, and the business needs relatively little capital: capital expenditure was $966.4 million in fiscal 2026 on revenue of $23,232.7 million.
    Lam Research fourth-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue, margins, revenue by type and region, cash flow and September 2026 quarter guidance. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  3. ReportedOperating margin was 35.3%, and the business needs relatively little capital: capital expenditure was $966.4 million in fiscal 2026 on revenue of $23,232.7 million.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  4. ReportedIn fiscal 2026 Lam bought back $3,851.3 million of shares and paid $1,270.6 million of dividends, together $5,121.9 million.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  5. Moat Explorer calcIn fiscal 2026 Lam bought back $3,851.3 million of shares and paid $1,270.6 million of dividends, together $5,121.9 million.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  6. Moat Explorer calcOver eleven years it has reduced its diluted share count by 28.8%.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  7. ReportedStockholders' equity was $12,470.9 million at the end of fiscal 2026 after years of buybacks, and treasury stock stands at $31.6 billion.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  8. ReportedStockholders' equity was $12,470.9 million at the end of fiscal 2026 after years of buybacks, and treasury stock stands at $31.6 billion.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  9. ReportedReturn on equity was 65.07%.
    Lam Research (LRCX) statistics - trailing P/E 53.33, forward P/E 32.31, return on equity 65.07%, return on invested capital 70.07%. — September 2026 · publ. 24 September 2026 · source ↗
  10. Moat Explorer calcIn fiscal 2026 shareholder returns exceeded free cash flow, because customers took longer to pay and capital spending doubled over two years.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  11. ReportedIn fiscal 2026 shareholder returns exceeded free cash flow, because customers took longer to pay and capital spending doubled over two years.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  12. Moat Explorer calcReturns on equity make the same point from the other side of the balance sheet: 58.2% in fiscal 2025 and 65.1% in fiscal 2026, the latter matching the 65.07% reported by stockanalysis.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - growth rates, margins and revenue by type. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  13. ReportedReturns on equity make the same point from the other side of the balance sheet: 58.2% in fiscal 2025 and 65.1% in fiscal 2026, the latter matching the 65.07% reported by stockanalysis.
    Lam Research (LRCX) statistics - trailing P/E 53.33, forward P/E 32.31, return on equity 65.07%, return on invested capital 70.07%. — September 2026 · publ. 24 September 2026 · source ↗
  14. ReportedEquity is small because treasury stock at cost, $31.6 billion, is about nine-tenths of retained earnings.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  15. Moat Explorer calcEquity is small because treasury stock at cost, $31.6 billion, is about nine-tenths of retained earnings.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  16. ReportedOver twelve fiscal years, from 2015 to 2026, Lam spent $28,043.5 million on buybacks and $8,081.9 million on dividends.
    SEC EDGAR XBRL company facts for Lam Research (CIK 707549) - revenue, gross profit, operating income, research and development, net income, diluted EPS and shares, buybacks and dividends for fiscal 2015-2026; per-share figures before fiscal 2023 are pre-split. — FY2015-FY2026 · publ. September 2026 · source ↗
  17. Moat Explorer calcOver twelve fiscal years, from 2015 to 2026, Lam spent $28,043.5 million on buybacks and $8,081.9 million on dividends.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  18. Moat Explorer calcThat is about 91% of the $39,567.4 million it earned over the same years.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - growth rates, margins and revenue by type. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  19. ReportedIt would narrow if the gross margin stopped rising toward management's mid-50s target while buybacks kept exceeding free cash flow, which would mean the returns were being funded from the balance sheet rather than the business.
    The Motley Fool via Yahoo Finance, Lam Research Q4 fiscal 2026 earnings call transcript - installed base, end-market mix of systems revenue, WFE outlook, served market, customer support, China and margin targets - wafer fab equipment outlook, served market, margins and growth targets. — Q4 FY2026 · publ. 29 July 2026 · source ↗
Sources
Generated September 25, 2026