SystemsWide moat

Lam Research (LRCX) — moat facet

New-tool sales are 64% of Lam's revenue and swing hardest with the cycle: down 16.6% in fiscal 2024 and up 29.5% in fiscal 2026.

Systems is the larger of Lam's two revenue lines and the one that moves the company. It was $14,885.5 million in fiscal 2026, 64.1% of revenue12, and $4,249.8 million in the June 2026 quarter3.

Systems revenue ($M)6,451FY20196,625FY20209,765FY202111,322FY202210,696FY20238,922FY202411,491FY202514,886FY2026Lam Research Forms 10-K FY2021, FY2023 and FY2026, revenue by type
A record after a 21% fall from the FY2022 peak.

What is inside it is new equipment. The 10-K defines systems revenue as "sales of new leading-edge equipment in deposition, etch, clean and other" wafer fabrication markets4. That covers the Kiyo, Akara and Flex etch families, the ALTUS, VECTOR and SABRE deposition families, the clean tools and the Aether dry resist family5. Older, non-leading-edge tools are counted in customer support instead.

How it is paid: customers buy tools one at a time, often with down payments before delivery. Deferred revenue, largely those down payments and tools awaiting acceptance, was $2,434.0 million at the end of fiscal 20266.

Its history is the cycle. Systems revenue was $6,451.1 million in fiscal 2019, rose to $11,322.3 million in fiscal 2022, fell to $8,921.6 million in fiscal 2024, and reached $14,885.5 million in fiscal 2026789. It rose 2.3 times in seven years, about 12.7% a year10, and fell 16.6% in the fiscal 2024 downturn11.

Profitability is not disclosed by line. Lam reports one segment, with a segment gross margin of 52.2% of revenue in fiscal 202612.

The drivers have changed. The 10-K credits fiscal 2026's 29.5% increase "primarily" to "foundry equipment customer spending"13; foundry was 54% of equipment and upgrade revenue14. In the June quarter memory came back, to 46% of systems revenue15.

Lam does not control when a tool becomes revenue. The 10-K says the timing of recognition depends on customer requirements, resource availability, supply-chain conditions, manufacturing capacity and delivery schedules16. Shipments to Japan are recognised later still, and Lam estimated approximately $490.2 million of future revenue from them at 28 June 202617. A quarter's systems figure is therefore partly a measure of when customers accept tools, not only when they order them.

The line's biggest swing in the period was fiscal 2021, when systems revenue rose 47.4% to $9,764.8 million1819. China was then 35.1% of Lam's revenue20. The line has grown fastest when a new group of buyers arrived, first Chinese fabs and then foundries.

The outlook is strong in the near term: management guided total revenue of $8.10 billion for the September 2026 quarter21. The line's verdict would change if systems revenue fell year on year for two quarters in a row, the pattern that began both recent downturns.

Moat trajectory: Widening

Record $4,249.8M in Q4 FY2026; foundry and memory both buying.

The number that tests this moat
Reported
Systems revenue, full year
$14,885.5M (FY2026), +29.5%

The new-tool line; two consecutive quarters of year-on-year decline would mark a downturn.

Source: Lam Research Form 10-K, FY2026 ↗
References
  1. ReportedIt was $14,885.5 million in fiscal 2026, 64.1% of revenue, and $4,249.8 million in the June 2026 quarter.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 7 MD&A and revenue notes: revenue by type, region and end market, and margins. — FY2026 · publ. 7 August 2026 · source ↗
  2. Moat Explorer calcIt was $14,885.5 million in fiscal 2026, 64.1% of revenue, and $4,249.8 million in the June 2026 quarter.
    Moat Explorer calculation from Lam Research's reported figures ($ 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 - revenue mix, geography and customer concentration. — 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.
  3. ReportedIt was $14,885.5 million in fiscal 2026, 64.1% of revenue, and $4,249.8 million in the June 2026 quarter.
    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 ↗
  4. ReportedThe 10-K defines systems revenue as "sales of new leading-edge equipment in deposition, etch, clean and other" wafer fabrication markets.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 7 MD&A and revenue notes: revenue by type, region and end market, and margins. — FY2026 · publ. 7 August 2026 · source ↗
  5. ReportedThat covers the Kiyo, Akara and Flex etch families, the ALTUS, VECTOR and SABRE deposition families, the clean tools and the Aether dry resist family.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business: products, strategy, competitors, customers and employees. — FY2026 · publ. 7 August 2026 · source ↗
  6. ReportedDeferred revenue, largely those down payments and tools awaiting acceptance, was $2,434.0 million at the end of fiscal 2026.
    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 ↗
  7. ReportedSystems revenue was $6,451.1 million in fiscal 2019, rose to $11,322.3 million in fiscal 2022, fell to $8,921.6 million in fiscal 2024, and reached $14,885.5 million in fiscal 2026.
    Lam Research Form 10-K for fiscal 2021 - revenue by type for fiscal 2019-2021, end-market mix, and customer concentration for fiscal 2019-2021. — FY2021 · publ. August 2021 · source ↗
  8. ReportedSystems revenue was $6,451.1 million in fiscal 2019, rose to $11,322.3 million in fiscal 2022, fell to $8,921.6 million in fiscal 2024, and reached $14,885.5 million in fiscal 2026.
    Lam Research Form 10-K for fiscal 2023 - revenue by type and by region for fiscal 2021-2023. — FY2023 · publ. August 2023 · source ↗
  9. ReportedSystems revenue was $6,451.1 million in fiscal 2019, rose to $11,322.3 million in fiscal 2022, fell to $8,921.6 million in fiscal 2024, and reached $14,885.5 million in fiscal 2026.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 7 MD&A and revenue notes: revenue by type, region and end market, and margins. — FY2026 · publ. 7 August 2026 · source ↗
  10. Moat Explorer calcIt rose 2.3 times in seven years, about 12.7% a year, and fell 16.6% in the fiscal 2024 downturn.
    Moat Explorer calculation from Lam Research's reported figures ($ 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.
  11. Moat Explorer calcIt rose 2.3 times in seven years, about 12.7% a year, and fell 16.6% in the fiscal 2024 downturn.
    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.
  12. Moat Explorer calcLam reports one segment, with a segment gross margin of 52.2% of revenue in fiscal 2026.
    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 - revenue mix, geography and customer concentration. — 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. ReportedThe 10-K credits fiscal 2026's 29.5% increase "primarily" to "foundry equipment customer spending"; foundry was 54% of equipment and upgrade revenue.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 7 MD&A and revenue notes: revenue by type, region and end market, and margins. — FY2026 · publ. 7 August 2026 · source ↗
  14. ReportedThe 10-K credits fiscal 2026's 29.5% increase "primarily" to "foundry equipment customer spending"; foundry was 54% of equipment and upgrade revenue.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 7 MD&A and revenue notes: revenue by type, region and end market, and margins. — FY2026 · publ. 7 August 2026 · source ↗
  15. ReportedIn the June quarter memory came back, to 46% of systems revenue.
    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 - end-market mix of systems revenue, NAND, and China and Taiwan. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  16. ReportedThe 10-K says the timing of recognition depends on customer requirements, resource availability, supply-chain conditions, manufacturing capacity and delivery schedules.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business: products, strategy, competitors, customers and employees. — FY2026 · publ. 7 August 2026 · source ↗
  17. ReportedShipments to Japan are recognised later still, and Lam estimated approximately $490.2 million of future revenue from them at 28 June 2026.
    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 ↗
  18. ReportedThe line's biggest swing in the period was fiscal 2021, when systems revenue rose 47.4% to $9,764.8 million.
    Lam Research Form 10-K for fiscal 2021 - revenue by type for fiscal 2019-2021, end-market mix, and customer concentration for fiscal 2019-2021. — FY2021 · publ. August 2021 · source ↗
  19. Moat Explorer calcThe line's biggest swing in the period was fiscal 2021, when systems revenue rose 47.4% to $9,764.8 million.
    Moat Explorer calculation from Lam Research's reported figures ($ 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 - 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.
  20. Moat Explorer calcChina was then 35.1% of Lam's revenue.
    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 - revenue mix, geography and customer concentration. — 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.
  21. ReportedThe outlook is strong in the near term: management guided total revenue of $8.10 billion for the September 2026 quarter.
    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 ↗
Sources
Generated September 25, 2026