◆ What the Market Isn't Pricing In

Lam Research (LRCX) — the variant view

Lam trades at 32 times next year's expected earnings, which assumes 50% revenue growth, while its cash flow fell in a record year.

📈 LRCX valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Lam's shares price a strong next year and a weaker cash story than the earnings suggest. At $307.16 on 24 September 2026 the market value was $384.36 billion1, 53.33 times trailing earnings and 32.31 times forward earnings2. The forward multiple assumes analysts' fiscal 2027 estimates of $34.92 billion of revenue and $9.51 of earnings a share3.

Price to earnings at fiscal year-end and now13.6xFY202218.1xFY202336.4xFY202423.2xFY202565.3xFY202652.9xSep 2026stockanalysis ratios at fiscal year-ends; September 2026 at $384.36bn over FY2026 earnings
The multiple has tripled since FY2022.

The shares have already fallen from their peak. The 52-week range was $125.02 to $438.504, so they were about 30% below the high5. At the fiscal year-end in June the market value was $474.1 billion, 65.25 times earnings6.

What the multiple may not reflect is cash conversion. Net income rose 35.6% in fiscal 2026, but operating cash flow fell to $5,857.7 million from $6,173.3 million7 as receivables rose $1,962.1 million8. Free cash flow was about $4,891.3 million9, a yield of about 1.3% on the market value10, and Lam returned 104.7% of it11.

The other thing not priced is how the business looks in a downturn. The last two declines cost 13% to 15% of revenue12, and the consensus leaves no room for one.

Analysts are optimistic and not unanimous. Stockanalysis showed a consensus price target of $373.1313, about 21% above the September close14, and the shares' beta of 1.8615 says they have moved almost twice as much as the market. A stock that fell from $438.50 to $307.1616 in the months after a record year is already telling investors how quickly sentiment can change.

The shares are widely held by institutions, 87.76% according to stockanalysis17, and Lam had just 305 stockholders of record18. The owners are professionals who watch the same cycle Lam does, which helps explain how quickly the price moves ahead of the results.

The view that reconciles these is simple. If fiscal 2027 free cash flow rises in line with the consensus revenue, the multiple is reasonable; if it lags again because customers pay more slowly, the market is paying for earnings that are not yet cash.

References
  1. ReportedAt $307.16 on 24 September 2026 the market value was $384.36 billion, 53.33 times trailing earnings and 32.31 times forward earnings.
    Lam Research (LRCX) market data - $307.16 a share at the close on 24 September 2026, market cap $384.36B, 52-week range 125.02-438.50, dividend $1.32 (0.43%). — September 2026 · publ. 24 September 2026 · source ↗
  2. ReportedAt $307.16 on 24 September 2026 the market value was $384.36 billion, 53.33 times trailing earnings and 32.31 times forward earnings.
    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 ↗
  3. ReportedThe forward multiple assumes analysts' fiscal 2027 estimates of $34.92 billion of revenue and $9.51 of earnings a share.
    Lam Research analyst forecast - fiscal 2027 revenue 34.92B (+50.31%) and EPS 9.51; fiscal 2028 revenue 41.23B and EPS 11.74. — September 2026 · publ. September 2026 · source ↗
  4. ReportedThe 52-week range was $125.02 to $438.50, so they were about 30% below the high.
    Lam Research (LRCX) market data - $307.16 a share at the close on 24 September 2026, market cap $384.36B, 52-week range 125.02-438.50, dividend $1.32 (0.43%). — September 2026 · publ. 24 September 2026 · source ↗
  5. Moat Explorer calcThe 52-week range was $125.02 to $438.50, so they were about 30% below the high.
    Moat Explorer calculation from Lam Research's reported figures ($ 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. ReportedAt the fiscal year-end in June the market value was $474.1 billion, 65.25 times earnings.
    Lam Research ratios by fiscal year - market capitalisation, P/E and P/S at fiscal year-ends 2022-2026 (FY2026: $474,079M, 65.25 times earnings). — FY2022-FY2026 · publ. September 2026 · source ↗
  7. ReportedNet income rose 35.6% in fiscal 2026, but operating cash flow fell to $5,857.7 million from $6,173.3 million as receivables rose $1,962.1 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 ↗
  8. ReportedNet income rose 35.6% in fiscal 2026, but operating cash flow fell to $5,857.7 million from $6,173.3 million as receivables rose $1,962.1 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 ↗
  9. Moat Explorer calcFree cash flow was about $4,891.3 million, a yield of about 1.3% on the market value, and Lam returned 104.7% of it.
    Moat Explorer calculation from Lam Research's reported figures ($ 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.
  10. Moat Explorer calcFree cash flow was about $4,891.3 million, a yield of about 1.3% on the market value, and Lam returned 104.7% of it.
    Moat Explorer calculation from Lam Research's reported figures ($ 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. Moat Explorer calcFree cash flow was about $4,891.3 million, a yield of about 1.3% on the market value, and Lam returned 104.7% of it.
    Moat Explorer calculation from Lam Research's reported figures ($ 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.
  12. Moat Explorer calcThe last two declines cost 13% to 15% of revenue, and the consensus leaves no room for one.
    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. ReportedStockanalysis showed a consensus price target of $373.13, about 21% above the September close, and the shares' beta of 1.86 says they have moved almost twice as much as the market.
    Lam Research (LRCX) market data - $307.16 a share at the close on 24 September 2026, market cap $384.36B, 52-week range 125.02-438.50, dividend $1.32 (0.43%). — September 2026 · publ. 24 September 2026 · source ↗
  14. Moat Explorer calcStockanalysis showed a consensus price target of $373.13, about 21% above the September close, and the shares' beta of 1.86 says they have moved almost twice as much as the market.
    Moat Explorer calculation from Lam Research's reported figures ($ 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.
  15. ReportedStockanalysis showed a consensus price target of $373.13, about 21% above the September close, and the shares' beta of 1.86 says they have moved almost twice as much as the market.
    Lam Research (LRCX) market data - $307.16 a share at the close on 24 September 2026, market cap $384.36B, 52-week range 125.02-438.50, dividend $1.32 (0.43%). — September 2026 · publ. 24 September 2026 · source ↗
  16. ReportedA stock that fell from $438.50 to $307.16 in the months after a record year is already telling investors how quickly sentiment can change.
    Lam Research (LRCX) market data - $307.16 a share at the close on 24 September 2026, market cap $384.36B, 52-week range 125.02-438.50, dividend $1.32 (0.43%). — September 2026 · publ. 24 September 2026 · source ↗
  17. ReportedThe shares are widely held by institutions, 87.76% according to stockanalysis, and Lam had just 305 stockholders of record.
    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 ↗
  18. ReportedThe shares are widely held by institutions, 87.76% according to stockanalysis, and Lam had just 305 stockholders of record.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business and Part III: customers, employees and management. — FY2026 · publ. 7 August 2026 · source ↗
Sources
Generated September 25, 2026