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Lam Research (LRCX) Price & Analysis
LRCX Stock Chart & Stats
- Day’s Range
- $232.61 - $244.48
- 52-Week Range
- $135.50 - $438.50
- Previous Close
- $254.39
- Volume
- 9.28M
- Average Volume (3M)
- 10.01M
- Market Cap
- $298.69B
- Enterprise Value
- $392.13B
- Total Cash (Recent Filing)
- $7.44B
- Total Debt (Recent Filing)
- $3.74B
- Price to Earnings (P/E)
- 35.4
- Beta
- 2.09
- Next Earnings
- Jan 27, 2027
- EPS Estimate
- 2.34
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 0.46%
Bulls Say, Bears Say
Bulls Say
Profitability And Cash Generation
Lam combines exceptional profitability with strong cash conversion, as trailing free cash flow reached about $6.5 billion and represented roughly 86% of net income. This financial strength supports investment in technology and capacity while providing resilience through semiconductor spending cycles.
Installed-Base Services Growth
The customer support business adds a recurring, installed-base revenue stream through spares, upgrades and services. Its record quarterly performance and expected growth through 2027 should make Lam's earnings mix more durable and reduce reliance on new equipment shipments alone.
Technology And Market Expansion
Rising device complexity and 3D scaling are expanding the process steps where Lam can compete. A broader served market, together with adoption of etch, deposition and advanced packaging products, creates structural opportunities to grow beyond the existing equipment footprint.
Bears Say
Semiconductor Cycle Exposure
Lam remains exposed to customers' capital-expenditure decisions, which can change materially across memory and logic cycles. The FY2024 revenue decline demonstrates that strong margins and technology leadership do not eliminate periodic downturn risk or year-to-year earnings variability.
Supply And Clean-Room Constraints
Capacity constraints could delay customer fab ramps and prevent Lam from fully converting strong demand into shipments. Continued shortages in supply and clean-room availability may therefore shift revenue timing, restrict near-term execution and make the growth outlook dependent on industry expansion schedules.
Lower China Revenue Mix
China's contribution is expected to fall as domestic customer spending weakens, creating a near-term geographic headwind for revenue growth. Although multinational customers remain reasonably strong, the reduced mix removes support from a significant market and increases dependence on other regions.
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Lam Research Stock Smart Score
Company Description
Lam Research
Lam Research Corporation is a prominent supplier of equipment vital for semiconductor processing, encompassing its design, production, sales, repair, and ongoing maintenance. These sophisticated systems are fundamental for the creation of integrated circuits. The company's extensive product catalog features a variety of deposition technologies. For tungsten metallization, they provide ALTUS systems that deposit conformal films. SABRE products excel in electrochemical deposition, crucial for copper interconnect transitions and enabling copper damascene manufacturing. SOLA utilizes ultraviolet thermal processing for film treatments, while VECTOR delivers plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition (ALD) solutions. Furthermore, SPEED addresses gapfill applications with its high-density plasma CVD products, and Striker is engineered for single-wafer atomic layer deposition of dielectric films. Beyond deposition, Lam Research offers a comprehensive suite of etching tools. Flex is designed for dielectric etch applications, Kiyo handles conductor etch processes, Syndion specializes in through-silicon via etching, and Versys metal products are used for metal etch processes. The company's offerings also extend to specialized solutions like Coronus, which enhances die yield through bevel cleaning. For various wafer cleaning requirements, Lam Research supplies multiple product lines, including Da Vinci, DV-Prime, EOS, and SP series. Additionally, Metryx mass metrology systems provide precise, in-line mass measurement capabilities for semiconductor wafer manufacturing. Lam Research serves the global semiconductor industry, distributing its technologies and services across the United States, China, Europe, Japan, Korea, Southeast Asia, Taiwan, and other international markets. Established in 1980, the company maintains its corporate headquarters in Fremont, California.
- Sector
- Technology
- Industry
- Semiconductors
- CEO
- Timothy Archer
- Employees
- 23,300
- Website
- www.lamresearch.com
- Address
- 4650 Cushing Parkway, Fremont, CA, 94538, US
Lam Research (LRCX) Earnings & Revenues
LRCX Company Deck
LRCX Earnings Call
Earnings Call SentimentPositive
The call was strongly positive, marked by record revenue, margins, EPS, cash flow and CSBG performance, strong AI-driven demand, expanding deposition and etch opportunities, multiple product wins, and an improved 2027 WFE outlook. The main challenges were supply chain and clean room constraints, a significantly lower expected China revenue mix in December, a higher tax rate, and customer mix pressure on gross margin. Management remained confident that these constraints can be managed and that Lam is positioned for continued outperformance.
View all LRCX earnings summariesLRCX Net sales Breakdown
- 64.07% Systems Revenue
- 35.93% Customer support-related revenue and other
LRCX Stock 12 Month Forecast
Average Price Target
Technical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 2 | 6 | 14 |
| Technical Analysis | 2 | 6 | 2 |
| Moving Averages | 0 | 0 | 12 |