LRCX

Lam Research Corporation

Lam Research CorporationLRCX

Technology · Semiconductor Equipment & Materials

310.96USD

+2.87%

Sep 23, 2026

LRCX overview ready

Key supplier of advanced wafer-fabrication process tools for chipmakers

Lam is a direct wafer-fab-equipment supplier whose process tools and installed-base services are purchased as chipmakers add capacity and migrate to more complex logic and memory nodes.

Strong narrative exposure

Exposed to the Semiconductor Supply Chain Localization narrative through Advanced Wafer-Fabrication Process Equipment — bottleneck supplier.

No clear price read

Longer-term context reads extended trend, with a near-term setup of daily advance.

Demanding valuation

The price embeds expectations that run ahead of what comparable businesses command.

Fundamentals under pressure

Ev / sales is weak.

Primary risk

Cyclical demand fluctuations in semiconductor capital expenditures.

Market Sep 22Filing Jun 28Price action Sep 22Research Sep 5

Conviction Level

Price

Loading price history…

Price Action

No clear price read

Longer-term context reads extended trend, with a near-term setup of daily advance.

EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap: $389.1B
Avg Volume (60D): 9.6M
Revenue Growth YoY: +26.0%
Gross Margin: +50.5%
Operating Margin: +35.3%
Free Cash Flow Yield: +1.3%
Distance from 200DMA: +15.8%
Next Earnings: 2026-10-21
P/E: 53.6x
EV / Sales: 16.7x

Market metrics as of Sep 22, 2026

Financial results for the period ended Jun 28, 2026

Filed balance-sheet data as of Jun 28, 2026

Fundamentals & Valuation

Only one valuation perspective could be built for this company, and it reads expensive.

Lam Research Corporation has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at a 1.3% free-cash-flow yield and 16.7x revenue, which require sustained delivery to be justified.

Company Research

Thesis

Lam is a direct wafer-fab-equipment supplier whose process tools and installed-base services are purchased as chipmakers add capacity and migrate to more complex logic and memory nodes. LRCX has a real, direct connection to semiconductor-capacity localization because new domestic and allied-region fabs require wafer-process equipment.

Opportunity

Moderate opportunity

Fab investment in geographically diversified and leading-edge logic and memory capacity that requires specialized etch, deposition, clean, and related wafer-process tools.

Key risk

Cyclical demand fluctuations in semiconductor capital expenditures.

Narrative & Theme

Semiconductor Supply Chain Localization

Part of Advanced Wafer-Fabrication Process Equipment, with moderate fit.

LRCX has a real, direct connection to semiconductor-capacity localization because new domestic and allied-region fabs require wafer-process equipment.

Narrative HeatHot8.7 / 10

Theme HeatHeating up8.0 / 10

Business & Markets

Technology · Semiconductor Equipment & Materials

What they do

Lam Research Corporation designs, manufactures, refurbishes, and services semiconductor processing equipment used in integrated circuit fabrication globally.

How it earns

The company generates revenue primarily through transactional sales of equipment and related services.

Products & services

ALTUS film deposition systems

SABRE electrochemical deposition products

SPEED gapfill plasma CVD products

Striker single-wafer atomic layer deposition systems

Customers & end markets

Semiconductor manufacturers

Integrated circuit fabricators

Market position

Lam Research is a leading supplier in the semiconductor equipment industry with a strong technology portfolio.

Demand drivers

High cyclicality

Semiconductor equipment demand is closely tied to the cyclical semiconductor industry capital expenditure cycles.