LRCX
Lam Research Corporation

Lam Research CorporationLRCX

Technology · Semiconductor Equipment & Materials
200.44USD
+8.23%
Nov 08, 2026
LRCX overview ready
Supplier of advanced wafer-fab equipment for AI semiconductor manufacturing
Lam is a direct wafer-fab-equipment beneficiary and process-capability supplier: its deposition, plasma etch, clean, electrofill and dry-photoresist systems are used by memory, foundry and logic manufacturers, while its customer-support business monetizes the installed base.
Primary theme is lagging
Wafer Fab Equipment is lagging (-27.1pp vs SPY over 21 sessions; 0 of 7 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably….
Unremarkable fundamentals
Primary risk
Cyclical semiconductor capital expenditure fluctuations.
Market Nov 6Filing Sep 27Price action Nov 7Research Oct 6

Conviction Level

PriceAction1.4BusinessPerformance9.0BusinessQuality9.0Valuation5.4ThemeMomentum1.0Accelerating — Revenue growth has accelerated across 4 consecutive quarters, rising from +22% to +54% year over year. Diluted EPS growth has strengthened to +77% year over year ($2.19), up from +37%. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−27.1pp
Theme return
−32.1%
Beating SPY
0 of 7
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$250.4B
Avg Volume (60D)
11.0M
60 sessions
Revenue Growth YoY
+26.0%
FY2026 vs FY2025
Gross Margin
+51.1%
Trailing twelve months
Operating Margin
+37.0%
Trailing twelve months
Free Cash Flow Yield
+2.6%
Distance from 200DMA
-29.3%
Next Earnings
2027-01-27
P/E
29.6x
EV / EBITDA
24.4x
EV / Sales
9.4x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 27, 2026
Filed balance-sheet data as of Sep 27, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 4 consecutive quarters, rising from +22% to +54% year over year. Diluted EPS growth has strengthened to +77% year over year ($2.19), up from +37%.

Latest reported: Q1 FY2027, ended Sep 27
Revenue growthAccelerating
+54%
$8.22B in Q1 FY2027 · YoY
YoY growth, last 4 quarters
  1. +22%
  2. +24%
  3. +30%
  4. +54%
Earnings growthAccelerating
+77%
Diluted EPS $2.19 vs $1.24 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +37%
  2. +41%
  3. n/a
  4. +77%
Operating marginExpanding
40.0%
+5.6 pp YoY · gross margin 52.3% (+1.9 pp)

Business Quality

9.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say fair; intrinsic is the dissenting view.
Lam Research Corporation has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

Company Research

Thesis
Lam is a direct wafer-fab-equipment beneficiary and process-capability supplier: its deposition, plasma etch, clean, electrofill and dry-photoresist systems are used by memory, foundry and logic manufacturers, while its customer-support business monetizes the installed base.
Opportunity
Moderate opportunity
AI-driven investment in leading-edge logic, HBM/advanced memory and advanced packaging increases wafer-fab equipment demand for the process steps needed to manufacture AI accelerators and their memory systems.
Key risk
Cyclical semiconductor capital expenditure fluctuations.

Economic classification

Loading the economic classification…

Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

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

How it earns

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

Products & services
ALTUS deposition systems
SABRE electrochemical deposition products
Striker atomic layer deposition systems
VECTOR plasma etch and clean systems
Customers & end markets
Semiconductor memory manufacturers
Logic foundries
Advanced packaging companies
Market position

Leader in semiconductor wafer fabrication equipment with broad process capability offerings.

Demand drivers
High cyclicality

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

Peers

Companies validated as economically comparable to LRCX — similar business, revenue model and scale.
PRICE ACTIONVALUATIONTHEME
Applied Materials, Inc.Trend Under Pressure — Distribution PressureExpensive6.5MediumUnavailableNot in RS poolLocked$332.72+4.22%
KLA CorporationTrend Under Pressure — Distribution PressureExpensive8.0HighUnavailableNot in RS poolLocked$138.49+6.69%
ASML Holding N.V.Trend Under Pressure — Failed ReclaimFair8.0HighUnavailableNot in RS poolLocked$1424.75+5.02%