LRCX
SP100NasdaqGSLam Research Corporation
Technology · Semiconductor Equipment & Materials · United States
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. The company offers ALTUS systems to deposit conformal or selective films for tungsten or molybdenum metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition products for dielectric film solutions; and VECTOR plasma-enhanced CVD products. It also provides Flex for dielectric etch applications; Vantex, a dielectric etch system that provides RF technology and repeatable wafer-to-wafer performance enabled by Equipment Intelligence solutions; Kiyo for conductor etch applications; Syndion for through-silicon via etch applications; and Versys metal products for metal etch processes. In addition, the company offers Coronus bevel clean products to enhance die yield; and Da Vinci, DV-Prime, EOS, and SP series products to address various wafer cleaning applications. Further, it provides Reliant deposition, etch, and clean products; and Sense.i platform products, as well as customer service, spares, and upgrades. Lam Research Corporation was incorporated in 1980 and is headquartered in Fremont, California.
www.lamresearch.com ↗Shares trade at a premium 66.2× trailing earnings, easing to 43.8× on forward estimates. Profitability shows a net margin of 30.9% and return on equity of 66.8%. Leverage is modest at -0.1× net debt/EBITDA. Revenue grew 23.8% year-on-year. It yields 0.3% in dividends. The mean analyst target of USD348.65 sits 0.8% below the current price (Buy, 31 analysts).
business model
Lam Research designs, manufactures, and services wafer fabrication equipment used by semiconductor manufacturers to build integrated circuits. It sells capital equipment for deposition, etch, and clean processes, and earns recurring revenue from spare parts, upgrades, and services on its large installed base.
revenue segments
Revenue splits between systems (new equipment sales for etch, deposition, and cleaning) and the Customer Support Business Group, which covers spares, services, upgrades, and refurbished equipment. Memory (NAND and DRAM), foundry, and logic customers drive demand, with a large concentration in Asia (Korea, Taiwan, China, Japan).
key dependencies
Depends on capital spending cycles of a small set of large chipmakers such as TSMC, Samsung, SK Hynix, Micron, and Intel. It relies on continued transitions to advanced nodes, 3D NAND layer scaling, and advanced packaging, plus a complex global supply chain and access to export markets under evolving trade rules.
competitors
Competes with Applied Materials and Tokyo Electron across deposition and etch, and with ASML in the broader wafer fab equipment market. In specific niches it faces KLA (process control) and Screen Holdings and others in cleaning and adjacent steps.
moat
Its moat rests on deep process expertise, particularly in high-aspect-ratio etch and deposition critical to 3D NAND and advanced logic, plus high switching costs once tools are qualified in a fab. A large installed base generates sticky recurring service revenue and close, long-term customer collaboration.
risks
Highly cyclical semiconductor capex, customer concentration, and heavy exposure to memory pricing cycles create earnings volatility. US export restrictions on China, a major market, and geopolitical tensions add regulatory risk, while intense R&D competition threatens technology leadership.
Financials & metrics
as of 04 Jul 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Dividends
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.