LRCX
LAM RESEARCH CORP
Industrials • CIK 0000707549
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Market Cap
$266.55B
P/E (TTM)
39.7x
Rev Growth (TTM)
+26.5%
Net Margin (TTM)
30.9%
FCF Yield (TTM)
2.3%
FCF Margin (TTM)
27.7%
Filings your agent reads
Primary-source SEC disclosures, read end-to-end — every figure traceable to its filing.
10-QQ3 20262026-04-23source
8-KEarnings2026-04-22source
8-K/AFeb 20262026-02-04source
8-KFeb 20262026-02-03source
10-QQ2 20262026-01-29source
Point your agent at LRCX and it navigates these the same way — citing each number back to the filing.
Cash Flow Health
Free Cash Flow8/8 positive
TTM$6.0B
Q3 '26
$810M-34%
Q2 '26
$1.2B-24%
FCF Margin
TTM27.7%
Q3 '2613.9%-39%
Sector: 4.8%Top 10%
OCF Margin32.1%
OCF/NI1.04x
CapEx Coverage7.3x
FCF Yield2.3%
FCF Growth (2Y)+15%
Cash Conversion Cycle
169 days
DSO: 60+DIO: 140−DPO: 31
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.3%
Div Yield0.5%
+Buyback (TTM)1.8%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.5%
FCF Payout Ratio20.7%
Free Cash Flow (TTM)$6.0B
Stock Repurchases (TTM)$4.9B
Capital Return / FCF102.2%
Est. Dividends Paid (TTM)$1.2B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
46.1%
Moderate
+0.1% YoY+19.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
30.7%
8Q: 28.8%
Asset Turnover
1.02x
8Q: 0.97x
Leverage (1+D/E)
1.35x
D/E: 0.35x
DuPont: 42.4% ≈ 46.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
8.50x
8Q:8.14x
+125.8%
Invested Cap Turn
1.96x
8Q:1.81x
+90.0%
CapEx Intensity
8.6%
8Q:6.6%
CapEx/Depreciation
2.26x
Asset-based ROIC formula
Valuation Analysis
Fair Value
Price-to-EarningsTTM
39.7x
Volatile
8Q: 87.6x+224937%
Valuation Lenses
Earnings
39.7x
vs – sector
Cash Flow
44.1x
EV/FCF vs –
Growth-Adj
1.5xPEG
Fair for growth
Quality-Adj
0.9P/E per %ROIC
ROIC: 46.1%
Shareholder Returns
Dividend
0.5%
Buyback
1.8%
Total Yield
2.3%
Market Cap$266.55B
EV$264.85B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
89/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
66.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
46.1%
8Q:–
+19.5%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 30.7%
Asset Turnover: 1.02x
Earnings Quality
Cash Conversion
1.04x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin50.0%
Capital Efficiency
Invested Capital Turnover1.96x
Working Capital
Cash Conversion Cycle169 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
77/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
26.5%
OpInc Growth YoY
31.1%
EPS Growth YoY
N/A
FCF 3Y CAGR
15.0%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 11.6%
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
50.0%
Operating
34.3%
Top 25% in sector
Net
30.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-3.2 pts
FCF: 27.7% | Net: 30.9%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.02B
Interest Coverage
–
+Net cash position: $1.02B
Leverage Metrics
Debt-to-Equity
0.35x
Balance sheet risk & solvency analysis