LAM RESEARCH CORP
$225.92
−7.86 (−3.36%) · delayed · Nov 13, 2026
Five-year price
52w $135.50 to $438.50
- Market cap
- $282.2B
- Enterprise value
- $280.4B
- P/E
- 39.2×
- 52.9× on 3y avg EPS
- EV / EBIT
- 34.2×
- FCF yield
- 1.7%
- ROIC
- 67.9%
- Debt / equity
- 0.30
- Piotroski F
- 8/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 60.8%
- ●ROE > 15% (5y avg)5y avg ROE 57.1%
- ●Stable operating marginsMargin volatility 2.3% (σ, 5y)
- ●Earnings convert to cashFCF / net income 88% (5y avg)
- ●Growing revenueRevenue CAGR 5y 9.7%
- ○Shrinking share countDiluted shares 767.8% over 5y
Value
0
- ○P/E below 15P/E 39.2
- ○EV/EBIT below 12EV/EBIT 34.2
- ○FCF yield above 6%FCF yield 1.7%
- ○Price below Graham NumberGraham Number $35.97
- ○P/B below 3P/B 22.6
Safety
100
- ●Debt / equity below 0.5D/E 0.30
- ●Debt payable in < 4 yrs of earningsNet debt $-1.9B
- ●Interest coverage > 8xCoverage 52.3x
- ●Current ratio > 1.5Current ratio 2.63
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $23.2B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.63
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -65%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 52.9
- ○P/E × P/B ≤ 22.5Product 1197.3
Valuation lab
What do you have to believe?
At $225.92, the market is pricing in about 19.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$1.9B · 1249M shares · 5y revenue CAGR 9.7%
Intrinsic value
$110.32
Price
$225.92
Premium paid
105%
What the price implies
The market is paying for 19.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,014 | 11,077 | 9,654 | 10,045 | 14,626 | 17,227 | 17,429 | 14,905 | 18,436 | 23,233 |
| Gross profit | 3,603 | 5,165 | 4,358 | 4,609 | 6,805 | 7,872 | 7,777 | 7,053 | 8,979 | 11,725 |
| Operating income | 1,902 | 3,213 | 2,465 | 2,674 | 4,482 | 5,382 | 5,175 | 4,264 | 5,901 | 8,200 |
| Operating margin | 23.7% | 29.0% | 25.5% | 26.6% | 30.6% | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
| Pre-tax income | 1,812 | 3,152 | 2,447 | 2,575 | 4,371 | 5,193 | 5,109 | 4,360 | 5,958 | 8,262 |
| Income tax | 114 | 771 | 255 | 323 | 462 | 588 | 598 | 532 | 600 | 997 |
| Net income | 1,698 | 2,381 | 2,191 | 2,252 | 3,908 | 4,605 | 4,511 | 3,828 | 5,358 | 7,265 |
| EPS (diluted) | 9.24 | 13.17 | 13.70 | 15.10 | 26.90 | 32.75 | 3.32 | 2.90 | 4.15 | 5.76 |
| Diluted shares | 184 | 181 | 160 | 149 | 145 | 141 | 1,358 | 1,320 | 1,290 | 1,261 |
Who owns it