NASDAQ · LRCX

Lam Research Corporation

Technology · Semiconductors

$252.68▼ 0.45% ($1.14)today

As of 3:05 PM ET

52-week

$135.50$438.50

Valuation

Revenue & margin DCF

The price needs 26.3% revenue growth a year for 10 years. Our scenarios assume 12.7–22.0%.

That's 3.4× its past 4-year pace.

Value per share

Base case

$148.59

Price used $252.68 is 1.7× this

USD · TTM ending Sep 27, 2026 · Price Oct 29, 7:05 PM UTC

Revenue each value needs

Revenue in 2036

today $26.1B

Price needs$271B

Recent pace$55.2B

Base$132B

+$138Bmore than the Base case · 2.0×

Value per share · Base case

$148.59

Price $252.68
1.7× this

10-yr revenue CAGR: 17.6%
Ending operating margin: 30.0%
Discount rate: 12.7%

USD · TTM ending Sep 27, 2026 · Price Oct 29, 7:05 PM UTC

What each scenario assumes. Click a column to start from it.

Choosing a scenario changes the estimate above. Your own case is kept.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 57.33%Revenue (TTM): 33.36%FCF (TTM): 11.77%P/FCF: 95th pct

What changed

The stock rose 57.33% over the last year. Revenue grew 33.36% over the trailing twelve months. Operating margin moved from 33% to 36.95%. Free cash flow grew 11.77% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (95th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 36.95% — continued expansion would be needed to justify the premium. Revenue growth of 33.36% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Return analysis

Company profile

Lam Research Corporation is a prominent supplier of equipment vital for semiconductor processing, encompassing its design, production, sales, repair, and ongoing maintenance.

CEOTimothy Archer

SectorTechnology

IndustrySemiconductors

Employees23,300

IPO dateMay 4, 1984

https://www.lamresearch.com

Market multiples

Forward P/E—

EV/EBITDA (FY2026 year-end)59.08

Enterprise value (FY2026 year-end)$514.27B

Stock splits

Oct 3, 2024↑ Forward

Every 1 shares became 10

+900%

Mar 17, 2000↑ Forward

Every 1 shares became 3

+200%

Sep 16, 1993↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Revenue growth (Q1 FY27 YoY)54.38%

Gross margin (FY2026)50.47%▲1.8ppvs FY2025

Operating margin (FY2026)35.29%▲3.3ppvs FY2025

ROE (TTM to Sep 2026)70.12%▲5.1ppvs FY2026

Analyst consensus

RatingBuy

Target price$375.94▲48.78%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Actuals vs estimates by quarter, or any quarter against the same one a year earlier.

Next report

Jan 27, 2027

Q2 FY27 · EPS est $2.34 · Revenue est $8.6B

Same quarter, year over year

FY27 YTD +74.6%

Each cell vs the same quarter a year earlier (the cell below) · Q1 combined $2.20 vs $1.26 · up year over year

FY total

FY27

—

FY26

$5.82+40.6%

FY25

$4.14—

FY24

—

Fiscal year totals

FY26: $5.82; +40.6%
FY25: $4.14; —

SlowerFaster growth(darkest from 61%)

BeatMissIn lineYear-ago cell

Q1 FY27

Reported Oct 21, 2026 · Latest

HoverTap a cell to inspect

Actual

$2.20

Beat by 0.9%

Estimate

$2.18

Street consensus

Year over year

+74.6%

vs Q1 FY26 · $1.26

Vs prior quarter

+20.9%

vs Q4 FY26 · $1.82

Price range $252.35-$433.33 · daily closes Jun 29-Sep 25

Implied at 37.4x street P/E $252.68 · street TTM EPS × current multiple

Institutional Sentiment

Lam Research Corporation · LRCX

From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.

NASDAQ · LRCX

Lam Research Corporation

Technology · Semiconductors

$252.68▼ 0.45% ($1.14)today

As of 3:05 PM ET

52-week

$135.50$438.50

Valuation

Revenue & margin DCF

The price needs 26.3% revenue growth a year for 10 years. Our scenarios assume 12.7–22.0%.

That's 3.4× its past 4-year pace.

Value per share

Base case

$148.59

Price used $252.68 is 1.7× this

USD · TTM ending Sep 27, 2026 · Price Oct 29, 7:05 PM UTC

Revenue each value needs

Revenue in 2036

today $26.1B

Price needs$271B

Recent pace$55.2B

Base$132B

+$138Bmore than the Base case · 2.0×

Value per share · Base case

$148.59

Price $252.68
1.7× this

10-yr revenue CAGR: 17.6%
Ending operating margin: 30.0%
Discount rate: 12.7%

USD · TTM ending Sep 27, 2026 · Price Oct 29, 7:05 PM UTC

What each scenario assumes. Click a column to start from it.

Choosing a scenario changes the estimate above. Your own case is kept.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 57.33%Revenue (TTM): 33.36%FCF (TTM): 11.77%P/FCF: 95th pct

What changed

The stock rose 57.33% over the last year. Revenue grew 33.36% over the trailing twelve months. Operating margin moved from 33% to 36.95%. Free cash flow grew 11.77% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (95th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Return analysis

Company profile

Lam Research Corporation is a prominent supplier of equipment vital for semiconductor processing, encompassing its design, production, sales, repair, and ongoing maintenance.

CEOTimothy Archer

SectorTechnology

IndustrySemiconductors

Employees23,300

IPO dateMay 4, 1984

https://www.lamresearch.com

Market multiples

Forward P/E—

EV/EBITDA (FY2026 year-end)59.08

Enterprise value (FY2026 year-end)$514.27B

Stock splits

Oct 3, 2024↑ Forward

Every 1 shares became 10

+900%

Mar 17, 2000↑ Forward

Every 1 shares became 3

+200%

Sep 16, 1993↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Revenue growth (Q1 FY27 YoY)54.38%

Gross margin (FY2026)50.47%▲1.8ppvs FY2025

Operating margin (FY2026)35.29%▲3.3ppvs FY2025

ROE (TTM to Sep 2026)70.12%▲5.1ppvs FY2026

Analyst consensus

RatingBuy

Target price$375.94▲48.78%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Actuals vs estimates by quarter, or any quarter against the same one a year earlier.

Next report

Jan 27, 2027

Q2 FY27 · EPS est $2.34 · Revenue est $8.6B

Same quarter, year over year

FY27 YTD +74.6%

Each cell vs the same quarter a year earlier (the cell below) · Q1 combined $2.20 vs $1.26 · up year over year

FY total

FY27

—

FY26

$5.82+40.6%

FY25

$4.14—

FY24

—

Fiscal year totals

FY26: $5.82; +40.6%
FY25: $4.14; —

SlowerFaster growth(darkest from 61%)

BeatMissIn lineYear-ago cell

Q1 FY27

Reported Oct 21, 2026 · Latest

HoverTap a cell to inspect

Actual

$2.20

Beat by 0.9%

Estimate

$2.18

Street consensus

Year over year

+74.6%

vs Q1 FY26 · $1.26

Vs prior quarter

+20.9%

vs Q4 FY26 · $1.82

Price range $252.35-$433.33 · daily closes Jun 29-Sep 25

Implied at 37.4x street P/E $252.68 · street TTM EPS × current multiple

Institutional Sentiment

Lam Research Corporation · LRCX

From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.