NASDAQ: LRCX
Lam Research Corporation
Technology · Semiconductors
Market Cap
$371.16B
52w High
$438.50
52w Low
$92.47
P/E
51.52
Volume
4.78M
Outstanding Shares
1.25B
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock rose 211.1% over the last year. Revenue grew 26.02% over the trailing twelve months. Operating margin moved from 32.01% to 35.29%. Free cash flow declined 14.38% 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 (98th 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 35.29% — continued expansion would be needed to justify the premium. Revenue growth of 26.02% 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.
Company profile
Lam Research Corporation is a prominent supplier of equipment vital for semiconductor processing, encompassing its design, production, sales, repair, and ongoing maintenance.
Valuation
Stock splits
Every 1 shares became 10
Every 1 shares became 3
Every 2 shares became 3
Profitability & growth
Analyst consensus
39
Buy
10
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Oct 21, 2026
Q4 FY26 · EPS est $2.16 · Revenue est $8.08B
View
Dividends
$1.04/shareQuarterlyDividend Achiever · 11yrSafeLRCX pays a dividend with a 0.35% dividend yield, 11 consecutive years of growth, growing at 14.87% annually, covered 3.8× by free cash flow.
Dividend Yield
0.35%
Annual Div / Share
$1.04
5yr CAGR
+14.87%
Doubles every ~5.0yr
Payout Ratio
17.49%
Safe
Dividend Growth Rate
3yr CAGR
+14.66%
5yr CAGR
+14.87%
10yr CAGR
+24.1%
Dividend History
Annualized dividend cycles per share
Income Projection
Today
$0/mo
In 5 yrs
$1/mo
In 10 yrs
$1/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$4/yr $0/mo | $6/yr+76% $1/mo | $11/yr+211% $1/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 0.35% → 1.09% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
LRCX has raised its dividend for 11 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 3.8× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 14.87% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.