Lam Research Overview
Lam Research is the world's third-largest wafer fabrication equipment (WFE) supplier by revenue and the leading specialist in plasma etch and a top-tier supplier of deposition, the two process steps that build and sculpt the three-dimensional structures inside modern chips. Its tools are installed in practically every leading-edge fab, and its installed base of more than 100,000 process chambers feeds a large, recurring Customer Support Business Group (CSBG) that sells spares, upgrades, services, refurbished and legacy-node tools, and equipment-intelligence software. FY2026 revenue reached a record USD 23.2 billion (+26%), with a 50.5% GAAP gross margin, 35.3% operating margin and USD 7.27 billion of net income. Demand is being driven by AI-related investment in leading-edge logic (gate-all-around transistors, backside power), high-bandwidth and advanced DRAM, NAND layer-count upgrades and advanced packaging — all of which raise etch and deposition intensity per wafer. China exposure (34% of FY2026 revenue) and U.S. export controls remain the principal structural risks.
What the company does
Lam designs, manufactures, markets, refurbishes and services semiconductor processing equipment used to fabricate integrated circuits. Chipmaking repeats a sequence of core steps hundreds of times per wafer; Lam's equipment adds thin films of conducting or insulating material (deposition), removes material selectively to form patterns and high-aspect-ratio structures (etch), cleans wafers and wafer edges between steps (clean), and — newly — forms and develops EUV photoresist in a fully dry, vacuum-based process (dry resist).
The company's own description (FY2026 Form 10-K)
Lam describes itself as a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry, with core competencies in nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines. Its core technical competency is integrating hardware, process, materials, software and process control to deliver results on the wafer. Management attributes its opportunity for sustainable differentiation to five factors: sustained R&D investment across sustaining engineering, product and process development and concept/feasibility work; cycles of learning from its broad installed base; close-to-customer collaboration with ecosystem partners; investment in portfolio breadth aimed at technology inflections; and multi-product solutions that raise the value of Lam's offering.
Business and revenue model
| Revenue stream (FY2026, USD Mn) | Amount | Share of revenue | What it contains |
|---|---|---|---|
| Systems revenue | 14,885 | 64.1% | New leading-edge deposition, etch, clean and other wafer-fabrication systems |
| Customer support-related revenue and other (CSBG) | 8,347 | 35.9% | Field service, spares, upgrades, equipment-intelligence services and Reliant new/refurbished non-leading-edge equipment |
| Total | 23,233 | 100.0% | — |
Systems revenue: Amount: 14885; Share of revenue: 64.1%; What it contains: New leading-edge deposition, etch, clean and other wafer-fabrication systems
Customer support-related revenue and other (CSBG): Amount: 8347; Share of revenue: 35.9%; What it contains: Field service, spares, upgrades, equipment-intelligence services and Reliant new/refurbished non-leading-edge equipment
Total: Amount: 23233; Share of revenue: 100.0%
The model is predominantly product-plus-service. Systems are sold per tool, generally recognized at shipment or delivery (Japan shipments are recognized on customer acceptance), and Lam provides a standard warranty. CSBG revenue is recurring and tied to the size and utilization of the installed base; services are recognized over time, usually over contracts of one year or less. There is no material licensing or subscription revenue line, although equipment-intelligence analytics and software are sold within CSBG. List pricing is not publicly disclosed; management has cited pricing actions as a contributor to the 2026 gross-margin expansion.
Value-chain position
Lam sits in the capital-equipment tier of the semiconductor supply chain, upstream of chipmakers (foundries, memory makers and integrated device manufacturers) and downstream of thousands of component, subsystem, gas, materials and contract-manufacturing suppliers. Assembly and testing take place largely in cleanroom environments in the United States, Malaysia, Korea, Taiwan and Austria, supplemented by outsourced manufacturing, warehousing and logistics.
Customers and end markets
| End market (share of systems revenue, %) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Foundry | 40 | 45 | 54 |
| Memory (DRAM + NAND) | 42 | 42 | 39 |
| Logic / integrated device manufacturing | 18 | 13 | 7 |
Customers are leading memory, foundry and IDM chipmakers. Micron Technology, Samsung Electronics, SK hynix and TSMC were the most significant customers in each of FY2024–FY2026. In FY2026 four customers individually exceeded 10% of revenue (approximately 16%, 15%, 12% and 12%); in FY2025 two did (17% and 15%); in FY2024 one did (17%).
Foundry: FY2024: 40; FY2025: 45; FY2026: 54
Memory (DRAM + NAND): FY2024: 42; FY2025: 42; FY2026: 39
Logic / integrated device manufacturing: FY2024: 18; FY2025: 13; FY2026: 7
End-device markets reached through those customers include AI and cloud data centers, smartphones, PCs, automotive, industrial and data storage. Lam also serves wafer-level and panel-level advanced packaging, CMOS image sensors, MEMS, power and other specialty devices.
Relevance to fab-infrastructure service and software markets
Lam is a direct participant in several adjacent fab-infrastructure markets. Its CSBG field-service organization and spares programs constitute one of the largest equipment-maintenance businesses in the industry; Equipment Intelligence® services and fleet analytics address predictive and condition-based maintenance; the Reliant® line supplies refurbished and new non-leading-edge tools; the Semiverse™ Solutions portfolio (built on Coventor's SEMulator3D® virtual-fabrication software) provides process modeling and virtual-fab "digital twin" capabilities; and Lam's global lab network performs process development side by side with customers.
Independent characterization
Lam is best understood as a high-intensity, high-share specialist rather than a broad-line supplier. It does not compete in lithography, and has only small positions in inspection/metrology, ion implant and thermal processing. That narrower scope concentrates exposure on etch and deposition, which are the steps whose intensity rises most as devices go vertical (3D NAND, gate-all-around, stacked DRAM and HBM, hybrid bonding). The large, sticky installed base converts each up-cycle into a decade of service and upgrade revenue, which dampens cyclicality; FY2024's 14.5% revenue decline was absorbed with a 28.6% operating margin. The flip side is concentration: four customers supply more than half of revenue, and China contributed 34% in FY2026.
Strategy
Stated strategy
Lam's annual report frames the opportunity around a structural shift: as two-dimensional scaling slows, chipmakers are adopting vertical scaling — 3D architectures, more sophisticated patterning, new materials and advanced integration — which raises manufacturing complexity and the number of etch and deposition steps per wafer. The strategic pillars articulated at the February 2025 Investor Day and reiterated through 2026 are:
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Outgrow WFE by expanding served available market (SAM) into new inflections — gate-all-around and backside power delivery in logic, molybdenum metallization, 3D and HBM DRAM, cryogenic high-aspect-ratio etch for 1,000-layer NAND, EUV dry resist, and wafer- and panel-level advanced packaging.
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Gain share in each inflection with new platforms (Akara, ALTUS Halo, VECTOR TEOS 3D, SABRE 3D, Aether, selective etch).
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Grow CSBG faster than the installed base, through Equipment Intelligence, Dextro robotics, upgrades (including a roughly USD 40 billion NAND-upgrade opportunity to 2XX-layer and beyond cited by management) and Reliant.
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Increase innovation and operational velocity — labs close to customers, doubled manufacturing capacity, an extended supply chain, warehouse automation and digital transformation.
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Return at least 85% of free cash flow to shareholders over time.
Strategic initiatives (last 24 months)
| Initiative | Timing | Scope and intent |
|---|---|---|
| CY2028 target business model | February 2025 | Revenue of about USD 25–27 billion, ~50% gross margin, 34–35% operating margin, USD 6–7 non-GAAP EPS, FCF ~30% of revenue, CSBG growing at least 10% a year from CY2024 |
| Akara and ALTUS Halo launches | February 2025 | Next-generation conductor etch and molybdenum ALD for gate-all-around and 3D memory |
| India investment | February 2025 | Multi-year commitment of about USD 1.2 billion in Karnataka to support India's semiconductor ecosystem |
| JSR/Inpria cross-license | September 2025 | Dry-resist and metal-oxide resist collaboration for low- and High-NA EUV; settled patent litigation |
| CEA-Leti expanded collaboration | February 2026 | Multi-year pathfinding for specialty devices (MEMS, photonics, power) using Lam etch, deposition and Prestis PLD |
| Leadership realignment | February–March 2026 | COO role combining products, CSBG and strategy to speed product-to-service execution |
| IBM collaboration | March 2026 | Five-year program on materials, etch, deposition and High-NA EUV processes for sub-1 nm logic at Albany NanoTech |
| Taiwan hiring | May 2026 | More than 1,000 engineers to be hired in Taiwan to support foundry, memory and packaging customers |
| Panel-Level Packaging Center of Excellence | May 2026 | Salzburg hub for panel-scale chiplet integration |
| Margin framework upgrade | July 2026 | Target of mid-50s gross margin and mid-40s operating margin "over the next several years" |
| Global lab-network investment | August 2026 | More than USD 3 billion over five years; Oregon lab first |
| Dividend increase | August 2026 | Quarterly dividend raised 27% to USD 0.33 |
| Sustainability "Impact plus" refresh | 2025–2026 | Product+, People+ and Planet+ pillars with new 2030+ goals; net-zero commitment for 2050 |
CY2028 target business model: Timing: February 2025; Scope and intent: Revenue of about USD 25–27 billion, ~50% gross margin, 34–35% operating margin, USD 6–7 non-GAAP EPS, FCF ~30% of revenue, CSBG growing at least 10% a year from CY2024
Akara and ALTUS Halo launches: Timing: February 2025; Scope and intent: Next-generation conductor etch and molybdenum ALD for gate-all-around and 3D memory
India investment: Timing: February 2025; Scope and intent: Multi-year commitment of about USD 1.2 billion in Karnataka to support India's semiconductor ecosystem
JSR/Inpria cross-license: Timing: September 2025; Scope and intent: Dry-resist and metal-oxide resist collaboration for low- and High-NA EUV; settled patent litigation
CEA-Leti expanded collaboration: Timing: February 2026; Scope and intent: Multi-year pathfinding for specialty devices (MEMS, photonics, power) using Lam etch, deposition and Prestis PLD
Leadership realignment: Timing: February–March 2026; Scope and intent: COO role combining products, CSBG and strategy to speed product-to-service execution
IBM collaboration: Timing: March 2026; Scope and intent: Five-year program on materials, etch, deposition and High-NA EUV processes for sub-1 nm logic at Albany NanoTech
Taiwan hiring: Timing: May 2026; Scope and intent: More than 1,000 engineers to be hired in Taiwan to support foundry, memory and packaging customers
Panel-Level Packaging Center of Excellence: Timing: May 2026; Scope and intent: Salzburg hub for panel-scale chiplet integration
Margin framework upgrade: Timing: July 2026; Scope and intent: Target of mid-50s gross margin and mid-40s operating margin "over the next several years"
Global lab-network investment: Timing: August 2026; Scope and intent: More than USD 3 billion over five years; Oregon lab first
Dividend increase: Timing: August 2026; Scope and intent: Quarterly dividend raised 27% to USD 0.33
Sustainability "Impact plus" refresh: Timing: 2025–2026; Scope and intent: Product+, People+ and Planet+ pillars with new 2030+ goals; net-zero commitment for 2050
There are no formal cost-reduction programs in progress; the last restructuring was completed in June 2024.
Medium-term guidance and targets
The CY2028 model set in February 2025 has been overtaken by events: FY2026 revenue was already USD 23.2 billion, and the September 2026 quarter annualizes to about USD 33 billion. Management's current framework is a mid-50s gross margin and mid-40s operating margin over several years. It sees calendar-2026 WFE in the mid-USD 150 billion range and has given a preliminary view of calendar-2027 WFE above USD 200 billion, constrained mainly by industry cleanroom availability. Lam expects calendar-2026 systems revenue to grow more than 40%.
Products & Services
Lam does not publish list prices; all systems are sold per tool under negotiated purchase orders and volume agreements, and services are sold under contracts typically of one year or less.
Deposition
| Product family | Technology | Description and key capabilities | Target customers / applications | Latest version / timing |
|---|---|---|---|---|
| SABRE® (incl. SABRE 3D) | Electrochemical deposition (copper and other metals) | Copper damascene interconnect plating directly on liner materials, cobalt for logic; SABRE 3D adds modular plating and pre/post-treatment cells for bumps, redistribution layers, TSV fill and wafer-level bonding | Logic and memory interconnect; advanced packaging including HBM | SABRE 3D is Lam's packaging plating platform; latest-generation release dates not publicly disclosed |
| ALTUS® (incl. ALTUS Halo) | CVD and ALD of tungsten and molybdenum | Multi-Station Sequential Deposition combining nucleation and bulk fill in one chamber; conformal or selective metal fills for contacts, vias and wordlines | 3D NAND wordlines, DRAM, logic contacts | ALTUS Halo molybdenum ALD platform launched February 2025 |
| VECTOR® (incl. VECTOR TEOS 3D) | Plasma-enhanced CVD | Uniform dielectric films for transistor and 3D structures; TEOS 3D variant for thick dielectric films in 3D packaging integration | 3D NAND stacks, logic, advanced packaging | VECTOR TEOS 3D introduced in 2025 |
| Striker® | Single-wafer ALD | Conformal dielectric films: low-k spacers, void-free gapfill, high-modulus patterning spacers | Advanced logic, memory, image sensors | Ongoing |
| SPEED® | High-density plasma CVD | Gapfill dielectric deposition | Logic and memory isolation layers | Legacy-to-current platform |
| Lam Prestis™ | Pulsed laser deposition | Novel material films for specialty devices | Specialty technologies, MEMS, photonics, power | Featured in the February 2026 CEA-Leti collaboration |
Etch
| Product family | Technology | Description and key capabilities | Target customers / applications | Latest version / timing |
|---|---|---|---|---|
| Akara® | Advanced conductor reactive-ion etch | Lam's most advanced conductor etcher; DirectDrive® plasma source, TEMPO plasma pulsing for selectivity, SNAP ion-energy control; integrated with Sense.i® and Equipment Intelligence | Gate-all-around logic, advanced DRAM and NAND, EUV patterning | Launched February 2025; installed base doubled during 2025 |
| Kiyo® | Conductor etch | Hydra technology corrects incoming pattern variability for critical-dimension uniformity | Transistor gate and fin formation in logic and memory | Kiyo F Series for memory; continuous updates |
| Versys® Metal | Metal etch | Symmetrical chamber with independent tuning; metal lines and hardmasks | Interconnect and hardmask etch | Ongoing |
| Flex® (incl. Flex G Series) | Dielectric etch | Multi-frequency, small-volume confined plasma; in-situ multi-step etch | High-aspect-ratio dielectric etch in memory and logic | Flex leads dielectric etch for memory |
| Vantex® | Dielectric etch on Sense.i platform | Advanced RF for extreme-aspect-ratio holes and trenches; cryogenic etch capability (Lam Cryo™ 3.0, 2024) | 3D NAND channel holes and slits, DRAM capacitors | Cryogenic etch ramping toward 1,000-layer NAND |
| Syndion® | Deep reactive ion etch | Deep silicon etch with fast process switching | TSVs, CMOS image sensors, power devices | Ongoing |
| Argos®, Prevos™, Selis® | Selective etch and surface treatment | Atomic-precision isotropic removal and surface treatment; low-energy radical source on Selis | Gate-all-around nanosheet release, 3D DRAM, advanced memory | Introduced 2022 |
Clean
| Product family | Technology | Description | Applications |
|---|---|---|---|
| EOS® | Single-wafer wet clean | Lam's latest wet clean; very low on-wafer defectivity and high throughput | Leading-edge front-end cleans |
| DV-Prime®, Da Vinci® | Single-wafer spin wet clean | Flexible, high-productivity cleaning steps | Front- and back-end cleans |
| SP Series | Wet clean and silicon wet etch | Cost-efficient wafer-level packaging and backside thinning | WLP, power devices, MEMS, image sensors |
| Coronus® | Plasma bevel clean | Removes films and residues from the wafer edge while protecting the active die | Yield enhancement across logic and memory |
| SEMSYSCO panel and wafer wet processing | Wet clean and plating | Cleaning and plating for panel-level and substrate-based heterogeneous integration | Chiplet packaging, panel-level packaging |
Dry resist (patterning)
| Product | Description | Applications |
|---|---|---|
| Aether® | Vacuum-based dry deposition of EUV resist films and underlayers with fully dry development; customizable film gradients, lower chemical and energy use | Low-NA and High-NA EUV patterning in DRAM and logic; access broadened through the 2025 JSR/Inpria cross-license |
Customer Support Business Group offerings
| Offering | Description |
|---|---|
| Field service | Installation, preventive and corrective maintenance by a global service-engineer network in the US, China, Europe, India, Japan, Korea, Southeast Asia and Taiwan |
| Spares | Consumable and replacement parts, with running-cost optimization and product-life-extension programs |
| Upgrades | Performance and productivity upgrades that port new-product advances to installed tools |
| Equipment Intelligence® | Fleet-level data and analytics for uptime, throughput and defect reduction; services deployed under agreements including a 2025 foundry/logic contract for critical deposition applications |
| Dextro™ collaborative robot | Maintenance cobot for in-fab tool servicing; first used on etch systems, with the first deposition-product shipment in mid-2026 |
| Reliant® | New and refurbished non-leading-edge deposition, etch and clean systems for mature-node, specialty and 200 mm fabs |
| Semiverse™ Solutions | Virtual fabrication and process-modeling software, including SEMulator3D® and Coventor MEMS design tools, plus workforce-training applications |
Financial Narrative
All figures in USD millions unless stated; fiscal years end in late June. Per-share figures reflect the October 2024 10-for-1 split. Sources: Forms 10-K FY2022–FY2026; FY2022–FY2023 balance-sheet and cash-flow aggregates as standardized by S&P Global Market Intelligence.
Margins and growth
Revenue CAGR FY2022–FY2026: 7.8% (four years); FY2024–FY2026: 24.8% (two years). Diluted EPS CAGR FY2022–FY2026: 15.1%.
Trends and drivers. FY2023 revenue was flat but gross margin troughed at 44.6% as memory customers deferred tool purchases, factory under-absorption rose and restructuring charges (USD 120 million) were taken. FY2024 was the cyclical low — revenue down 14.5% — yet operating margin held at 28.6% thanks to the FY2023 restructuring, a richer CSBG mix and a strong China contribution (42% of revenue). FY2025 and FY2026 were consecutive records. FY2026 gross margin rose 180 bp to 50.5% on favorable customer mix, partly offset by aluminum and steel tariff costs. Operating expenses grew only 14.5% against 26% revenue growth, lifting operating margin to 35.3%. The effective tax rate rose to 12.1% as the global minimum tax became fully effective; Lam's 15-year Malaysian tax incentive reduced FY2026 taxes by USD 968 million (USD 0.77 per diluted share). Management has guided to a tax rate in the mid-teens in FY2027 as revenue shifts to higher-tax jurisdictions.
Quarterly progression (FY2026 and Q1 FY2027, GAAP)
The September 2026 quarter grew 54% year on year and 22% sequentially. Non-GAAP gross margin reached a record 52.4% and non-GAAP operating margin 40.2%, the first quarter above 40%. Systems revenue rose about 62% year on year. Q1 FY2027 diluted EPS shown is the non-GAAP figure; the GAAP figure was essentially identical, with the only reconciling items being acquired-intangible amortization, deferred-compensation effects and the income-tax effect of a change in tax law.
Balance sheet (fiscal year-end)
At September 27, 2026, cash, equivalents and restricted cash had risen to USD 7.45 billion, total debt was about USD 3.73 billion and stockholders' equity about USD 13.9 billion. Lam also holds an undrawn USD 2.0 billion revolving credit facility (expandable to USD 2.75 billion, maturing January 2030) that backstops a USD 2.0 billion commercial paper program, which was enlarged from USD 1.5 billion in March 2026; nothing was drawn on either at fiscal year-end.
Cash flow
FY2026 operating cash flow declined 5% despite 36% higher net income because receivables rose USD 1.96 billion on quarter-end-weighted shipments and deferred profit fell USD 286 million as customer down-payments normalized. This reversed in Q1 FY2027, which produced record free cash flow of about USD 3.24 billion. Capex nearly doubled from the FY2024 low as Lam built U.S. labs and expanded manufacturing in Malaysia and elsewhere.
Ratios
Ratio commentary. Returns are exceptionally high because Lam has retired more than USD 31.6 billion of stock (treasury stock at cost, June 2026), shrinking the equity base. ROIC above 60% in FY2025–FY2026 indicates genuine economic profitability rather than leverage-driven returns. The company moved from modest net debt in FY2022 to a net cash position of roughly USD 1.9 billion at FY2026 and USD 3.7 billion by September 2026. Interest coverage more than doubled after USD 1.25 billion of notes matured in March 2025 and March 2026. The most important operational improvement is inventory: days inventory outstanding fell from 196 to 136 as the FY2023–FY2024 inventory build was absorbed and manufacturing velocity improved (inventory turns of 3.4x in the September 2026 quarter). That shortened the cash conversion cycle by about 50 days despite higher receivables.
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Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Systems revenue (USD Mn) | 11,322 | 10,696 | 8,922 | 11,491 | 14,885 |
Customer support-related revenue and other (USD Mn) | 5,905 | 6,733 | 5,984 | 6,944 | 8,347 |
Total revenue (USD Mn) | 17,227 | 17,429 | 14,905 | 18,436 | 23,233 |
Systems YoY growth (%) | 16.0 | -5.5 | -16.6 | 28.8 | 29.5 |
CSBG YoY growth (%) | 21.5 | 14.0 | -11.1 | 16.0 | 20.2 |
Systems share of revenue (%) | 65.7 | 61.4 | 59.9 | 62.3 | 64.1 |
CSBG share of revenue (%) | 34.3 | 38.6 | 40.1 | 37.7 | 35.9 |
Revenue by Segment and Segment Margins & Growth (%) (FY2024–FY2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Segment revenue (USD Mn) | 14,905 | 18,436 | 23,233 |
Segment cost of goods sold (USD Mn) | 7,423 | 9,220 | 11,113 |
Segment gross margin (USD Mn) | 7,482 | 9,216 | 12,120 |
Segment gross margin (%) | 50.2 | 50.0 | 52.2 |
Reported GAAP gross margin (%) | 47.3 | 48.7 | 50.5 |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 17,227 | 17,429 | 14,905 | 18,436 | 23,233 |
Revenue growth (%) | 17.8 | 1.2 | -14.5 | 23.7 | 26.0 |
Gross profit (USD Mn) | 7,872 | 7,776 | 7,053 | 8,979 | 11,725 |
R&D expense (USD Mn) | 1,604 | 1,727 | 1,902 | 2,096 | 2,376 |
Operating income (USD Mn) | 5,382 | 5,177 | 4,264 | 5,901 | 8,200 |
Depreciation and amortization (USD Mn) | 334 | 342 | 360 | 386 | 442 |
EBITDA (USD Mn) | 5,716 | 5,519 | 4,624 | 6,287 | 8,641 |
Pre-tax income (USD Mn) | 5,193 | 5,109 | 4,360 | 5,958 | 8,262 |
Income tax (USD Mn) | 588 | 598 | 532 | 600 | 997 |
Net income (USD Mn) | 4,605 | 4,511 | 3,828 | 5,358 | 7,265 |
EPS basic (USD) | 3.29 | 3.33 | 2.91 | 4.17 | 5.79 |
EPS diluted (USD) | 3.28 | 3.32 | 2.90 | 4.15 | 5.76 |
Dividends declared per share (USD) | 0.60 | 0.69 | 0.80 | 0.92 | 1.04 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) | 45.7 | 44.6 | 47.3 | 48.7 | 50.5 |
Operating margin (%) | 31.2 | 29.7 | 28.6 | 32.0 | 35.3 |
EBITDA margin (%) | 33.2 | 31.7 | 31.0 | 34.1 | 37.2 |
Net margin (%) | 26.7 | 25.9 | 25.7 | 29.1 | 31.3 |
Effective tax rate (%) | 11.3 | 11.7 | 12.2 | 10.1 | 12.1 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 5,324 | 5,345 | 5,841 | 6,722 | 8,219 |
Gross margin (%) | 50.4 | 49.6 | 49.8 | 51.7 | 52.3 |
Operating margin (%) | 34.4 | 33.9 | 35.0 | 37.4 | 40.0 |
Diluted EPS (USD) | 1.24 | 1.26 | 1.45 | 1.81 | 2.20 |
Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 17,196 | 18,782 | 18,745 | 21,345 | 23,530 |
Cash and equivalents incl. short-term investments (USD Mn) | 3,658 | 5,337 | 5,848 | 6,391 | 5,579 |
Accounts receivable (USD Mn) | 4,314 | 2,823 | 2,519 | 3,378 | 5,340 |
Inventories (USD Mn) | 3,966 | 4,816 | 4,218 | 4,308 | 4,276 |
Total current assets (USD Mn) | 12,285 | 13,228 | 12,883 | 14,517 | 15,611 |
Total current liabilities (USD Mn) | 4,565 | 4,185 | 4,338 | 6,568 | 5,937 |
Short-term debt / current portion (USD Mn) | 0 | 0 | 501 | 750 | 0 |
Long-term debt (USD Mn) | 4,962 | 4,965 | 4,466 | 3,720 | 3,722 |
Total debt excl. leases (USD Mn) | 4,962 | 4,966 | 4,967 | 4,469 | 3,722 |
Net debt (negative = net cash) (USD Mn) | 1,304 | -371 | -881 | -1,922 | -1,857 |
Stockholders' equity (USD Mn) | 6,278 | 8,210 | 8,539 | 9,862 | 12,471 |
Goodwill and intangibles (USD Mn) | 1,617 | 1,760 | 1,766 | 1,809 | 1,896 |
Working capital (USD Mn) | 7,720 | 9,043 | 8,545 | 7,949 | 9,673 |
Cash Flow and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 3,100 | 5,179 | 4,652 | 6,173 | 5,858 |
Capital expenditures incl. intangibles (USD Mn) | 546 | 502 | 397 | 759 | 966 |
Free cash flow (USD Mn) | 2,554 | 4,677 | 4,256 | 5,414 | 4,891 |
Free cash flow margin (%) | 14.8 | 26.8 | 28.6 | 29.4 | 21.1 |
Dividends paid (USD Mn) | 815 | 908 | 1,019 | 1,150 | 1,271 |
Share repurchases (USD Mn) | 3,866 | 2,017 | 2,843 | 3,422 | 3,851 |
Total capital returned (USD Mn) | 4,681 | 2,925 | 3,862 | 4,572 | 5,122 |
Capital returned as % of FCF | 183 | 63 | 91 | 84 | 105 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE on year-end equity (%) | 73.4 | 54.9 | 44.8 | 54.3 | 58.3 |
ROA on year-end assets (%) | 26.8 | 24.0 | 20.4 | 25.1 | 30.9 |
ROIC, after-tax operating income / (equity + debt − cash) (%) | 63.0 | 58.3 | 48.9 | 66.8 | 67.9 |
Current ratio (x) | 2.69 | 3.16 | 2.97 | 2.21 | 2.63 |
Debt / equity (x) | 0.79 | 0.60 | 0.58 | 0.45 | 0.30 |
Net debt / EBITDA (x) | 0.23 | -0.07 | -0.19 | -0.31 | -0.21 |
Interest coverage, EBIT / interest expense (x) | 29.1 | 27.8 | 23.0 | 33.1 | 52.3 |
Asset turnover (x) | 1.00 | 0.93 | 0.80 | 0.86 | 0.99 |
Days sales outstanding | 91 | 59 | 62 | 67 | 84 |
Days inventory outstanding | 155 | 182 | 196 | 166 | 136 |
Days payables outstanding | 39 | 18 | 29 | 33 | 41 |
Cash conversion cycle (days) | 207 | 223 | 229 | 200 | 178 |
Revenue by Region
| Region | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
China (USD Mn) | 6,294 | 6,205 | 7,860 |
Taiwan (USD Mn) | 1,672 | 3,445 | 5,223 |
Korea (USD Mn) | 2,874 | 4,128 | 4,505 |
Japan (USD Mn) | 1,460 | 1,881 | 2,171 |
United States (USD Mn) | 1,104 | 1,377 | 1,529 |
Southeast Asia (USD Mn) | 794 | 837 | 1,246 |
Europe (USD Mn) | 707 | 563 | 699 |
Total (USD Mn) | 14,905 | 18,436 | 23,233 |
Geographic Revenue
| Region | FY2024 share (%) | FY2025 share (%) | FY2026 share (%) | FY2025 growth (%) | FY2026 growth (%) |
|---|---|---|---|---|---|
China | 42.2 | 33.7 | 33.8 | -1.4 | 26.7 |
Taiwan | 11.2 | 18.7 | 22.5 | 106.1 | 51.6 |
Korea | 19.3 | 22.4 | 19.4 | 43.6 | 9.1 |
Japan | 9.8 | 10.2 | 9.3 | 28.8 | 15.4 |
United States | 7.4 | 7.5 | 6.6 | 24.7 | 11.0 |
Southeast Asia | 5.3 | 4.5 | 5.4 | 5.4 | 48.8 |
Europe | 4.7 | 3.1 | 3.0 | -20.4 | 24.2 |
Geographic Revenue (Quarterly)
| Region | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 |
|---|---|---|---|
China | 34 | 26 | 35 |
Taiwan | 23 | 27 | — |
Korea | 23 | 20 | — |
“—” = not publicly disclosed.
Capital Markets
| Measure | Value |
|---|---|
Close, October 29, 2026 | USD 254.39 |
Close, January 1, 2026 | USD 171.18 |
Year-to-date 2026 change (to Oct 29) | +48.6% |
Close on last trading day of FY2026 (June 26, 2026) | USD 379.09 |
Reaction to Q4 FY2026 results (July 30, 2026) | About +18% |
Reaction to Q1 FY2027 results (October 22, 2026) | About −11% to −12% |
Inter-earnings high, October 2, 2026 | About USD 352.56 |
Capital Markets Data (USD)
| Index (value of USD 100) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Lam Research | 72.20 | 99.01 | 174.88 | 161.45 | 633.13 |
PHLX Semiconductor TR | 84.94 | 111.16 | 175.35 | 179.32 | 429.87 |
Nasdaq Composite TR | 81.39 | 95.46 | 126.45 | 145.57 | 182.76 |
S&P 500 TR | 93.57 | 105.82 | 134.93 | 154.57 | 186.37 |
Valuation Snapshot
| Multiple | Value |
|---|---|
Market capitalization | ~USD 318 billion |
Enterprise value (net of ~USD 3.7 billion net cash) | ~USD 314 billion |
P/E, trailing 12 months GAAP (TTM EPS ~USD 6.7) | ~38x |
P/E, forward (FY2027 consensus EPS ~USD 9.3) | ~27x |
EV / Sales, TTM (revenue ~USD 26.1 billion) | ~12x |
EV / EBITDA, TTM (EBITDA ~USD 10.1 billion) | ~31x |
P/B (equity ~USD 13.9 billion) | ~23x |
Dividend yield (USD 1.32 annualized) | ~0.5% |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividends declared per share (USD) | 0.60 | 0.69 | 0.80 | 0.92 | 1.04 |
Dividends paid (USD Mn) | 815 | 908 | 1,019 | 1,150 | 1,271 |
Dividend payout of net income (%) | 17.7 | 20.1 | 26.6 | 21.5 | 17.5 |
Credit Ratings
| Agency | Rating |
|---|---|
S&P Global Ratings | A- (senior unsecured, as assigned in April 2020) |
Moody's | Single-A category senior unsecured rating; current notch and outlook not publicly disclosed by the company |
Note Details
| Note | Coupon (%) | Maturity | Principal (USD Mn) |
|---|---|---|---|
2029 Notes | 4.000 | Mar 15, 2029 | 1,000 |
2030 Notes | 1.900 | Jun 15, 2030 | 750 |
2049 Notes | 4.875 | Mar 15, 2049 | 750 |
2050 Notes | 2.875 | Jun 15, 2050 | 750 |
2060 Notes | 3.125 | Jun 15, 2060 | 500 |
Total | — | — | 3,750 |
Analyst Conclusions
Management guidance (December 2026 quarter, issued October 21, 2026)
| Item | Guidance |
|---|---|
| Revenue | USD 8.6 billion ± USD 0.4 billion |
| Gross margin (non-GAAP) | 52.5% ± 1% |
| Operating margin (non-GAAP) | 40.5% ± 1% |
| EPS (non-GAAP) | USD 2.33 ± USD 0.15 |
| CY2026 systems revenue | Growth of more than 40% |
| CY2026 WFE | Mid-USD 150 billion range |
| CY2027 WFE (preliminary) | Above USD 200 billion |
| China | Meaningfully lower share in the December quarter |
| Long-term framework | Mid-50s gross margin, mid-40s operating margin; at least 85% of FCF returned |
Revenue: Guidance: USD 8.6 billion ± USD 0.4 billion
Gross margin (non-GAAP): Guidance: 52.5% ± 1%
Operating margin (non-GAAP): Guidance: 40.5% ± 1%
EPS (non-GAAP): Guidance: USD 2.33 ± USD 0.15
CY2026 systems revenue: Guidance: Growth of more than 40%
CY2026 WFE: Guidance: Mid-USD 150 billion range
CY2027 WFE (preliminary): Guidance: Above USD 200 billion
China: Guidance: Meaningfully lower share in the December quarter
Long-term framework: Guidance: Mid-50s gross margin, mid-40s operating margin; at least 85% of FCF returned
Consensus expectations
The consensus expects FY2027 revenue in the low-to-mid USD 30 billion range and non-GAAP EPS of about USD 9.3, implying more than 50% EPS growth from FY2026's USD 5.76 (GAAP). That would leave the stock at roughly 27x forward earnings at late-October prices.
Bull case
-
Operating leverage is accelerating, not peaking. Non-GAAP operating margin rose from 35.0% (March 2026) to 38.4% (June) and 40.2% (September), and December guidance implies 40.5% with a 52.5% gross margin. The mid-40s operating margin target implies further upside on any revenue growth.
-
2027 demand visibility is unusually strong. Management's preliminary CY2027 WFE view above USD 200 billion, NAND upgrades (an approximately USD 40 billion opportunity), HBM and advanced packaging (+70% in 2026) all play to Lam's etch and deposition intensity, and capacity — not demand — is the constraint.
-
Cash generation and buybacks compound per-share value. Record quarterly FCF of USD 3.24 billion, net cash of USD 3.7 billion and a commitment to return at least 85% of FCF support continued share-count reduction (−8.8% since 2022) and dividend growth.
Bear case
-
China is a structural drag and a wildcard. At 34–35% of revenue, the China share is the highest among the large U.S. equipment makers; the affiliates rule already costs about USD 600 million a year, and management expects a sharp drop in China revenue in the December quarter.
-
Supply, not demand, may cap upside. December guidance was limited by component supply and the industry is short of cleanroom space, so record demand may not convert into revenue as fast as the market expects, while hiring (3,400 in FY2026) and the USD 3 billion lab program add fixed costs.
-
Valuation leaves little room for cycle risk. At ~38x trailing earnings and ~31x EV/EBITDA with a beta near 2, any slowdown in AI capex, a NAND or DRAM digestion phase, or an adverse DRAM-architecture shift could compress multiples sharply — as the 11–12% fall on a record quarter in October 2026 demonstrated.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable | What to watch |
|---|---|---|
| Nov 3, 2026 | Annual meeting | Say-on-pay support after the 43% rise in CEO pay; vote on the shareholder proposal |
| Late Jan 2027 | December-quarter results | Delivery against USD 8.6 billion guide; China share; CY2027 WFE update |
| Ongoing | U.S. export-control actions | New entity listings, servicing restrictions or rules affecting Chinese domestic customers |
| Ongoing | Supply chain and cleanroom availability | Whether constraints ease enough to lift shipments in 2027 |
| H1 2027 | Memory capex plans | Samsung, SK hynix and Micron HBM, DRAM and NAND upgrade budgets; direction of 4F² vs. 3D DRAM |
| H1 2027 | Foundry leading-edge ramps | TSMC 2 nm and A16, Intel 18A/14A, Samsung GAA; backside power adoption |
| 2,027 | Advanced packaging | Panel-level packaging adoption and SABRE 3D/VECTOR TEOS 3D share |
| Late Apr and late Jul 2027 | March- and June-quarter results | Progress toward mid-50s gross margin; tax rate in the mid-teens; CSBG growth |
| 2,027 | Capital returns | Buyback pace against USD 3.03 billion remaining authorization; possible new authorization |
| 2027–2028 | Lab network build-out | Tualatin lab construction (opening 2028) and other sites in the USD 3 billion plan |
Nov 3, 2026: Catalyst / monitorable: Annual meeting; What to watch: Say-on-pay support after the 43% rise in CEO pay; vote on the shareholder proposal
Late Jan 2027: Catalyst / monitorable: December-quarter results; What to watch: Delivery against USD 8.6 billion guide; China share; CY2027 WFE update
Ongoing: Catalyst / monitorable: U.S. export-control actions; What to watch: New entity listings, servicing restrictions or rules affecting Chinese domestic customers
Ongoing: Catalyst / monitorable: Supply chain and cleanroom availability; What to watch: Whether constraints ease enough to lift shipments in 2027
H1 2027: Catalyst / monitorable: Memory capex plans; What to watch: Samsung, SK hynix and Micron HBM, DRAM and NAND upgrade budgets; direction of 4F² vs. 3D DRAM
H1 2027: Catalyst / monitorable: Foundry leading-edge ramps; What to watch: TSMC 2 nm and A16, Intel 18A/14A, Samsung GAA; backside power adoption
2027: Catalyst / monitorable: Advanced packaging; What to watch: Panel-level packaging adoption and SABRE 3D/VECTOR TEOS 3D share
Late Apr and late Jul 2027: Catalyst / monitorable: March- and June-quarter results; What to watch: Progress toward mid-50s gross margin; tax rate in the mid-teens; CSBG growth
2027: Catalyst / monitorable: Capital returns; What to watch: Buyback pace against USD 3.03 billion remaining authorization; possible new authorization
2027–2028: Catalyst / monitorable: Lab network build-out; What to watch: Tualatin lab construction (opening 2028) and other sites in the USD 3 billion plan
Analyst verdict
Lam Research enters FY2027 at the strongest point in its 46-year history. FY2026 delivered USD 23.2 billion of revenue, a 50.5% gross margin, a 35.3% operating margin and USD 7.27 billion of net income, and the September 2026 quarter pushed revenue to USD 8.22 billion with non-GAAP operating margin above 40% for the first time. The core thesis — that AI-era chips are built vertically, so every new node and memory generation needs more etch and deposition steps — is visible in the numbers: systems revenue up roughly 62% year on year in the latest quarter, NAND revenue doubling sequentially, advanced packaging up more than 70%, and CSBG growing faster than the installed base.
The franchise is also financially resilient. Through the FY2024 downturn Lam kept operating margin near 29%, kept raising R&D and still returned 91% of free cash flow. Today it carries net cash of about USD 3.7 billion, no debt maturities before 2029 and a board that just raised the dividend 27%.
The risks are real but mostly known. China accounted for 34% of FY2026 revenue and remains exposed to further U.S. restrictions, with a sharp step-down expected in the December quarter. Supply-chain and cleanroom limits are now the binding constraint on growth, and the valuation — roughly 27x forward earnings and 31x trailing EV/EBITDA — offers less margin for error than at any point in the past decade, as the reaction to October's record quarter showed.
On balance, Lam's competitive position, margin trajectory and capital discipline justify a premium to the equipment group, and the operating momentum into calendar 2027 looks durable. The investment case now rests less on demand — which management describes as exceeding supply — and more on execution: converting orders into shipments, holding gross margin in the low 50s while scaling capacity and labs, and navigating export policy without losing share in China to domestic competitors. Investors should expect high volatility around each quarterly print and policy announcement, but the structural earnings power of the business has stepped up materially since 2024.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age | In role since | Prior roles | Education |
|---|---|---|---|---|---|
Timothy M. Archer | President and CEO; director | 59 | CEO Dec 2018 (joined 2012) | President and COO (2018); EVP and COO (2012); 18 years at Novellus incl. COO; Tektronix | B.S. applied physics, Caltech; Harvard Business School PMD |
Douglas R. Bettinger | EVP and CFO | 59 | 2013 | CFO, Avago Technologies (2008–2013); VP Finance and Controller, Xilinx; CFO, 24/7 Customer; Intel (1993–2004) | M.B.A. finance, Univ. of Michigan; B.S. economics, Univ. of Wisconsin |
Seshasayee (Sesha) Varadarajan | EVP and COO | 51 | March 2026 | SVP Global Products Group (2023); SVP/GM Deposition (2018); Novellus PECVD/Electrofill leader | M.S. manufacturing engineering and materials science, Boston University; B.S. mechanical engineering, Univ. of Mysore |
Neil J. Fernandes | SVP, Global Customer Operations | 59 | March 2023 | GVP Business Development and Sales Operations; Novellus, Gasonics, Watkins-Johnson | M.S. mechanical engineering, UT Austin; B.E., Manipal Institute of Technology |
Ava A. Harter | SVP, Chief Legal Officer and Secretary | 56 | July 2024 | EVP and CLO, Whirlpool (2020–2024); SVP and GC, Owens Corning (2015–2020); GE, Dow; Jones Day | J.D., Northwestern; M.B.A., Univ. of Nebraska; B.A., Northwestern |
Vahid Vahedi, Ph.D. | SVP, Chief Technology and Sustainability Officer | 60 | March 2024 (joined 1995) | SVP and CTO (2023); SVP/GM Etch (2018) | Ph.D., M.S., B.S. EECS, UC Berkeley |
Karthik Rammohan, Ph.D. | SVP, Global Operations and Enterprise Solutions | 57 | March 2026 | GVP Global Operations (2022); GVP/GM CSBG (2020); Novellus finance and treasury | M.B.A., Cornell; Ph.D. and M.S. materials science, USC; B.S., IIT Bombay |
Christina C. Correia | Group VP and Chief Accounting Officer | — | — | — | — |
“—” = not publicly disclosed.
Directors' Remuneration
| Name | Salary | Bonus | Stock awards | Non-equity incentive | All other | Total FY2026 | Total FY2025 |
|---|---|---|---|---|---|---|---|
Timothy M. Archer | 1,316,625 | 0 | 33,539,410 | 5,442,278 | 56,162 | 40,354,475 | 28,298,161 |
Douglas R. Bettinger | 785,962 | 0 | 8,242,610 | 1,632,356 | 131,909 | 10,792,837 | 8,593,735 |
Sesha Varadarajan | 778,423 | 5,638 | 8,242,610 | 1,536,571 | 12,715 | 10,575,957 | 7,180,852 |
Neil J. Fernandes | 650,096 | 0 | 4,784,397 | 1,186,835 | 15,037 | 6,636,365 | not a named executive in FY2025 |
Vahid Vahedi | 668,269 | 9,966 | 5,234,810 | 1,190,498 | 15,580 | 7,119,123 | 5,046,179 |
Board of Directors
| Director | Age | Since | Independent | Committees | Principal occupation / other public boards |
|---|---|---|---|---|---|
Abhijit Y. Talwalkar | 62 | 2011 | Yes (Chair) | Comp & HR; Nominating & Governance; Innovation & Technology | Former CEO, LSI Corp.; boards of AMD, iRhythm, TE Connectivity |
Timothy M. Archer | 59 | 2018 | No | — | Lam CEO; Johnson Controls board |
Eric K. Brandt | 64 | 2010 | Yes | Audit (Chair, financial expert); Nominating & Governance | Former CFO, Broadcom; boards of Gen Digital, Nutanix, Option Care Health |
Ita M. Brennan | 59 | 2024 | Yes | Audit (financial expert) | Former CFO, Arista Networks; boards of Cadence, Planet Labs |
Anirudh Devgan, Ph.D. | 57 | 2026 | Yes | Innovation & Technology; Comp & HR from Nov 3, 2026 | President and CEO, Cadence Design Systems |
John M. Dineen | 63 | 2023 | Yes | Audit; Nominating & Governance from Nov 3, 2026 | Former CEO, GE Healthcare; Cognizant board |
Mark Fields | 65 | 2024 | Yes | Comp & HR | Senior Advisor, TPG; former CEO, Ford; Qualcomm board |
Ho Kyu Kang, Ph.D. | 64 | 2023 | Yes | Innovation & Technology (Chair) | Professor, Yonsei University; former Samsung semiconductor R&D leader |
Bethany J. Mayer | 64 | 2019 | Yes | Audit (financial expert); Innovation & Technology; Nominating & Governance (Chair from Nov 3, 2026) | Former CEO, Ixia; boards of Astera Labs, Box, HPE |
Jyoti K. Mehra | 50 | 2021 | Yes | Comp & HR (Chair) | EVP Human Resources, Gilead Sciences |
Major Shareholders
| Holder | Shares | % outstanding |
|---|---|---|
BlackRock, Inc. | 117,779,780 | 9.41 |
Vanguard Capital Management | 93,575,293 | 7.48 |
All directors and executive officers as a group (18 persons) | 3,824,028 | 0.31 |
Competitive Landscape
Key Competitors
| Competitor | Headquarters | Overlap with Lam | Relative positioning |
|---|---|---|---|
Applied Materials | Santa Clara, USA | Primary competitor in dielectric and metal deposition, conductor etch, PECVD, CMP-adjacent and services | Largest broad-line WFE supplier; stronger in deposition breadth, implant and CMP; Lam stronger in etch |
Tokyo Electron (TEL) | Tokyo, Japan | Dielectric etch, wet clean, deposition, coater/developer | Leader in coater/developer and strong in dielectric etch; key rival in memory etch |
KLA | Milpitas, USA | Limited direct overlap (process control); competes for fab budget and packaging inspection | Process-control leader with ~62% gross margin |
ASM International | Almere, Netherlands | ALD and PECVD, epitaxy | ALD leader in gate-all-around logic; competes with Striker and VECTOR |
Hitachi High-Tech | Tokyo, Japan | Conductor etch | Niche etch competitor in logic |
Screen Holdings | Kyoto, Japan | Wet clean | Leading single-wafer and batch clean supplier |
SEMES (Samsung affiliate) | Korea | Wet clean, etch | Captive supplier to Samsung, illustrating customer-affiliated competition |
Wonik IPS | Korea | ALD, PECVD | Strong at Korean memory makers |
NAURA Technology | Beijing, China | Etch, deposition, clean | Fast-growing domestic champion benefiting from localization and U.S. export limits |
Advanced Micro-Fabrication Equipment (AMEC) | Shanghai, China | Dielectric and conductor etch, MOCVD | Domestic etch challenger in China |
Kokusai Electric | Tokyo, Japan | Batch ALD and thermal deposition | Strong in NAND batch deposition |
Third-party spares and refurbishers | Global | Spare parts, refurbished tools, field service | Price competition for CSBG; restricted in some regions by export rules |
Peer Comparison FY2026
| Company | Fiscal year | Revenue | YoY growth (%) | Gross margin (%) | Net margin (%) |
|---|---|---|---|---|---|
Lam Research | FY ended Jun 2026 | USD 23233 M | 26.0 | 50.5 | 31.3 |
Applied Materials | FY ended Oct 2025 | USD 28368 M | 4.4 | 48.7 | 24.7 |
Tokyo Electron | FY ended Mar 2026 | JPY 2443.5 B | 0.5 | 45.3 | 23.5 |
KLA | FY ended Jun 2026 | USD 13579 M | 11.7 | 62.4 | 35.6 |
Peer Comparison FY2026 — Lam Research
| Company | Operating margin (%) | R&D (% of revenue) |
|---|---|---|
Lam Research (FY2026) | 35.3 | 10.2 |
Applied Materials (FY2025) | 29.2 | 12.6 |
Tokyo Electron (FY ended Mar 2026) | 25.6 | 11.4 |
Recent Developments
No layoffs, guidance withdrawals, material litigation or regulatory enforcement actions occurred during the period.
