LRCXNasdaqSpecial Industry Machinery, NECFiscal year ends June 28
LAM RESEARCH CORP
Financials through Q4 FY2026, quarter ended Jun 28, 2026Last filing: 10-K on Aug 7, 2026
$272.20+8.26 (+3.13%)
Close on Oct 19, 2026
- Market cap
- $341.89B
- P/E (TTM)
- 47.3
- Dividend yield
- 0.38%
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
50.5%+3.9 pts over 5 years
Operating margin
35.3%+4.7 pts over 5 years
Net margin
31.3%+4.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +26.0% | +10.1% | +9.7% | +14.7% | |
| Gross profit | +30.6% | +14.7% | +11.5% | +16.2% | |
| Operating income | +39.0% | +16.6% | +12.8% | +22.5% | |
| Net income | +35.6% | +17.2% | +13.2% | +23.0% | |
| EPS, diluted | +38.8% | +20.2% | +16.4% | +27.1% | |
| Free cash flow | -9.7% | +1.5% | +8.6% | +15.3% | |
| Dividend per share | +13.0% | +14.7% | +14.9% | +24.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | 26.7% | 69.8% | 65.1% | |
| Return on assets | 13.9% | 25.7% | 32.4% | |
| Current ratio | 3.10 | 3.30 | 2.63 | |
| Debt to equity | 0.39 | 0.83 | 0.30 | |
| Net debt to EBITDA | 0.02× | 0.07× | -0.21× | |
| Interest coverage | 16.2× | 21.5× | 52.3× | |
| Inventory turnover | 4.0× | 3.4× | 2.7× | |
| Capex to revenue | 2.0% | 2.4% | 4.2% | |
| Diluted shares | 1.84B | 1.45B | 1.26B |
Where the cash went
Fiscal 2022 to 2026, five years combined
Lam Research generated $24.96B from operations and spent $24.33B on capital expenditure, dividends and share buybacks. 13% of that went back into the business.
Generated
$24.96B
Used
$24.33B
Capital expenditure$3.17B13%Dividends$5.16B21%Share buybacks$16.00B66%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin31.3%
×Asset turnover1.04×
×Equity multiplier2.01×
=Return on equity, FY202665.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 31.3% | 1.04× | 2.01× | 65.1% |
| FY2025 | 29.1% | 0.92× | 2.18× | 58.2% |
| FY2024 | 25.7% | 0.79× | 2.24× | 45.7% |
| FY2023 | 25.9% | 0.97× | 2.48× | 62.3% |
| FY2022 | 26.7% | 1.04× | 2.69× | 74.8% |
| FY2021 | 26.7% | 0.96× | 2.72× | 69.8% |
| FY2020 | 22.4% | 0.76× | 2.70× | 45.7% |
| FY2019 | 22.7% | 0.79× | 2.19× | 39.2% |
| FY2018 | 21.5% | 0.90× | 1.85× | 35.7% |
| FY2017 | 21.2% | 0.66× | 1.92× | 26.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
8of 9 tests passed in fiscal 2026. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$7.27B
- Cash generatingOperating cash flow above zero$5.86B
- Return on assets improvedROA up on the prior year28.6% → 34.0%
- Earnings backed by cashOperating cash flow above net income$5.86B vs $7.27B
- Less leverageLong-term debt to assets fell17.4% → 15.8%
- Better liquidityCurrent ratio rose2.21 → 2.63
- No dilutionShare count did not rise1.29B → 1.26B
- Gross margin improvedGross margin up on the prior year48.71% → 50.47%
- More efficientAsset turnover rose0.98 → 1.09