Lam Research Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, Systems Revenue was 64% and Customer support-related revenue and other was 36% of revenue; Systems Revenue rose from 60% in the fiscal year to Jun 2024.

In the fiscal year to Jun 2026, China was 34% and Taiwan was 22% of revenue; Taiwan rose from 11% in the fiscal year to Jun 2024.

Quarters: Lam Research Corporation's SEC filings, named by the month they end. Fiscal years: Lam Research Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $31.3 ends up as net income. Net margin rose from 25.9% to 31.3% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Lam Research Corporation's annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 52.3% and rising for 2 quarters; inventory at 136 days and falling for 2 years; capital spending 4.0% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Lam Research sells to Micron Technology, Samsung, SK hynix and 1 more; it names no suppliers.

Suppliers

Celestica CLS

 

LRCXLam Research

Customers

ASE Technology ASX

Micron Technology MU

SK hynix SKHY

TSMC TSM

Samsung 005930.KS

Their customers

Ambarella AMBAfrom ASE Technology, Samsung

AMD AMDfrom ASE Technology, TSMC +1

Astera Labs ALABfrom ASE Technology, TSMC

Fortinet FTNTfrom Micron Technology, TSMC +1

NVIDIA NVDAfrom Micron Technology, SK hynix +2

Penguin Solutions PENGfrom Micron Technology, SK hynix

ESSENCOREfrom SK hynix

Broadcom AVGOfrom TSMC, ASE Technology

Analog Devices ADIfrom TSMC

Show 9

Lam Research's 10-K for the year to Jun 2026 gives four customers' shares of its revenue: Customer One (16%), Customer Two (15%), Customer Four (12%) and Customer Three (12%).

From Lam Research Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Changes since the previous annual report (10-K filed Aug 11, 2025)

Micron Technology MUNamed for the first time, as a customerSK hynix SKHYNamed for the first time, as a customer

Only the companies Lam Research names in its 10-K filed Aug 7, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 34.8x, in line with the peer median of 39.4x, with earnings still growing.

In line with the peer median of 39.4x.

At 34.8× trailing earnings LRCX is inside the middle of its five-year range; the five-year median is 24.3×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $363, 55% above the current price; 88% of 34 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 30 analysts (88%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $154.30 to $384.31 (+149%), while LRCX went from $153.32 to $233.78 (+52%). In the past three months targets were raised twice and cut 9 times. 2 upgrades and no downgrades over the year; the latest: Morgan Stanley moved it to Overweight from Equal-Weight on May 18, 2026.

The day after each of these reports the stock moved +4.1% (Dec 2025, beat); +0.1% (Mar 2026, beat); +10.4% (Jun 2026, beat); −12.6% (Sep 2026, beat).

For the quarter ending Dec 2026 (Lam Research reports on Jan 27, 2027), analysts expect adjusted earnings of $2.35 a share, 85% more than the $1.27 of a year earlier, and revenue of $8.6B, up 62% on a year earlier. For the fiscal year ending Jun 2027, they expect adjusted earnings of $9.65 a share, and revenue of $35.4B, up 52% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $6.5B in free cash flow over the year, of which $5.2B went back to shareholders (dividends plus buybacks), leaving $1.3B in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 2.6, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 members of Congress and 18 funds whose copy leaves LRCX out (on the exchange, not in the app yet): Blue Whale Capital, CloudAlpha Capital Management Limited/Hong Kong, Coatue Management, Tiger Global Management, Polen Capital Management, Whale Rock Capital Management and 14 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 24 held LRCX at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 14 cut, 3 bought new, 1 sold all and 1 held the same. The largest of them is Norges Bank, 18.12M shares worth $7.9B at Jun 30, 2026, 14.9% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of LRCX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $176M of LRCX on the open market in the 12 months to Nov 12, 2026; none bought. 77% of the sales were made under 10b5-1 plans, set up in advance. The largest was Timothy Archer (President and CEO), who sold $64.2M in 6 sales.

From the Form 4s filed with the SEC about Lam Research Corporation (50 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 73 other transactions (grants, option exercises, shares withheld for tax and gifts).