Lam Research (LRCX) stock
Information Technology · Semiconductor Materials & Equipment
Lam Research (LRCX) is a Semiconductor Materials & Equipment company in the Information Technology sector, headquartered in Fremont, California. As of October 23, 2026, LRCX closed at $230.10, a market capitalization of $287.95 billion, the 39th largest company in the S&P 500. Over the last twelve months it generated $26.13 billion in revenue (+54% year over year) and $4.89 billion in free cash flow. The stock trades at 34.3x trailing earnings and 18.9x forward earnings.
- 1-year total return: +56.7% (dividends reinvested)
- 5-year return: +34.2% a year
- 52-week range: $135.50 – $438.50
- Gross margin 51.1%, operating margin 40.0%
- Dividend yield: 0.57%, 11 straight years of increases
- FI Handbook report card: B+ across 10 metrics
- 14th largest of 75 Information Technology stocks in the S&P 500
LRCX price chart
1Y price change: +56.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| LRCX | -25.1% | +34.8% | +56.7% | +57.9% | +34.2% | +39.0% | +18.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1984.
LRCX key statistics
- Market cap
- $288.0B
- #39 in S&P 500
- P/E (TTM)
- 34.3x
- Forward P/E
- 18.9x
- EPS (TTM)
- $6.71
- Revenue (TTM)
- $26.1B
- +54%
- Free cash flow
- $4.9B
- Gross margin
- 51.1%
- Operating margin
- 40.0%
- Return on equity
- 70.1%
- Dividend yield
- 0.57%
- 52-week range
- $135.50 – $438.50
- Beta
- 1.85
- Price / sales
- 11.0x
- EV / EBITDA
- 28.0x
- Debt / equity
- 0.27x
- Employees
- 24,300
LRCX report card
B+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth54.4%A
- Gross margin51.1%B
- Operating margin40.0%A
- FCF margin18.7%B
- Return on equity70.1%A
- Net debt / EBITDA-0.4xA
- Forward P/E18.9xB
- PEG ratio1.4xB
- Shareholder yield1.9%C
- Share count change / yr-2.8%A
Lam Research financials
Revenue went from $8.0B in fiscal 2017 to $23.2B in fiscal 2026, growing 12.6% a year.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.0B | $11.1B | $9.7B | $10.0B | $14.6B | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Gross profit | $3.6B | $5.2B | $4.4B | $4.6B | $6.8B | $7.9B | $7.8B | $7.1B | $9.0B | $11.7B |
| Operating income | $1.9B | $3.2B | $2.5B | $2.7B | $4.5B | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B |
| Net income | $1.7B | $2.4B | $2.2B | $2.3B | $3.9B | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| EPS (diluted) | $0.92 | $1.32 | $1.37 | $1.51 | $2.69 | $3.27 | $3.32 | $2.90 | $4.15 | $5.76 |
| Free cash flow | $1.9B | $2.4B | $2.9B | $1.9B | $3.2B | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| Buybacks | $811.7M | $2.7B | $3.8B | $1.4B | $2.7B | $3.9B | $2.0B | $2.8B | $3.4B | $3.9B |
| Dividends paid | $243.5M | $307.6M | $678.3M | $656.8M | $727.0M | $815.3M | $907.9M | $1.0B | $1.1B | $1.3B |
| Diluted shares | 1.8B | 1.8B | 1.6B | 1.5B | 1.5B | 1.4B | 1.4B | 1.3B | 1.3B | 1.3B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into LRCX?
A reverse DCF asks what growth the current price requires. With an enterprise value of $284.3B and $4.9B of trailing free cash flow, Lam Research needs to grow free cash flow about 38.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 8.6% a year over the last five years.
P/E ratio history
Current 39.9x vs. median 21.6x (10th–90th percentile 13.0x–52.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
LRCX dividend
- Dividend yield
- 0.57%
- Annual dividend
- $1.32
- Years of increases
- 11
- 5-yr dividend growth
- 14.9%
- per year
- Payout ratio
- 17%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
LRCX earnings
Next report: January 27, 2027. Lam Research has beaten EPS estimates 8 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 21, 2026 | $2.18 | $2.20 | +0.9% |
| Jul 29, 2026 | $1.68 | $1.82 | +8.1% |
| Apr 22, 2026 | $1.36 | $1.47 | +7.9% |
| Jan 28, 2026 | $1.17 | $1.27 | +8.7% |
| Oct 22, 2025 | $1.22 | $1.26 | +3.3% |
| Jul 30, 2025 | $1.21 | $1.33 | +10.4% |
| Apr 23, 2025 | $1.00 | $1.04 | +4.1% |
| Jan 29, 2025 | $0.88 | $0.91 | +3.5% |
Stocks like LRCX
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 AMAT Applied Materials | +0.44% | +66% | $299.4B | 32.5x | Compare |
 KLAC KLA | -1.50% | +26% | $190.0B | 39.8x | Compare |
 TER Teradyne | +0.03% | +113% | $48.3B | 42.4x | Compare |
 Q Qnity Electronics | +0.97% | — | $23.0B | 39.2x | Compare |
 NVDA NVIDIA | -0.59% | +16% | $5.1T | 26.7x | Compare |
 AAPL Apple | -0.14% | +34% | $5.1T | 39.9x | Compare |
 MSFT Microsoft | +0.66% | +2% | $3.9T | 29.2x | Compare |
 AVGO Broadcom | -0.48% | -6% | $1.5T | 42.9x | Compare |
LRCX news
- Arm Stock Is Down 8% Last Week. What Does Lam Research Have to Do With It? · Oct 25, 2026
- Lam Research (LRCX) Stock Faces Q1 Earnings Quality Questions After Records · Oct 24, 2026
- The AI Trade Is Shifting From Chip Stocks to Cybersecurity · Oct 24, 2026
- AMD Stock Fell 8% in a Day as Lam Research’s Supply Warning Sank Chip Stocks. Here’s Where the Stock Could Go by 2030 · Oct 23, 2026
- The Trouble for Lam Research, Applied Materials, and KLA Stock Could Be Just Getting Started · Oct 23, 2026
LRCX stock FAQ
What is LRCX's market cap?
Lam Research's market capitalization is $287.95 billion as of October 23, 2026, ranking 39th in the S&P 500.
What is LRCX's P/E ratio?
LRCX trades at a trailing price-to-earnings ratio of 34.3x and a forward P/E of 18.9x. Its median P/E over the period we track is 21.6x.
Does LRCX pay a dividend?
Yes. Lam Research pays $1.32 per share a year, a 0.57% yield. It has raised its dividend 11 years in a row. Dividends grew 14.9% a year over the last five years.
How much has LRCX stock returned?
Including reinvested dividends, LRCX returned +56.7% over one year, +34.2% a year over five years, +39.0% a year over ten years through October 23, 2026.
Is LRCX stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Lam Research must grow free cash flow about 39% a year for the next decade. Its free cash flow grew 9% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does LRCX report earnings?
Lam Research is expected to report earnings on January 27, 2027. It has beaten EPS estimates 8 quarters in a row.
How many employees does Lam Research have?
Lam Research has about 24,300 full-time employees, or $1.1 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology