Lam Research
Makes deposition, etch, clean, and dry-resist tools for semiconductor fabs.
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Profile
Sells deposition, etch, clean, and dry-resist equipment to memory, foundry, and logic chipmakers, then earns support revenue from service, spares, upgrades, software, and mature-node Reliant systems. A broad installed base supports recurring demand, while sales remain concentrated among large customers and heavily weighted to Asia.
Builds wafer-fabrication equipment for deposition, etch, clean, and dry-resist patterning, serving memory, foundry, and integrated-device manufacturers. Systems create and remove microscopic material layers; customer-support operations add service, spares, upgrades, Equipment Intelligence software, and Reliant equipment for less advanced processes. The portfolio also reaches wafer-level and panel-level advanced packaging.
Combining hardware, process chemistry, materials, software, and process control helps translate new chip architectures into repeatable fab processes, while a broad installed base supports learning and aftermarket demand. Most sales occur in Asia, led by China, Taiwan, and Korea. Revenue depends on a limited group of large chipmakers and their wafer-fabrication spending; U.S. export controls restrict some equipment and spare-parts sales to Chinese customers.
Company facts
Key statistics
Year to date +63.2% · Average volume (30d) 9.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 25, 2026 | Mizuho Securities | Target | $380 | $365 | |
| Jul 30, 2026 | Deutsche Bank | Reiterate | Buy | $300 | $320 |
| Jul 30, 2026 | Wells Fargo | Reiterate | Overweight | $450 | $350 |
| Jul 29, 2026 | Jefferies | Reiterate | Buy | $200 | $335 |
| Jul 27, 2026 | HSBC | Reiterate | Hold | $127 | $333 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q4 FY26 | $1.69 | $1.82 | +7.7% | $6.66B | $6.72B | +0.9% | +17.98% |
| Apr 22, 2026Q3 FY26 | $1.36 | $1.47 | +8.1% | $5.75B | $5.84B | +1.6% | −2.63% |
| Jan 28, 2026Q2 FY26 | $1.17 | $1.27 | +8.5% | $5.23B | $5.34B | +2.1% | +3.59% |
| Oct 22, 2025Q1 FY26 | $1.22 | $1.26 | +3.3% | $5.22B | $5.32B | +1.9% | +4.45% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.72B | $5.17B | $5.32B | $5.34B | $5.84B | $6.72B | |
| Gross profit | $2.31B | $2.59B | $2.68B | $2.65B | $2.91B | $3.48B | |
| Operating income | $1.56B | $1.74B | $1.83B | $1.81B | $2.05B | $2.51B | |
| Net income | $1.33B | $1.72B | $1.57B | $1.59B | $1.83B | $2.28B | |
| Diluted EPS | $1.03 | $1.35 | $1.24 | $1.26 | $1.45 | $1.81 | |
| Gross margin | 49.0% | 50.1% | 50.4% | 49.6% | 49.8% | 51.7% | |
| Operating margin | 33.1% | 33.7% | 34.4% | 33.9% | 35.0% | 37.4% |
Fiscal years (4-quarter sums)FY22 $17.23B · FY23 $17.43B · FY24 $14.91B · FY25 $18.44B · FY26 $23.23B
Revenue by product · Q4 FY26
Revenue by geography · Q4 FY26
Balance sheet, Jun 28, 2026Cash & short-term investments $5.58B · Total debt $4.12B · Total assets $23.53B · Shareholders' equity $12.47B
Dividends
Raised for 10 straight years — most recently to $0.26 from $0.23 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 17, 2026 | Jun 17 | Jul 8 | $0.26 | |
| Mar 4, 2026 | Mar 4 | Apr 8 | $0.26 | |
| Dec 3, 2025 | Dec 3 | Jan 7 | $0.26 | |
| Sep 24, 2025 | Sep 24 | Oct 15 | $0.26 | raised from $0.23 |
| Jun 18, 2025 | Jun 18 | Jul 9 | $0.23 | |
| Mar 5, 2025 | Mar 5 | Apr 9 | $0.23 | |
| Dec 11, 2024 | Dec 11 | Jan 8 | $0.23 | |
| Sep 17, 2024 | Sep 17 | Oct 1 | $2.30 | raised from $2.00 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 1.25B · Float 1.25B · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 132.73M | 10.61% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 81.68M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 60.70M | 4.85% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 52.32M | 4.18% | 13F | Aug 14, 2026 |
| JPMorgan Chase & Co | 45.32M | 3.62% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Timothy Archer | officer: President and CEO | −30,000 | $300.00 |
| Jul 13, 2026 | Abhijit Y. Talwalkar | director | −18,282 | $335.00 |
| Jul 2, 2026 | Timothy Archer | officer: President and CEO | −30,000 | $390.01 |
| Jun 11, 2026 | Eric Brandt | director | −54,500 | $350.80 |
| Jun 12, 2026 | Eric Brandt | director | −54,500 | $367.18 |
Peers
- Applied Materials
Broadest direct rival in etch, deposition (CVD/PVD/ALD), and advanced packaging.
- KLA
Process-control leader; adjacent WFE peer; Lam’s failed $10.6B merger target.
- ASML (ADR)
Lithography monopoly; EUV roadmap shapes Lam’s etch/deposition requirements.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lam Research | $303.48 | +0.51% | $377.55B | 52.4 | 31.9 | 16.3 | +30.0% |
| Applied Materials | $462.35 | +0.16% | $366.55B | 39.8 | 26.2 | 11.9 | +24.8% |
| KLA | $176.16 | +0.38% | $229.30B | 47.9 | 31.8 | 16.9 | +15.2% |
| ASML (ADR) | $1,704.99 | +0.49% | $653.73B | 53.1 | 29.8 | 16.3 | +18.4% |
| Median | 47.9 | 29.8 | 16.3 | +18.4% |