LRCX·Semiconductor Materials & Equipment (Wafer Fabrication Equipment)

Lam Research

ConvictionStrong

Capital-equipment maker selling etch + deposition systems to chip fabs, with a high-margin recurring installed-base services/spares/upgrades annuity (CSBG); revenue is cyclical and gated to customer fab capex

Revenue

$18.44B FY202510-K, ended 29 Jun 2025, +23.7% YoY; fact); run-rating ~$5.84B/qtr in Q3 FY26 (Mar-2026 qtr; fact

Rev growthfact

+24% YoYin Q3 FY26 (Mar-2026 qtr; fact); +23.7% FY2025

Gross marginfact

49.9% non-GAAPin Q3 FY26 ; ~48.7% FY2025 GAAP (fact

Op marginfact

35%in Q3 FY26 ; ~32% FY2025 (fact

Capex intensity

Low — asset-light equipment makercapex is a low-single-digit % of revenue (estimate, ~2-4%

Market cap

~$465-515Brange across sources, June 2026; fact

Price · 1-year trend

real · weekly

$402+313% 1yUSD

52-week range

$96 – $402

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityStrong

Memory super-cycle monitor

Full context

position · longStrong

Memory super-cycle monitor

Full context

book · long

Memory super-cycle monitor

Full context

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Lam Research

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence