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; factRev growthfact
+24% YoYin Q3 FY26 (Mar-2026 qtr; fact); +23.7% FY2025Gross marginfact
49.9% non-GAAPin Q3 FY26 ; ~48.7% FY2025 GAAP (factOp marginfact
35%in Q3 FY26 ; ~32% FY2025 (factCapex intensity
Low — asset-light equipment makercapex is a low-single-digit % of revenue (estimate, ~2-4%Market cap
~$465-515Brange across sources, June 2026; factPrice · 1-year trend
real · weekly$350+246% 1yUSD
52-week range
$94 – $433
52w lowas of 2026-07-10 · 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
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-08-11. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$14.6B
FY’22
$17.2B+18%
FY’23
$17.4B+1%
FY’24
$14.9B-14%
FY’25
$18.4B+24%
Margins & balance sheet — FY’25
Gross margin48.7%
Operating margin32.0%
Net margin29.1%
Net cash$282M
The read
Where our coverage leans
Coverage leans bullish
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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
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