Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. The company offers ALTUS systems to deposit conformal or selective films for tungsten or molybdenum metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SPEED gapfill high-density plasma chemical vapor deposition (CVD) products; Striker single-wafer atomic layer deposition products for dielectric film solutions; and VECTOR plasma-enhanced CVD products. It also provides Flex for dielectric etch applications; Vantex, a dielectric etch system that provides RF technology and repeatable wafer-to-wafer performance enabled by Equipment Intelligence solutions; Kiyo for conductor etch applications; Syndion for through-silicon via etch applications; and Versys metal products for metal etch processes. In addition, the company offers Coronus bevel clean products to enhance die yield; and Da Vinci, DV-Prime, EOS, and SP series products to address various wafer cleaning applications. Further, it provides Reliant deposition, etch, and clean products; and Sense.i platform products, as well as customer service, spares, and upgrades. Lam Research Corporation was incorporated in 1980 and is headquartered in Fremont, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $18.4B | $6.5B | $5.4B | $5.4B | 54.3% | 23.7% | 40.0% |
| 2024 | $14.9B | $4.9B | $3.8B | $4.3B | 44.8% | -14.5% | -15.1% |
| 2023 | $17.4B | $5.6B | $4.5B | $4.7B | 54.9% | 1.2% | -2.0% |
| 2022 | $17.2B | $5.7B | $4.6B | $2.6B | 73.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 17,227.04 | 17,428.52 | 14,905.39 | 18,435.59 |
| Cost Of Revenue | 9,355.23 | 9,651.59 | 7,852.60 | 9,456.53 |
| Gross Profit | 7,871.81 | 7,776.92 | 7,052.79 | 8,979.06 |
| Operating Expense | 2,489.98 | 2,559.92 | 2,770.69 | 3,078.09 |
| Operating Income | 5,381.82 | 5,217.01 | 4,282.10 | 5,900.97 |
| EBITDA | 5,711.61 | 5,638.10 | 4,905.16 | 6,522.61 |
| EBIT | 5,377.87 | 5,295.67 | 4,545.46 | 6,136.33 |
| Pretax Income | 5,193.11 | 5,109.21 | 4,360.22 | 5,958.13 |
| Tax Provision | 587.83 | 598.28 | 532.45 | 599.91 |
| Net Income | 4,605.29 | 4,510.93 | 3,827.77 | 5,358.22 |
| Net Income Common Stockholders | 4,605.29 | 4,510.93 | 3,827.77 | 5,358.22 |
| Total Expenses | 11,845.22 | 12,211.51 | 10,623.29 | 12,534.62 |
| Interest Expense | 184.76 | 186.46 | 185.24 | 178.20 |
| Interest Income | 15.21 | 138.98 | 251.94 | 231.33 |
| Research And Development | 1,604.25 | 1,727.16 | 1,902.44 | 2,096.39 |
| Selling General And Administration | 885.74 | 832.75 | 868.25 | 981.70 |
| Normalized EBITDA | 5,712.34 | 5,687.33 | 4,928.18 | 6,549.02 |
| Normalized Income | 4,605.93 | 4,554.40 | 3,847.99 | 5,381.96 |
| Market Cap | 334,878 | 334,878 | 334,878 | 334,878 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lam Research Corporationthis co. | LRCX | $343.8B | 62.50β premium | 33.96 | 54.3% | 51.05 |
| Oracle Corporation | ORCL | $483.5B | 40.05 | 24.37 | 60.8% | 24.74 |
| Cisco Systems, Inc. | CSCO | $344.5B | 34.54 | 7.51 | 21.7% | 23.95 |
| Palantir Technologies Inc. | PLTR | $336.9B | 210.60 | 46.33 | 22.0% | 236.80 |
| Applied Materials, Inc. | AMAT |
| $335.0B |
| 47.29 |
| 16.21 |
| 34.3% |
| 33.16 |
| Arm Holdings plc | ARM | $300.0B | 314.86 | 36.46 | 11.6% | 244.22 |
| Texas Instruments Incorporated | TXN | $251.9B | 50.43 | 15.50 | 30.7% | 31.87 |
| Arista Networks, Inc. | ANET | $222.6B | 63.44 | 18.01 | 28.4% | - |
| International Business Machines Corporation | IBM | $216.1B | 20.58 | 6.68 | 32.4% | 15.57 |
| Peer Median | - | 48.86 | 17.11 | 29.6% | 31.87 | |