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% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 17,227.04 | 17,428.52 | 14,905.39 | 18,435.59 |
| Operating 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 |
| 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 |
| Total Expenses | - | 11,845.22 | 12,211.51 | 10,623.29 | 12,534.62 |
| Operating Income | - | 5,381.82 | 5,217.01 | 4,282.10 | 5,900.97 |
| Total Operating Income As Reported | - | 5,381.82 | 5,174.86 | 4,263.91 | 5,900.97 |
| EBITDA | - | 5,711.61 | 5,638.10 | 4,905.16 | 6,522.61 |
| Normalized EBITDA | - | 5,712.34 | 5,687.33 | 4,928.18 | 6,549.02 |
| EBIT | - | 5,377.87 | 5,295.67 | 4,545.46 | 6,136.33 |
| Interest Income | - | 15.21 | 138.98 | 251.94 | 231.33 |
| Interest Expense | - | 184.76 | 186.46 | 185.24 | 178.20 |
| Net Interest Income | - | -169.55 | -47.48 | 66.70 | 53.13 |
| Other Non Operating Income Expenses | - | -18.43 | -11.09 | 34.44 | 30.44 |
| Other Income Expense | - | -19.16 | -60.32 | 11.42 | 4.03 |
| Interest Income Non Operating | - | 15.21 | 138.98 | 251.94 | 231.33 |
| Interest Expense Non Operating | - | 184.76 | 186.46 | 185.24 | 178.20 |
| Net Non Operating Interest Income Expense | - | -169.55 | -47.48 | 66.70 | 53.13 |
| Pretax Income | - | 5,193.11 | 5,109.21 | 4,360.22 | 5,958.13 |
| Tax Provision | - | 587.83 | 598.28 | 532.45 | 599.91 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.08 | -5.76 | -2.81 | -2.67 |
| Net Income Continuous Operations | - | 4,605.29 | 4,510.93 | 3,827.77 | 5,358.22 |
| Net Income From Continuing And Discontinued Operation | - | 4,605.29 | 4,510.93 | 3,827.77 | 5,358.22 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,605.29 | 4,510.93 | 3,827.77 | 5,358.22 |
| 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 |
| Net Income Including Noncontrolling Interests | - | 4,605.29 | 4,510.93 | 3,827.77 | 5,358.22 |
| Normalized Income | - | 4,605.93 | 4,554.40 | 3,847.99 | 5,381.96 |
| Diluted NI Availto Com Stockholders | - | 4,605.29 | 4,510.93 | 3,827.77 | 5,358.22 |
| Basic Average Shares | - | 1,398.99 | 1,354.72 | 1,314.10 | 1,286.10 |
| Diluted Average Shares | - | 1,406.28 | 1,358.34 | 1,319.95 | 1,290.14 |
| Reconciled Depreciation | - | 333.74 | 342.43 | 359.70 | 386.28 |
| Reconciled Cost Of Revenue | - | 9,355.23 | 9,651.59 | 7,852.60 | 9,456.53 |
| Total Unusual Items | - | -0.72 | -49.23 | -23.02 | -26.41 |
| Total Unusual Items Excluding Goodwill | - | -0.72 | -49.23 | -23.02 | -26.41 |
| Special Income Charges | - | 0 | -42.15 | -18.19 | 0 |
| Restructuring And Mergern Acquisition | - | 0 | 42.15 | 18.19 | 0 |
| Gain On Sale Of Security | - | -0.72 | -7.08 | -4.84 | -26.41 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lam Research Corporationthis co. | LRCX | $420.7B | 78.52β premium | 42.66 | 54.3% | 64.21 |
| Intel Corporation | INTC | $561.8B | - | 4.92 | -0.2% | 39.78 |
| Cisco Systems, Inc. | CSCO | $512.4B | 50.33 | 10.94 | 21.7% | 33.82 |
| Arm Holdings plc | ARM | $420.2B | 464.85 | 50.72 | 10.9% | 361.22 |
| Applied Materials, Inc. | AMAT | $398.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| 56.92 |
| 19.51 |
| 34.3% |
| 39.91 |
| Palantir Technologies Inc. | PLTR | $339.7B | 209.04 | 45.98 | 22.0% | 235.05 |
| International Business Machines Corporation | IBM | $283.6B | 26.78 | 8.69 | 32.4% | 19.36 |
| KLA Corporation | KLAC | $278.4B | 68.54 | 59.33 | 86.6% | 52.88 |
| Texas Instruments Incorporated | TXN | $277.9B | 55.57 | 17.08 | 30.7% | 34.99 |
| Peer Median | - | 56.92 | 18.29 | 26.4% | 39.85 | |