Operating margin at a 6-year high.35% in FY Jun 2026, the best of the last 6 years.
Lam Research kept 35% of revenue as operating profit in FY Jun 2026, its highest in the 6 years of filings we have.
Profits growing faster than sales. Since FY Jun 2023: revenue +33%, operating profit +58%.
Since FY Jun 2023, Lam Research's revenue grew 33% while operating profit grew 58%: each extra dollar of sales is adding more profit.
Share count shrinking. Shares outstanding down 6.1% from June 2023 to August 2026.
Lam Research had 6.1% fewer shares at August 2026 than at June 2023, mainly through buybacks, so each remaining share owns a larger slice of the business.
Wide margins.Operating margin 35% (12 months to Jun 2026) vs a peer median of 6.3%.Operating margin 35% vs peers 6.3%.
Lam Research keeps 35% of revenue as operating profit, more than 95% of peers (median 6.3%).
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 41 → 40
Share price -4.2%+1
Peer companies moved-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Lam Research
Is Lam Research getting weaker?
Its latest SEC filing (Sep 24, 2026) showed no major changes. Its overall score is unchanged at 63/100 since Oct 28, 2026.
How is Lam Research valued vs its peers?
Priced about in line with its peers. Valuation scores 40/100 against 1,711 technology peers.
Is Lam Research growing?
Yes, faster than most of its peers. Growth scores 76/100 against 1,711 technology peers.Revenue growth 26.0% vs a peer median of 8.5% (stronger than 83% of peers).Revenue growth 26.0% vs peers 8.5% (stronger than 83% of peers).
How profitable is Lam Research?
More profitable than most of its peers. Profitability scores 99/100 against 1,711 technology peers.Operating margin 35.3% vs a peer median of 6.3% (stronger than 95% of peers).Operating margin 35.3% vs peers 6.3% (stronger than 95% of peers).
How risky is Lam Research?
Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Current ratio 2.63× vs a peer median of 1.83× (stronger than 70% of peers).Current ratio 2.63× vs peers 1.83× (stronger than 70% of peers).Beta 1.85 vs a peer median of 0.87 (weaker than 91% of peers).Beta 1.85 vs peers 0.87 (weaker than 91% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 28, 2026 · filed Sep 24, 2026 · compared with the quarter ended Mar 29, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
21.7B USD
23.2B USD
+7.2%
Net income (12 months)
6.7B USD
7.3B USD
+8.3%
Operating margin
34.3%
35.3%
+1.0 pts
Free cash flow (12 months)
6.0B USD
4.9B USD
−18.5%
Debt
3.7B USD
3.7B USD
−0.3%
Cash
4.8B USD
5.6B USD
+17.4%
Shares outstanding
1.25B
1.25B
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Valuations in Semiconductor Equipment & Materials are near the top of their range since Feb 2021.
84% of months since Feb 2021 were valued lower than now.
81% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +95% vs the whole market, against a usual +84%.
Feb 2021Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Feb 2021; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Jun 2022
FY Jun 2023
FY Jun 2024
FY Jun 2025
FY Jun 2026
Change
Gross margin
45.7%
44.6%
47.3%
48.7%
50.5%
▲ 1.8 pts
Operating margin
31.2%
29.7%
28.6%
32.0%
35.3%
▲ 3.3 pts
Net margin
26.7%
25.9%
25.7%
29.1%
31.3%
▲ 2.2 pts
Return on assets (ROA)
26.8%
24.0%
20.4%
25.1%
30.9%
▲ 5.8 pts
Return on equity (ROE)
73.4%
54.9%
44.8%
54.3%
58.3%
▲ 3.9 pts
Free cash flow margin
14.8%
26.8%
28.6%
29.4%
21.1%
▼ 8.3 pts
Current ratio
2.69×
3.16×
2.97×
2.21×
2.63×
▲ 19%
Quick ratio
1.82×
2.01×
2.00×
1.55×
1.91×
▲ 23%
Debt to equity
0.79×
0.60×
0.58×
0.45×
0.30×
▼ 34%
Interest coverage
29.13×
27.75×
23.02×
33.11×
52.27×
▲ 58%
LRCX price history
Price history is added with the daily price update and will appear after the next one.