Lam Research (LRCX): analysis in plain words
Is Lam Research cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Lam Research (LRCX) is listed on the Nasdaq and we classify it in semiconductors. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Lam Research according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Lam Research (LRCX) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $221.43 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 33.0x | Price over earnings per share |
| Revenue growth | +54.4% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 32.3% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 0.57% | Annual dividend over price |
| Market cap | $277.1 billion | What the stock market values it at |
The Lam Research figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any LRCX figure that is not available shows as N/A: we do not estimate it.
How Lam Research makes money
Lam Research sells etch and deposition tools that memory and logic chipmakers use on their production lines. Revenue splits between new systems and its Customer Support Business Group, which earns money from spare parts, upgrades and field service on the installed base. China, Taiwan and South Korea are its biggest regions.
Over the last 12 months, Lam Research brought in revenue of $26.1 billion. For every 100 it sells, Lam Research keeps 51.1 after the direct cost of what it sells (gross margin) and 40.0 after all operating costs (operating margin).
Lam Research against its sector
To know whether a Lam Research figure is high or low you have to put it next to similar companies. This table compares Lam Research with the median of the 14 semiconductors companies Fintols covers, with data as of November 4, 2026.
| Figure | Lam Research | semiconductors median |
|---|---|---|
| P/E | 33.0x | 37.9x (14) |
| Revenue growth | +54.4% | +39.6% (15) |
| Net margin | 32.3% | 32.3% (15) |
| Dividend yield | 0.57% | 0.57% (15) |
| Net debt / EBITDA | -0.4x | -0.2x (15) |
In short, against the typical semiconductors company, Lam Research grows faster and carries less debt. By size, Lam Research ranks number 9 of 13 semiconductors companies quoted in USD on Fintols.
The bull case for Lam Research
These are the strengths in the Lam Research figures as of November 4, 2026:
- Lam Research is selling more than a year ago: +54.4% in its latest quarter (the typical semiconductors company grew +39.6%).
- Its net margin over the last 12 months is 32.3% (sector median: 32.3%): Lam Research turns a large share of its sales into profit.
- Analysts expect Lam Research earnings to rise: its P/E on the next 12 months of estimated earnings is 18.1x, below the current 33.0x.
The main risk for Lam Research
Lam Research stock sits 50% below its 52-week high ($438.50): the market has cut its expectations, and it is worth understanding why first.
On top of that: lam Research stock moves much more than the market: its beta is 2.01, so in a broad sell-off it tends to fall further than the index.
And, like the rest of semiconductors, Lam Research is exposed to the chip cycle: years of heavy customer spending are usually followed by years of cuts.
Frequently asked questions about Lam Research
Is it a good time to buy Lam Research stock?
Fintols does not tell you whether to buy or sell Lam Research, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Lam Research stock trades at $221.43, 50% below its 52-week high ($438.50) and 63% above its low ($135.50). Its P/E is 33.0x against a semiconductors median of 37.9x, and 18.1x on the earnings analysts expect over the next 12 months. With Lam Research, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Lam Research pay a dividend?
Yes. As of November 4, 2026, Lam Research pays $1.32 per share a year, which at today's price is a yield of 0.57%. It uses 17% of its profit to pay it, which leaves room to keep paying it if profit dips.
Is Lam Research stock expensive?
It depends on what you compare it with. On P/E, Lam Research trades at 33.0x its last 12 months of earnings: in line with the semiconductors median (37.9x). A high P/E alone does not make Lam Research expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Lam Research's competitors?
On Fintols we compare Lam Research with Micron, KLA and Analog Devices, which are also in semiconductors. As of November 4, 2026, Micron is worth $899.7 billion and trades on a P/E of 10.7; KLA is worth $195.2 billion and trades on a P/E of 37.5; Analog Devices is worth $196.8 billion and trades on a P/E of 48.2. Each has a side-by-side comparison with Lam Research below.
Lam Research competitors
- Micron (MU) analysis · Lam Research vs Micron comparison
- KLA (KLAC) analysis · Lam Research vs KLA comparison
- Analog Devices (ADI) analysis · Lam Research vs Analog Devices comparison
To understand Lam Research better
- Using AI to Analyze Stocks: A Practical, Careful Guide
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Lam Research: semiconductors stocks and S&P 500 companies. Open the full LRCX analysis with its valuation and scenarios. Educational content about Lam Research, not investment advice.