Lam Research LRCX

Nasdaq · Special Industry Machinery, Nec · $277.1B

$185.20−16.36%Nov 5 close · Databento

Every report since 2023 →

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LRCX Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $185.201D −16.36%3M −39.56%SMA20 $255.26SMA50 $286.73RSI(14) 22.6

185.20

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 22.6

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

After a story on LRCX, the first close moved a median −0.02%. Up 1 of 3; over the next three trading days, a median −7.58%.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$277.1B

Enterprise value$275.2B

Revenue$23.2B +26.0%

Gross margin50.5%

ROIC68.0%

EPS, diluted$5.76 +38.8%

Modern Valuation (EOD)

Market Cap$277.1B

Enterprise Value$275.2B

EV / True FCF—

EV / FCF—

EV / Gross Profit23.47

EV / EBIT33.56

EV / Sales11.85

P / E (GAAP)38.14

P / FCF—

P / Oper. CF47.30

P / Book22.22

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield2.6%

Shareholder Yield+1.7%

Buyback Yield1.4%

Dividend Yield0.56%

Dividend / sh$1.04

Payout Ratio18%

FCF / sh—

EPS (diluted)$5.76

Compounder & Returns

Rule of 40—

ROIC68.0%

Cash ROIC (CROIC)—

GP / Assets49.8%

ROE58.3%

ROA30.9%

Gross Margin50.5%

Oper. Margin35.3%

Net Margin31.3%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio+6.0%

SBC % of FCF—

SBC % of Rev1.7%

Reinvest. Rate41%

Sales Growth Y/Y+26.0%

Sales 3Y CAGR+10.1%

EPS Growth Y/Y+38.8%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−2.3%

Balance Sheet & Scale

Revenue (FY)$23.2B

Gross Profit (FY)$11.7B

Oper. Income (FY)$8.2B

GAAP Net Income$7.3B

True FCF (ex-SBC)—

Cash & Equiv$5.6B

Total Debt$3.7B

Net Cash (Debt)$1.9B

Net Cash % MCap+0.7%

Debt / FCF (yrs)—

Current Ratio2.631.25B sh

Price & Technicals (EOD)

Perf Week−27.20%

Perf Month−43.80%

Perf Quarter−40.52%

Perf Half Y−35.36%

Perf YTD−29.62%

SMA 20 Dist−27.45%$255.26

SMA 50 Dist−35.41%$286.73

SMA 100 Dist−40.30%$310.20

Window High−57.26%$433.33

Window Low0.00%$185.20

RSI (14) · Vol22.685%v

Income Distribution & Cash Flow ConversionHow every dollar of LRCX revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$11.5B ($49.5 / $100)

R&D Reinvestment$2.4B ($10.2 / $100)

SG&A & Other OpEx$1.1B ($4.9 / $100)

Tax & Non-Operating$934.4M ($4.0 / $100)

Net Profit Kept$7.3B ($31.3 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$7.3B (31.3% margin)

Operating Cash Flow (OCF)$5.9B(25.2% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$386.4M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$17.2B	$17.4B	$14.9B	$18.4B	$23.2B	+26.0%	+7.8%
Cost of Revenue (COGS)	$9.4B	$9.7B	$7.9B	$9.5B	$11.5B	+21.7%	+5.3%
Gross Profit	$7.9B	$7.8B	$7.1B	$9.0B	$11.7B	+30.6%	+10.5%
Research & Development (R&D)	$1.6B	$1.7B	$1.9B	$2.1B	$2.4B	+13.3%	+10.3%
Selling, General & Admin (SG&A)	$885.7M	$832.8M	$868.2M	$981.7M	$1.1B	+17.1%	+6.7%
Total Operating Expenses	$2.5B	$2.6B	$2.8B	$3.1B	$3.5B	+14.5%	+9.1%
Operating Income (EBIT)	$5.4B	$5.2B	$4.3B	$5.9B	$8.2B	+39.0%	+11.1%
Interest Expense	$184.8M	$186.5M	$185.2M	$178.2M	$156.9M	−12.0%	−4.0%
Income Tax Expense	$587.8M	$598.3M	$532.5M	$599.9M	$997.1M	+66.2%	+14.1%
GAAP Net Income	$4.6B	$4.5B	$3.8B	$5.4B	$7.3B	+35.6%	+12.1%
Diluted EPS	$32.75	$3.32	$2.90	$4.15	$5.76	+38.8%	−35.2%
Diluted Shares	140.6M	1.36B	1.32B	1.29B	1.26B	−2.3%	+73.0%
Balance Sheet
Cash & Equivalents	$3.8B	$5.6B	$5.9B	$6.4B	$5.6B	−12.6%	+10.4%
Inventory	$4.0B	$4.8B	$4.2B	$4.3B	$4.3B	−0.7%	+1.9%
Total Current Assets	$12.3B	$13.2B	$12.9B	$14.5B	$15.6B	+7.5%	+6.2%
Total Assets	$17.2B	$18.8B	$18.7B	$21.3B	$23.5B	+10.2%	+8.2%
Total Current Liabilities	$4.6B	$4.2B	$4.3B	$6.6B	$5.9B	−9.6%	+6.8%
Total Debt (Short + Long Term)	$5.0B	$5.0B	$5.5B	$5.2B	$3.7B	−28.7%	−6.9%
Total Liabilities	$10.9B	$10.6B	$10.2B	$11.5B	$11.1B	−3.7%	+0.3%
Stockholders' Equity	$6.3B	$8.2B	$8.5B	$9.9B	$12.5B	+26.5%	+18.7%
Net Cash / (Net Debt)	$-1.2B	$621.6M	$382.1M	$1.2B	$1.9B	+57.8%	—
Invested Capital	$7.5B	$7.6B	$8.2B	$8.7B	$10.6B	+22.2%	+9.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$3.1B	$5.2B	$4.7B	$6.2B	$5.9B	−5.1%	+17.2%
Depreciation & Amortization (D&A)	$333.7M	$342.4M	$359.7M	$386.3M	$441.5M	+14.3%	+7.2%
Stock-Based Compensation (SBC)	$259.1M	$286.6M	$293.1M	$343.4M	$386.4M	+12.5%	+10.5%
Share Repurchases (Buybacks)	$3.9B	$2.0B	$2.8B	$3.4B	$3.9B	+12.5%	−0.1%
Dividends Paid	$815.3M	$907.9M	$1.0B	$1.1B	$1.3B	+10.5%	+11.7%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what LRCX did at the next close after each story

Oct 22

Chip stocks slide as Tesla spending cut meets weaker Lam forecast

MarketWatch · 5:19 PM ET

−0.02%

Sep 11

Lam Research Lifts 2026 WFE Outlook as AI Demand Strains Fab Capacity

Yahoo Finance · 2:02 PM ET

+0.07%

Aug 14

Lam Research commits $3 billion to expand AI chip R&D as revenue rises 26% YoY

Benzinga · 5:55 AM ET

−1.38%

Jun 25

Micron reports $37.4B FY2025 revenue, +48.9% YoY, with $7.59 EPS on AI memory demand

Yahoo Finance · 8:48 AM ET

—

Jun 19

U.S. pushes for tighter limits on ASML's China chip tool access and servicing

Investing.com · 8:51 AM ET

—

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 7.60% from the one before, three times LRCX’s median day (2.53%). On 12 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±7.60%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayLRCXWhat we hold that dayGroup (median of 4) · each

1 Jan 2, 2026+8.11%
Before our storiesgroup +7.0%, moved with LRCX
1Jan 2, 2026+8.11%
Before our stories
+7.0% moved with LRCXACMR +13.8 · ACLS +7.2 · VECO +6.9 · CRCT −2.4
2 Jan 9, 2026+8.66%
Before our storiesgroup +3.9%, did not move with it
2Jan 9, 2026+8.66%
Before our stories
+3.9% did not move with itACMR +8.2 · VECO +4.3 · ACLS +3.6 · CRCT −0.4
3 Feb 4, 2026−8.83%
Before our storiesgroup −1.9%, did not move with it
3Feb 4, 2026−8.83%
Before our stories
−1.9% did not move with itACMR −7.7 · ACLS −1.9 · VECO −1.9 · CRCT +2.7
4 Feb 6, 2026+8.30%
Before our storiesgroup +5.8%, moved with LRCX
4Feb 6, 2026+8.30%
Before our stories
+5.8% moved with LRCXACMR +14.9 · VECO +6.0 · ACLS +5.6 · CRCT +3.4
5 Mar 26, 2026−9.35%
Before our storiesgroup −2.5%, did not move with it
5Mar 26, 2026−9.35%
Before our stories
−2.5% did not move with itACMR −9.8 · VECO −2.5 · ACLS −2.5 · CRCT −2.0
6 Apr 8, 2026+9.87%
Before our storiesgroup +8.2%, moved with LRCX
6Apr 8, 2026+9.87%
Before our stories
+8.2% moved with LRCXACMR +10.1 · VECO +8.4 · ACLS +8.0 · CRCT +2.7
7 May 6, 2026+7.75%
Before our storiesgroup +13.8%, moved with LRCX
7May 6, 2026+7.75%
Before our stories
+13.8% moved with LRCXVECO +25.2 · ACLS +22.4 · CRCT +5.2 · ACMR +4.9
8 Jun 5, 2026−9.85%
Before our storiesgroup −8.6%, moved with LRCX
8Jun 5, 2026−9.85%
Before our stories
−8.6% moved with LRCXACMR −15.4 · ACLS −9.1 · VECO −8.2 · CRCT +0.2
9 Jun 11, 2026+12.65%
Nothing on LRCXgroup +9.4%, moved with LRCX
9Jun 11, 2026+12.65%
Nothing on LRCXNo LRCX story, brief or results filing in our record that day
+9.4% moved with LRCXACMR +14.7 · ACLS +10.3 · VECO +8.5 · CRCT +0.9
10 Jun 23, 2026−9.33%
Nothing on LRCXgroup −3.7%, did not move with it
10Jun 23, 2026−9.33%
Nothing on LRCXNo LRCX story, brief or results filing in our record that day
−3.7% did not move with itACLS −7.0 · ACMR −3.9 · VECO −3.4 · CRCT −0.5
11 Jun 29, 2026+8.39%
Nothing on LRCXgroup −0.2%, did not move with it
11Jun 29, 2026+8.39%
Nothing on LRCXNo LRCX story, brief or results filing in our record that day
−0.2% did not move with itACMR +13.8 · ACLS +1.7 · VECO −2.1 · CRCT −4.1
12 Jul 1, 2026−9.71%
Nothing on LRCXgroup −6.4%, moved with LRCX
12Jul 1, 2026−9.71%
Nothing on LRCXNo LRCX story, brief or results filing in our record that day
−6.4% moved with LRCXACMR −7.7 · VECO −7.0 · ACLS −5.9 · CRCT +1.4
13 Jul 2, 2026−10.19%
Nothing on LRCXgroup −17.5%, moved with LRCX
13Jul 2, 2026−10.19%
Nothing on LRCXNo LRCX story, brief or results filing in our record that day
−17.5% moved with LRCXACLS −19.0 · VECO −18.5 · ACMR −16.6 · CRCT +0.2
14 Jul 30, 2026+17.98%
Resultsgroup +12.1%, moved with LRCX
14Jul 30, 2026+17.98%
ResultsFirst close after the Jul 29 results filing
+12.1% moved with LRCXACMR +20.4 · VECO +12.5 · ACLS +11.7 · CRCT −2.9
15 Aug 4, 2026+7.85%
Nothing on LRCXgroup +5.2%, moved with LRCX
15Aug 4, 2026+7.85%
Nothing on LRCXNo LRCX story, brief or results filing in our record that day
+5.2% moved with LRCXACLS +6.5 · VECO +5.5 · ACMR +4.9 · CRCT +3.1
16 Sep 14, 2026−8.29%
Nothing on LRCXgroup −7.2%, moved with LRCX
16Sep 14, 2026−8.29%
Nothing on LRCXNo LRCX story, brief or results filing in our record that day
−7.2% moved with LRCXVECO −8.8 · ACLS −7.2 · ACMR −7.1 · CRCT +0.5
17 Oct 22, 2026−11.76%
Resultsgroup −10.2%, moved with LRCX
17Oct 22, 2026−11.76%
ResultsFirst close after the Oct 21 results filing
−10.2% moved with LRCXVECO −11.8 · ACMR −10.2 · ACLS −10.2 · CRCT +1.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of ACMR, ACLS, VECO and CRCT that day, the largest companies in LRCX’s SEC industry; “moved with LRCX” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). LRCX reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 28, 2026

day 1+3.59%day 6−10.97%

Reported Apr 22, 2026

day 1−2.63%day 6−2.90%

Reported Jul 29, 2026

day 1+17.98%day 6+21.17%

Reported Oct 21, 2026

day 1−11.76%day 6−2.46%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 21 report: −15.10%. Four reports is a small sample.

Every report since 2023 →

Each line is LRCX’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

LRCX against four same-industry peers, a year at 100

LRCX is up 39.0% in a year. Cricut is up 86.2% and ACM Research 42.9%. Of these four, Veeco Instruments (+18.4%) and Axcelis Technologies (+7.5%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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LRCX +39.0%. Cricut +86.2%, ACM Research +42.9%, Veeco Instruments +18.4%, Axcelis Technologies +7.5%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in LRCX’s SEC industry (Special Industry Machinery, Nec) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

ACMR	ACM Research	$3.0B	−11.52%
ACLS	Axcelis Technologies	$2.8B	−2.32%
VECO	Veeco Instruments	$2.2B	−7.64%
CRCT	Cricut	$1.9B	+4.17%
AZTA	Azenta	$1.7B	−4.50%
ERII	Energy Recovery	$366M	−6.42%
ASYS	Amtech Systems	$216M	−10.24%
VELO	Velo3D	$181M	−14.26%