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Lam Research (LRCX) Financials

Lam Research logo
$105.28 +3.28 (+3.22%)
Closing price 08/12/2025 04:00 PM Eastern
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$105.85 +0.57 (+0.54%)
As of 07:56 AM Eastern
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Annual Income Statements for Lam Research

Annual Income Statements for Lam Research

This table shows Lam Research's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/28/2015 6/26/2016 6/25/2017 6/24/2018 6/30/2019 6/28/2020 6/27/2021 6/26/2022 6/25/2023 6/30/2024 6/29/2025
Net Income / (Loss) Attributable to Common Shareholders		 656 914 1,698 2,381 2,191 2,252 3,908 4,605 4,511 3,828 5,358
Consolidated Net Income / (Loss)		 656 914 1,698 2,381 2,191 2,252 3,908 4,605 4,511 3,828 5,358
Net Income / (Loss) Continuing Operations		 656 914 1,698 2,381 2,191 2,252 3,908 4,605 4,511 3,828 5,358
Total Pre-Tax Income 		741 960 1,812 3,152 2,447 2,575 4,371 5,193 5,109 4,360 5,958
Total Operating Income		 788 1,074 1,902 3,213 2,465 2,674 4,482 5,382 5,175 4,264 5,901
Total Gross Profit		 2,284 2,619 3,603 5,165 4,358 4,609 6,805 7,872 7,777 7,053 8,979
Total Revenue		 5,259 5,886 8,014 11,077 9,654 10,045 14,626 17,227 17,429 14,905 18,436
Operating Revenue		 5,259 5,886 8,014 11,077 9,654 10,045 14,626 17,227 17,429 14,905 18,436
Total Cost of Revenue		 2,975 3,267 4,410 5,912 5,295 5,436 7,821 9,355 9,652 7,853 9,457
Operating Cost of Revenue		 2,975 3,267 4,410 5,912 5,295 5,436 7,821 9,355 9,652 7,809 9,457
Total Operating Expenses		 1,496 1,545 1,701 1,952 1,894 1,935 2,323 2,490 2,602 2,789 3,078
Selling, General & Admin Expense		 592 631 667 762 702 682 830 886 833 868 982
Research & Development Expense		 825 914 1,034 1,190 1,191 1,252 1,493 1,604 1,727 1,902 2,096
Total Other Income / (Expense), net		 -47 -114 -90 -62 -18 -99 -111 -189 -66 96 57
Other Income / (Expense), net		 -47 -114 -90 -62 -18 -99 -111 -189 -66 96 57
Income Tax Expense		 85 46 114 771 255 323 462 588 598 532 600
Basic Earnings per Share		 $4.11 $5.75 $10.47 $14.73 $14.37 $15.55 $27.22 $32.92 $3.33 $2.91 $4.17
Weighted Average Basic Shares Outstanding		 159.63M 158.92M 162.22M 161.64M 152.48M 144.81M 143.61M 139.90M 1.35B 1.31B 1.29B
Diluted Earnings per Share		 $3.70 $5.22 $9.24 $13.17 $13.70 $15.10 $26.90 $32.75 $3.32 $2.90 $4.15
Weighted Average Diluted Shares Outstanding		 177.07M 175.16M 183.77M 180.78M 159.92M 149.09M 145.32M 140.63M 1.36B 1.32B 1.29B
Weighted Average Basic & Diluted Shares Outstanding		 159.50M 159M 162.20M 161.60M 144.53M 145.63M 141.95M 136.99M 132.51M 129.88M 1.27B

Quarterly Income Statements for Lam Research

This table shows Lam Research's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 12/25/2022 3/26/2023 6/25/2023 9/24/2023 12/24/2023 3/31/2024 6/30/2024 9/29/2024 12/29/2024 3/30/2025 6/29/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,469 814 803 887 954 966 1,020 1,116 1,191 1,331 1,720
Consolidated Net Income / (Loss)		 1,469 814 803 887 954 966 1,020 1,116 1,191 1,331 1,720
Net Income / (Loss) Continuing Operations		 1,469 814 803 887 954 966 1,020 1,116 1,191 1,331 1,720
Total Pre-Tax Income 		1,652 939 864 1,026 1,087 1,093 1,154 1,294 1,348 1,537 1,779
Total Operating Income		 1,680 942 855 1,023 1,057 1,057 1,127 1,264 1,334 1,562 1,741
Total Gross Profit		 2,376 1,606 1,458 1,655 1,757 1,801 1,840 2,003 2,073 2,314 2,590
Total Revenue		 5,278 3,870 3,207 3,482 3,758 3,794 3,872 4,168 4,376 4,720 5,171
Operating Revenue		 5,278 3,870 3,207 3,482 3,758 3,794 3,872 4,168 4,376 4,720 5,171
Total Cost of Revenue		 2,901 2,264 1,749 1,827 2,001 1,993 2,031 2,165 2,303 2,406 2,582
Operating Cost of Revenue		 2,901 2,264 1,749 1,819 1,986 1,993 2,011 2,165 2,303 2,406 2,582
Total Operating Expenses		 696 663 604 632 700 743 714 738 739 752 849
Selling, General & Admin Expense		 234 194 200 207 229 216 216 243 244 226 268
Research & Development Expense		 462 429 402 423 470 512 498 495 495 526 580
Total Other Income / (Expense), net		 -28 -3.33 9.01 2.60 30 36 28 30 14 -25 38
Other Income / (Expense), net		 -28 -3.33 9.01 2.60 30 36 28 30 14 -25 38
Income Tax Expense		 183 125 61 138 133 127 134 178 157 206 59
Basic Earnings per Share		 $10.80 $6.03 $6.05 $0.67 $0.72 $0.74 $7.81 $0.86 $0.93 $1.04 $1.34
Weighted Average Basic Shares Outstanding		 136.02M 134.92M 135.47M 1.33B 1.32B 1.31B 131.41M 1.30B 1.29B 1.28B 1.29B
Diluted Earnings per Share		 $10.77 $6.01 $6.04 $0.67 $0.72 $0.73 $7.78 $0.86 $0.92 $1.03 $1.34
Weighted Average Diluted Shares Outstanding		 136.34M 135.40M 135.83M 1.33B 1.32B 1.32B 132.00M 1.30B 1.29B 1.29B 1.29B
Basic & Diluted Earnings per Share		 - - - - - - - - - - $1.34
Weighted Average Basic & Diluted Shares Outstanding		 134.94M 134.34M 132.51M 131.79M 131.10M 130.74M 129.88M 1.29B 1.28B 1.28B 1.27B
Cash Dividends to Common per Share		 $1.73 $1.73 - - - - - $0.23 $0.23 $0.23 $0.23

Annual Cash Flow Statements for Lam Research

This table details how cash moves in and out of Lam Research's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/28/2015 6/26/2016 6/25/2017 6/24/2018 6/30/2019 6/28/2020 6/27/2021 6/26/2022 6/25/2023 6/30/2024 6/29/2025
Net Change in Cash & Equivalents		 831 3,811 -2,656 2,135 -855 1,256 -498 -897 1,814 263 557
Net Cash From Operating Activities		 666 1,295 2,029 2,656 3,176 2,126 3,588 3,100 5,179 4,652 6,173
Net Cash From Continuing Operating Activities		 666 1,295 2,029 2,656 3,176 2,126 3,588 3,100 5,179 4,652 6,173
Net Income / (Loss) Continuing Operations		 656 914 1,698 2,381 2,191 2,252 3,908 4,605 4,511 3,828 5,358
Consolidated Net Income / (Loss)		 656 914 1,698 2,381 2,191 2,252 3,908 4,605 4,511 3,828 5,358
Depreciation Expense		 278 291 307 326 309 269 307 334 342 360 386
Non-Cash Adjustments To Reconcile Net Income		 148 191 166 248 189 196 203 214 339 303 350
Changes in Operating Assets and Liabilities, net		 -415 -101 -167 -314 487 -590 -830 -2,054 -13 161 79
Net Cash From Investing Activities		 -194 469 -2,053 2,749 -1,637 -244 73 612 -535 -371 -708
Net Cash From Continuing Investing Activities		 -194 469 -2,053 2,749 -1,637 -244 73 612 -535 -371 -708
Purchase of Property, Plant & Equipment		 -198 -175 -157 -273 -303 -203 -349 -546 -502 -397 -759
Acquisitions		 - - 0.00 -116 - - 0.00 0.00 -120 0.00 0.00
Sale and/or Maturity of Investments		 - 643 2,698 5,686 1,604 2,883 3,854 1,734 98 38 0.00
Other Investing Activities, net		 3.98 1.64 -13 -15 -7.36 -26 -42 -7.58 -11 -12 51
Net Cash From Financing Activities		 369 2,048 -2,632 -3,272 -2,390 -624 -4,167 -4,579 -2,831 -3,996 -4,937
Net Cash From Continuing Financing Activities		 369 2,048 -2,632 -3,272 -2,390 -624 -4,167 -4,579 -2,831 -3,996 -4,937
Repayment of Debt		 -0.66 -0.49 -1,688 -1,506 -493 -1,916 -864 -12 -27 -270 -507
Repurchase of Common Equity		 -573 -158 -812 -2,653 -3,781 -1,370 -2,698 -3,866 -2,017 -2,843 -3,422
Payment of Dividends		 -116 -190 -243 -308 -678 -657 -727 -815 -908 -1,019 -1,150
Issuance of Common Equity		 66 59 73 85 85 94 122 114 121 136 143
Effect of Exchange Rate Changes		 -9.02 -0.72 -0.06 2.59 -4.04 -2.75 7.22 -30 0.13 -22 28
Cash Interest Paid		 - - 105 84 77 172 204 176 175 173 172
Cash Income Taxes Paid		 115 40 28 143 300 223 519 808 810 992 973

Quarterly Cash Flow Statements for Lam Research

This table details how cash moves in and out of Lam Research's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 12/25/2022 3/26/2023 6/25/2023 9/24/2023 12/24/2023 3/31/2024 6/30/2024 9/29/2024 12/29/2024 3/30/2025 6/29/2025
Net Change in Cash & Equivalents		 229 820 31 -461 499 48 177 221 -395 -214 945
Net Cash From Operating Activities		 1,140 1,726 1,123 951 1,454 1,385 862 1,568 742 1,309 2,554
Net Cash From Continuing Operating Activities		 1,140 1,726 1,123 951 1,454 1,385 862 1,568 742 1,309 2,554
Net Income / (Loss) Continuing Operations		 1,469 814 803 887 954 966 1,020 1,116 1,191 1,331 1,720
Consolidated Net Income / (Loss)		 1,469 814 803 887 954 966 1,020 1,116 1,191 1,331 1,720
Depreciation Expense		 85 92 90 90 91 90 88 94 96 97 98
Non-Cash Adjustments To Reconcile Net Income		 86 -58 242 67 74 87 75 80 73 89 109
Changes in Operating Assets and Liabilities, net		 -500 878 -12 -94 335 242 -321 278 -619 -208 627
Net Cash From Investing Activities		 -267 -84 -55 -75 -102 -92 -102 -111 -175 -293 -129
Net Cash From Continuing Investing Activities		 -267 -84 -55 -75 -102 -92 -102 -111 -175 -293 -129
Purchase of Property, Plant & Equipment		 -163 -119 -79 -77 -115 -104 -101 -111 -188 -288 -172
Other Investing Activities, net		 -1.66 -4.29 -2.79 -4.97 -2.52 -3.36 -0.87 0.04 13 -4.86 43
Net Cash From Financing Activities		 -662 -820 -1,038 -1,326 -860 -1,236 -574 -1,259 -935 -1,233 -1,510
Net Cash From Continuing Financing Activities		 -662 -820 -1,038 -1,326 -860 -1,236 -574 -1,259 -935 -1,233 -1,510
Repayment of Debt		 -16 -3.61 -4.98 -255 -4.81 -0.76 -8.82 -1.26 -0.27 -504 -2.31
Repurchase of Common Equity		 -456 -582 -869 -843 -645 -981 -374 -997 -698 -435 -1,292
Payment of Dividends		 -236 -234 -232 -230 -264 -263 -261 -261 -298 -296 -295
Issuance of Common Equity		 46 - 68 2.82 55 8.24 70 -0.04 60 1.99 80
Effect of Exchange Rate Changes		 18 -2.30 1.48 -11 6.73 -8.45 -9.62 23 -26 2.38 29

Annual Balance Sheets for Lam Research

This table presents Lam Research's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/28/2015 6/26/2016 6/25/2017 6/24/2018 6/30/2019 6/28/2020 6/27/2021 6/26/2022 6/25/2023 6/30/2024 6/29/2025
Total Assets		 9,365 12,264 12,123 12,479 12,001 14,559 15,892 17,196 18,782 18,745 21,345
Total Current Assets		 6,271 9,213 9,142 9,150 8,560 10,854 11,652 12,285 13,228 12,883 14,517
Cash & Equivalents		 1,502 5,039 2,378 4,512 3,658 4,915 4,418 3,522 5,337 5,848 6,391
Accounts Receivable		 1,094 1,262 1,673 2,177 1,456 2,097 3,026 4,314 2,823 2,519 3,378
Inventories, net		 943 972 1,233 1,876 1,540 1,900 2,689 3,966 4,816 4,218 4,308
Prepaid Expenses		 157 151 195 147 134 146 208 347 252 298 440
Plant, Property, & Equipment, net		 621 640 686 903 0.00 0.00 0.00 1,648 1,857 2,155 2,429
Total Noncurrent Assets		 2,472 2,412 2,295 2,427 3,441 3,706 4,240 3,263 3,697 3,707 4,400
Goodwill		 1,388 1,386 1,386 1,485 1,485 1,484 1,490 1,515 1,622 1,765 1,809
Other Noncurrent Operating Assets		 186 210 242 368 1,484 1,799 2,365 1,394 1,906 1,942 2,591
Total Liabilities & Shareholders' Equity		 9,365 12,264 12,123 12,479 12,001 14,559 15,892 17,196 18,782 18,745 21,345
Total Liabilities		 4,020 6,162 5,135 5,899 7,278 9,376 9,865 10,917 10,571 10,205 11,484
Total Current Liabilities		 2,631 2,418 2,950 3,150 2,372 3,162 3,528 4,565 4,185 4,338 6,568
Short-Term Debt		 1,360 948 908 610 667 840 11 7.38 8.36 505 754
Accounts Payable		 300 348 465 511 377 592 830 1,011 471 614 854
Accrued Expenses		 649 773 969 1,309 947 1,273 1,719 1,974 2,011 1,802 2,394
Other Current Liabilities		 - - - - - - - 1,572 - - 2,566
Total Noncurrent Liabilities		 1,388 3,744 2,185 2,749 4,906 6,213 6,337 6,353 6,387 5,867 4,915
Long-Term Debt		 1,001 3,378 1,785 1,807 3,823 4,971 4,990 4,998 5,003 4,479 3,730
Noncurrent Deferred Revenue		 203 232 120 852 893 910 948 931 882 813 603
Other Noncurrent Operating Liabilities		 184 135 280 91 191 333 399 423 501 575 582
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 5,103 5,895 6,817 6,502 4,674 5,172 6,027 6,278 8,210 8,539 9,862
Total Preferred & Common Equity		 5,103 5,895 6,817 6,502 4,674 5,172 6,027 6,278 8,210 8,539 9,862
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 5,103 5,895 6,817 6,502 4,674 5,172 6,027 6,278 8,210 8,539 9,862
Common Stock		 5,367 5,573 5,846 6,145 6,410 6,696 7,053 7,415 7,809 8,224 8,699
Retained Earnings		 4,097 4,820 6,250 8,261 9,931 11,521 14,685 18,455 22,032 24,811 28,989
Treasury Stock		 -4,303 -4,429 -5,216 -7,846 -11,603 -12,950 -15,647 -19,481 -21,530 -24,366 -27,763
Accumulated Other Comprehensive Income / (Loss)		 -58 -69 -62 -57 -64 -94 -64 -110 -101 -130 -62

Quarterly Balance Sheets for Lam Research

This table presents Lam Research's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/25/2022 12/25/2022 3/26/2023 6/25/2023 9/24/2023 12/24/2023 3/31/2024 6/30/2024 9/29/2024 12/29/2024 3/30/2025
Total Assets		 18,721 19,206 19,243 18,782 18,538 18,784 18,280 18,745 19,532 19,840 19,968
Total Current Assets		 13,613 13,709 13,730 13,228 12,994 13,055 12,488 12,883 13,492 13,613 13,460
Cash & Equivalents		 4,256 4,485 5,306 5,337 5,126 5,623 5,672 5,848 6,067 5,665 5,451
Accounts Receivable		 4,570 4,070 3,262 2,823 2,811 2,707 2,204 2,519 2,937 3,305 3,228
Inventories, net		 4,360 4,820 4,882 4,816 4,748 4,430 4,323 4,218 4,210 4,358 4,463
Prepaid Expenses		 306 231 216 252 278 279 290 298 278 284 318
Plant, Property, & Equipment, net		 1,719 0.00 0.00 1,857 2,111 2,147 2,182 2,155 2,214 2,314 2,372
Total Noncurrent Assets		 3,390 5,498 5,513 3,697 3,434 3,582 3,609 3,707 3,826 3,913 4,136
Goodwill		 1,515 1,620 1,622 1,622 1,626 1,627 1,627 1,765 1,758 1,761 1,795
Other Noncurrent Operating Assets		 1,514 3,441 3,461 1,906 1,650 1,804 1,840 1,942 2,068 2,152 2,341
Total Liabilities & Shareholders' Equity		 18,721 19,206 19,243 18,782 18,538 18,784 18,280 18,745 19,532 19,840 19,968
Total Liabilities		 11,309 10,902 10,836 10,571 10,491 10,561 10,258 10,205 11,061 11,032 10,457
Total Current Liabilities		 5,053 4,547 4,441 4,185 4,247 4,272 4,430 4,338 5,343 5,350 5,490
Short-Term Debt		 7.11 7.23 8.46 8.36 3.86 3.78 505 505 505 504 754
Accounts Payable		 1,146 919 602 471 528 500 532 614 704 822 853
Accrued Expenses		 1,949 2,068 1,990 2,011 2,120 1,976 1,792 1,802 2,196 2,096 2,000
Current Deferred Revenue		 1,951 1,552 1,841 1,695 1,595 - 1,602 1,418 1,937 - 1,882
Total Noncurrent Liabilities		 6,255 6,355 6,395 6,387 6,244 6,289 5,827 5,867 5,718 5,682 4,967
Long-Term Debt		 4,996 4,996 4,997 5,003 4,980 4,980 4,478 4,479 4,479 4,478 3,730
Noncurrent Deferred Revenue		 840 862 885 882 781 798 832 813 665 670 691
Other Noncurrent Operating Liabilities		 419 496 512 501 483 511 517 575 574 534 547
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 7,413 8,305 8,407 8,210 8,047 8,222 8,022 8,539 8,472 8,808 9,511
Total Preferred & Common Equity		 7,413 8,305 8,407 8,210 8,047 8,222 8,022 8,539 8,472 8,808 9,511
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 7,413 8,305 8,407 8,210 8,047 8,222 8,022 8,539 8,472 8,808 9,511
Common Stock		 7,493 7,606 7,680 7,809 7,879 7,997 8,082 8,224 8,304 8,441 8,530
Retained Earnings		 19,645 20,879 21,460 22,032 22,655 23,347 24,052 24,811 25,630 26,525 27,561
Treasury Stock		 -19,591 -20,072 -20,628 -21,530 -22,366 -23,004 -23,985 -24,366 -25,375 -26,024 -26,456
Accumulated Other Comprehensive Income / (Loss)		 -134 -109 -105 -101 -121 -118 -128 -130 -88 -134 -124

Annual Metrics And Ratios for Lam Research

This table displays calculated financial ratios and metrics derived from Lam Research's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/28/2015 6/26/2016 6/25/2017 6/24/2018 6/30/2019 6/28/2020 6/27/2021 6/26/2022 6/25/2023 6/30/2024 6/29/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 14.15% 11.91% 36.15% 38.23% -12.85% 4.05% 45.61% 17.78% 1.17% -14.48% 23.68%
EBITDA Growth		 0.31% 22.81% 71.35% 62.91% -21.09% 3.18% 64.51% 18.15% -1.36% -13.42% 34.42%
EBIT Growth		 2.42% 29.60% 88.69% 73.97% -22.38% 5.25% 69.74% 18.81% -1.62% -14.66% 36.65%
NOPAT Growth		 17.72% 46.66% 74.29% 36.16% -9.04% 5.91% 71.41% 19.08% -4.27% -18.07% 41.77%
Net Income Growth		 3.68% 39.43% 85.74% 40.22% -7.95% 2.75% 73.57% 17.83% -2.05% -15.14% 39.98%
EPS Growth		 2.21% 41.08% 77.01% 42.53% 4.02% 10.22% 78.15% 21.75% 1.40% -12.68% 43.10%
Operating Cash Flow Growth		 -11.54% 94.38% 56.70% 30.87% 19.59% -33.05% 68.74% -13.61% 67.08% -10.17% 32.69%
Free Cash Flow Firm Growth		 0.58% 96.74% 54.53% 15.50% 22.37% -25.76% 62.99% -18.25% 66.02% -2.62% 27.15%
Invested Capital Growth		 3.66% -3.15% 1.01% 12.04% -6.96% 14.27% 25.24% 46.12% 6.91% -2.66% 3.66%
Revenue Q/Q Growth		 4.63% 1.11% 11.07% 7.59% -7.34% 4.48% 10.20% 2.93% -7.57% 4.66% 7.59%
EBITDA Q/Q Growth		 -10.52% 10.23% 19.57% 11.34% -11.96% 5.35% 13.82% 1.09% -8.30% 6.53% 11.12%
EBIT Q/Q Growth		 -13.82% 13.11% 21.57% 12.68% -12.48% 5.70% 14.71% 0.98% -8.84% 7.14% 11.71%
NOPAT Q/Q Growth		 -2.67% 15.46% 15.83% 25.60% -17.56% 7.15% 12.52% 3.58% -10.21% 5.70% 14.93%
Net Income Q/Q Growth		 -13.48% 16.23% 18.70% 26.23% -17.95% 7.38% 12.95% 1.42% -8.26% 6.03% 15.02%
EPS Q/Q Growth		 -12.94% 16.00% 17.86% 27.37% -13.84% 8.71% 13.69% 2.50% -7.52% 6.38% 14.33%
Operating Cash Flow Q/Q Growth		 -40.88% 57.34% 30.34% -1.75% 5.38% -3.07% 21.01% -24.24% 15.08% -5.30% 37.75%
Free Cash Flow Firm Q/Q Growth		 -7.48% 24.23% 11.70% -1.43% 7.44% -4.37% 24.56% -26.52% 8.97% -1.19% 47.58%
Invested Capital Q/Q Growth		 -1.63% -4.05% -2.33% 13.24% -5.32% 1.05% -1.98% 14.71% 1.18% 4.66% -6.90%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 43.43% 44.49% 44.97% 46.63% 45.15% 45.88% 46.53% 45.69% 44.62% 47.32% 48.71%
EBITDA Margin		 19.37% 21.26% 26.75% 31.53% 28.55% 28.31% 31.98% 32.08% 31.28% 31.67% 34.41%
Operating Margin		 14.98% 18.25% 23.74% 29.01% 25.53% 26.62% 30.64% 31.24% 29.69% 28.61% 32.01%
EBIT Margin		 14.09% 16.31% 22.61% 28.45% 25.34% 25.64% 29.88% 30.15% 29.32% 29.25% 32.32%
Profit (Net Income) Margin		 12.47% 15.53% 21.19% 21.49% 22.70% 22.42% 26.72% 26.73% 25.88% 25.68% 29.06%
Tax Burden Percent		 88.49% 95.20% 93.71% 75.53% 89.57% 87.45% 89.42% 88.68% 88.29% 87.79% 89.93%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 11.51% 4.80% 6.29% 24.47% 10.43% 12.55% 10.58% 11.32% 11.71% 12.21% 10.07%
Return on Invested Capital (ROIC)		 20.53% 30.04% 52.95% 67.66% 60.34% 61.88% 88.31% 76.84% 59.88% 48.11% 67.90%
ROIC Less NNEP Spread (ROIC-NNEP)		 22.74% 34.73% 55.62% 69.12% 61.16% 69.24% 97.63% -210.15% 44.85% 33.91% 64.19%
Return on Net Nonoperating Assets (RNNOA)		 -8.11% -14.07% -27.01% -32.57% -21.56% -16.42% -18.58% -1.99% 2.39% -2.41% -9.67%
Return on Equity (ROE)		 12.42% 15.97% 25.94% 35.09% 38.77% 45.46% 69.73% 74.85% 62.27% 45.71% 58.24%
Cash Return on Invested Capital (CROIC)		 16.93% 33.24% 51.95% 56.31% 67.55% 48.56% 65.89% 39.36% 53.20% 50.81% 64.31%
Operating Return on Assets (OROA)		 8.54% 8.88% 14.86% 25.62% 19.99% 19.39% 28.71% 31.39% 28.40% 23.24% 29.72%
Return on Assets (ROA)		 7.55% 8.45% 13.92% 19.35% 17.90% 16.96% 25.67% 27.84% 25.08% 20.40% 26.73%
Return on Common Equity (ROCE)		 11.92% 15.34% 25.19% 34.45% 38.34% 45.18% 69.66% 74.85% 62.27% 45.71% 58.24%
Return on Equity Simple (ROE_SIMPLE)		 12.85% 15.51% 24.90% 36.62% 46.89% 43.53% 64.85% 73.35% 54.94% 44.82% 0.00%
Net Operating Profit after Tax (NOPAT)		 697 1,023 1,783 2,427 2,208 2,338 4,008 4,773 4,569 3,743 5,307
NOPAT Margin		 13.26% 17.38% 22.24% 21.91% 22.87% 23.28% 27.40% 27.70% 26.22% 25.11% 28.79%
Net Nonoperating Expense Percent (NNEP)		 -2.22% -4.68% -2.67% -1.45% -0.82% -7.36% -9.32% 286.99% 15.03% 14.21% 3.71%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 36.99%
Cost of Revenue to Revenue		 56.57% 55.51% 55.03% 53.37% 54.85% 54.12% 53.47% 54.31% 55.38% 52.68% 51.30%
SG&A Expenses to Revenue		 11.25% 10.72% 8.33% 6.88% 7.28% 6.79% 5.67% 5.14% 4.78% 5.83% 5.33%
R&D to Revenue		 15.69% 15.52% 12.90% 10.74% 12.34% 12.47% 10.21% 9.31% 9.91% 12.76% 11.37%
Operating Expenses to Revenue		 28.45% 26.24% 21.23% 17.62% 19.62% 19.26% 15.88% 14.45% 14.93% 18.71% 16.70%
Earnings before Interest and Taxes (EBIT)		 741 960 1,812 3,152 2,447 2,575 4,371 5,193 5,109 4,360 5,958
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,019 1,251 2,144 3,493 2,756 2,844 4,678 5,527 5,452 4,720 6,344
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.25 1.98 3.24 4.03 5.65 8.11 14.41 9.71 9.86 16.30 12.61
Price to Tangible Book Value (P/TBV)		 3.84 2.96 4.39 5.57 8.88 11.92 19.71 13.08 12.62 20.55 15.44
Price to Revenue (P/Rev)		 2.18 1.98 2.75 2.36 2.73 4.18 5.94 3.54 4.65 9.34 6.74
Price to Earnings (P/E)		 17.50 12.76 13.00 10.99 12.04 18.63 22.22 13.24 17.95 36.37 23.20
Dividend Yield		 1.16% 1.64% 1.21% 1.60% 2.50% 1.59% 0.85% 1.36% 1.14% 0.75% 0.95%
Earnings Yield		 5.71% 7.83% 7.69% 9.10% 8.30% 5.37% 4.50% 7.55% 5.57% 2.75% 4.31%
Enterprise Value to Invested Capital (EV/IC)		 2.84 2.72 5.51 6.19 7.16 10.13 17.01 8.42 10.23 18.03 15.39
Enterprise Value to Revenue (EV/Rev)		 1.87 1.55 2.32 2.12 2.61 4.06 5.87 3.60 4.63 9.28 6.64
Enterprise Value to EBITDA (EV/EBITDA)		 9.65 7.29 8.69 6.72 9.16 14.35 18.35 11.23 14.80 29.31 19.30
Enterprise Value to EBIT (EV/EBIT)		 13.27 9.50 10.28 7.44 10.32 15.85 19.64 11.95 15.79 31.73 20.55
Enterprise Value to NOPAT (EV/NOPAT)		 14.09 8.92 10.45 9.67 11.43 17.45 21.42 13.01 17.65 36.96 23.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 14.75 7.04 9.18 8.83 7.95 19.19 23.93 20.03 15.57 29.74 19.83
Enterprise Value to Free Cash Flow (EV/FCFF)		 17.09 8.06 10.65 11.62 10.21 22.24 28.70 25.39 19.87 35.00 24.36
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.44 0.71 0.39 0.37 0.95 1.12 0.83 0.80 0.61 0.58 0.45
Long-Term Debt to Equity		 0.19 0.55 0.26 0.27 0.81 0.96 0.83 0.80 0.61 0.52 0.38
Financial Leverage		 -0.36 -0.41 -0.49 -0.47 -0.35 -0.24 -0.19 0.01 0.05 -0.07 -0.15
Leverage Ratio		 1.64 1.89 1.86 1.81 2.17 2.68 2.72 2.69 2.48 2.24 2.18
Compound Leverage Factor		 1.64 1.89 1.86 1.81 2.17 2.68 2.72 2.69 2.48 2.24 2.18
Debt to Total Capital		 30.64% 41.48% 27.82% 26.86% 48.73% 52.85% 45.35% 44.36% 37.90% 36.85% 31.26%
Short-Term Debt to Total Capital		 17.64% 9.09% 9.38% 6.78% 7.24% 7.64% 0.10% 0.07% 0.06% 3.73% 5.26%
Long-Term Debt to Total Capital		 12.99% 32.40% 18.44% 20.08% 41.49% 45.21% 45.25% 44.30% 37.84% 33.12% 26.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 3.14% 1.99% 1.75% 0.87% 0.54% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 66.22% 56.53% 70.42% 72.27% 50.73% 47.05% 54.65% 55.64% 62.10% 63.15% 68.74%
Debt to EBITDA		 2.32 3.46 1.26 0.69 1.63 2.04 1.07 0.91 0.92 1.06 0.71
Net Debt to EBITDA		 -1.85 -2.20 -1.68 -0.80 -0.43 -0.41 -0.21 0.20 -0.06 -0.18 -0.30
Long-Term Debt to EBITDA		 0.98 2.70 0.83 0.52 1.39 1.75 1.07 0.90 0.92 0.95 0.59
Debt to NOPAT		 3.39 4.23 1.51 1.00 2.03 2.49 1.25 1.05 1.10 1.33 0.85
Net Debt to NOPAT		 -2.71 -2.69 -2.02 -1.15 -0.54 -0.49 -0.24 0.23 -0.07 -0.23 -0.36
Long-Term Debt to NOPAT		 1.44 3.30 1.00 0.74 1.73 2.13 1.25 1.05 1.10 1.20 0.70
Altman Z-Score		 3.61 3.09 5.07 5.89 5.43 5.70 9.02 7.39 8.64 12.15 10.63
Noncontrolling Interest Sharing Ratio		 4.03% 3.93% 2.88% 1.83% 1.13% 0.61% 0.10% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.38 3.81 3.10 2.90 3.61 3.43 3.30 2.69 3.16 2.97 2.21
Quick Ratio		 1.96 3.35 2.62 2.26 2.90 2.79 2.48 1.75 1.95 1.93 1.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 575 1,132 1,749 2,020 2,472 1,835 2,991 2,445 4,059 3,953 5,026
Operating Cash Flow to CapEx		 336.02% 738.60% 1,299.76% 971.13% 1,046.49% 1,046.28% 1,027.84% 567.67% 1,032.55% 1,172.83% 813.14%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.61 0.54 0.66 0.90 0.79 0.76 0.96 1.04 0.97 0.79 0.92
Accounts Receivable Turnover		 5.55 5.00 5.46 5.75 5.32 5.65 5.71 4.69 4.88 5.58 6.25
Inventory Turnover		 3.53 3.41 4.00 3.80 3.10 3.16 3.41 2.81 2.20 1.74 2.22
Fixed Asset Turnover		 9.03 9.34 12.09 13.95 0.00 0.00 0.00 0.00 9.95 7.43 8.04
Accounts Payable Turnover		 11.36 10.08 10.85 12.12 11.93 11.22 11.00 10.16 13.03 14.48 12.88
Days Sales Outstanding (DSO)		 65.73 73.04 66.85 63.44 68.67 64.55 63.93 77.76 74.74 65.41 58.38
Days Inventory Outstanding (DIO)		 103.30 106.99 91.24 95.98 117.75 115.49 107.09 129.84 166.07 209.96 164.54
Days Payable Outstanding (DPO)		 32.13 36.22 33.64 30.12 30.59 32.53 33.18 35.91 28.02 25.21 28.33
Cash Conversion Cycle (CCC)		 136.90 143.81 124.45 129.30 155.83 147.51 137.84 171.68 212.78 250.17 194.59
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,459 3,350 3,383 3,791 3,527 4,030 5,047 7,375 7,885 7,675 7,955
Invested Capital Turnover		 1.55 1.73 2.38 3.09 2.64 2.66 3.22 2.77 2.28 1.92 2.36
Increase / (Decrease) in Invested Capital		 122 -109 34 407 -264 503 1,017 2,328 510 -210 281
Enterprise Value (EV)		 9,829 9,122 18,631 23,463 25,242 40,807 85,847 62,081 80,661 138,355 122,424
Market Capitalization		 11,473 11,667 22,065 26,174 26,389 41,949 86,827 60,984 80,987 139,220 124,330
Book Value per Share		 $32.23 $36.93 $42.26 $39.63 $31.17 $35.63 $42.26 $45.26 $61.11 $65.32 $7.71
Tangible Book Value per Share		 $18.87 $24.71 $31.12 $28.65 $19.83 $24.25 $30.88 $33.60 $47.78 $51.82 $6.30
Total Capital		 7,706 10,428 9,681 8,997 9,213 10,994 11,029 11,284 13,222 13,523 14,346
Total Debt		 2,361 4,326 2,693 2,417 4,490 5,811 5,002 5,006 5,012 4,983 4,485
Total Long-Term Debt		 1,001 3,378 1,785 1,807 3,823 4,971 4,990 4,998 5,003 4,479 3,730
Net Debt		 -1,886 -2,752 -3,604 -2,789 -1,196 -1,153 -980 1,097 -326 -865 -1,906
Capital Expenditures (CapEx)		 198 175 156 273 303 203 349 546 502 397 759
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 923 915 1,060 1,660 1,425 1,821 2,407 4,070 3,715 3,202 2,312
Debt-free Net Working Capital (DFNWC)		 4,999 7,743 7,101 6,610 6,856 8,531 8,136 7,728 9,052 9,050 8,703
Net Working Capital (NWC)		 3,639 6,795 6,192 6,000 6,189 7,691 8,125 7,720 9,043 8,545 7,949
Net Nonoperating Expense (NNE)		 42 109 85 46 16 86 99 167 58 -85 -51
Net Nonoperating Obligations (NNO)		 -1,886 -2,752 -3,604 -2,789 -1,196 -1,153 -980 1,097 -326 -865 -1,906
Total Depreciation and Amortization (D&A)		 278 291 332 341 309 269 307 334 342 360 386
Debt-free, Cash-free Net Working Capital to Revenue		 17.54% 15.54% 13.22% 14.99% 14.76% 18.13% 16.46% 23.63% 21.31% 21.48% 12.54%
Debt-free Net Working Capital to Revenue		 95.05% 131.55% 88.61% 59.67% 71.02% 84.93% 55.63% 44.86% 51.94% 60.71% 47.21%
Net Working Capital to Revenue		 69.20% 115.45% 77.27% 54.16% 64.11% 76.57% 55.55% 44.82% 51.89% 57.33% 43.12%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.11 $5.75 $10.47 $14.73 $14.37 $15.55 $27.22 $32.92 $33.30 $29.13 $4.17
Adjusted Weighted Average Basic Shares Outstanding		 159.63M 158.92M 162.22M 161.64M 152.48M 144.81M 143.61M 139.90M 135.47M 131.41M 1.29B
Adjusted Diluted Earnings per Share		 $3.70 $5.22 $9.24 $13.17 $13.70 $15.10 $26.90 $32.75 $33.21 $29.00 $4.15
Adjusted Weighted Average Diluted Shares Outstanding		 177.07M 175.16M 183.77M 180.78M 159.92M 149.09M 145.32M 140.63M 135.83M 132.00M 1.29B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 158.19M 160.26M 162.45M 157.58M 144.53M 145.63M 141.95M 136.99M 132.51M 129.88M 1.27B
Normalized Net Operating Profit after Tax (NOPAT)		 768 1,023 1,783 2,427 2,208 2,338 4,008 4,773 4,606 3,743 5,307
Normalized NOPAT Margin		 14.60% 17.38% 22.24% 21.91% 22.87% 23.28% 27.40% 27.70% 26.43% 25.11% 28.79%
Pre Tax Income Margin		 14.09% 16.31% 22.61% 28.45% 25.34% 25.64% 29.88% 30.15% 29.32% 29.25% 32.32%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 17.70% 20.83% 14.34% 12.92% 30.95% 29.17% 18.60% 17.70% 20.13% 26.62% 21.45%
Augmented Payout Ratio		 105.14% 38.16% 62.15% 124.37% 203.47% 90.00% 87.62% 101.64% 64.84% 100.89% 85.32%

Quarterly Metrics And Ratios for Lam Research

This table displays calculated financial ratios and metrics derived from Lam Research's official financial filings.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Period end date 12/25/2022 3/26/2023 6/25/2023 9/24/2023 12/24/2023 3/31/2024 6/30/2024 9/29/2024 12/29/2024 3/30/2025 6/29/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 24.87% -4.70% -30.81% -31.38% -28.79% -1.96% 20.71% 19.70% 16.44% 24.43% 33.58%
EBITDA Growth		 20.83% -15.45% -34.12% -35.50% -32.20% 14.80% 30.37% 24.41% 22.61% 38.12% 51.07%
EBIT Growth		 21.81% -17.25% -36.45% -38.02% -34.20% 16.43% 33.67% 26.19% 24.02% 40.57% 54.11%
NOPAT Growth		 26.69% -23.90% -39.66% -39.50% -37.86% 14.33% 25.38% 23.20% 26.97% 44.80% 69.07%
Net Income Growth		 22.91% -20.33% -33.62% -37.76% -35.02% 18.65% 27.13% 25.81% 24.81% 37.78% 68.59%
EPS Growth		 27.61% -17.67% -30.89% -37.76% -35.02% 22.13% 28.81% 25.81% 27.78% 41.10% 71.79%
Operating Cash Flow Growth		 -20.85% 127.85% 152.90% -20.04% 27.51% -19.79% -23.18% 64.90% -48.97% -5.50% 196.16%
Free Cash Flow Firm Growth		 -431.08% -164.62% 128.12% 314.17% 268.53% 354.85% 323.80% 97.59% -66.00% -89.88% 16.39%
Invested Capital Growth		 43.78% 21.21% 6.91% 1.12% -10.63% -5.89% -2.66% -6.18% 7.36% 16.52% 3.66%
Revenue Q/Q Growth		 4.01% -26.68% -17.12% 8.57% 7.93% 0.94% 2.05% 7.66% 4.99% 7.86% 9.56%
EBITDA Q/Q Growth		 0.40% -40.68% -7.51% 17.09% 5.54% 0.43% 5.04% 11.74% 4.02% 13.14% 14.89%
EBIT Q/Q Growth		 -0.17% -43.16% -8.02% 18.76% 5.99% 0.56% 5.60% 12.12% 4.16% 13.99% 15.76%
NOPAT Q/Q Growth		 2.09% -45.31% -2.78% 11.46% 4.85% 0.63% 6.61% 9.52% 8.06% 14.76% 24.49%
Net Income Q/Q Growth		 2.99% -44.57% -1.41% 10.57% 7.54% 1.21% 5.64% 9.43% 6.68% 11.73% 29.27%
EPS Q/Q Growth		 3.66% -44.20% 0.50% 10.57% 7.54% 1.66% 5.99% 9.43% 6.98% 11.96% 30.10%
Operating Cash Flow Q/Q Growth		 -4.15% 51.42% -34.97% -15.28% 52.85% -4.75% -37.72% 81.87% -52.70% 76.38% 95.18%
Free Cash Flow Firm Q/Q Growth		 -191.11% 49.62% 152.03% 180.64% 129.07% -23.81% -13.48% 30.84% -60.58% -77.33% 895.44%
Invested Capital Q/Q Growth		 8.74% -7.98% 1.18% -0.12% -3.89% -3.10% 4.66% -3.74% 9.97% 5.17% -6.90%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 45.03% 41.49% 45.46% 47.52% 46.76% 47.46% 47.53% 48.05% 47.37% 49.02% 50.08%
EBITDA Margin		 32.92% 26.63% 29.72% 32.05% 31.34% 31.19% 32.10% 33.32% 33.01% 34.62% 36.30%
Operating Margin		 31.84% 24.35% 26.65% 29.38% 28.13% 27.87% 29.10% 30.33% 30.48% 33.09% 33.67%
EBIT Margin		 31.30% 24.26% 26.93% 29.45% 28.92% 28.82% 29.82% 31.05% 30.81% 32.56% 34.40%
Profit (Net Income) Margin		 27.83% 21.04% 25.02% 25.48% 25.39% 25.46% 26.35% 26.79% 27.22% 28.19% 33.26%
Tax Burden Percent		 88.90% 86.70% 92.93% 86.52% 87.78% 88.35% 88.39% 86.26% 88.34% 86.59% 96.69%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 11.10% 13.30% 7.07% 13.48% 12.22% 11.65% 11.61% 13.74% 11.66% 13.41% 3.31%
Return on Invested Capital (ROIC)		 75.09% 55.98% 56.56% 51.40% 44.09% 46.36% 49.28% 53.45% 55.63% 61.84% 76.79%
ROIC Less NNEP Spread (ROIC-NNEP)		 86.99% 58.70% 58.73% 53.62% 33.40% 41.47% 45.15% 49.32% 53.74% 64.46% 74.15%
Return on Net Nonoperating Assets (RNNOA)		 -2.48% -0.86% 3.13% 0.70% -0.99% -3.29% -3.21% -3.75% -4.22% -6.09% -11.17%
Return on Equity (ROE)		 72.60% 55.12% 59.69% 52.11% 43.10% 43.07% 46.07% 49.70% 51.41% 55.75% 65.63%
Cash Return on Invested Capital (CROIC)		 38.54% 52.38% 53.20% 49.84% 53.94% 52.90% 50.81% 58.12% 46.41% 42.90% 64.31%
Operating Return on Assets (OROA)		 33.22% 25.54% 26.09% 25.04% 21.80% 21.87% 23.69% 25.43% 25.86% 29.17% 31.64%
Return on Assets (ROA)		 29.53% 22.14% 24.24% 21.66% 19.14% 19.33% 20.94% 21.94% 22.84% 25.26% 30.59%
Return on Common Equity (ROCE)		 72.60% 55.12% 59.69% 52.11% 43.10% 43.07% 46.07% 49.70% 51.41% 55.75% 65.63%
Return on Equity Simple (ROE_SIMPLE)		 61.71% 58.49% 0.00% 49.36% 42.06% 45.00% 0.00% 47.89% 48.75% 48.98% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,494 817 794 885 928 934 996 1,090 1,178 1,352 1,683
NOPAT Margin		 28.30% 21.11% 24.76% 25.42% 24.69% 24.62% 25.72% 26.16% 26.93% 28.65% 32.55%
Net Nonoperating Expense Percent (NNEP)		 -11.91% -2.72% -2.17% -2.22% 10.69% 4.89% 4.13% 4.13% 1.88% -2.62% 2.64%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 7.03% - - - 8.55% 9.66% 11.73%
Cost of Revenue to Revenue		 54.97% 58.51% 54.54% 52.48% 53.24% 52.54% 52.47% 51.95% 52.63% 50.98% 49.92%
SG&A Expenses to Revenue		 4.43% 5.00% 6.23% 5.95% 6.09% 5.69% 5.59% 5.83% 5.58% 4.79% 5.19%
R&D to Revenue		 8.76% 11.10% 12.53% 12.14% 12.50% 13.50% 12.86% 11.88% 11.31% 11.14% 11.22%
Operating Expenses to Revenue		 13.19% 17.14% 18.82% 18.14% 18.63% 19.60% 18.43% 17.72% 16.89% 15.93% 16.41%
Earnings before Interest and Taxes (EBIT)		 1,652 939 864 1,026 1,087 1,093 1,154 1,294 1,348 1,537 1,779
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,737 1,031 953 1,116 1,178 1,183 1,243 1,389 1,444 1,634 1,877
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.66 7.96 9.86 10.10 12.38 15.85 16.30 12.68 10.72 9.80 12.61
Price to Tangible Book Value (P/TBV)		 8.51 10.13 12.62 12.97 15.79 20.33 20.55 16.00 13.40 12.08 15.44
Price to Revenue (P/Rev)		 2.90 3.55 4.65 5.13 7.11 8.93 9.34 6.89 5.83 5.44 6.74
Price to Earnings (P/E)		 10.79 13.61 17.95 20.45 29.43 35.22 36.37 26.48 22.00 20.01 23.20
Dividend Yield		 1.59% 1.35% 1.14% 1.17% 0.96% 0.80% 0.75% 1.00% 1.17% 1.23% 0.95%
Earnings Yield		 9.27% 7.35% 5.57% 4.89% 3.40% 2.84% 2.75% 3.78% 4.55% 5.00% 4.31%
Enterprise Value to Invested Capital (EV/IC)		 6.55 8.51 10.23 10.29 13.36 17.24 18.03 14.39 11.54 10.80 15.39
Enterprise Value to Revenue (EV/Rev)		 2.91 3.52 4.63 5.12 7.06 8.88 9.28 6.82 5.78 5.38 6.64
Enterprise Value to EBITDA (EV/EBITDA)		 9.04 11.15 14.80 16.76 23.63 28.54 29.31 21.30 17.83 16.16 19.30
Enterprise Value to EBIT (EV/EBIT)		 9.56 11.83 15.79 18.10 25.82 31.07 31.73 22.97 19.17 17.29 20.55
Enterprise Value to NOPAT (EV/NOPAT)		 10.38 13.03 17.65 20.32 29.52 35.71 36.96 26.93 22.33 19.98 23.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.71 14.73 15.57 16.41 19.24 25.74 29.74 20.18 20.57 20.58 19.83
Enterprise Value to Free Cash Flow (EV/FCFF)		 20.05 17.80 19.87 20.77 23.38 31.61 35.00 23.98 25.74 27.08 24.36
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.60 0.60 0.61 0.62 0.61 0.62 0.58 0.59 0.57 0.47 0.45
Long-Term Debt to Equity		 0.60 0.59 0.61 0.62 0.61 0.56 0.52 0.53 0.51 0.39 0.38
Financial Leverage		 -0.03 -0.01 0.05 0.01 -0.03 -0.08 -0.07 -0.08 -0.08 -0.09 -0.15
Leverage Ratio		 2.43 2.48 2.48 2.41 2.30 2.28 2.24 2.30 2.27 2.18 2.18
Compound Leverage Factor		 2.43 2.48 2.48 2.41 2.30 2.28 2.24 2.30 2.27 2.18 2.18
Debt to Total Capital		 37.60% 37.32% 37.90% 38.25% 37.74% 38.32% 36.85% 37.04% 36.13% 32.04% 31.26%
Short-Term Debt to Total Capital		 0.05% 0.06% 0.06% 0.03% 0.03% 3.88% 3.73% 3.75% 3.66% 5.39% 5.26%
Long-Term Debt to Total Capital		 37.54% 37.26% 37.84% 38.22% 37.71% 34.43% 33.12% 33.29% 32.47% 26.65% 26.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 62.40% 62.68% 62.10% 61.75% 62.26% 61.68% 63.15% 62.96% 63.87% 67.96% 68.74%
Debt to EBITDA		 0.82 0.84 0.92 1.03 1.17 1.12 1.06 1.00 0.95 0.79 0.71
Net Debt to EBITDA		 0.03 -0.10 -0.06 -0.04 -0.15 -0.16 -0.18 -0.22 -0.13 -0.17 -0.30
Long-Term Debt to EBITDA		 0.81 0.84 0.92 1.03 1.16 1.01 0.95 0.90 0.85 0.65 0.59
Debt to NOPAT		 0.94 0.98 1.10 1.25 1.46 1.41 1.33 1.26 1.19 0.97 0.85
Net Debt to NOPAT		 0.03 -0.12 -0.07 -0.04 -0.19 -0.19 -0.23 -0.27 -0.16 -0.21 -0.36
Long-Term Debt to NOPAT		 0.93 0.98 1.10 1.25 1.45 1.26 1.20 1.13 1.07 0.81 0.70
Altman Z-Score		 6.41 6.99 7.90 7.96 9.04 10.78 11.58 9.18 8.55 8.87 9.98
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.02 3.09 3.16 3.06 3.06 2.82 2.97 2.53 2.54 2.45 2.21
Quick Ratio		 1.90 1.94 1.95 1.88 1.95 1.78 1.93 1.69 1.68 1.58 1.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,085 -547 284 798 1,829 1,393 1,205 1,577 622 141 1,403
Operating Cash Flow to CapEx		 697.88% 1,445.24% 1,427.13% 1,235.41% 1,261.18% 1,336.02% 856.03% 1,418.30% 393.92% 454.31% 1,483.35%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.06 1.05 0.97 0.85 0.75 0.76 0.79 0.82 0.84 0.90 0.92
Accounts Receivable Turnover		 5.10 5.42 4.88 4.29 4.22 5.21 5.58 5.42 5.39 6.31 6.25
Inventory Turnover		 2.64 2.50 2.20 1.92 1.70 1.64 1.74 1.83 1.93 2.03 2.22
Fixed Asset Turnover		 0.00 0.00 9.95 8.27 0.00 0.00 7.43 7.21 7.27 7.53 8.04
Accounts Payable Turnover		 11.13 12.97 13.03 10.44 11.05 13.36 14.48 13.29 12.85 12.86 12.88
Days Sales Outstanding (DSO)		 71.60 67.40 74.74 85.06 86.39 70.04 65.41 67.28 67.69 57.85 58.38
Days Inventory Outstanding (DIO)		 138.30 146.20 166.07 190.15 215.28 221.91 209.96 199.59 188.85 180.04 164.54
Days Payable Outstanding (DPO)		 32.80 28.13 28.02 34.96 33.03 27.33 25.21 27.46 28.41 28.38 28.33
Cash Conversion Cycle (CCC)		 177.10 185.47 212.78 240.25 268.65 264.62 250.17 239.42 228.13 209.51 194.59
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,469 7,793 7,885 7,875 7,568 7,333 7,675 7,388 8,125 8,545 7,955
Invested Capital Turnover		 2.65 2.65 2.28 2.02 1.79 1.88 1.92 2.04 2.07 2.16 2.36
Increase / (Decrease) in Invested Capital		 2,579 1,364 510 87 -900 -459 -210 -487 557 1,211 281
Enterprise Value (EV)		 55,469 66,289 80,661 81,069 101,107 126,449 138,355 106,339 93,760 92,240 122,424
Market Capitalization		 55,305 66,904 80,987 81,241 101,761 127,138 139,220 107,423 94,443 93,207 124,330
Book Value per Share		 $60.89 $62.31 $61.11 $60.73 $62.39 $61.19 $65.32 $65.23 $6.85 $7.41 $7.71
Tangible Book Value per Share		 $47.66 $48.95 $47.78 $47.27 $48.90 $47.70 $51.82 $51.69 $5.48 $6.01 $6.30
Total Capital		 13,308 13,413 13,222 13,032 13,206 13,006 13,523 13,456 13,790 13,995 14,346
Total Debt		 5,003 5,005 5,012 4,984 4,984 4,983 4,983 4,984 4,982 4,484 4,485
Total Long-Term Debt		 4,996 4,997 5,003 4,980 4,980 4,478 4,479 4,479 4,478 3,730 3,730
Net Debt		 164 -615 -326 -172 -654 -689 -865 -1,084 -683 -966 -1,906
Capital Expenditures (CapEx)		 163 119 79 77 115 104 101 111 188 288 172
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 4,581 3,928 3,715 3,594 3,148 2,891 3,202 2,587 3,101 3,274 2,312
Debt-free Net Working Capital (DFNWC)		 9,169 9,297 9,052 8,750 8,786 8,563 9,050 8,654 8,767 8,725 8,703
Net Working Capital (NWC)		 9,162 9,289 9,043 8,746 8,782 8,058 8,545 8,150 8,263 7,970 7,949
Net Nonoperating Expense (NNE)		 25 2.89 -8.37 -2.25 -26 -32 -25 -26 -13 22 -37
Net Nonoperating Obligations (NNO)		 164 -615 -326 -172 -654 -689 -865 -1,084 -683 -966 -1,906
Total Depreciation and Amortization (D&A)		 85 92 90 90 91 90 88 94 96 97 98
Debt-free, Cash-free Net Working Capital to Revenue		 24.05% 20.83% 21.31% 22.69% 21.99% 20.30% 21.48% 16.59% 19.13% 19.11% 12.54%
Debt-free Net Working Capital to Revenue		 48.14% 49.30% 51.94% 55.25% 61.37% 60.13% 60.71% 55.51% 54.09% 50.92% 47.21%
Net Working Capital to Revenue		 48.10% 49.26% 51.89% 55.23% 61.34% 56.59% 57.33% 52.27% 50.97% 46.51% 43.12%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $10.80 $6.03 $6.05 $0.67 $0.73 $7.38 $7.81 $0.86 $0.93 $1.04 $1.34
Adjusted Weighted Average Basic Shares Outstanding		 136.02M 134.92M 135.47M 1.33B 1.32B 130.84M 131.41M 1.30B 1.29B 1.28B 1.29B
Adjusted Diluted Earnings per Share		 $10.77 $6.01 $6.04 $0.67 $0.72 $7.34 $7.78 $0.86 $0.92 $1.03 $1.34
Adjusted Weighted Average Diluted Shares Outstanding		 136.34M 135.40M 135.83M 1.33B 1.32B 131.52M 132.00M 1.30B 1.29B 1.29B 1.29B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.34
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 134.94M 134.34M 132.51M 1.32B 1.31B 130.74M 129.88M 1.29B 1.28B 1.28B 1.27B
Normalized Net Operating Profit after Tax (NOPAT)		 1,494 852 794 885 928 947 996 1,090 1,178 1,352 1,683
Normalized NOPAT Margin		 28.30% 22.02% 24.76% 25.42% 24.69% 24.97% 25.72% 26.16% 26.93% 28.65% 32.55%
Pre Tax Income Margin		 31.30% 24.26% 26.93% 29.45% 28.92% 28.82% 29.82% 31.05% 30.81% 32.56% 34.40%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 16.78% 17.97% 20.13% 23.48% 27.79% 27.42% 26.62% 25.87% 25.22% 23.95% 21.45%
Augmented Payout Ratio		 71.03% 59.13% 64.84% 92.72% 112.80% 119.89% 100.89% 99.74% 96.23% 77.70% 85.32%

Key Financial Trends

Lam Research Corporation (NASDAQ: LRCX) demonstrated steady financial growth over the past four years, reflected in its quarterly income statements, cash flow, and balance sheets. Here are the key takeaways from the analysis:

  • Revenue Growth: Operating revenue increased from about $3.2 billion in Q4 2023 to $4.7 billion in Q3 2025, indicating strong business expansion over recent quarters.
  • Consistent Gross Profit: Gross profit rose correspondingly, with $1.45 billion in Q4 2023 growing to $2.31 billion by Q3 2025, showing effective cost control relative to revenue growth.
  • Net Income Improvement: Net income from continuing operations improved from roughly $800 million in Q4 2023 to $1.33 billion in Q3 2025, demonstrating enhanced profitability.
  • Operating Income Uptrend: Operating income climbed from $854 million in Q4 2023 to $1.56 billion in Q3 2025, which reinforces operational efficiency gains.
  • Strong Operating Cash Flow: Net cash from operating activities increased significantly, from approximately $862 million in Q4 2024 to $1.31 billion in Q3 2025, underscoring robust cash generation capacity.
  • Capital Investment: The company maintains healthy capital expenditures (~$288 million in Q3 2025), supporting long-term asset growth essential for sustaining profitability.
  • Solid Balance Sheet: Total assets grew to nearly $20 billion by Q3 2025, with cash and equivalents reaching $5.45 billion, ensuring solid liquidity.
  • Equity Growth: Common equity rose from about $8.4 billion in Q4 2023 to $9.5 billion by Q3 2025, reflecting retained earnings accumulation and shareholder value enhancement.
  • Increasing Debt Levels: Long-term debt remains significant around $3.7 billion in Q3 2025, similar to prior periods, which requires monitoring but supports strategic initiatives.
  • Negative Other Income: Q3 2025 shows a net expense of $25 million under other income/(expense), which partially offsets operating income gains.

Overall, Lam Research has shown a consistent upward trajectory in key financial metrics over recent quarters, with improving profitability, strong cash flow, and expanding asset base. The company’s investments in property and equipment and disciplined R&D spend suggest a focus on sustaining innovation and competitive positioning. While debt levels are substantial, strong cash flows support coverage and liquidity remains healthy. Retail investors might view Lam Research as fundamentally sound with growth momentum.

08/13/25 05:52 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Lam Research's Financials

When does Lam Research's financial year end?

According to the most recent income statement we have on file, Lam Research's fiscal year ends in June. Their fiscal year 2025 ended on June 29, 2025.

How has Lam Research's net income changed over the last 10 years?

Lam Research's net income appears to be on an upward trend, with a most recent value of $5.36 billion in 2025, rising from $655.58 million in 2015. The previous period was $3.83 billion in 2024. Find out what analysts predict for Lam Research in the coming months.

What is Lam Research's operating income?
Lam Research's total operating income in 2025 was $5.90 billion, based on the following breakdown:
  • Total Gross Profit: $8.98 billion
  • Total Operating Expenses: $3.08 billion
How has Lam Research's revenue changed over the last 10 years?

Over the last 10 years, Lam Research's total revenue changed from $5.26 billion in 2015 to $18.44 billion in 2025, a change of 250.5%.

How much debt does Lam Research have?

Lam Research's total liabilities were at $11.48 billion at the end of 2025, a 12.5% increase from 2024, and a 185.7% increase since 2015.

How much cash does Lam Research have?

In the past 10 years, Lam Research's cash and equivalents has ranged from $1.50 billion in 2015 to $6.39 billion in 2025, and is currently $6.39 billion as of their latest financial filing in 2025.

How has Lam Research's book value per share changed over the last 10 years?

Over the last 10 years, Lam Research's book value per share changed from 32.23 in 2015 to 7.71 in 2025, a change of -76.1%.


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This page (NASDAQ:LRCX) was last updated on 8/13/2025 by MarketBeat.com Staff
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