Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsFlagged areas: Earnings quality.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- 2 filing risk checks flagged
Flagged areas: Earnings quality.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Revenue expanded
Latest reported annual revenue changed +26.0% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2026-06-28.
- Operating margin improved
Operating margin changed +3.3 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2026-06-28.
- Free cash flow was positive
Latest reported free cash flow was $4.9B.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2026-06-28.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-13
- Latest period end
- 2026-06-28
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- System$14.9B64.1%+29.5% yoy
- Customer Supportand Other$8.35B35.9%+20.2% yoy
Members sum to the consolidated $23.2B for this period.
- China$7.86B33.8%+26.7% yoy
- Taiwan$5.22B22.5%+51.6% yoy
- South Korea$4.51B19.4%+9.1% yoy
- Japan$2.17B9.3%+15.4% yoy
- United States$1.53B6.6%+11.0% yoy
- South East Asia$1.25B5.4%+48.8% yoy
- Europe$699M3.0%+24.2% yoy
Members sum to the consolidated $23.2B for this period.
- System$3.73B63.9%+22.9% yoy
- Customer Supportand Other$2.11B36.1%+25.3% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2026-06-28 · among 4,090 US-listed filers · 809 in Technology| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $23.2B | 94thof 3,266 top third | 95thof 772 top third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | 26.0% | 83rdof 3,105 top third | 79thof 738 top third |
Gross margin gross profit ÷ revenue | 50.5% | 66thof 1,591 middle third | 58thof 553 middle third |
Operating margin operating income ÷ revenue | 35.3% | 95thof 2,792 top third | 95thof 746 top third |
Net margin net income ÷ revenue | 31.3% | 92ndof 3,230 top third | 95thof 764 top third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | 21.1% | 84thof 2,659 top third | 79thof 696 top third |
Return on equity net income ÷ stockholders' equity (positive equity only) | 58.3% | 97thof 3,538 top third | 95thof 714 top third |
Interest coverage operating income ÷ interest expense (interest expense > 0) | 52.6× | 96thof 807 top third | 94thof 191 top third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 1.7% | 55thof 2,869 middle third | 70thof 723 top third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 84 days | 17thof 2,384 bottom third | 24thof 707 bottom third |
Net debt ÷ operating cash flow net debt ÷ operating cash flow (OCF > 0) · lower is ranked higher | -0.3× | 84thof 1,535 top third | 81stof 336 top third |
Cash conversion operating cash flow ÷ net income (net income > 0) | 0.8× | 19thof 2,253 bottom third | 13thof 427 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | 6.3% | 6thof 3,875 bottom third | 6thof 770 bottom third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 28.8% | 24thof 3,321 bottom third | 23rdof 679 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2026-06-28 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 2 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Goodwill Goodwill | balance at 2025-06-29 | $1.6B 10-K 2025-08-11 | $1.63B 10-K 2026-08-07 | +1.9% | first · latest |
| Goodwill Goodwill | balance at 2024-06-30 | $1.63B 10-K 2024-08-29 | $1.6B 10-K 2025-08-11 | -1.6% | first · latest · 3 filings carry it |
10 share-count periods re-presented for a stock split (10-for-1) are listed apart from restatements and not counted above.
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
debt, leases, revenue, segments, contingencies, taxes and more · the filer's own wordsDebt · 1,472 characters as filed
LONG-TERM DEBT AND OTHER BORROWINGS Senior Notes On March 4, 2019, the Company completed a public offering of $750.0 million aggregate principal amount of the Companys Senior Notes due March 15, 2026 (the 2026 Notes). The 2026 Notes were settled upon maturity during the three months ended March 29, 2026. The remaining outstanding Senior Notes are unchanged from those disclosed in Note 14, Long-term Debt and Other Borrowings, to the Consolidated Financial Statements in Part II, Item 8 of the Companys 2025 Form 10-K. Commercial Paper Program In November 2017, the Company established a commercial paper program (the CP Program) under which the Company may issue unsecured commercial paper notes on a private placement basis up to a maximum aggregate principal amount of $1.25 billion. In July 2021, the Company amended the CP Program size to a maximum aggregate amount outstanding at any time of $1.50 billion. On March 10, 2026, the CP Program size was further amended to a maximum aggregate amount outstanding at any time of $2.00 billion. The net proceeds from the CP Program may be used for general corporate purposes, including repurchases of the Companys Common Stock from time to time under the Companys stock repurchase program. Amounts available under the CP Program may be re-borrowed. The CP Program is backstopped by the Companys Revolving Credit Arrangement. As of March 29, 2026, the Company had no outstanding borrowings under the CP Program. …
DebtDisclosureTextBlock · excerpt; the full note is in the filing
Revenue disaggregation · 1,011 characters as filed
The following table presents the Companys revenues disaggregated between systems and customer support-related revenue: Three Months Ended Nine Months Ended March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025 (In thousands) Systems revenue $ 3,730,582 $ 3,035,276 $ 10,635,640 $ 8,053,655 Customer support-related revenue and other 2,110,906 1,684,899 5,874,812 5,210,543 $ 5,841,488 $ 4,720,175 $ 16,510,452 $ 13,264,198 The following table presents the Companys revenues disaggregated by geographic region: Three Months Ended Nine Months Ended March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025 Revenue: (In thousands) China $ 1,996,926 $ 1,467,299 $ 6,138,046 $ 4,368,501 Korea 1,352,538 1,150,480 3,189,325 3,002,825 Taiwan 1,317,304 1,125,955 3,413,611 2,478,997 Japan 470,727 474,935 1,548,335 1,139,597 United States 355,295 189,512 914,630 1,091,174 Southeast Asia 207,834 178,287 923,993 710,394 Europe 140,864 133,707 382,512 472,710 $ 5,841,488 $ 4,720,175 $ 16,510,452 $ 13,264,198 …
DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing
Share-based compensation · 1,297 characters as filed
EQUITY-BASED COMPENSATION PLANS The Lam Research Corporation 2015 Stock Incentive Plan, as amended, and the Lam Research Corporation 2025 Stock Incentive Plan provide for the grant of non-qualified equity-based awards of the Companys Common Stock to eligible employees and non-employee directors, including stock options, restricted stock units (RSUs), and market-based performance RSUs (market-based PRSUs). An option is a right to purchase Common Stock at a set price. An RSU award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Companys market-based PRSUs contain both a market condition and a service condition. The Companys option, RSU, and market-based PRSU awards typically vest over a period of three years. The Company also has an employee stock purchase plan that allows eligible employees to purchase its Common Stock at a discount through payroll deductions. The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025 (in thousands) Equity-based compensation expense $ 96,616 $ 87,115 $ 282,396 $ 249,085 …
DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing
Income taxes · 2,149 characters as filed
INCOME TAX EXPENSE The Companys provision for income taxes and effective tax rate are as follows: Three Months Ended Nine Months Ended March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025 (in thousands, except percentages) Income tax expense $ 186,096 $ 206,057 $ 719,217 $ 541,019 Effective tax rate 9.3 % 13.4 % 12.6 % 12.9 % The difference between the U.S. federal statutory tax rate of 21% and the Companys effective tax rate for the three and nine months ended March 29, 2026, and March 30, 2025, was primarily due to income in lower tax jurisdictions. The Internal Revenue Service (IRS) is examining the Companys U.S. federal income tax returns for the fiscal years ended June 30, 2019, June 28, 2020, and June 27, 2021. To date, the IRS has not proposed any significant adjustments. The Company expects to finalize the audit within the next 12 months and anticipates any related cash settlements will not be significant. The Organization for Economic Co-operation and Developments Base Erosion and Profit Shifting 2.0 (BEPS 2.0) Pillar Two Global Minimum Tax (GMT) is fully effective for the Company this fiscal year. The Company assessed its exposure to GMT under currently enacted legislation and determined that it expects to meet transitional safe harbor requirements in most jurisdictions, with limited jurisdictions subject to GMT. The Company assessed the impact and concluded that it was not material. The impact has been included within income tax expense for the nine months e …
IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing
New accounting pronouncements · 230 characters as filed
Recently Adopted or Effective The Company has not adopted any new accounting standards during the three and nine months ended March 29, 2026 that have a material impact on the Companys Condensed Consolidated Financial Statements. …
NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing
Revenue recognition · 2,817 characters as filed
REVENUE Disaggregation of Revenue The Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers facilities are located. The Company serves three primary markets: memory, foundry, and logic/integrated device manufacturing. The following table presents the Companys revenues disaggregated between systems and customer support-related revenue: Three Months Ended Nine Months Ended March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025 (In thousands) Systems revenue $ 3,730,582 $ 3,035,276 $ 10,635,640 $ 8,053,655 Customer support-related revenue and other 2,110,906 1,684,899 5,874,812 5,210,543 $ 5,841,488 $ 4,720,175 $ 16,510,452 $ 13,264,198 Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean and other wafer fabrication markets. Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from the Companys Reliant product line. The following table presents the Companys revenues disaggregated by geographic region: Three Months Ended Nine Months Ended March 29, 2026 March 30, 2025 March 29, 2026 March 30, 2025 Revenue: (In thousands) China $ 1,996,926 $ 1,467,299 $ 6,138,046 $ 4,368,501 Korea 1,352,538 1,150,480 3,189,325 3,002,825 Taiwan 1,317,304 1,125,955 3,413,611 2,478,997 Japan 470,727 474,935 1,548,335 1,139,597 United St …
RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing
Segment reporting · 2,533 characters as filed
SEGMENT REPORTING The Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Companys material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution. Segment information is prepared and managed on the same basis as described in Note 19, Segment, Geographic Information, and Major Customers, to the Consolidated Financial Statements in Part II, Item 8 of the Companys 2025 Form 10-K. The Company's centralized manufacturing and support organizations, including global operations and certain administrative functions, provide support to its operating segments. Costs incurred by these organizations, as well as depreciation and amortization and equity-based compensation expense are allocated to cost of goods sold as overhead. Consequently, depreciation and amortization and equity-based compensation expense are not independently identifiable components within the segments results, and, therefore are not provided. With the exception of goodwill, the Company does not identify assets by operating segment. Consequently, the chief operating decision maker does not regularly review or receive discrete asset information by operating segment. The table below reconciles the Company's reportable segment to income before income taxes: Three Months Ended N …
SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing
Source: SEC DERA Financial Statement and Notes data sets (txt.tsv), excerpts of the filer's own note text; the full note is in the linked filing. Excerpts are the first part of each note exactly as tagged in the filing; open the filing for the full text and the tables. Descriptive and educational, not advice.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.