SURVYR

LRCX

Lam Research Corporation
$237.50
+$7.40 (3.22%)Oct 26 close
Information TechnologyS&P 500 CompareTechnicals
Model valuationLeans expensiveDCF base $125
1M3M6M1Y2Y
-13%+35%+84%+132%+181%Oct 2025Oct 2026Apr 202652w high $438.5052w low $135.50
LRCXSPY
Wall St. Highest PT $500.00 (+110.5%) Wall St. Avg PT $376.77 (+58.6%)
$139$253$367$481$595POC $317Hi $500Avg $377
Underwater Drawdown %Max DD -46.8%Current -45.1%
0.0%-46.8%
Relative Strength vs SPY+39.2% vs SPYOutperforming
+192%0%-192%
1W
−$34.70 (12.75%)
1M
−$77.71 (24.65%)
3M
−$53.80 (18.47%)
6M
−$21.51 (8.31%)
YTD
+$66.83 (39.15%)
1Y
+$86.52 (57.30%)

Chart

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Ratings & dials

1m · 5m · 15m · 1h · 4h · 1D

Analyst & Morningstar ratings

Consensus · Targets · Morningstar
Wall Street analyst consensus
SellHoldStrong Buy
Strong Buy
30 analysts · mean score 1.46
1 = Strong Buy · 5 = Sell
Wall Street consensus
Analyst price targets
Current price$237.50
Average target$376.77
+$139.27 (+58.6%) upsideaverage target vs current price
CurrentAverageMedian
Low$290.00
Median$376.77
High$500.00
12-month Wall Street target range

Third-party ratings, not SURVYR.'s views.

Health check

Financial health
DistressGrey zoneSafe
Safe zone
Altman Z-score 20.4
Above 2.99 is the safe zone, below 1.81 the distress zone.
Quality
WeakAverageStrong
Strong
Piotroski F-score 8 of 9
See the tests
  • ✓Positive net income
  • ✓Positive operating cash flow
  • ✓Return on assets improved
  • ✗Cash flow above net income
  • ✓Long-term debt / assets fell
  • ✓Current ratio improved
  • ✓No share dilution
  • ✓Gross margin improved
  • ✓Asset turnover improved

Computed by SURVYR. from the company's SEC filings (latest balance sheet Sep 27, 2026). Descriptive, not a forecast.

Key stats & company

Market value$326.4B
P/E (last 12 months)45.3
P/E (next 12 months, estimated)21.8
52-week range$135.50 – $438.50
Revenue growth (latest quarter vs a year ago)+30.0%
Dividend yield0.50%
Analyst consensusStrong Buy (30)
Average analyst price target$376.77 (+59%)

What they do

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. The company offers ALTUS systems to deposit conformal or selective films for tungsten or molybdenum metallization applications.

Technology · Semiconductor Equipment & Materials
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans expensive
Model read-out from the numbers below, not advice. Score -1 (DCF counts double).
▼DCF (base case)below the price by 47%
▼Forward P/E vs sector21.8x vs median 17.3x
▲Piotroski F-score8/9
▲Altman Z20.4 (safe)
▲Net debt / EBITDA-0.6x
▲Analyst target+59% (30 analysts)

Discounted cash flow

CyclicalValued on average-cycle margins
Bear
$75
-68%
growth 12% · disc. 14.0% · term. 2.0%
Base
$125
-47%
growth 20% · disc. 13.0% · term. 2.5%
Bull
$186
-22%
growth 25% · disc. 12.0% · term. 3.0%

Starting cash flow is mid-cycle: 26.6% average margin × current revenue = 6.9B (last 12 months: 7.6B at a 29% margin). On trailing cash flow the base case would be $136.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 25% a year for 10 years.
Implied
+25%/yr
FCF, last 3 yrs
+4%/yr
FCF, last 5 yrs
+10%/yr
Revenue, last 3 yrs
+10%/yr
Revenue, last 5 yrs
+10%/yr
Same inputs as the DCF above: mid-cycle free cash flow 6.9B, 13.0% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-09-27). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.85 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)
sector median 35.4× · 68th pct
 45.3×
pricier
Forward P/E
sector median 17.3× · 65th pct
 21.8×
pricier
EV / EBITDA
sector median 20.3× · 69th pct
 31.6×
pricier
Price / sales
sector median 4.8× · 85th pct
 12.5×
pricier
Price / book
sector median 5.2× · 92nd pct
 23.5×
pricier
FCF yield
sector median 3.6% · 35th pct
 2.3%
pricier

Forward EPS $11.94 vs trailing $5.76 (+107% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO
$2.7B
as of 2026-09-27
vs a year ago
-4%
YoY
× TTM revenue
0.10×
coverage
24-12
25-03
25-06
25-09
25-12
26-03
26-06
26-09

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin
51.1%
Operating margin
37.0%
FCF margin
29.0%
Net margin
32.3%
Return on equity
60.8%
Return on invested capital
110.2%
Net debt / EBITDA
-0.6×
Current ratio
2.5×
Interest cover
63.9×
Cash conversion (OCF/NI)
0.9×
Piotroski F-score 8/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✗ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✓ Gross margin improved✓ Asset turnover improved

Altman Z-score 20.4 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$377
+59%
Analysts
30
Strong Buy
Range
$290–$500
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2026$23.2B$7.3B$5.9B
2025$18.4B$5.4B$6.2B
2024$14.9B$3.8B$4.7B
2023$17.4B$4.5B$5.2B
2022$17.2B$4.6B$3.1B
2021$14.6B$3.9B$3.6B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +10.1%.

For information only · Important disclosures

Grades vs sector

Momentum
85th percentile in sector
A-
12-1 return: +109.6%
Percentile within its GICS sector across the S&P 1500.
Growth
76th percentile in sector
B+
Revenue growth (YoY): +30.0%
Percentile within its GICS sector across the S&P 1500.
Value
28th percentile in sector
D+
Forward E/P: 4.5% · EBITDA/EV: 2.6%
Percentile within its GICS sector across the S&P 1500.
Profitability
90th percentile in sector
A
Profit margin: +31.3% · Return on equity: +65.1%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Not held by any of our 7 live models right now.

Quality Growth
ranked 23 of 360 · Composite (0-1) 0.8
 Momentum Top 15
ranked 16 of 499 · 12-month momentum 126.0%
 Momentum Blend
Not in the current book
 New Highs Growth
Outside this model's universe or screens
 SURVYR. Barbell Momentum & T-Bill Shield
Outside this model's universe or screens
 SURVYR. Physical AI Grid & Power
Outside this model's universe or screens
 SURVYR. Long Book
Not in the current book

Earnings & events

LRCX earningsReported Oct 21, 2026● In line with estimates
Results · After the close
EPS actual$2.20
EPS estimate$2.18
Surprise+0.9%
RevenueNot in our data yet

Revenue for this quarter is not in our data yet. It arrives with the quarterly filing.

Next report
Wed Jan 27, 2027Time not confirmed
EPS consensus$2.35
Revenue consensus–
Last 4 quarters · EPS vs estimate
Oct 21, 2026$2.20est $2.18+0.9%In line with estimates
Jul 29, 2026$1.82est $1.68+8.1%Above estimates
Apr 22, 2026$1.47est $1.36+7.9%Above estimates
Jan 28, 2026$1.27est $1.17+8.7%Above estimates

In line = within 1% of the estimate.

Source: Yahoo Finance · refreshed 2026-10-26 17:57:06 ET
25-0125-0425-0725-1026-0126-0426-0726-100.002.20
EstimateActual (beat)Actual (miss)

News & catalysts

More news
Lam Research Stock Is 45% Below Its High. How Deep Have Past Drops Gone?
Trefis · 3h ago
Lam Research Corp. (LRCX) Shares Decline as Investors Reassess AI Spending
Insider Monkey · 8h ago
MP Materials And 2 Other Top Growth Stocks
Simply Wall St. · 19h ago
Marvell Stock Is Bouncing Back From a Near 9% Drop. Its COO Says It Has “All the Demand and the Supply” to Hit $20 Billion in Revenue Next Year
TIKR · Oct 26
Jefferies Sees Chip Equipment Growth Through 2028
GuruFocus.com · Oct 26
Insider trades
Archer Timothy
President and CEO · 2026-10-23
Sell
$7.1M
Mayer Bethany
Director · 2026-09-09
Sell
$3.0M
Archer Timothy
President and CEO · 2026-09-09
Sell
$9.6M
Varadarajan Seshasayee
Senior Vice President · 2026-09-02
Sell
$8.0M
Varadarajan Seshasayee
Senior Vice President · 2026-09-02
Sell
$3.6M
Varadarajan Seshasayee
Senior Vice President · 2026-09-02
Sell
$5.8M
Harter Ava
Chief Legal Officer · 2026-08-31
Sell
$1.5M
Archer Timothy
President and CEO · 2026-08-06
Sell
$9.0M
None
None · None
Sell
–

Stats refreshed 2026-10-26 17:57:06 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Systematic research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

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Coteau 0.9 · Oct 21, 2026