Lam Research

Information Technology Semiconductor Materials & Equipment Fremont, California Last filing Aug 11, 2025 · FY2025

                    Revenue
                    FY2025
                
$18.4B
                    3y CAGR +1.9%
                    
                    P33
                    
                    +23.7%
                    
                    Net income
                    FY2025
                
$5.4B
                    Net margin +29.1%
                    
                    P83
                    
                    +40.0%
                    
                    Total assets
                    FY2025
                
$21.3B
                    ROA +25.1%
                    
                    P92
                    
                    +13.9%
                    
                    Operating cash flow
                    FY2025
                
$6.2B
                    
                    +32.7%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $21.3B

Total liabilities $11.5B

Shareholders equity $9.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	29.9%	31.2%	28.4%
Accounts Receivable	15.8%	13.4%	15.0%
Inventory	20.2%	22.5%	25.6%
Prepaid Expenses	2.1%	1.6%	1.1%
Other Current Assets	12.1%	—	8.8%
Total Current Assets	68.0%	68.7%	70.4%
Property,Plant and Equipment	11.3%	11.4%	9.6%
Goodwill	0.0%	8.5%	8.6%
Intangible Assets	0.0%	0.7%	0.9%
Other Noncurrent Assets	12.1%	10.4%	8.8%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	4.0%	3.3%	2.5%
Accrued Liabilities	11.2%	9.6%	10.7%
Deferred Revenue	12.0%	—	9.0%
Other Current Liabilities	2.7%	—	2.7%
Total Current Liabilities	30.8%	23.1%	22.3%
Long Term Debt	0.0%	23.8%	26.4%
Deferred Tax Liabilities	0.0%	1.2%	1.3%
Other Noncurrent Liabilities	2.7%	3.1%	2.7%
Total Liabilities	53.8%	54.4%	56.3%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	40.7%	43.9%	41.6%
Retained Earnings	135.8%	132.4%	117.3%
Treasury Stock	130.1%	15.2%	114.6%
Accumulated Other Comprehensive Income	-0.3%	-0.7%	-0.5%
Total Stockholders Equity	46.2%	45.6%	43.7%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $18.4B

Operating income $5.9B

Net income $5.4B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	86.4%	79.5%	92.8%
Expenses Cost of Revenue	44.3%	41.9%	51.4%
Expenses Research and Development	9.8%	10.1%	9.2%
Expenses Selling,General and Administrative	4.6%	4.6%	4.4%
Expenses Depreciation and Amortization	1.8%	1.9%	1.8%
Expenses Share Based Compensation	1.6%	1.6%	1.5%
Expenses Operating Expenses	14.4%	—	13.9%
Other Income Expense Gross Profit	42.1%	37.6%	41.4%
Other Income Expense Operating Income	27.6%	22.7%	27.6%
Other Income Expense Interest Income	1.1%	1.3%	0.7%
Other Income Expense Interest Expense	0.8%	1.0%	1.0%
Other Income Expense Other Income/expense	0.3%	0.5%	-0.3%
Other Income Expense Income Before Tax	27.9%	23.3%	27.2%
Income Tax Income Tax Expense	2.8%	2.8%	3.2%
net Income net Income	25.1%	20.4%	24.0%
net Income Comprehensive Income	25.4%	20.3%	24.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	6.0%	0.7%	7.2%
Earnings Per Share Weighted Average Shares Diluted	6.0%	0.7%	7.2%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $6.2B

Investing cash flow $-708.1M

Financing cash flow $-4.9B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	25.1%	20.4%	24.0%
Operating Activities Depreciation and Amortization	1.8%	1.9%	1.8%
Operating Activities Stock Based Compensation	1.6%	—	1.5%
Operating Activities Deferred Income Taxes	-1.7%	-1.1%	-0.9%
Operating Activities Changes In Operating Assets and Liabilities	11.2%	-6.8%	-2.5%
Operating Activities net Cash From Operating Activities	28.9%	24.8%	27.6%
Investing Activities Business Acquisitions	0.0%	0.0%	0.6%
Investing Activities Proceeds From Sale of Investments	0.0%	0.2%	0.5%
Investing Activities Other Investing Activities	-0.2%	0.1%	0.1%
Investing Activities net Cash From Investing Activities	-3.3%	-2.0%	-2.8%
Financing Activities Repurchase of Common Stock	16.0%	15.2%	10.7%
Financing Activities Dividends Paid	5.4%	5.4%	4.8%
Financing Activities Proceeds From Stock Issuance	0.0%	0.1%	0.1%
Financing Activities Other Financing Activities	0.0%	-0.1%	-0.0%
Financing Activities net Cash From Financing Activities	-23.1%	-21.3%	-15.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	—	0.0%
Cash Reconciliation net Change In Cash	2.6%	1.4%	9.7%
Cash Reconciliation Cash At Beginning of Period	30.0%	31.2%	29.7%
Cash Reconciliation Cash At End of Period	30.0%	31.2%	29.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+48.7%	+47.3%	+44.6%
Operating margin	+32.0%	+28.6%	+29.7%
Net margin	+29.1%	+25.7%	+25.9%
FCF margin	—	+28.6%	—
Growth
Revenue CAGR (3y)	+1.9%	-4.7%	+6.0%
Returns
ROE	+54.3%	+44.8%	+54.9%
ROA	+25.1%	+20.4%	+24.0%
ROIC	+152.9%	+48.9%	+58.3%
Liquidity
Current ratio	2.21x	2.97x	3.16x
Quick ratio	1.49x	1.93x	1.95x
Leverage
D/E	1.16x	1.20x	1.29x
Interest coverage	33.30x	23.30x	27.75x
Efficiency
Asset turnover	0.86x	0.80x	0.93x
Cash conversion cycle	+200d	+229d	+223d

Valuation

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FY2025 fundamentals · no price

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