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 revenue.

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	34.7%	39.2%	30.6%
Accounts Receivable	18.3%	16.9%	16.2%
Inventory	23.4%	28.3%	27.6%
Prepaid Expenses	2.4%	2.0%	1.2%
Other Current Assets	14.1%	—	9.5%
Total Current Assets	78.7%	86.4%	75.9%
Property,Plant and Equipment	13.0%	14.3%	10.3%
Goodwill	0.0%	10.7%	9.3%
Intangible Assets	0.0%	0.9%	1.0%
Other Noncurrent Assets	14.1%	13.0%	9.5%
Total Assets	115.8%	125.8%	107.8%
Liabilities
Accounts Payable	4.6%	4.1%	2.7%
Accrued Liabilities	13.0%	12.1%	11.5%
Deferred Revenue	13.9%	—	9.7%
Other Current Liabilities	3.2%	—	2.9%
Total Current Liabilities	35.6%	29.1%	24.0%
Long Term Debt	0.0%	30.0%	28.5%
Deferred Tax Liabilities	0.0%	1.5%	1.4%
Other Noncurrent Liabilities	3.2%	3.9%	2.9%
Total Liabilities	62.3%	68.5%	60.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	47.2%	55.2%	44.8%
Retained Earnings	157.2%	166.5%	126.4%
Treasury Stock	150.6%	19.1%	123.5%
Accumulated Other Comprehensive Income	-0.3%	-0.9%	-0.6%
Total Stockholders Equity	53.5%	57.3%	47.1%
Total Liabilitiesand Equity	115.8%	125.8%	107.8%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	51.3%	52.7%	55.4%
Expenses Research and Development	11.4%	12.8%	9.9%
Expenses Selling,General and Administrative	5.3%	5.8%	4.8%
Expenses Depreciation and Amortization	2.1%	2.4%	2.0%
Expenses Share Based Compensation	1.9%	2.0%	1.6%
Expenses Operating Expenses	16.7%	—	14.9%
Other Income Expense Gross Profit	48.7%	47.3%	44.6%
Other Income Expense Operating Income	32.0%	28.6%	29.7%
Other Income Expense Interest Income	1.3%	1.7%	0.8%
Other Income Expense Interest Expense	1.0%	1.2%	1.1%
Other Income Expense Other Income/expense	0.3%	0.6%	-0.4%
Other Income Expense Income Before Tax	32.3%	29.3%	29.3%
Income Tax Income Tax Expense	3.3%	3.6%	3.4%
net Income net Income	29.1%	25.7%	25.9%
net Income Comprehensive Income	29.4%	25.5%	25.9%
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	7.0%	0.9%	7.8%
Earnings Per Share Weighted Average Shares Diluted	7.0%	0.9%	7.8%

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	29.1%	25.7%	25.9%
Operating Activities Depreciation and Amortization	2.1%	2.4%	2.0%
Operating Activities Stock Based Compensation	1.9%	—	1.6%
Operating Activities Deferred Income Taxes	-2.0%	-1.3%	-1.0%
Operating Activities Changes In Operating Assets and Liabilities	13.0%	-8.5%	-2.7%
Operating Activities net Cash From Operating Activities	33.5%	31.2%	29.7%
Investing Activities Business Acquisitions	0.0%	0.0%	0.7%
Investing Activities Proceeds From Sale of Investments	0.0%	0.2%	0.5%
Investing Activities Other Investing Activities	-0.3%	0.1%	0.1%
Investing Activities net Cash From Investing Activities	-3.8%	-2.5%	-3.1%
Financing Activities Repurchase of Common Stock	18.6%	19.1%	11.6%
Financing Activities Dividends Paid	6.2%	6.8%	5.2%
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	-26.8%	-26.8%	-16.2%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	—	0.0%
Cash Reconciliation net Change In Cash	3.0%	1.8%	10.4%
Cash Reconciliation Cash At Beginning of Period	34.8%	39.2%	32.1%
Cash Reconciliation Cash At End of Period	34.8%	39.2%	32.1%

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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