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Incorporated in 1980, Lam Research Corporation ( Lam Research, Lam, we, our, us, or the Company ) is a Delaware corporation, headquartered in Fremont, California. We maintain a network of facilities throughout Asia, Europe, and the United States in order to meet the needs of our dynamic customer base.
$322.68
+$17.33 (+5.68%)
Price from 8 days ago
Margins and capital returns are both well above average: 32.01% operating margin, ROIC at 37.31%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue up 23.7% YoY with margins expanding 3.4pp.
At 61x earnings, the current multiple leaves limited room for execution misses or growth deceleration.
61.0x earnings, 67.6x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$21.68B
▲ +23.7% YoY
Net Income (TTM)
$6.71B
▲ +40.0% YoY
Op. Margin
34.26%
▲ +3.4pp YoY
ROIC
45.68%
▲ +10.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$6.00B
▲ +27.2% YoY
Op. Cash Flow (TTM)
$6.95B
▲ +32.7% YoY
Net Debt
-$1.02B
Net Cash Position
Cash & Equiv.
$4.75B
5Y CAGR: +12.9%
5Y CAGR: +23.0%
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