Lam Research Corp.
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+ FollowMarket Cap$250.58B
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Earnings Call Q1 2027
October 21, 2026 - AI Summary
Record results in the September 2026 quarter (profitability at new highs)
- Revenue: $8.22B, +22% sequentially and +54% YoY.
- Profitability: gross margin 52.4% (all-time record), operating margin 40.2% (record; first time >40%).
- EPS (diluted): $2.20 (record).
- Strong deferred revenue: $2.66B at quarter end (+$227M vs June), mainly from higher volumes (partly offset by lower customer down payments).
December 2026 outlook: solid growth but tempered by near-term supply chain constraints
- Guidance for Dec 2026 quarter: revenue $8.6B ± $0.4B; gross margin 52.5% ± 1pp; operating margin 40.5% ± 1pp; EPS $2.33 ± $0.15.
- Management emphasized no “one-off episodic” revenue driving the guidance; shortfall is tied to near-term supply chain constraints (not demand), implying higher revenue was possible without those constraints.
- Investors were also told that any delayed shipments driven by constraints would be expected to shift into the March quarter, not lost.
Big picture demand opportunity: AI-driven WFE growth, with Lam expecting continued outperformance
- Calendar 2026 systems revenue expected to grow “well over 40% YoY” (using the midpoint of Dec guidance).
- WFE (semiconductor equipment) for 2026: expected mid-$150B range.
- Lam’s view: 2026 is expected to be the third consecutive year of WFE outperformance (expansion of served available market (SAM) as device complexity rises).
- Preliminary 2027 WFE outlook: >$200B spending, with growth led by DRAM, followed by leading-edge foundry logic, then NAND.
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$61.94
69.1% downside
Current Fair Value
69.1% downsideOvervalued by 69.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $250.58 Billion |
|---|---|
| Enterprise Value | $249.30 Billion |
| Annual dividend | $1.04 |
| Dividend yield | 0.46% |
| Earnings per Share | $5.79 |
| Beta | 1.85 |
| Outstanding Shares | 1,250,883,000 |
Return
| Return on Equity | 60.75% |
|---|---|
| Return on Assets | 32.06% |
| Return on Invested Capital | 50.39% |
Valuation & Multiples
| P/E Ratio | 35.42 |
|---|---|
| PEG | 46.91 |
| Price to Sales | 10.02 |
| Price to Book Ratio | 18.21 |
| Enterprise Value to Revenue | 9.54 |
| Enterprise Value to EBIT | 25.98 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.44 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$1.83
Consensus analyst estimateRevenue Estimate
$7.60 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$2.34
Consensus analyst estimateRevenue Estimate
$8.63 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.41, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.4096▲ 0.88% |
|---|---|
| Total Calls | 165,440▼ 99.16% |
| Total Puts | 233,200▼ 99.15% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.12%▼ 82.40% |
|---|---|
| Total Invested | $16.92B▼ 96.37% |
| Investors Holding | 1,245▼ 2002.00% |
About Lam Research Corp.
10,700 employees
CEO: Timothy Archer
Lam Research Corporation is an American corporation that engages in the design, manufacture, marketing, and service of semiconductor processing equipment used in the fabrication of integrated circuits. Its products are used primarily in ...