Lam Research(NASDAQ) LRCX

Lam Research Corporation makes machines that build computer chips. These machines help build parts for phones and cars. The company also fixes and sells parts for these machines.

What Is in the Toolbox?

• Foundry: Equipment for manufacturers producing chips for other companies; represents 54% of revenue in fiscal year 2026.
• Memory: Systems used to build storage components like flash memory; accounts for 39% of revenue in fiscal year 2026.
• Logic and IDM: Precision equipment for making processors and specialized circuits; provides 7% of revenue in fiscal year 2026.
• Customer Support: Services and spare parts that maximize machine productivity throughout the lifecycle of the equipment.
• Deposition, Etch, and Clean: Machines that add, remove, or wash materials to build chip structures with atomic-level precision.

Building Better Tech

• Increased the capacity of the commercial paper program to $2 billion in March 2026 to support general corporate purposes.
• Introduced the Akara product family to enable precise patterning of complex three-dimensional semiconductor structures.
• Launched the Aether product family to support vacuum-based formation of resist underlayers using dry development processes.
• Settled $750 million in senior notes upon maturity in March 2026 using available cash.

Global Reach and Technical Depth

Lam Research maintains a global service network across the United States, China, Europe, India, Japan, Korea, Southeast Asia, and Taiwan. The company leverages a large installed base to improve product performance through continuous cycles of learning.

Performance by the Numbers

• Revenue was $23.2 billion in fiscal year 2026, up 26.0% year over year.
• Net income was $7.3 billion in fiscal year 2026, up 35.6% year over year.
• Gross margin was 50.5% in fiscal year 2026, up 180 basis points year over year.
• Cash flows from operating activities were $5.9 billion in fiscal year 2026.
• Market cap was $515.7 billion in the fourth quarter of 2026, up 315.8% year over year.

Evolution of Innovation

Lam Research has transitioned from a focus on two-dimensional scaling to providing advanced three-dimensional architecture and vertical scaling solutions. Its expansion into dry resist technology and customer support services maintains its relevance as semiconductor manufacturing becomes more complex.