Lam Research Corp. (LRCX) intrinsic value & 10-year financials
Lam Research Corp. (LRCX) has a Graham intrinsic value of $137.85 per share. At $263.94 on Oct 17, 2026, the stock trades 91% above that value. Over the last 10 fiscal years revenue grew 13.5% a year to $18.4B, with an average return on invested capital of 52.1%.
- Graham intrinsic value
- $137.85
- Share price (Oct 17, 2026)
- $263.94
- Price vs Graham value
- 91% above
- Market cap
- $340.5B
- Revenue (FY2025)
- $18.4B
- Revenue growth (10-yr CAGR)
- 13.5%
- ROIC (10-yr avg)
- 52.1%
- Free cash flow (FY2025)
- $5.4B
LRCX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.4B | $5.4B | $4.15 | $5.4B | 32.0% | 73.9% |
| FY2024 | $14.9B | $3.8B | $2.90 | $4.3B | 28.6% | 49.8% |
| FY2023 | $17.4B | $4.5B | $3.32 | $4.7B | 29.7% | 58.5% |
| FY2022 | $17.2B | $4.6B | $3.27 | $2.6B | 31.2% | 66.5% |
| FY2021 | $14.6B | $3.9B | $2.69 | $3.2B | 30.6% | 67.8% |
| FY2020 | $10.0B | $2.3B | $1.51 | $1.9B | 26.6% | 46.5% |
| FY2019 | $9.7B | $2.2B | $1.37 | $2.9B | 25.5% | 51.1% |
| FY2018 | $11.1B | $2.4B | $1.32 | $2.4B | 29.0% | 48.4% |
| FY2017 | $8.0B | $1.7B | $0.92 | $1.9B | 23.7% | 34.1% |
| FY2016 | $5.9B | $914.0M | $0.52 | $1.2B | 18.3% | 24.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lam Research is a consistent compounder, expanding top-line revenue at 13.5% annually over the past decade.
Lam Research has earned high returns on invested capital, averaging 52.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Lam Research shows that management has aggressively returned capital to shareholders by retiring 26.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lam Research is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $137.85 per share.