LRCX vs Q: Lam Research and Qnity Electronics compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Lam Research is the larger company, worth $369.0B, about 15.1 times Qnity Electronics.
- Lam Research grew revenue faster over the last year (+30.0% vs +22.1%).
- On earnings, Qnity Electronics is the cheaper stock (37.6x vs 55.7x).
- Lam Research's price assumes faster free cash flow growth: about 23% a year, against 8% for Qnity Electronics (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LRCX | Q |
|---|---|---|
| Market cap | $369.0B | $24.4B |
| Share price | $318.84 | $126.60 |
| Revenue (last fiscal year) | $23.2B | $4.8B |
| Free cash flow (last fiscal year) | $4.9B | $988M |
| Revenue growth, last year | +30.0% | +22.1% |
| Revenue growth per year, last 5 fiscal years | +7.8% | +8.5% |
| Operating margin | 35.3% | — |
| Net margin | 31.3% | 11.4% |
| Return on equity | 58.3% | 8.2% |
| P/E (trailing) | 55.7x | 37.6x |
| Price / free cash flow | 68.2x | 24.7x |
| EV / EBITDA | 41.5x | 18.7x |
| FCF growth the price implies | 22.5% | 7.7% |
| Dividend yield | 0.33% | 0.12% |
| Debt / equity | 0.89x | 0.93x |
| Fundamental grade | B | C |
| Superinvestors holding it | 11 | 8 |
| Insider purchases, last 12 months | 10 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Lam Research
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $17.2B | $2.6B | 31.2% |
| 2023 | $17.4B | $4.7B | 29.7% |
| 2024 | $14.9B | $4.3B | 28.6% |
| 2025 | $18.4B | $5.4B | 32.0% |
| 2026 | $23.2B | $4.9B | 35.3% |
Qnity Electronics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2023 | $4.0B | $651M | — |
| 2024 | $4.3B | $861M | — |
| 2025 | $4.8B | $988M | — |
Where the revenue comes from
Lam Research · by products, 2026
Systems Revenue$14.9B64%
Customer support-related revenue and other$8.3B36%
Qnity Electronics · by segments, 2025
Semiconductor Technologies$2.6B56%
Interconnect Solutions$2.1B44%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LRCX in InvestinglyQuestions
Which is bigger, Lam Research or Qnity Electronics?
Lam Research (LRCX), at $369.0B against $24.4B.
Is LRCX or Q cheaper?
By trailing P/E, Qnity Electronics (37.6x) is cheaper than Lam Research (55.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, LRCX or Q?
Lam Research: revenue grew +30.0% over the last year, against +22.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.