Lam Research (LRCX)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $386.4B, Lam Research's free cash flow of $4.9B (fiscal 2026) would need to grow about 23% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Lam Research's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from LRCX's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Lam Research's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B |
| Net income | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B |
| Free cash flow | $2.6B | $4.7B | $4.3B | $5.4B | $4.9B |
| EPS (diluted) | $3.27 | $3.32 | $2.90 | $4.15 | $5.76 |
| Operating margin | 31.2% | 29.7% | 28.6% | 32.0% | 35.3% |
Where the revenue comes from
Revenue by products, fiscal 2026.
Superinvestors who own LRCX
From each investor's latest 13F filing (what a 13F shows). 11 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Philippe Laffont Coatue Management |
Trimmed | $4.1B | 8.4% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $1.5B | 0.53% | Q2 2026 |
| Chase Coleman Tiger Global Management |
Trimmed | $1.4B | 5.7% | Q2 2026 |
| David Tepper Appaloosa Management |
Held | $166M | 2.1% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $164M | 0.14% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $120M | 0.28% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Added | $56M | 0.08% | Q2 2026 |
| Stanley Druckenmiller Duquesne Family Office |
New position | $19M | 0.36% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Added | $3M | 0.03% | Q2 2026 |
| Lee Ainslie Maverick Capital |
New position | $2M | 0.02% | Q2 2026 |
| Will Nasgovitz Heartland Advisors |
Trimmed | $1M | 0.06% | Q2 2026 |
Insider buying
Open-market purchases by Lam Research's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 30, 2026 | Ro Khanna |
0 | $199.93 | — |
| Mar 30, 2026 | Ro Khanna |
0 | $199.93 | — |
| Mar 12, 2026 | David Taylor |
0 | $209.49 | — |
| Mar 12, 2026 | David Taylor |
0 | $209.49 | — |
| Feb 9, 2026 | Tony Wied |
0 | $229.28 | — |
| Feb 9, 2026 | Tony Wied |
0 | $229.28 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $213.31 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $213.31 | — |
| Feb 3, 2026 | Cleo Fields |
0 | $230.10 | — |
| Feb 3, 2026 | Cleo Fields |
0 | $230.10 | — |
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In the full deep dive
Questions
What growth does Lam Research's stock price imply?
At a market value of $386.4B, Lam Research would need its free cash flow to grow about 23% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 11% a year.
Are Lam Research insiders buying the stock?
10 open-market insider purchases of LRCX in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Lam Research?
11 of the superinvestors Investingly tracks hold LRCX in their latest 13F, including Philippe Laffont, Cliff Asness, Chase Coleman.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.