“Lam Research makes the etch and deposition equipment that chipmakers use to build memory and logic chips.”
🐂 Bull
- AI and advanced memory need more etch and deposition steps
- 37% GAAP operating margin last quarter
- Revenue grew +30% YoY last quarter ($5.2B → $6.7B)
🐻 Bear
- Chip-equipment spending is cyclical and exposed to China export rules
- Insiders sold ~$97M in open-market trades since 2026-04-18
What changed
Quarter revenue $6.7B, +30% YoY; operating income $2.5B vs $1.7B a year ago (+44%).
LRCX · Lam Research Corp
Industrials · ★ Legendary · Power 97/100 · CIK 0000707549
What it does
Lam Research makes the etch and deposition equipment that chipmakers use to build memory and logic chips.
What changed
10-K for the period ending 2026-06-28, filed 2026-08-07 0000707549-26-000037
Quarter revenue $6.7B, +30% YoY; operating income $2.5B vs $1.7B a year ago (+44%).
- Revenue (qtr to 2026-06-28): $6.7B (+30% YoY) 0000707549-26-000037
- Operating income (qtr to 2026-06-28): $2.5B (+44% YoY) 0000707549-26-000037
- Operating cash flow (FY to 2026-06-28): $5.9B (-5.1% YoY) 0000707549-26-000037
🐂 Bull case
- AI and advanced memory need more etch and deposition steps
- 37% GAAP operating margin last quarter 0000707549-26-000037
- Revenue grew +30% YoY last quarter ($5.2B → $6.7B) 0000707549-26-000037
🐻 Bear case
- Chip-equipment spending is cyclical and exposed to China export rules
- Insiders sold ~$97M in open-market trades since 2026-04-18 0001190639-26-000004
🚩 Red flags
- 💸 Insider selling: ~$97M of open-market sales in 10 of 13 Form 4s since 2026-04-18 0001190639-26-000004, 0001190639-26-000006, 0001316065-26-000012
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How the power level is computed
Power (0–100) = Growth 25 × clip(quarter revenue YoY ÷ 30%) + Profit 25 × clip(quarter GAAP operating margin ÷ 30%) + Cash 20 × clip(FY free cash flow ÷ FY revenue ÷ 25%) + Fortress 15 (full if cash + short-term investments ≥ debt, else 15 × clip(1 − net debt ÷ FY revenue); half if debt isn't tagged) + Dilution 15 (full if diluted shares flat/down YoY, 0 at +5%). Missing inputs get half credit. Banks and insurers get a Financials frame: their score isn't comparable.
Not investment advice. Ticker Card summarizes public SEC EDGAR filings, which can be restated or late. No stock prices. Every number cites the filing's accession number. Source: SEC EDGAR.