Lam Research Corporation (LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Its core business is designing, manufacturing, marketing, and servicing equipment used to deposit and etch materials on silicon wafers during the front-end of semiconductor device manufacturing.

Key areas of focus:

• Deposition (CVD/ECD/ALD) – Equipment that builds up thin films on wafers, including chemical vapor deposition, electrochemical deposition, and atomic layer deposition tools.
• Etch – Systems that selectively remove materials from wafers to pattern integrated circuits, including dielectric and conductor etch products.
• Advanced Packaging & 3D NAND/DRAM scaling – Tools supporting high-aspect-ratio etching and deposition needed for memory scaling and advanced chip architectures.
• Services, spares, and software – A recurring revenue stream from maintenance, upgrades, and process control software for installed base tools.

Lam Research primarily serves foundries, memory manufacturers (DRAM and NAND), and logic chip makers, with its equipment present in nearly every leading-edge fab worldwide. Its main competitors in deposition and etch are Applied Materials and Tokyo Electron.

Loading chart...Here is Lam Research's P/E (TTM) historical trend. The chart came back with no plotted points, which suggests the daily pe_ttm series for LRCX is currently empty in the local data. Let me check by pulling daily fundamentals for LRCX.

Loading chart...Here is Lam Research's daily P/E (TTM) trend, computed as adjusted close ÷ trailing four-quarter EPS from FY20 through July 2026. The series shows:

• FY20–FY21 (~15–25x): a normal-cycle range through the pre-pandemic low and the 2020–2021 upcycle.
• FY22 (~13–18x): compression as the cycle peaked and earnings expanded faster than price.
• FY23 trough (~12–15x): the semi-cycle bottom when TTM earnings stayed elevated but multiples reset on demand fears.
• FY24 recovery (~20–30x): multiple re-rated sharply higher during the AI-driven semiconductor upcycle.
• FY25–FY26 (~25–35x): sustained premium valuation, with notable spikes as TTM earnings moderated.

Let me know if you'd like this alongside earnings, or benchmarked against a peer like Applied Materials (AMAT) or Tokyo Electron (8035.T).