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Lam Research Corp LRCX Stock Quote

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Morningstar‘s Stock Analysis LRCX

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Lam Research Faces Numerous Headwinds in the Near Term, but Long-Term Outlook Remains Bright

Abhinav Davuluri, CFA Sector Strategist

Business Strategy and Outlook

| Abhinav Davuluri, CFA |

Lam Research is a major vendor of semiconductor fabrication tools. The firm is the leader in dry etch, a critical step in the chipmaking process where material is selectively removed. We believe Lam has a wide economic moat as a result of cost advantages and intangible assets related to equipment design. Lam's leadership position creates scale advantages that fuel research and development spending at levels only Applied Materials and Tokyo Electron can match. At the end of 2021, Lam had an installed base of 75,000 units, up from 40,000 in 2015. This large installed base creates stickiness and offers Lam an intimate look into problems faced by chipmakers, providing valuable information it can use to implement solutions and additional capabilities in future tools.

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Company Profile LRCX

Business Description

Lam Research manufactures equipment used to fabricate semiconductors. The firm is focused on the etch, deposition, and clean markets, which are key steps in the semiconductor manufacturing process, especially for 3D NAND flash storage, advanced DRAM, and leading-edge logic/foundry chipmakers. Lam's flagship Kiyo, Vector, and Sabre products are sold in all major geographies to key customers such as Samsung Electronics, Micron, Intel, SK Hynix, and Taiwan Semiconductor Manufacturing.

4650 Cushing Parkway
Fremont, CA, 94538
T +1 510 572-0200
Industry Semiconductor Equipment & Materials
Most Recent Earnings Sep 30, 2022
Fiscal Year End Jun 26, 2023
Employees 18,700

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