Lam Research

Etch and deposition equipment for chipmakers

Overview

Lam Research supplies wafer fabrication equipment, mainly etch and deposition systems, and services to semiconductor manufacturers. The company was incorporated in 1980 and is a Delaware corporation headquartered in Fremont, California, with facilities across Asia, Europe and the United States[24]. Revenue for fiscal 2026, which ended on 28 June 2026, was US$23,233 million, up 26%[24]. Gross margin rose to 50.5% of revenue, which the 10-K attributes to favourable customer mix[24]. Lam is listed on Nasdaq. It had approximately 23,300 regular full-time employees on 4 August 2026, over 26% of them in research and development[24].

Lam Research strengths and limitations

Strengths

  • Sales growth of 26.5%
  • Profit margin of 31%
  • Higher market value than Applied Materials

Limitations

  • Exposure to China sales
  • Cyclical demand
  • Narrower product range than Applied

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