Analysis of Investments
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities
Lam Research Corp., adjustment to net income
US$ in thousands
| 12 months ended: | Jun 29, 2025 | Jun 30, 2024 | Jun 25, 2023 | Jun 26, 2022 | Jun 27, 2021 | Jun 28, 2020 | |
|---|---|---|---|---|---|---|---|
| Net income (as reported) | |||||||
| Add: Available-for-sale investments | |||||||
| Net income (adjusted) |
Based on: 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28).
The analyzed financial data reveals the net income trends for the company over a six-year period, both in reported and investment-adjusted terms.
- Reported Net Income
-
The reported net income exhibited a notable upward trajectory from 2,251,753 thousand US dollars in mid-2020 to 4,608,286 thousand US dollars by mid-2022. Following this peak, a slight decline is observed in mid-2023, with reported net income decreasing to 4,510,931 thousand US dollars. The downward trend continues more significantly by mid-2024, falling to 3,827,772 thousand US dollars, before recovering to reach the highest value of the period at 5,358,217 thousand US dollars by mid-2025.
- Adjusted Net Income
-
The adjusted net income closely mirrors the pattern seen in the reported net income, starting at 2,254,530 thousand US dollars in mid-2020 and increasing to a peak near 4,602,038 thousand US dollars in mid-2022. A marginal drop occurs in mid-2023 to approximately 4,512,264 thousand US dollars, followed by a more pronounced decline to 3,828,076 thousand US dollars in mid-2024. Subsequently, it rises sharply to equal the reported net income peak at 5,358,217 thousand US dollars by mid-2025.
- Comparative Insights
-
The close proximity and similarity in values between reported and adjusted net income across all periods suggest minimal adjustments for investment-related items or other one-time effects. Both measures confirm significant growth in net income up to mid-2022, a moderate contraction through mid-2024, and a recovery to an all-time high by mid-2025. This pattern may indicate cyclical influences or strategic factors affecting profitability within the observed timeframe.
Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)
Lam Research Corp., adjusted profitability ratios
Based on: 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28).
The financial performance indicators over the analyzed periods show distinct patterns and fluctuations across profitability and efficiency metrics.
- Net Profit Margin
- The reported net profit margin exhibited an upward trajectory from 22.42% in mid-2020 to a peak near 26.73% in mid-2022, reflecting improving profitability. Subsequently, a slight decline occurred through 2023 and 2024, stabilizing around 25.68%. By mid-2025, the margin increased significantly to 29.06%, marking the highest profitability margin observed over the period. The adjusted net profit margin values closely mirror the reported figures, indicating minimal differences attributable to adjustments.
- Return on Equity (ROE)
- ROE demonstrated substantial volatility with a strong upward movement from 43.53% in 2020 to an apex of 73.35% in 2022. Following this peak, there was a pronounced decline to 44.82% by mid-2024, suggesting a reduction in equity efficiency, before rebounding moderately to 54.33% in 2025. The adjusted ROE closely tracks the reported values with negligible variations, implying consistent measurement approaches and stable adjustment impacts.
- Return on Assets (ROA)
- ROA trends reflect a progressive increase from 15.47% in 2020 to 26.78% in 2022, indicating enhanced asset utilization and profitability. However, from 2023 onward, ROA decreased to a low of 20.42% in 2024. This was followed by a recovery to 25.1% by 2025, though this value remains below the 2022 peak. Adjusted ROA closely aligns with the reported figures, showing that adjustments have minimal effect on this ratio.
Overall, the data depict a period characterized by initial growth in profitability and returns on equity and assets up to 2022, followed by a downturn in 2023 and 2024. The subsequent recovery by 2025 suggests potential operational improvements or favorable market conditions resuming. The near-parallel trends between reported and adjusted figures indicate that the adjustments applied have limited impact on the core profitability and efficiency metrics.
Lam Research Corp., Profitability Ratios: Reported vs. Adjusted
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28).
2025 Calculations
1 Net profit margin = 100 × Net income ÷ Revenue
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × ÷ =
The financial data demonstrates a general upward trend in both reported and adjusted net income over the analyzed periods. From June 28, 2020, to June 29, 2025, reported net income increases from approximately 2.25 billion US dollars to about 5.36 billion US dollars, indicating a strong growth trajectory. The adjusted net income follows a very similar pattern, suggesting consistency between reported and adjusted figures and implying that adjustments made do not materially alter the net income profile over time.
Examining net profit margins, both reported and adjusted percentages exhibit an overall positive progression. Starting at approximately 22.4% in 2020, the margins peak around 26.7% in the 2021 and 2022 periods. Following this peak, there is a modest decline in 2023 and 2024, with net profit margins decreasing to about 25.7%, before rising sharply to 29.06% in the final period of 2025. The close alignment of reported and adjusted net profit margins throughout the timeframe reflects the stability and reliability of profitability metrics irrespective of adjustments.
This pattern reveals robust profitability and efficient earnings generation over the years, especially notable in the substantial margin expansion in the most recent year. The slight dip in profit margins during the mid-periods may indicate increased costs or investment activities before operational efficiencies or market conditions improved again in 2025. Overall, the data signals favorable financial performance with improving profitability and consistent income growth.
- Net Income Trends
- Consistent increase across the periods with reported net income growing from 2.25 billion to 5.36 billion US dollars, parallel to adjusted net income.
- Net Profit Margin Trends
- Margins rose significantly through 2021 and 2022, followed by a slight decline in 2023-2024, culminating in a notable margin increase of over 29% in 2025.
- Relationship Between Reported and Adjusted Figures
- Close correspondence indicates minimal impact of adjustments on net income and profitability measurements.
- Profitability Insights
- Strong profitability with some mid-period margin contraction potentially reflecting operational or market challenges before renewed margin expansion.
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28).
2025 Calculations
1 ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity
= 100 × ÷ =
- Net Income Trends
- The reported net income shows a generally positive trend with fluctuations over the years. It increased significantly from approximately 2.25 billion US dollars in mid-2020 to a peak of around 4.60 billion US dollars in mid-2022. Following this peak, there was a decline to about 3.83 billion US dollars by mid-2024, then a rebound to approximately 5.36 billion US dollars by mid-2025. The adjusted net income closely follows the reported figures, indicating consistent adjustment practices with minimal variance.
- Return on Equity (ROE) Trends
- Reported ROE displayed a notable upward trajectory in the early years, rising from 43.53% in 2020 to a maximum of 73.35% in 2022. After this peak, there was a decline to 44.82% by mid-2024, followed by a partial recovery to 54.33% in mid-2025. The adjusted ROE mirrors this pattern exactly, suggesting that the adjustments do not materially affect this ratio.
- Financial Performance Insights
- The data reflects a period of strong profitability growth culminating in 2022, both in net income and ROE, followed by a moderation in subsequent years. The dip after 2022 may indicate external challenges or strategic shifts impacting profitability. The recovery in 2025 suggests improved conditions or successful operational adjustments. The close alignment between reported and adjusted metrics demonstrates consistent financial reporting and adjustment methodologies.
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2025-06-29), 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28).
2025 Calculations
1 ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × ÷ =
The financial data reveals several noteworthy trends in profitability and efficiency over the analyzed period. Both reported and adjusted net income display a general upward trajectory, with notable fluctuations across the years. Starting from approximately 2.25 billion USD in the fiscal year ending June 28, 2020, net income increased significantly to nearly 3.91 billion USD by June 27, 2021, reflecting robust growth. This positive trend continued into June 26, 2022, reaching over 4.6 billion USD before experiencing a slight decline in the subsequent year ending June 25, 2023. Despite this dip, net income remained strong, and following a temporary decrease around June 30, 2024, it rose sharply again to approximately 5.36 billion USD by June 29, 2025.
Adjusted net income mirrors the reported figures closely, suggesting that adjustments made do not materially alter the overall profitability assessment. The minimal differences between reported and adjusted values indicate consistent accounting treatments or relatively minor one-time adjustments.
Return on assets (ROA), reported and adjusted, also exhibits a fluctuating pattern consistent with net income trends. The ROA started at 15.47% (reported) and 15.49% (adjusted) in 2020, then increased substantially to over 24% in 2021, peaking in 2022 at around 26.8%. Subsequently, a decline occurred through 2023 and 2024, bringing ROA down to approximately 20.4%, followed by a recovery to 25.1% in 2025. The close alignment between reported and adjusted ROA again suggests that underlying asset efficiency measures are stable regardless of adjustments.
- Net Income Trends
- Strong growth from 2020 to 2022, a mild contraction in 2023 and 2024, and a rebound to new highs in 2025.
- Adjusted vs. Reported Figures
- Minimal divergence indicates reliable and consistent accounting practices throughout the period.
- Return on Assets Trends
- ROA improved substantially from 2020 through 2022, exhibited a downward correction in mid-period years, and rebounded in 2025, reflecting fluctuations in profitability relative to asset base.
- Overall Financial Performance
- Period characterized by strong profitability with periods of volatility, suggesting responsiveness to market conditions or operational factors influencing earnings and asset utilization.