Common-Size Income Statement
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- Income Statement
- Statement of Comprehensive Income
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Lam Research Corp., common-size consolidated income statement
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).
- Revenue Composition
- The revenue baseline remains consistent at 100% throughout the periods, serving as the reference point for all subsequent cost and income metrics expressed as percentages of revenue.
- Cost of Goods Sold (COGS)
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COGS as a percentage of revenue shows a general downward trend from -54.12% in 2020 to -51.29% in 2025, suggesting improved cost efficiency or favorable input costs over time.
Notably, there is a slight increase in COGS in 2023 (-55.38%), partly influenced by restructuring charges of -0.45% in 2023 and -0.29% in 2024. Once adjusted for these charges, the effective COGS still shows improvement in the most recent years.
- Gross Margin
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Gross margin demonstrated some fluctuation, declining from 45.88% in 2020 to 44.62% in 2023 but rebounding strongly to 48.71% by 2025. This improvement towards the end of the period indicates enhanced profitability at the gross level, likely due to reduced COGS relative to revenue.
- Operating Expenses
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Research and development (R&D) expenses decrease from -12.47% in 2020 to -9.31% in 2022, signaling reduced relative investment in R&D. However, R&D expenses rise again to -12.76% in 2024 before improving slightly to -11.37% in 2025.
Selling, general, and administrative (SG&A) expenses consistently decrease from -6.79% in 2020 to a low of -4.78% in 2023, indicating effective expense control, before slightly increasing in subsequent years.
Total operating expenses follow a downward trend from -19.26% in 2020 to -14.45% in 2022 and maintain near that level before rising again to -18.71% in 2024 and reducing to -16.7% in 2025. Restructuring charges related to operating expenses appear in 2023 (-0.24%) and 2024 (-0.12%), contributing to the expense variability.
- Operating Income
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Operating income improves from 26.62% in 2020 to 31.24% in 2022, indicating enhanced operational efficiency. It temporarily dips in 2023 and 2024 to around 28-29%, likely impacted by restructuring and increased operating expenses, before rising again to 32.01% in 2025.
- Interest Income and Expense
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Interest income is generally low but shows an increase from 0.09% in 2022 to 1.69% in 2024, indicating possibly higher cash balances or investment returns, before slightly decreasing to 1.25% in 2025.
Interest expense decreases steadily from -1.77% in 2020 to -0.97% in 2025, reflecting potentially reduced debt costs or debt levels over the period.
- Other Income and Expenses
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Net effects from gains or losses on deferred compensation plans, foreign exchange, and other income/expense items show minor fluctuations, often close to zero, and have a limited impact on overall profitability.
Other income (expense) net improves notably in 2024 to positive 0.65%, compared to prior negative values, possibly contributing to income before taxes gains.
- Income Before Income Taxes and Net Income
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Income before income taxes rises from 25.64% in 2020 to about 30% in 2022 and remains near that level through 2024, reaching 32.32% in 2025, consistent with operational profitability trends.
Income tax expense relative to revenue remains stable around -3.2% to -3.6% throughout the years.
Net income follows the upward trend, increasing from 22.42% in 2020 to 29.06% in 2025, indicative of overall profitability enhancement during the analyzed timeframe.