Debt to Equity
since 2005
Calculation
Lam Research Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt and finance lease obligations1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Jun 28, 2026 | 0.30 | = | 3,734,563) | ÷ | 12,470,921) |
| Jun 29, 2025 | 0.45 | = | 4,484,505) | ÷ | 9,861,619) |
| Jun 30, 2024 | 0.58 | = | 4,983,334) | ÷ | 8,539,454) |
| Jun 25, 2023 | 0.61 | = | 5,011,541) | ÷ | 8,210,172) |
| Jun 26, 2022 | 0.80 | = | 5,005,830) | ÷ | 6,278,366) |
| Jun 27, 2021 | 0.83 | = | 5,001,682) | ÷ | 6,027,188) |
| Jun 28, 2020 | 1.12 | = | 5,810,725) | ÷ | 5,172,494) |
| Jun 30, 2019 | 0.96 | = | 4,489,899) | ÷ | 4,673,865) |
| Jun 24, 2018 | 0.37 | = | 2,416,592) | ÷ | 6,501,851) |
| Jun 25, 2017 | 0.40 | = | 2,693,413) | ÷ | 6,817,451) |
| Jun 26, 2016 | 0.74 | = | 4,333,075) | ÷ | 5,894,517) |
| Jun 28, 2015 | 0.46 | = | 2,361,032) | ÷ | 5,103,144) |
| Jun 29, 2014 | 0.27 | = | 1,335,469) | ÷ | 5,029,735) |
| Jun 30, 2013 | 0.29 | = | 1,303,911) | ÷ | 4,488,872) |
| Jun 24, 2012 | 0.25 | = | 1,272,922) | ÷ | 5,131,781) |
| Jun 26, 2011 | 0.30 | = | 743,270) | ÷ | 2,469,845) |
| Jun 27, 2010 | 0.01 | = | 22,612) | ÷ | 1,768,135) |
| Jun 28, 2009 | 0.03 | = | 46,234) | ÷ | 1,453,089) |
| Jun 29, 2008 | 0.17 | = | 306,330) | ÷ | 1,778,597) |
| Jun 24, 2007 | 0.21 | = | 250,000) | ÷ | 1,176,320) |
| Jun 25, 2006 | 0.25 | = | 350,000) | ÷ | 1,396,149) |
| Jun 26, 2005 | 0.00 | = | —) | ÷ | 1,066,896) |
Based on: 10-K (reporting date: 2026-06-28), 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
1 US$ in thousands
The capital structure exhibits a cyclical trend in leverage, transitioning from a period of minimal debt to a peak in leverage around 2020, followed by a consistent deleveraging phase characterized by significant equity growth and debt reduction.
- Debt-to-Equity Ratio Trends
- The debt-to-equity ratio remained low and stable between 2005 and 2010, reaching a nadir of 0.01 in 2010. A period of expansion began in 2011, with the ratio climbing steadily to peak at 1.12 in 2020, marking the only period where total long-term debt exceeded stockholders' equity. Since 2020, a downward trend is observed, with the ratio decreasing to 0.30 by 2026, returning the leverage profile to levels similar to those seen in the mid-2000s.
- Long-Term Debt and Finance Lease Obligations
- Long-term obligations showed minimal presence in the early part of the sequence, with values dropping to approximately 22.6 million in 2010. A substantial increase in borrowing occurred between 2011 and 2020, with debt rising from 743.3 million to a peak of 5.81 billion. Following this peak, debt levels began a gradual decline, falling to 4.48 billion in 2024 and further to 3.73 billion by 2026.
- Stockholders' Equity Growth
- Stockholders' equity has demonstrated a long-term upward trajectory, growing from 1.07 billion in 2005 to 12.47 billion in 2026. While there were periodic fluctuations—such as a dip to 4.67 billion in 2019—the latter portion of the period shows accelerated equity accumulation. The growth in equity from 2020 onwards has been a primary driver in the reduction of the debt-to-equity ratio, as equity more than doubled between 2020 and 2026.
- Capital Structure Analysis
- The shift in the debt-to-equity ratio suggests a strategic transition in financing. The increase in leverage leading up to 2020 indicates a period of increased borrowing, possibly to fund expansion or strategic initiatives. The subsequent decline in the ratio, driven by both the reduction of long-term debt and the aggressive expansion of equity, indicates a move toward a more conservative financial position and increased solvency.
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Comparison to Competitors
Lam Research Corp., debt to equity, long-term trends, comparison to competitors
| Lam Research Corp. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 28, 2026 | 0.30 | — | — | — | — | — | 0.93 | 0.31 | — | 0.05 | — | — |
| Jun 29, 2025 | 0.45 | 0.05 | 0.25 | 0.32 | 0.80 | 0.41 | 1.25 | 0.30 | 0.27 | 0.11 | 0.70 | 0.86 |
| Jun 30, 2024 | 0.58 | 0.03 | 0.22 | 0.33 | 1.00 | 0.50 | 1.97 | 0.28 | 0.30 | 0.23 | 0.56 | 0.80 |
| Jun 25, 2023 | 0.61 | 0.04 | 0.20 | 0.34 | 1.64 | 0.47 | 2.02 | 0.29 | 0.30 | 0.50 | 0.71 | 0.66 |
| Jun 26, 2022 | 0.80 | 0.05 | 0.18 | 0.45 | 1.74 | 0.41 | 4.75 | 0.29 | 0.14 | 0.41 | 0.86 | 0.60 |
| Jun 27, 2021 | 0.83 | 0.04 | 0.18 | 0.45 | 1.59 | 0.40 | 1.02 | 0.14 | 0.15 | 0.41 | 1.58 | 0.58 |
| Jun 28, 2020 | 1.12 | 0.06 | 0.43 | 0.52 | 1.72 | 0.45 | 1.30 | 0.17 | 0.17 | 0.16 | 2.59 | 0.74 |
| Jun 30, 2019 | 0.96 | 0.17 | 0.47 | 0.65 | 1.32 | 0.37 | 1.29 | 0.24 | 0.16 | 0.21 | 3.25 | 0.65 |
| Jun 24, 2018 | 0.37 | 0.99 | 0.58 | 0.78 | 0.66 | 0.35 | 1.38 | 0.00 | 0.14 | 0.27 | 17.64 | 0.56 |
| Jun 25, 2017 | 0.40 | 2.28 | 0.77 | 0.57 | 0.87 | 0.39 | 2.21 | 0.00 | 0.60 | 0.48 | 0.71 | 0.39 |
| Jun 26, 2016 | 0.74 | 3.45 | 0.34 | 0.46 | 0.72 | 0.38 | 4.44 | 0.00 | 0.82 | 0.32 | 0.37 | 0.34 |
| Jun 28, 2015 | 0.46 | — | 0.17 | 0.60 | 0.84 | 0.37 | 7.57 | 0.00 | 0.60 | 0.32 | 0.35 | 0.41 |
| Jun 29, 2014 | 0.27 | 11.83 | 0.18 | 0.25 | 1.70 | 0.25 | 0.20 | 0.00 | 0.61 | 0.31 | 0.00 | 0.45 |
| Jun 30, 2013 | 0.29 | 3.78 | 0.18 | 0.27 | 0.00 | 0.23 | 0.21 | 0.00 | 0.66 | 0.00 | 0.00 | 0.48 |
| Jun 24, 2012 | 0.25 | 3.80 | 0.20 | 0.27 | 0.00 | 0.26 | 0.23 | 0.00 | 0.42 | 0.01 | 0.00 | 0.52 |
| Jun 26, 2011 | 0.30 | 1.27 | 0.23 | 0.22 | 0.00 | 0.16 | 0.26 | 0.00 | 0.24 | 0.01 | 0.04 | 0.51 |
| Jun 27, 2010 | 0.01 | 2.39 | 0.13 | 0.03 | 0.15 | 0.04 | 0.33 | 0.00 | 0.29 | 0.01 | 0.05 | 0.00 |
| Jun 28, 2009 | 0.03 | 7.30 | 0.00 | 0.03 | 0.57 | 0.05 | 0.34 | 0.00 | 0.67 | 0.01 | 0.00 | 0.00 |
| Jun 29, 2008 | 0.17 | — | 0.00 | 0.03 | — | 0.05 | 0.25 | 0.12 | 0.44 | 0.00 | 0.00 | 0.00 |
| Jun 24, 2007 | 0.21 | 1.76 | 0.00 | 0.03 | — | 0.05 | 0.00 | 0.13 | 0.31 | 0.00 | 0.00 | 0.00 |
| Jun 25, 2006 | 0.25 | 0.66 | 0.00 | 0.06 | — | 0.06 | 0.00 | 0.01 | 0.07 | 0.00 | 0.00 | 0.00 |
| Jun 26, 2005 | 0.00 | 0.41 | 0.00 | 0.05 | — | 0.07 | 0.00 | 0.01 | 0.20 | 0.00 | 0.00 | 0.06 |
Based on: 10-K (reporting date: 2026-06-28), 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
Lam Research Corp., debt to equity, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Lam Research Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Jun 28, 2026 | 0.30 | — |
| Jun 29, 2025 | 0.45 | 0.38 |
| Jun 30, 2024 | 0.58 | 0.46 |
| Jun 25, 2023 | 0.61 | 0.46 |
| Jun 26, 2022 | 0.80 | 0.43 |
| Jun 27, 2021 | 0.83 | 0.49 |
| Jun 28, 2020 | 1.12 | 0.60 |
| Jun 30, 2019 | 0.96 | 0.56 |
| Jun 24, 2018 | 0.37 | 0.49 |
| Jun 25, 2017 | 0.40 | 0.56 |
| Jun 26, 2016 | 0.74 | 0.47 |
| Jun 28, 2015 | 0.46 | 0.43 |
| Jun 29, 2014 | 0.27 | 0.26 |
| Jun 30, 2013 | 0.29 | 0.22 |
| Jun 24, 2012 | 0.25 | 0.22 |
| Jun 26, 2011 | 0.30 | 0.18 |
| Jun 27, 2010 | 0.01 | 0.09 |
| Jun 28, 2009 | 0.03 | 0.12 |
| Jun 29, 2008 | 0.17 | 0.12 |
| Jun 24, 2007 | 0.21 | 0.11 |
| Jun 25, 2006 | 0.25 | 0.08 |
| Jun 26, 2005 | 0.00 | 0.07 |
Based on: 10-K (reporting date: 2026-06-28), 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).
Comparison to Industry (Information Technology)
Lam Research Corp., debt to equity, long-term trends, comparison to industry (information technology)
| Lam Research Corp. | Information Technology | |
|---|---|---|
| Jun 28, 2026 | 0.30 | — |
| Jun 29, 2025 | 0.45 | 0.52 |
| Jun 30, 2024 | 0.58 | 0.61 |
| Jun 25, 2023 | 0.61 | 0.65 |
| Jun 26, 2022 | 0.80 | 0.70 |
| Jun 27, 2021 | 0.83 | 0.82 |
| Jun 28, 2020 | 1.12 | 0.95 |
| Jun 30, 2019 | 0.96 | 0.97 |
| Jun 24, 2018 | 0.37 | 0.82 |
| Jun 25, 2017 | 0.40 | 0.80 |
| Jun 26, 2016 | 0.74 | 0.65 |
| Jun 28, 2015 | 0.46 | 0.56 |
| Jun 29, 2014 | 0.27 | 0.38 |
| Jun 30, 2013 | 0.29 | 0.28 |
| Jun 24, 2012 | 0.25 | 0.24 |
| Jun 26, 2011 | 0.30 | 0.27 |
| Jun 27, 2010 | 0.01 | 0.24 |
| Jun 28, 2009 | 0.03 | 0.25 |
| Jun 29, 2008 | 0.17 | 0.28 |
| Jun 24, 2007 | 0.21 | 0.26 |
| Jun 25, 2006 | 0.25 | 0.19 |
| Jun 26, 2005 | 0.00 | 0.15 |
Based on: 10-K (reporting date: 2026-06-28), 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), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-24), 10-K (reporting date: 2017-06-25), 10-K (reporting date: 2016-06-26), 10-K (reporting date: 2015-06-28), 10-K (reporting date: 2014-06-29), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-24), 10-K (reporting date: 2011-06-26), 10-K (reporting date: 2010-06-27), 10-K (reporting date: 2009-06-28), 10-K (reporting date: 2008-06-29), 10-K (reporting date: 2007-06-24), 10-K (reporting date: 2006-06-25), 10-K (reporting date: 2005-06-26).