Price to Book Value (P/BV)
since 2005
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Lam Research Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Calculation
Lam Research Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2026 | = | ÷ | = | ÷ | |||||||
| Aug 11, 2025 | = | ÷ | = | ÷ | |||||||
| Aug 29, 2024 | = | ÷ | = | ÷ | |||||||
| Aug 15, 2023 | = | ÷ | = | ÷ | |||||||
| Aug 24, 2022 | = | ÷ | = | ÷ | |||||||
| Aug 17, 2021 | = | ÷ | = | ÷ | |||||||
| Aug 18, 2020 | = | ÷ | = | ÷ | |||||||
| Aug 20, 2019 | = | ÷ | = | ÷ | |||||||
| Aug 14, 2018 | = | ÷ | = | ÷ | |||||||
| Aug 15, 2017 | = | ÷ | = | ÷ | |||||||
| Aug 17, 2016 | = | ÷ | = | ÷ | |||||||
| Aug 13, 2015 | = | ÷ | = | ÷ | |||||||
| Aug 26, 2014 | = | ÷ | = | ÷ | |||||||
| Aug 27, 2013 | = | ÷ | = | ÷ | |||||||
| Aug 22, 2012 | = | ÷ | = | ÷ | |||||||
| Aug 19, 2011 | = | ÷ | = | ÷ | |||||||
| Aug 23, 2010 | = | ÷ | = | ÷ | |||||||
| Aug 27, 2009 | = | ÷ | = | ÷ | |||||||
| Aug 28, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 31, 2008 | = | ÷ | = | ÷ | |||||||
| Aug 17, 2006 | = | ÷ | = | ÷ | |||||||
| Aug 18, 2005 | = | ÷ | = | ÷ |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Lam Research Corp. Annual Report.
The Price to Book Value (P/BV) ratio exhibits a multi-stage trajectory characterized by an initial contraction followed by an aggressive, exponential expansion. Over the period from 2005 to 2026, the market valuation shifted from a moderate premium over book value to an extreme premium, reflecting a significant decoupling of the share price from the underlying tangible net asset value.
- Valuation Contraction Phase (2005–2012)
- A consistent downward trend in the P/BV ratio is observed during this interval, declining from 3.75 in 2005 to a period low of 1.24 in 2012. This decline occurred despite a generally increasing Book Value per Share (BVPS), suggesting that share price growth lagged behind the accumulation of equity or that market sentiment regarding asset valuation weakened during this period.
- Recovery and Normalization (2013–2018)
- A trend reversal began in 2013, with the P/BV ratio steadily climbing from 1.69 to 4.28 by 2018. This phase represents a return to the valuation levels seen in the mid-2000s, indicating a restoration of market confidence and a more synchronized growth pattern between the share price and the book value.
- Exponential Valuation Expansion (2019–2026)
- Beginning in 2019, the P/BV ratio entered a phase of rapid acceleration, rising from 6.40 to 12.13 by 2024. This trajectory reached a peak in 2026, with the ratio surging to 31.24. This suggests that the market began assigning a massive premium to the company, shifting the valuation basis toward intangible assets, future earnings potential, or strategic intellectual property rather than tangible book value.
The divergence between the share price and the BVPS became most pronounced in the final years of the observed period. While the BVPS grew steadily from $0.78 in 2005 to $9.97 in 2026, the share price grew at a disproportionately faster rate, particularly between 2024 and 2026, where the price increased from $79.73 to $311.35. This resulting surge in the P/BV ratio indicates a fundamental shift in how the market prices the company's equity relative to its balance sheet.
Comparison to Competitors
Lam Research Corp., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2026 | ||||||||||||
| Aug 11, 2025 | ||||||||||||
| Aug 29, 2024 | ||||||||||||
| Aug 15, 2023 | ||||||||||||
| Aug 24, 2022 | ||||||||||||
| Aug 17, 2021 | ||||||||||||
| Aug 18, 2020 | ||||||||||||
| Aug 20, 2019 | ||||||||||||
| Aug 14, 2018 | ||||||||||||
| Aug 15, 2017 | ||||||||||||
| Aug 17, 2016 | ||||||||||||
| Aug 13, 2015 | ||||||||||||
| Aug 26, 2014 | ||||||||||||
| Aug 27, 2013 | ||||||||||||
| Aug 22, 2012 | ||||||||||||
| Aug 19, 2011 | ||||||||||||
| Aug 23, 2010 | ||||||||||||
| Aug 27, 2009 | ||||||||||||
| Aug 28, 2008 | ||||||||||||
| Mar 31, 2008 | ||||||||||||
| Aug 17, 2006 | ||||||||||||
| Aug 18, 2005 |
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., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Lam Research Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Aug 7, 2026 | ||
| Aug 11, 2025 | ||
| Aug 29, 2024 | ||
| Aug 15, 2023 | ||
| Aug 24, 2022 | ||
| Aug 17, 2021 | ||
| Aug 18, 2020 | ||
| Aug 20, 2019 | ||
| Aug 14, 2018 | ||
| Aug 15, 2017 | ||
| Aug 17, 2016 | ||
| Aug 13, 2015 | ||
| Aug 26, 2014 | ||
| Aug 27, 2013 | ||
| Aug 22, 2012 | ||
| Aug 19, 2011 | ||
| Aug 23, 2010 | ||
| Aug 27, 2009 | ||
| Aug 28, 2008 | ||
| Mar 31, 2008 | ||
| Aug 17, 2006 | ||
| Aug 18, 2005 |
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., P/BV, long-term trends, comparison to industry (information technology)
| Lam Research Corp. | Information Technology | |
|---|---|---|
| Aug 7, 2026 | ||
| Aug 11, 2025 | ||
| Aug 29, 2024 | ||
| Aug 15, 2023 | ||
| Aug 24, 2022 | ||
| Aug 17, 2021 | ||
| Aug 18, 2020 | ||
| Aug 20, 2019 | ||
| Aug 14, 2018 | ||
| Aug 15, 2017 | ||
| Aug 17, 2016 | ||
| Aug 13, 2015 | ||
| Aug 26, 2014 | ||
| Aug 27, 2013 | ||
| Aug 22, 2012 | ||
| Aug 19, 2011 | ||
| Aug 23, 2010 | ||
| Aug 27, 2009 | ||
| Aug 28, 2008 | ||
| Mar 31, 2008 | ||
| Aug 17, 2006 | ||
| Aug 18, 2005 |
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).