Price to Earnings (P/E)
since 2005
Calculation
Lam Research Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2026 | 53.62 | = | 311.35 | ÷ | 5.81 | 5.81 | = | 7,265,396 | ÷ | 1,251,321,000 | |
| Aug 11, 2025 | 24.09 | = | 102.00 | ÷ | 4.23 | 4.23 | = | 5,358,217 | ÷ | 1,265,621,000 | |
| Aug 29, 2024 | 27.05 | = | 79.73 | ÷ | 2.95 | 2.95 | = | 3,827,772 | ÷ | 1,298,760,000 | |
| Aug 15, 2023 | 19.26 | = | 65.58 | ÷ | 3.40 | 3.40 | = | 4,510,931 | ÷ | 1,325,117,010 | |
| Aug 24, 2022 | 13.77 | = | 46.30 | ÷ | 3.36 | 3.36 | = | 4,605,286 | ÷ | 1,369,877,920 | |
| Aug 17, 2021 | 21.03 | = | 57.90 | ÷ | 2.75 | 2.75 | = | 3,908,458 | ÷ | 1,419,536,810 | |
| Aug 18, 2020 | 24.23 | = | 37.46 | ÷ | 1.55 | 1.55 | = | 2,251,753 | ÷ | 1,456,252,250 | |
| Aug 20, 2019 | 13.64 | = | 20.68 | ÷ | 1.52 | 1.52 | = | 2,191,430 | ÷ | 1,445,329,980 | |
| Aug 14, 2018 | 11.70 | = | 17.67 | ÷ | 1.51 | 1.51 | = | 2,380,681 | ÷ | 1,575,799,840 | |
| Aug 15, 2017 | 15.33 | = | 16.02 | ÷ | 1.05 | 1.05 | = | 1,697,763 | ÷ | 1,624,546,860 | |
| Aug 17, 2016 | 15.81 | = | 9.02 | ÷ | 0.57 | 0.57 | = | 914,049 | ÷ | 1,602,600,090 | |
| Aug 13, 2015 | 17.37 | = | 7.20 | ÷ | 0.41 | 0.41 | = | 655,577 | ÷ | 1,581,869,760 | |
| Aug 26, 2014 | 18.20 | = | 7.10 | ÷ | 0.39 | 0.39 | = | 632,289 | ÷ | 1,620,752,370 | |
| Aug 27, 2013 | 66.48 | = | 4.64 | ÷ | 0.07 | 0.07 | = | 113,879 | ÷ | 1,631,499,770 | |
| Aug 22, 2012 | 37.82 | = | 3.50 | ÷ | 0.09 | 0.09 | = | 168,723 | ÷ | 1,823,063,620 | |
| Aug 19, 2011 | 6.16 | = | 3.60 | ÷ | 0.58 | 0.58 | = | 723,748 | ÷ | 1,237,854,290 | |
| Aug 23, 2010 | 13.40 | = | 3.74 | ÷ | 0.28 | 0.28 | = | 346,669 | ÷ | 1,241,722,010 | |
| Aug 27, 2009 | — | = | 3.06 | ÷ | -0.24 | -0.24 | = | -302,148 | ÷ | 1,266,368,860 | |
| Aug 28, 2008 | 10.91 | = | 3.82 | ÷ | 0.35 | 0.35 | = | 439,349 | ÷ | 1,254,293,880 | |
| Mar 31, 2008 | 6.95 | = | 3.82 | ÷ | 0.55 | 0.55 | = | 685,816 | ÷ | 1,247,810,470 | |
| Aug 17, 2006 | 17.41 | = | 4.12 | ÷ | 0.24 | 0.24 | = | 335,755 | ÷ | 1,418,610,730 | |
| Aug 18, 2005 | 13.36 | = | 2.93 | ÷ | 0.22 | 0.22 | = | 299,341 | ÷ | 1,364,538,810 |
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 financial trajectory from 2005 to 2026 is characterized by a long-term appreciation in share price and a general upward trend in earnings per share, punctuated by periods of significant valuation volatility. While growth was modest during the first decade, an acceleration in both equity value and profitability is observed starting in 2017.
- Share Price and Earnings Per Share (EPS) Trends
- A consistent long-term increase in share price is evident, rising from 2.93 USD in 2005 to 311.35 USD by 2026. The most aggressive growth phase occurred after 2019, with a substantial surge recorded between 2024 and 2026. Earnings per share followed a similar positive trajectory, growing from 0.22 USD in 2005 to 5.81 USD in 2026. A notable exception occurred in 2009, where EPS became negative (-0.24 USD), marking the only period of reported losses within the analyzed timeframe.
- Price-to-Earnings (P/E) Ratio Volatility
- The P/E ratio exhibited three distinct phases. Between 2005 and 2011, the ratio remained relatively stable, generally fluctuating between 6.16 and 17.41. A period of extreme volatility occurred between 2012 and 2013, where the P/E ratio spiked to a peak of 66.48; this was driven by a sharp contraction in EPS (0.07 USD) despite maintained share prices. From 2014 through 2024, the ratio entered a stabilization phase, largely oscillating between 11.70 and 27.05.
- Recent Valuation Expansion
- A significant expansion in the valuation multiple is observed in 2026, with the P/E ratio rising to 53.62. This increase is attributed to the share price growing at a rate that significantly outpaced the growth in earnings per share during the final recorded period, suggesting a shift in market expectations or a substantial premium being applied to the stock.
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Comparison to Competitors
Lam Research Corp., P/E, 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 | 53.62 | — | — | — | — | — | 52.26 | 29.61 | — | 39.58 | — | — |
| Aug 11, 2025 | 24.09 | 75.29 | 54.43 | 29.37 | 67.63 | — | 29.72 | — | 24.69 | 43.95 | 34.74 | 40.19 |
| Aug 29, 2024 | 27.05 | 110.61 | 66.48 | 19.20 | 175.56 | — | 34.24 | — | 145.72 | 56.68 | 18.95 | 34.72 |
| Aug 15, 2023 | 19.26 | 317.27 | 27.14 | 19.63 | 36.78 | 109.27 | 20.04 | — | — | 131.70 | 17.07 | 22.24 |
| Aug 24, 2022 | 13.77 | 96.16 | 31.21 | 13.55 | 20.70 | 14.54 | 16.89 | — | 6.62 | 68.08 | 9.75 | 18.88 |
| Aug 17, 2021 | 21.03 | 45.54 | 68.31 | 22.05 | 40.73 | 10.59 | 25.97 | — | 13.38 | 78.54 | 17.15 | 20.38 |
| Aug 18, 2020 | 24.23 | 41.66 | 41.43 | 22.31 | 66.38 | 11.02 | 25.92 | 7.94 | 21.80 | 67.59 | 28.06 | 27.95 |
| Aug 20, 2019 | 13.64 | 169.62 | 31.04 | 20.25 | 47.09 | 13.91 | 18.44 | — | 7.98 | 22.77 | 22.03 | 24.47 |
| Aug 14, 2018 | 11.70 | 68.76 | 22.17 | 9.75 | 8.14 | 10.41 | 23.02 | 20.02 | 3.40 | 48.05 | — | 18.05 |
| Aug 15, 2017 | 15.33 | 282.39 | 44.94 | 16.16 | 63.27 | 22.15 | 15.04 | 372.92 | 9.20 | 36.34 | 31.96 | 27.77 |
| Aug 17, 2016 | 15.81 | — | 26.07 | 20.68 | — | 16.72 | 17.18 | — | — | 28.95 | 17.37 | 21.45 |
| Aug 13, 2015 | 17.37 | — | 27.06 | 15.88 | 28.48 | 11.85 | 22.54 | 17.70 | 6.25 | 19.88 | 17.18 | 17.66 |
| Aug 26, 2014 | 18.20 | — | 27.51 | 27.87 | 98.35 | 13.90 | 20.52 | 24.44 | 11.39 | 22.17 | 16.11 | 21.89 |
| Aug 27, 2013 | 66.48 | — | 23.06 | 78.13 | 23.31 | 12.80 | 17.82 | 17.31 | 14.78 | 14.02 | 17.19 | 22.29 |
| Aug 22, 2012 | 37.82 | — | 18.56 | 118.67 | 13.97 | 9.48 | 11.45 | 14.87 | — | 15.69 | 16.21 | 21.47 |
| Aug 19, 2011 | 6.16 | 10.61 | 11.45 | 7.52 | 12.75 | 10.29 | 7.61 | 11.31 | 32.47 | 41.12 | 20.59 | 17.06 |
| Aug 23, 2010 | 13.40 | 13.36 | 15.08 | 18.91 | 15.37 | 10.60 | 25.53 | 36.98 | 4.16 | — | 22.76 | 12.93 |
| Aug 27, 2009 | — | 17.53 | 35.03 | — | — | 26.39 | — | 39.76 | — | — | 46.01 | 20.53 |
| Aug 28, 2008 | 10.91 | — | 6.28 | 14.45 | — | 12.70 | 18.23 | — | — | 13.91 | 17.31 | 10.17 |
| Mar 31, 2008 | 6.95 | — | 18.79 | 14.37 | — | 16.91 | 21.95 | — | — | 22.62 | 19.70 | 15.55 |
| Aug 17, 2006 | 17.41 | — | 20.98 | 16.71 | — | 23.84 | 25.83 | 50.71 | 25.89 | 27.68 | 24.33 | 10.29 |
| Aug 18, 2005 | 13.36 | 118.04 | 33.33 | 25.22 | — | 13.93 | 20.83 | 67.90 | 45.76 | 42.67 | 30.98 | 20.56 |
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/E, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Lam Research Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Aug 7, 2026 | 53.62 | — |
| Aug 11, 2025 | 24.09 | 47.92 |
| Aug 29, 2024 | 27.05 | 81.32 |
| Aug 15, 2023 | 19.26 | 49.31 |
| Aug 24, 2022 | 13.77 | 23.72 |
| Aug 17, 2021 | 21.03 | 25.08 |
| Aug 18, 2020 | 24.23 | 24.71 |
| Aug 20, 2019 | 13.64 | 19.59 |
| Aug 14, 2018 | 11.70 | 13.92 |
| Aug 15, 2017 | 15.33 | 24.36 |
| Aug 17, 2016 | 15.81 | 26.55 |
| Aug 13, 2015 | 17.37 | 15.22 |
| Aug 26, 2014 | 18.20 | 17.33 |
| Aug 27, 2013 | 66.48 | 17.07 |
| Aug 22, 2012 | 37.82 | 15.65 |
| Aug 19, 2011 | 6.16 | 12.72 |
| Aug 23, 2010 | 13.40 | 13.77 |
| Aug 27, 2009 | — | 55.18 |
| Aug 28, 2008 | 10.91 | 21.75 |
| Mar 31, 2008 | 6.95 | 23.45 |
| Aug 17, 2006 | 17.41 | 20.73 |
| Aug 18, 2005 | 13.36 | 20.78 |
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/E, long-term trends, comparison to industry (information technology)
| Lam Research Corp. | Information Technology | |
|---|---|---|
| Aug 7, 2026 | 53.62 | — |
| Aug 11, 2025 | 24.09 | 40.70 |
| Aug 29, 2024 | 27.05 | 45.43 |
| Aug 15, 2023 | 19.26 | 36.13 |
| Aug 24, 2022 | 13.77 | 26.99 |
| Aug 17, 2021 | 21.03 | 29.75 |
| Aug 18, 2020 | 24.23 | 30.97 |
| Aug 20, 2019 | 13.64 | 23.40 |
| Aug 14, 2018 | 11.70 | 23.17 |
| Aug 15, 2017 | 15.33 | 23.55 |
| Aug 17, 2016 | 15.81 | 19.69 |
| Aug 13, 2015 | 17.37 | 16.54 |
| Aug 26, 2014 | 18.20 | 17.14 |
| Aug 27, 2013 | 66.48 | 14.15 |
| Aug 22, 2012 | 37.82 | 14.37 |
| Aug 19, 2011 | 6.16 | 13.71 |
| Aug 23, 2010 | 13.40 | 15.08 |
| Aug 27, 2009 | — | 21.50 |
| Aug 28, 2008 | 10.91 | 15.83 |
| Mar 31, 2008 | 6.95 | 36.48 |
| Aug 17, 2006 | 17.41 | 32.07 |
| Aug 18, 2005 | 13.36 | 33.76 |
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).