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 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: 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 analysis of financial data over the given periods reveals several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio.
- Share Price
- There is an overall positive trend in the share price from 2005 through 2024. Starting at $2.93 in August 2005, the share price fluctuated moderately in the early years, with values mostly below $10 until around 2013. From 2013 onwards, the share price experienced a significant upward trajectory, increasing from $4.64 to a peak of $79.73 by August 2024. Despite some volatility, such as a decline from $57.9 in 2021 to $46.3 in 2022, the general trend is strongly bullish over the long-term horizon.
- Earnings Per Share (EPS)
- EPS figures show variation across the years, reflecting changing profitability. Initially, EPS hovered around modest positive values with occasional dips, including a notable negative value of -$0.24 in August 2009, indicating a period of losses. After 2009, EPS largely improved, with some fluctuations but an evident upward trend. EPS rose steadily from $0.39 in 2014 to reach its peak of $3.40 by August 2023, with a slight decline to $2.95 in the final period of 2024. This growth in EPS reflects strengthening earnings performance overall.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibits substantial variation, indicating changing market expectations and valuation dynamics. Early on, the P/E ratio shows considerable fluctuation; for example, it surged to very high levels such as 66.48 in August 2013 when EPS was quite low, suggesting investor optimism despite low earnings. Subsequent years show a gradual normalization of the ratio, with values mostly ranging between approximately 13 and 27, aligning with the improved EPS and share price growth. Some periods do reveal high P/E ratios, reflective of either elevated stock prices relative to earnings or temporary earnings weakness.
In summary, the company demonstrated significant growth in market valuation and earnings over the two decades analyzed, with share price and EPS increasing substantially. The P/E ratio's variation highlights shifts in market sentiment and valuation standards over time. Notably, the company overcame periods of negative earnings, with a pronounced improvement from around 2010 onward, contributing to strong share price appreciation.
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. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 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 | 3.40 | 48.05 | — | 18.05 |
| Aug 15, 2017 | 15.33 | 282.39 | 44.94 | 16.16 | 63.27 | 22.15 | 15.04 | 9.20 | 36.34 | 31.96 | 27.77 |
| Aug 17, 2016 | 15.81 | — | 26.07 | 20.68 | — | 16.72 | 17.19 | — | 28.95 | 17.37 | 21.45 |
| Aug 13, 2015 | 17.37 | — | 27.06 | 15.88 | 28.48 | 11.85 | 22.52 | 6.25 | 19.88 | 17.18 | 17.66 |
| Aug 26, 2014 | 18.20 | — | 27.51 | 27.87 | 98.35 | 13.90 | 20.53 | 11.39 | 22.17 | 16.11 | 21.89 |
| Aug 27, 2013 | 66.48 | — | 23.06 | 78.13 | 23.31 | 12.80 | 17.83 | 14.78 | 14.02 | 17.19 | 22.29 |
| Aug 22, 2012 | 37.82 | — | 18.56 | 118.67 | 13.97 | 9.48 | 11.46 | — | 15.69 | 16.21 | 21.47 |
| Aug 19, 2011 | 6.16 | 10.61 | 11.45 | 7.52 | 12.75 | 10.29 | 7.61 | 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 | 4.16 | — | 22.76 | 12.93 |
| Aug 27, 2009 | — | 17.53 | 35.03 | — | — | 26.39 | — | — | — | 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 | 21.96 | — | 22.62 | 19.70 | 15.55 |
| Aug 17, 2006 | 17.41 | — | 20.98 | 16.71 | — | 23.84 | 25.83 | 25.89 | 27.68 | 24.33 | 10.29 |
| Aug 18, 2005 | 13.36 | 118.04 | 33.33 | 25.22 | — | 13.93 | 20.82 | 45.76 | 42.67 | 30.98 | 20.56 |
Based on: 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 29, 2024 | 27.05 | 78.62 |
| Aug 15, 2023 | 19.26 | 48.39 |
| Aug 24, 2022 | 13.77 | 22.88 |
| Aug 17, 2021 | 21.03 | 24.52 |
| Aug 18, 2020 | 24.23 | 25.24 |
| Aug 20, 2019 | 13.64 | 19.28 |
| Aug 14, 2018 | 11.70 | 13.87 |
| Aug 15, 2017 | 15.33 | 24.12 |
| Aug 17, 2016 | 15.81 | 25.31 |
| Aug 13, 2015 | 17.37 | 15.18 |
| Aug 26, 2014 | 18.20 | 17.26 |
| Aug 27, 2013 | 66.48 | 17.06 |
| Aug 22, 2012 | 37.82 | 15.68 |
| Aug 19, 2011 | 6.16 | 12.77 |
| Aug 23, 2010 | 13.40 | 13.41 |
| Aug 27, 2009 | — | 55.64 |
| Aug 28, 2008 | 10.91 | 20.73 |
| Mar 31, 2008 | 6.95 | 22.62 |
| Aug 17, 2006 | 17.41 | 20.07 |
| Aug 18, 2005 | 13.36 | 20.37 |
Based on: 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 29, 2024 | 27.05 | 45.10 |
| Aug 15, 2023 | 19.26 | 35.92 |
| Aug 24, 2022 | 13.77 | 26.81 |
| Aug 17, 2021 | 21.03 | 29.54 |
| Aug 18, 2020 | 24.23 | 31.10 |
| Aug 20, 2019 | 13.64 | 23.24 |
| Aug 14, 2018 | 11.70 | 23.20 |
| Aug 15, 2017 | 15.33 | 23.46 |
| Aug 17, 2016 | 15.81 | 19.50 |
| Aug 13, 2015 | 17.37 | 16.54 |
| Aug 26, 2014 | 18.20 | 17.12 |
| Aug 27, 2013 | 66.48 | 14.15 |
| Aug 22, 2012 | 37.82 | 14.37 |
| Aug 19, 2011 | 6.16 | 13.74 |
| Aug 23, 2010 | 13.40 | 14.99 |
| Aug 27, 2009 | — | 21.44 |
| Aug 28, 2008 | 10.91 | 15.67 |
| Mar 31, 2008 | 6.95 | 36.25 |
| Aug 17, 2006 | 17.41 | 31.93 |
| Aug 18, 2005 | 13.36 | 33.62 |
Based on: 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).