Stock Analysis on Net

Lam Research Corp. (NASDAQ:LRCX)

$24.99

Price to Sales (P/S)
since 2005

Microsoft Excel

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Calculation

Lam Research Corp., P/S, long-term trends, calculation

Microsoft Excel

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.


Share Price Trend
The share price of the company displays a general upward trend over the period analyzed. Starting from a relatively low base of $2.93 in August 2005, the price experiences some fluctuations but progressively rises, reaching $79.73 by August 2024. Notably, there is steady growth from 2013 onwards, with particularly strong increases between 2018 and 2021, where the price more than doubles from $20.68 to $57.90, though there is a decline observed in 2022 before resuming its upward trajectory.
Sales per Share
Sales per share values show significant variability with an overall increasing trend. Initial figures are modest, starting at $1.10 in 2005 and fluctuating across years, for instance, decreasing notably in 2009 to $0.88. From 2013 forward, sales per share show marked growth, peaking at $13.15 in 2023 before declining to $11.48 in 2024. This indicates periods of both expansion and contraction in sales relative to the number of shares outstanding.
Price-to-Sales (P/S) Ratio
The P/S ratio exhibits considerable variation throughout the timeline. Early years display ratios mostly below or around 3, with some spikes, such as 3.56 in 2006 and 3.47 in 2009, suggesting fluctuations in market valuation relative to sales. From 2018 onward, the P/S ratio rises significantly, reaching its highest level of 6.95 in 2024, implying that the market's valuation has increased at a faster rate than sales per share during this period. Intermediate years such as 2020 and 2021 also present elevated ratios above 5, which highlight a period of premium valuation.
Overall Patterns and Insights
The financial data indicates a strong positive stock market performance over nearly two decades, with share prices rising substantially. Sales per share generally increase, though with some volatility, including noteworthy decreases in certain years that might reflect market or operational challenges. The P/S ratio's increase in recent years points to growing investor confidence and an enhanced valuation multiple, suggesting expectations of future growth or improved profitability not solely explained by current sales. The combination of rising share prices alongside increasing P/S ratios suggests that market sentiment and valuation multiples have been key drivers of share price appreciation, perhaps outpacing fundamental sales growth in some periods.

Comparison to Competitors

Lam Research Corp., P/S, long-term trends, comparison to competitors

Microsoft Excel

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/S, long-term trends, comparison to sector (semiconductors & semiconductor equipment)

Microsoft Excel

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)