Price to Sales (P/S)
since 2005
Calculation
Lam Research Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2026 | 16.77 | = | 311.35 | ÷ | 18.57 | 18.57 | = | 23,232,690 | ÷ | 1,251,321,000 | |
| Aug 11, 2025 | 7.00 | = | 102.00 | ÷ | 14.57 | 14.57 | = | 18,435,591 | ÷ | 1,265,621,000 | |
| Aug 29, 2024 | 6.95 | = | 79.73 | ÷ | 11.48 | 11.48 | = | 14,905,386 | ÷ | 1,298,760,000 | |
| Aug 15, 2023 | 4.99 | = | 65.58 | ÷ | 13.15 | 13.15 | = | 17,428,516 | ÷ | 1,325,117,010 | |
| Aug 24, 2022 | 3.68 | = | 46.30 | ÷ | 12.58 | 12.58 | = | 17,227,039 | ÷ | 1,369,877,920 | |
| Aug 17, 2021 | 5.62 | = | 57.90 | ÷ | 10.30 | 10.30 | = | 14,626,150 | ÷ | 1,419,536,810 | |
| Aug 18, 2020 | 5.43 | = | 37.46 | ÷ | 6.90 | 6.90 | = | 10,044,736 | ÷ | 1,456,252,250 | |
| Aug 20, 2019 | 3.10 | = | 20.68 | ÷ | 6.68 | 6.68 | = | 9,653,559 | ÷ | 1,445,329,980 | |
| Aug 14, 2018 | 2.51 | = | 17.67 | ÷ | 7.03 | 7.03 | = | 11,076,998 | ÷ | 1,575,799,840 | |
| Aug 15, 2017 | 3.25 | = | 16.02 | ÷ | 4.93 | 4.93 | = | 8,013,620 | ÷ | 1,624,546,860 | |
| Aug 17, 2016 | 2.46 | = | 9.02 | ÷ | 3.67 | 3.67 | = | 5,885,893 | ÷ | 1,602,600,090 | |
| Aug 13, 2015 | 2.17 | = | 7.20 | ÷ | 3.32 | 3.32 | = | 5,259,312 | ÷ | 1,581,869,760 | |
| Aug 26, 2014 | 2.50 | = | 7.10 | ÷ | 2.84 | 2.84 | = | 4,607,309 | ÷ | 1,620,752,370 | |
| Aug 27, 2013 | 2.10 | = | 4.64 | ÷ | 2.21 | 2.21 | = | 3,598,916 | ÷ | 1,631,499,770 | |
| Aug 22, 2012 | 2.39 | = | 3.50 | ÷ | 1.46 | 1.46 | = | 2,665,192 | ÷ | 1,823,063,620 | |
| Aug 19, 2011 | 1.38 | = | 3.60 | ÷ | 2.62 | 2.62 | = | 3,237,693 | ÷ | 1,237,854,290 | |
| Aug 23, 2010 | 2.18 | = | 3.74 | ÷ | 1.72 | 1.72 | = | 2,133,776 | ÷ | 1,241,722,010 | |
| Aug 27, 2009 | 3.47 | = | 3.06 | ÷ | 0.88 | 0.88 | = | 1,115,946 | ÷ | 1,266,368,860 | |
| Aug 28, 2008 | 1.94 | = | 3.82 | ÷ | 1.97 | 1.97 | = | 2,474,911 | ÷ | 1,254,293,880 | |
| Mar 31, 2008 | 1.86 | = | 3.82 | ÷ | 2.06 | 2.06 | = | 2,566,576 | ÷ | 1,247,810,470 | |
| Aug 17, 2006 | 3.56 | = | 4.12 | ÷ | 1.16 | 1.16 | = | 1,642,171 | ÷ | 1,418,610,730 | |
| Aug 18, 2005 | 2.66 | = | 2.93 | ÷ | 1.10 | 1.10 | = | 1,502,453 | ÷ | 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 long-term valuation trend is characterized by three distinct phases: a period of relative stability, a phase of moderate expansion, and a final period of aggressive valuation growth. From 2005 to 2016, the Price-to-Sales (P/S) ratio fluctuated within a narrow band, indicating a consistent relationship between market capitalization and revenue. From 2017 onwards, a decoupling occurred where share price growth began to significantly outpace the growth in sales per share.
- Early Valuation Period (2005-2016)
- The P/S ratio exhibited volatility without a clear long-term directional trend, ranging from a low of 1.38 in 2011 to a peak of 3.56 in 2006. During this interval, sales per share grew from 1.10 to 3.67, and the share price generally trended upward in a manner that kept the P/S ratio relatively stable, typically oscillating between 2.0 and 3.5.
- Intermediate Expansion (2017-2022)
- A shift in market valuation is observed as the P/S ratio moved into a higher range, peaking at 5.62 in 2021. Although a temporary correction occurred in 2022, bringing the ratio down to 3.68, the period was marked by a general increase in the premium the market was willing to pay per dollar of sales compared to the previous decade.
- Accelerated Valuation Surge (2023-2026)
- The most significant divergence between sales growth and share price occurred in the final period. The P/S ratio escalated from 4.99 in 2022 to 16.77 by 2026. While sales per share grew steadily from 12.58 to 18.57, the share price experienced an exponential rise from 46.30 to 311.35. This indicates a dramatic expansion in the valuation multiple, far exceeding the historical norms observed since 2005.
Overall, the data reveals a transition from a revenue-correlated valuation model to one driven by extreme price appreciation. The final leap in the P/S ratio to 16.77 suggests a fundamental change in investor expectations or market positioning, as the share price growth became disconnected from the linear growth of sales per share.
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Comparison to Competitors
Lam Research Corp., P/S, 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 7, 2026 | 16.77 | — | — | — | — | — | 18.59 | — | 22.01 | — | — |
| Aug 11, 2025 | 7.00 | 9.42 | 11.20 | 7.25 | 24.48 | 4.26 | 9.93 | 5.64 | 24.55 | 4.35 | 11.37 |
| Aug 29, 2024 | 6.95 | 7.04 | 11.53 | 5.07 | 20.07 | 1.58 | 9.64 | 4.51 | 27.69 | 4.93 | 10.65 |
| Aug 15, 2023 | 4.99 | 11.95 | 7.31 | 5.08 | 14.46 | 3.40 | 6.47 | 4.94 | 21.33 | 3.45 | 8.26 |
| Aug 24, 2022 | 3.68 | 5.38 | 7.14 | 3.43 | 7.00 | 1.85 | 6.09 | 1.87 | 24.67 | 2.85 | 8.25 |
| Aug 17, 2021 | 5.62 | 8.76 | 12.98 | 5.63 | 9.55 | 2.66 | 7.80 | 2.83 | 20.41 | 4.62 | 8.63 |
| Aug 18, 2020 | 5.43 | 10.63 | 9.03 | 4.69 | 7.40 | 2.96 | 5.43 | 2.73 | 17.31 | 6.20 | 10.81 |
| Aug 20, 2019 | 3.10 | 8.59 | 7.06 | 3.75 | 5.62 | 4.07 | 4.74 | 2.15 | 8.05 | 3.98 | 8.54 |
| Aug 14, 2018 | 2.51 | 3.58 | 5.35 | 1.87 | 4.78 | 3.09 | 4.58 | 1.58 | 15.07 | 3.37 | 6.38 |
| Aug 15, 2017 | 3.25 | 2.28 | 6.40 | 3.82 | 6.07 | 3.39 | 4.00 | 2.30 | 8.76 | 3.54 | 6.83 |
| Aug 17, 2016 | 2.46 | 3.08 | 6.57 | 3.29 | 5.48 | 2.90 | 4.06 | 1.44 | 3.55 | 4.21 | 5.77 |
| Aug 13, 2015 | 2.17 | 0.38 | 5.49 | 2.26 | 5.69 | 2.44 | 2.93 | 1.12 | 2.68 | 3.58 | 4.06 |
| Aug 26, 2014 | 2.50 | 0.43 | 6.04 | 3.29 | 6.06 | 2.91 | 4.08 | 2.12 | 2.36 | 4.85 | 4.73 |
| Aug 27, 2013 | 2.10 | 0.51 | 5.90 | 2.66 | 5.11 | 2.34 | 3.40 | 1.94 | 1.84 | 4.74 | 3.95 |
| Aug 22, 2012 | 2.39 | 0.34 | 4.48 | 1.48 | 3.33 | 1.96 | 2.73 | 0.67 | 2.28 | 5.18 | 2.94 |
| Aug 19, 2011 | 1.38 | 0.79 | 3.32 | 1.38 | 3.01 | 2.47 | 1.90 | 0.62 | 2.94 | 5.86 | 2.78 |
| Aug 23, 2010 | 2.18 | 0.97 | 3.89 | 1.86 | 3.05 | 2.79 | 2.98 | 0.91 | 3.00 | 6.72 | 2.99 |
| Aug 27, 2009 | 3.47 | 0.99 | 4.31 | 3.58 | 2.65 | 3.28 | 3.50 | 1.21 | 1.58 | 7.03 | 2.89 |
| Aug 28, 2008 | 1.94 | 0.22 | 1.91 | 1.71 | — | 1.79 | 2.60 | 0.44 | 2.71 | 4.91 | 1.56 |
| Mar 31, 2008 | 1.86 | 0.72 | 3.67 | 2.52 | — | 3.08 | 4.24 | 1.30 | 3.31 | 7.33 | 2.99 |
| Aug 17, 2006 | 3.56 | 1.45 | 4.48 | 2.77 | — | 3.40 | 4.75 | 2.00 | 3.53 | 7.98 | 3.13 |
| Aug 18, 2005 | 2.66 | 3.34 | 5.79 | 4.36 | — | 3.11 | 4.66 | 1.76 | 2.13 | 11.70 | 3.57 |
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/S, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Lam Research Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Aug 7, 2026 | 16.77 | — |
| Aug 11, 2025 | 7.00 | 14.41 |
| Aug 29, 2024 | 6.95 | 11.74 |
| Aug 15, 2023 | 4.99 | 8.26 |
| Aug 24, 2022 | 3.68 | 5.82 |
| Aug 17, 2021 | 5.62 | 6.31 |
| Aug 18, 2020 | 5.43 | 5.80 |
| Aug 20, 2019 | 3.10 | 4.72 |
| Aug 14, 2018 | 2.51 | 3.83 |
| Aug 15, 2017 | 3.25 | 4.13 |
| Aug 17, 2016 | 2.46 | 3.59 |
| Aug 13, 2015 | 2.17 | 2.80 |
| Aug 26, 2014 | 2.50 | 3.42 |
| Aug 27, 2013 | 2.10 | 3.00 |
| Aug 22, 2012 | 2.39 | 2.49 |
| Aug 19, 2011 | 1.38 | 2.60 |
| Aug 23, 2010 | 2.18 | 2.91 |
| Aug 27, 2009 | 3.47 | 3.41 |
| Aug 28, 2008 | 1.94 | 2.01 |
| Mar 31, 2008 | 1.86 | 3.17 |
| Aug 17, 2006 | 3.56 | 3.55 |
| Aug 18, 2005 | 2.66 | 3.89 |
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/S, long-term trends, comparison to industry (information technology)
| Lam Research Corp. | Information Technology | |
|---|---|---|
| Aug 7, 2026 | 16.77 | — |
| Aug 11, 2025 | 7.00 | 10.47 |
| Aug 29, 2024 | 6.95 | 9.33 |
| Aug 15, 2023 | 4.99 | 7.33 |
| Aug 24, 2022 | 3.68 | 6.01 |
| Aug 17, 2021 | 5.62 | 7.00 |
| Aug 18, 2020 | 5.43 | 6.12 |
| Aug 20, 2019 | 3.10 | 4.62 |
| Aug 14, 2018 | 2.51 | 4.31 |
| Aug 15, 2017 | 3.25 | 4.19 |
| Aug 17, 2016 | 2.46 | 3.47 |
| Aug 13, 2015 | 2.17 | 3.04 |
| Aug 26, 2014 | 2.50 | 3.32 |
| Aug 27, 2013 | 2.10 | 2.86 |
| Aug 22, 2012 | 2.39 | 2.89 |
| Aug 19, 2011 | 1.38 | 2.84 |
| Aug 23, 2010 | 2.18 | 3.03 |
| Aug 27, 2009 | 3.47 | 3.12 |
| Aug 28, 2008 | 1.94 | 2.39 |
| Mar 31, 2008 | 1.86 | 5.74 |
| Aug 17, 2006 | 3.56 | 5.19 |
| Aug 18, 2005 | 2.66 | 5.61 |
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).