Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
Economic Profit
Lam Research Corp., economic profit calculation
US$ in thousands
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).
1 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2026 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 6,736,884 – 25.69% × 17,887,594 = 2,141,302
The analysis of economic profit over the six-year period reveals a cyclical performance trajectory characterized by a significant contraction in the mid-period followed by a robust recovery. The company experienced a phase of value destruction in 2024, where operating returns failed to meet the required cost of capital, before returning to a state of positive economic value added in subsequent years.
- Net Operating Profit After Taxes (NOPAT)
- NOPAT exhibited significant volatility, increasing from 4.55 billion in 2021 to a peak of 5.63 billion in 2022. A downward trend followed, with profits declining to 3.26 billion by 2024. A sharp recovery is observed in the final two years, with NOPAT rising to 6.11 billion in 2025 and reaching 6.74 billion in 2026.
- Cost of Capital
- The cost of capital maintained a steady upward trajectory throughout the period, rising from 24.39% in 2021 to 25.69% in 2026. This consistent increase indicates a rising threshold for the returns necessary to generate economic value.
- Invested Capital
- Invested capital grew steadily from 12.26 billion in 2021 to 17.89 billion in 2026. Aside from a marginal decrease in 2024, the trend reflects an ongoing expansion of the capital base, which increases the absolute amount of operating profit required to maintain positive economic profit.
- Economic Profit and Value Creation
- Economic profit fluctuated in close correlation with NOPAT. After achieving a peak of 2.35 billion in 2022, the metric declined sharply, culminating in a negative economic profit of 441.69 million in 2024. This deficit indicates that during 2024, the company's returns were insufficient to cover its cost of capital. Value creation resumed in 2025 and 2026, with economic profit recovering to 1.99 billion and 2.14 billion, respectively.
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Net Operating Profit after Taxes (NOPAT)
Lam Research Corp., NOPAT calculation
US$ in thousands
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).
1 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowance.
3 Addition of increase (decrease) in deferred revenue.
4 Addition of increase (decrease) in product warranty reserves.
5 Addition of increase (decrease) in restructuring liability.
6 Addition of increase (decrease) in equity equivalents to net income.
7 2026 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 387,002 × 4.20% = 16,254
8 2026 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 173,138 × 21.00% = 36,359
9 Addition of after taxes interest expense to net income.
10 2026 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 196,189 × 21.00% = 41,200
11 Elimination of after taxes investment income.
The financial performance from June 2021 through June 2026 is characterized by a period of mid-term volatility followed by a significant acceleration in profitability. Both Net Income and Net Operating Profit After Taxes (NOPAT) exhibit a synchronized trajectory, although the magnitude of fluctuations varies between the two metrics.
- Net Operating Profit After Taxes (NOPAT) Trends
- NOPAT experienced an initial increase from 4.55 billion USD in 2021 to a peak of 5.63 billion USD in 2022. This was followed by a sustained decline over two years, reaching a trough of 3.26 billion USD in 2024. A sharp recovery occurred in 2025, with NOPAT rising to 6.11 billion USD, and continuing upward to 6.74 billion USD by June 2026.
- Net Income Trajectory
- Net Income followed a similar pattern but displayed slightly more stability during the downturn. After rising to 4.61 billion USD in 2022, Net Income decreased more gradually than NOPAT, bottoming out at 3.83 billion USD in 2024. The subsequent growth phase was more aggressive, with Net Income surging to 5.36 billion USD in 2025 and reaching 7.27 billion USD in 2026.
- Comparative Analysis of Operating and Bottom-Line Profitability
- Between 2021 and 2022, NOPAT consistently exceeded Net Income, suggesting that operating performance was the primary driver of value. However, during the 2023-2024 contraction, NOPAT declined more severely than Net Income, indicating a sharper compression in core operating profitability relative to overall net earnings. By 2026, a reversal is observed where Net Income exceeds NOPAT, reflecting a shift in the composition of earnings or the impact of non-operating items.
The data indicates a strong recovery in the final two years of the period, with the 2026 projections for both Net Income and NOPAT significantly exceeding the highs recorded in 2022. This suggests a substantial expansion in both operating efficiency and overall profitability.
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Cash Operating Taxes
Lam Research Corp., cash operating taxes calculation
US$ in thousands
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).
An analysis of tax obligations over the six-year period reveals a general upward trajectory, characterized by moderate volatility in the mid-term and a significant escalation in the final two years. A consistent pattern is observed where actual cash operating taxes exceed the provision for income taxes, indicating a higher immediate cash outflow for tax purposes than the periodic accounting charge.
- Provision for Income Taxes
- The provision for income taxes grew from 462,346 thousand in June 2021 to a peak of 598,279 thousand in June 2023. A contraction followed in June 2024, where the provision decreased to 532,450 thousand. However, this was followed by a recovery to 599,912 thousand in June 2025 and a sharp increase to 997,077 thousand by June 2026, representing a substantial rise in recognized tax expenses toward the end of the period.
- Cash Operating Taxes
- Cash operating taxes exhibited higher volatility, starting at 654,450 thousand in June 2021 and peaking early in June 2022 at 882,564 thousand. A downward trend was observed over the next two years, with values declining to 782,173 thousand in 2023 and 717,911 thousand in 2024. This decline was reversed aggressively starting in June 2025, with payments rising to 954,147 thousand and reaching a period high of 1,281,297 thousand in June 2026.
- Analysis of Variance and Trends
- A persistent gap exists between cash operating taxes and income tax provisions. While both metrics trended lower between 2022 and 2024, the acceleration in 2025 and 2026 was more pronounced for cash payments. By June 2026, the variance between the cash operating taxes and the provision for income taxes reached its widest point, with cash payments exceeding provisions by 284,220 thousand.
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Invested Capital
Lam Research Corp., invested capital calculation (financing approach)
US$ in thousands
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).
1 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of deferred revenue.
5 Addition of product warranty reserves.
6 Addition of restructuring liability.
7 Addition of equity equivalents to stockholders’ equity.
8 Removal of accumulated other comprehensive income.
The analysis of the capital structure from June 2021 to June 2026 reveals a consistent expansion of the total invested capital base, which grew from US$ 12.26 billion to US$ 17.89 billion. While the overall trajectory is upward, the composition of this capital has undergone a significant shift, moving from a balanced reliance on debt and equity toward a predominantly equity-funded structure.
- Invested Capital Trends
- Invested capital exhibited a steady increase for most of the period, with a marginal contraction observed between June 2023 and June 2024, where values shifted from US$ 14.99 billion to US$ 14.84 billion. Following this brief stabilization, growth resumed aggressively, reaching a peak of US$ 17.89 billion by June 2026. This represents a total increase of approximately 45.8% over the six-year period.
- Stockholders’ Equity Growth
- Stockholders' equity has been the primary driver of the increase in invested capital. A sustained upward trend is evident, with equity rising from US$ 6.03 billion in 2021 to US$ 12.47 billion in 2026. Notable accelerations occurred between 2022 and 2023 and again between 2025 and 2026, indicating strong internal capital accumulation or significant equity infusions.
- Debt and Lease Obligations
- Total reported debt and leases remained relatively stagnant between 2021 and 2024, fluctuating within a narrow range around US$ 5.2 billion. However, a distinct downward trend emerged starting in June 2025, with debt levels falling to US$ 4.76 billion and further decreasing to US$ 4.12 billion by June 2026. This suggests a strategic shift toward deleveraging in the latter part of the analyzed period.
- Capital Composition Analysis
- The relationship between debt and equity has inverted over the analyzed timeframe. In 2021, debt and equity contributed more equally to the invested capital. By 2026, stockholders' equity accounted for the vast majority of the invested capital, while the relative contribution of debt diminished. This transition indicates a reduction in financial leverage and an increase in the company's equity cushion.
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Cost of Capital
Lam Research Corp., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 389,598,793) | 389,598,793) | ÷ | 393,159,880) | = | 0.99 | 0.99 | × | 25.90% | = | 25.67% | ||
| Long-term debt and finance lease obligations3 | 3,174,085) | 3,174,085) | ÷ | 393,159,880) | = | 0.01 | 0.01 | × | 3.49% × (1 – 21.00%) | = | 0.02% | ||
| Operating lease liability4 | 387,002) | 387,002) | ÷ | 393,159,880) | = | 0.00 | 0.00 | × | 4.20% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 393,159,880) | 1.00 | 25.69% | ||||||||||
Based on: 10-K (reporting date: 2026-06-28).
1 US$ in thousands
2 Equity. See details »
3 Long-term debt and finance lease obligations. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 129,093,342) | 129,093,342) | ÷ | 133,257,422) | = | 0.97 | 0.97 | × | 25.90% | = | 25.09% | ||
| Long-term debt and finance lease obligations3 | 3,892,030) | 3,892,030) | ÷ | 133,257,422) | = | 0.03 | 0.03 | × | 3.55% × (1 – 21.00%) | = | 0.08% | ||
| Operating lease liability4 | 272,050) | 272,050) | ÷ | 133,257,422) | = | 0.00 | 0.00 | × | 3.75% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 133,257,422) | 1.00 | 25.18% | ||||||||||
Based on: 10-K (reporting date: 2025-06-29).
1 US$ in thousands
2 Equity. See details »
3 Long-term debt and finance lease obligations. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 103,550,135) | 103,550,135) | ÷ | 108,165,592) | = | 0.96 | 0.96 | × | 25.90% | = | 24.80% | ||
| Long-term debt and finance lease obligations3 | 4,327,741) | 4,327,741) | ÷ | 108,165,592) | = | 0.04 | 0.04 | × | 3.58% × (1 – 21.00%) | = | 0.11% | ||
| Operating lease liability4 | 287,716) | 287,716) | ÷ | 108,165,592) | = | 0.00 | 0.00 | × | 3.54% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 108,165,592) | 1.00 | 24.92% | ||||||||||
Based on: 10-K (reporting date: 2024-06-30).
1 US$ in thousands
2 Equity. See details »
3 Long-term debt and finance lease obligations. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 86,901,174) | 86,901,174) | ÷ | 91,594,946) | = | 0.95 | 0.95 | × | 25.90% | = | 24.57% | ||
| Long-term debt and finance lease obligations3 | 4,456,204) | 4,456,204) | ÷ | 91,594,946) | = | 0.05 | 0.05 | × | 3.57% × (1 – 21.00%) | = | 0.14% | ||
| Operating lease liability4 | 237,568) | 237,568) | ÷ | 91,594,946) | = | 0.00 | 0.00 | × | 3.80% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 91,594,946) | 1.00 | 24.72% | ||||||||||
Based on: 10-K (reporting date: 2023-06-25).
1 US$ in thousands
2 Equity. See details »
3 Long-term debt and finance lease obligations. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 63,425,348) | 63,425,348) | ÷ | 68,216,146) | = | 0.93 | 0.93 | × | 25.90% | = | 24.08% | ||
| Long-term debt and finance lease obligations3 | 4,572,075) | 4,572,075) | ÷ | 68,216,146) | = | 0.07 | 0.07 | × | 3.57% × (1 – 21.00%) | = | 0.19% | ||
| Operating lease liability4 | 218,723) | 218,723) | ÷ | 68,216,146) | = | 0.00 | 0.00 | × | 3.05% × (1 – 21.00%) | = | 0.01% | ||
| Total: | 68,216,146) | 1.00 | 24.28% | ||||||||||
Based on: 10-K (reporting date: 2022-06-26).
1 US$ in thousands
2 Equity. See details »
3 Long-term debt and finance lease obligations. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 82,191,181) | 82,191,181) | ÷ | 87,955,709) | = | 0.93 | 0.93 | × | 25.90% | = | 24.20% | ||
| Long-term debt and finance lease obligations3 | 5,600,833) | 5,600,833) | ÷ | 87,955,709) | = | 0.06 | 0.06 | × | 3.57% × (1 – 21.00%) | = | 0.18% | ||
| Operating lease liability4 | 163,695) | 163,695) | ÷ | 87,955,709) | = | 0.00 | 0.00 | × | 2.30% × (1 – 21.00%) | = | 0.00% | ||
| Total: | 87,955,709) | 1.00 | 24.39% | ||||||||||
Based on: 10-K (reporting date: 2021-06-27).
1 US$ in thousands
2 Equity. See details »
3 Long-term debt and finance lease obligations. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Lam Research Corp., economic spread ratio calculation, comparison to benchmarks
| Jun 28, 2026 | Jun 29, 2025 | Jun 30, 2024 | Jun 25, 2023 | Jun 26, 2022 | Jun 27, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | 2,141,302) | 1,986,760) | (441,686) | 357,345) | 2,351,781) | 1,562,623) | |
| Invested capital2 | 17,887,594) | 16,358,579) | 14,840,667) | 14,985,787) | 13,512,167) | 12,264,919) | |
| Performance Ratio | |||||||
| Economic spread ratio3 | 11.97% | 12.15% | -2.98% | 2.38% | 17.40% | 12.74% | |
| Benchmarks | |||||||
| Economic Spread Ratio, Competitors4 | |||||||
| Advanced Micro Devices Inc. | — | -21.11% | -27.37% | -28.80% | -28.42% | 28.16% | |
| Analog Devices Inc. | — | -12.03% | -14.15% | -10.06% | -11.43% | -14.67% | |
| Applied Materials Inc. | — | 17.27% | 10.37% | 13.36% | 23.33% | 18.82% | |
| Broadcom Inc. | — | -2.94% | -10.36% | 4.87% | 3.61% | -5.62% | |
| Intel Corp. | — | -18.62% | -29.96% | -19.83% | -13.05% | 3.54% | |
| KLA Corp. | 27.69% | 20.58% | 16.23% | 20.17% | 22.57% | 11.03% | |
| Marvell Technology Inc. | -8.69% | -26.42% | -26.46% | -22.13% | -24.89% | -26.61% | |
| Micron Technology Inc. | — | -5.75% | -17.66% | -29.62% | -1.97% | -6.58% | |
| NVIDIA Corp. | 86.39% | 117.48% | 62.03% | -16.05% | 26.14% | 6.62% | |
| Qualcomm Inc. | — | 12.49% | 7.70% | 0.23% | 26.66% | 24.06% | |
| Texas Instruments Inc. | — | 2.39% | 2.70% | 12.32% | 32.90% | 31.54% | |
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).
1 Economic profit. See details »
2 Invested capital. See details »
3 2026 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × 2,141,302 ÷ 17,887,594 = 11.97%
4 Click competitor name to see calculations.
The financial trajectory from June 2021 to June 2026 is characterized by significant volatility in value creation, marked by a period of sharp contraction followed by a robust recovery. The economic spread ratio, which measures the excess return of invested capital over its cost, exhibited a cyclical pattern, peaking in 2022 before falling into negative territory in 2024 and subsequently rebounding.
- Economic Spread Ratio Performance
- A peak spread ratio of 17.40% was achieved in June 2022, indicating a period of high capital efficiency. This was followed by a severe decline to 2.38% in 2023 and a further drop to -2.98% in June 2024. The negative ratio in 2024 signifies that the return on invested capital failed to cover the cost of capital, resulting in a destruction of economic value during that period. However, a strong recovery is observed in 2025 and 2026, with the ratio stabilizing between 11.97% and 12.15%.
- Economic Profit Trends
- Economic profit mirrors the volatility of the spread ratio. After rising from US$ 1.56 billion in 2021 to a high of US$ 2.35 billion in 2022, profits plummeted to US$ 357 million in 2023 and reached a deficit of US$ 441.69 million in 2024. The subsequent recovery saw economic profit surge back to US$ 1.99 billion in 2025 and US$ 2.14 billion in 2026, reflecting a restoration of the company's ability to generate value above its cost of capital.
- Invested Capital Growth
- Invested capital shows a consistent upward trend, growing from US$ 12.26 billion in June 2021 to US$ 17.89 billion by June 2026. Despite the volatility in economic profit and the temporary dip in the spread ratio, the organization continued to expand its capital base. This indicates a sustained investment strategy that persisted even during the period of negative economic profit in 2024.
The correlation between the expansion of invested capital and the fluctuation of the economic spread ratio suggests that while the capital base grew steadily, the efficiency of that capital was subject to significant external or internal pressures between 2023 and 2024. The return to a double-digit spread ratio by 2025 indicates that the increased invested capital has once again become productive and value-accretive.
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Economic Profit Margin
Lam Research Corp., economic profit margin calculation, comparison to benchmarks
| Jun 28, 2026 | Jun 29, 2025 | Jun 30, 2024 | Jun 25, 2023 | Jun 26, 2022 | Jun 27, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | 2,141,302) | 1,986,760) | (441,686) | 357,345) | 2,351,781) | 1,562,623) | |
| Revenue | 23,232,690) | 18,435,591) | 14,905,386) | 17,428,516) | 17,227,039) | 14,626,150) | |
| Add: Increase (decrease) in deferred revenue | (247,063) | 1,129,463) | (286,311) | (360,193) | 1,079,292) | 581,380) | |
| Adjusted revenue | 22,985,627) | 19,565,054) | 14,619,075) | 17,068,323) | 18,306,331) | 15,207,530) | |
| Performance Ratio | |||||||
| Economic profit margin2 | 9.32% | 10.15% | -3.02% | 2.09% | 12.85% | 10.28% | |
| Benchmarks | |||||||
| Economic Profit Margin, Competitors3 | |||||||
| Advanced Micro Devices Inc. | — | -37.61% | -61.81% | -73.50% | -70.47% | 10.61% | |
| Analog Devices Inc. | — | -45.93% | -65.34% | -36.13% | -42.83% | -94.24% | |
| Applied Materials Inc. | — | 12.25% | 7.22% | 8.96% | 13.47% | 12.01% | |
| Broadcom Inc. | — | -6.91% | -28.32% | 8.52% | 6.76% | -13.24% | |
| Intel Corp. | — | -41.07% | -52.08% | -33.68% | -18.36% | 3.97% | |
| KLA Corp. | 20.91% | 15.74% | 13.93% | 16.02% | 19.08% | 10.87% | |
| Marvell Technology Inc. | -20.18% | -81.64% | -91.49% | -74.77% | -111.07% | -81.68% | |
| Micron Technology Inc. | — | -9.41% | -37.51% | -101.90% | -3.38% | -11.01% | |
| NVIDIA Corp. | 41.84% | 42.55% | 31.32% | -12.70% | 17.52% | 5.17% | |
| Qualcomm Inc. | — | 8.83% | 6.10% | 0.20% | 17.76% | 14.49% | |
| Texas Instruments Inc. | — | 3.86% | 4.52% | 15.89% | 28.85% | 28.21% | |
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).
1 Economic profit. See details »
2 2026 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenue
= 100 × 2,141,302 ÷ 22,985,627 = 9.32%
3 Click competitor name to see calculations.
The financial trajectory from 2021 through 2026 demonstrates a cyclical pattern of value creation, characterized by an initial period of expansion, a severe mid-period contraction, and a subsequent robust recovery.
- Economic Profit Trends
- Absolute economic profit reached a peak in June 2022 at approximately 2.35 billion USD. A sharp decline followed, resulting in a deficit of 441.69 million USD by June 2024, marking the only period in the analyzed timeframe where the cost of capital exceeded operating returns. A strong recovery is evident in the final two years, with economic profit rising to 1.99 billion USD in 2025 and further increasing to 2.14 billion USD by June 2026.
- Economic Profit Margin Analysis
- The economic profit margin mirrors the volatility of absolute profits, peaking at 12.85% in 2022 before dropping to a trough of -3.02% in 2024. Although the margin rebounded to 10.15% in 2025, a slight contraction to 9.32% occurred in 2026. This indicates that while absolute economic profit continued to grow in the final year, the efficiency of value generation relative to revenue decreased slightly.
- Revenue Correlation
- Adjusted revenue exhibits a direct correlation with economic profit. The revenue decline from a high of 18.31 billion USD in 2022 to a low of 14.62 billion USD in 2024 coincides with the erosion of economic profit. The subsequent surge in revenue, reaching 22.99 billion USD by June 2026, acted as the primary driver for the restoration of positive economic value added.
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