Price to FCFE (P/FCFE)
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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Lam Research Corp., FCFE calculation
US$ in thousands
Based on: 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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities exhibits a generally upward trend over the analyzed periods. Starting from approximately 2.13 billion USD in June 2020, there is a significant increase to about 3.59 billion USD in June 2021. This is followed by a slight decline in June 2022 to roughly 3.10 billion USD. Subsequently, operating cash flow rises markedly to 5.18 billion USD in June 2023, before experiencing a moderate dip to approximately 4.65 billion USD in June 2024. The latest figure from June 2025 demonstrates a strong rebound to approximately 6.17 billion USD, the highest in the six-year span. Overall, the data indicates considerable variability but an encouraging long-term growth trajectory in operating cash flows.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity (FCFE) displays a more fluctuating pattern with no consistent directional trend. Beginning at about 3.23 billion USD in June 2020, FCFE decreases to roughly 2.38 billion USD in June 2021. It then regains some strength in June 2022, reaching approximately 2.54 billion USD. A marked increase follows in June 2023, climbing to about 4.65 billion USD, which parallels the jump observed in operating cash flows. However, FCFE declines in June 2024 to nearly 4.00 billion USD before ascending again in June 2025 to around 4.91 billion USD. The FCFE trend suggests sensitivity to factors beyond operating cash flow, potentially influenced by capital expenditures, financing activities, or changes in working capital.
- Insights and Comparative Observations
- Comparing both measures, net cash provided by operating activities has generally outpaced the fluctuations seen in FCFE, particularly with the pronounced increases in 2023 and 2025. The divergence at certain points implies that while operating performance improves, free cash flow available to equity holders may be impacted by other cash uses or financial strategies. The robust operating cash flow growth signals strength in core business operations, but the variability in FCFE warrants examination of capital management and financing decisions to assess their impact on shareholder returns.
Price to FCFE Ratio, Current
Lam Research Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Advanced Micro Devices Inc. | |
| Analog Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| Intel Corp. | |
| KLA Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| Texas Instruments Inc. | |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-06-29).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Lam Research Corp., historical P/FCFE calculation, comparison to benchmarks
| Jun 29, 2025 | Jun 30, 2024 | Jun 25, 2023 | Jun 26, 2022 | Jun 27, 2021 | Jun 28, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in thousands)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| 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. | |||||||
| P/FCFE, Sector | |||||||
| Semiconductors & Semiconductor Equipment | |||||||
| P/FCFE, Industry | |||||||
| Information Technology | |||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Lam Research Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant growth over the observed periods. Starting at $37.46 in June 2020, it increased steadily to reach $102 by June 2025. Notable increments were observed in the years ending June 2021 and June 2023, driving the price from $37.46 to $57.9 and further to $65.58 respectively. The most substantial upward movement occurred between June 2023 and June 2025, where the price rose from $65.58 to $102, indicating robust market confidence or improved market conditions during this interval.
- FCFE per Share Movement
- Free Cash Flow to Equity (FCFE) per share displayed some fluctuations within the period. Initially, the FCFE per share decreased from $2.22 in June 2020 to $1.67 in June 2021. Subsequently, it recovered modestly to $1.86 by June 2022, followed by a substantial increase to $3.51 in June 2023. The figure then slightly declined to $3.08 in June 2024 before advancing again to $3.88 in June 2025. This pattern suggests variability in cash flow generation relative to equity, with an overall upward trend towards the latter years.
- P/FCFE Ratio Analysis
- The Price-to-Free Cash Flow to Equity (P/FCFE) ratio showed considerable variation over the six years. The ratio peaked at 34.58 in June 2021, reflecting a high market valuation relative to FCFE per share at that time. After this peak, there was a notable decline to 18.67 by June 2023, indicating a temporary reduction in valuation multiples or improved cash flow relative to price. However, the ratio rose again in subsequent years, stabilizing around 25.89 to 26.31 by June 2024 and June 2025, which may point to a restored investor confidence in future cash flow growth potential or changing market sentiment.
- Overall Insights
- The data depicts a company experiencing an upward trajectory in share price, with corresponding fluctuations in cash flow metrics. While FCFE per share shows some volatility, its upward movement in the last two periods signals strengthened financial performance. Meanwhile, the P/FCFE ratio's volatility suggests changing market valuations relative to the company’s cash generation capabilities. Investors appear to have reassessed valuation norms over time, possibly influenced by external market factors or internal performance changes, ultimately anchoring on a higher share price supported by improved cash flow generation.