How Does Lam Research Stock Compare With Peers?
Lam Research stock has significantly outperformed over the past year, but how does it truly measure up against rivals rapidly scaling in the booming semiconductor equipment market? A closer look reveals robust profitability and strong revenue growth. While its valuation, with a P/E of 44.19, generally holds support, potential upside may be tempered compared to some peers with lower P/E ratios like AMAT (33.19) or those demonstrating even higher operating margins like KLAC (0.417).
- LRCX’s 33.0% operating margin is strong, reflecting efficient wafer fab equipment; yet KLAC (41.8%) excels via its dominant process control market share.
- LRCX’s 25.7% revenue growth, outpacing peers, is driven by strong AI data center, HBM, and 3D NAND demand for its wafer fab equipment.
- LRCX stock’s 164.4% rally and 44.2 PE reflect strong investor confidence in its pivotal AI supercycle and memory equipment market position.
Here’s how Lam Research stacks up across size, valuation, and profitability versus key peers.
| LRCX | AMAT | KLAC | TER | ENTG | MKSI | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 256.8 | 232.3 | 179.1 | 35.3 | 14.9 | 12.3 |
| Revenue ($ Bil) | 19.6 | 28.4 | 12.5 | 2.9 | 3.2 | 3.8 |
| PE Ratio | 44.2 | 33.2 | 42.3 | 79.6 | 51.5 | 44.2 |
| LTM Revenue Growth | 25.7% | 4.4% | 22.1% | 4.5% | 0.6% | 8.1% |
| LTM Operating Margin | 33.0% | 29.9% | 41.8% | 18.8% | 12.8% | 14.4% |
| LTM FCF Margin | 28.3% | 20.1% | 30.9% | 16.0% | 10.3% | 13.8% |
| 12M Market Return | 164.4% | 66.0% | 98.9% | 61.0% | -2.7% | 63.7% |
For more details on Lam Research, read Buy or Sell LRCX Stock. Below we compare LRCX’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LRCX | 25.7% | 23.7% | -14.5% | 1.2% | |
| AMAT | 4.4% | 4.4% | 2.5% | 2.8% | |
| KLAC | 22.1% | 23.9% | -6.5% | 13.9% | |
| TER | 4.5% | – | 5.4% | -15.2% | -14.8% |
| ENTG | 0.6% | – | -8.0% | 7.4% | 42.8% |
| MKSI | 8.1% | – | -1.0% | 2.1% | 20.2% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LRCX | 33.0% | 32.0% | 28.7% | 29.9% | |
| AMAT | 29.9% | 29.9% | 28.9% | 28.9% | |
| KLAC | 41.8% | 41.2% | 37.1% | 38.1% | |
| TER | 18.8% | – | 19.6% | 19.5% | 26.9% |
| ENTG | 12.8% | – | 13.4% | 12.2% | 14.6% |
| MKSI | 14.4% | – | 14.4% | 10.6% | 18.9% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| LRCX | 44.2 | 41.1 | 24.8 | 23.5 | |
| AMAT | 33.2 | 29.5 | 18.7 | 19.9 | |
| KLAC | 42.3 | 39.8 | 30.9 | 23.9 | |
| TER | 79.6 | – | 56.8 | 43.3 | 24.0 |
| ENTG | 51.5 | – | 43.4 | 82.2 | 81.6 |
| MKSI | 44.2 | – | 56.6 | -3.8 | 18.4 |
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