How Does Lam Research Stock Compare With Peers?
Lam Research (LRCX) stock has significantly outperformed peers over the past year as of January 22, 2026, but how does it truly measure up against key competitors driving semiconductor industry innovation? A closer look reveals robust revenue growth and strong profitability. Yet, a higher valuation suggests potential sensitivity to wafer fab equipment spending, particularly amid evolving technology cycles and intense competition in the AI-driven semiconductor market.
- LRCX’s 33.0% operating margin, bolstered by cost management and Asia expansion, is strong but trails KLAC’s 41.8% from process control strength.
- LRCX’s 25.7% revenue growth, fueled by AI-driven demand for advanced nodes and packaging, outpaces peers like AMAT and KLAC.
- LRCX’s 167.5% gain and 48.0 PE reflect investor confidence in AI-driven advanced node demand and its critical industry role.
Here’s how Lam Research stacks up across size, valuation, and profitability versus key peers.
| LRCX | AMAT | KLAC | TER | ENTG | MKSI | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 279.1 | 253.4 | 197.6 | 36.3 | 18.0 | 15.0 |
| Revenue ($ Bil) | 19.6 | 28.4 | 12.5 | 2.9 | 3.2 | 3.8 |
| PE Ratio | 48.0 | 36.2 | 46.6 | 82.0 | 62.4 | 53.8 |
| 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 | 167.5% | 64.7% | 96.0% | 70.7% | 11.1% | 83.3% |
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
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| 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 | 48.0 | 41.1 | 24.8 | 23.5 | |
| AMAT | 36.2 | 29.5 | 18.7 | 19.9 | |
| KLAC | 46.6 | 39.8 | 30.9 | 23.9 | |
| TER | 82.0 | – | 56.8 | 43.3 | 24.0 |
| ENTG | 62.4 | – | 43.4 | 82.2 | 81.6 |
| MKSI | 53.8 | – | 56.6 | -3.8 | 18.4 |
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