Lam Research makes the machines that etch material away from a silicon wafer and deposit material back onto it, several hundred times per device, and it has just had the best year in its history: revenue of $23.23 billion in the fiscal year ended 28 June 2026, up 26.0%, at a 50.5% gross margin and a 35.3% operating margin that is a record by more than four points, with net income of $7.27 billion and the September quarter guided to $8.10 billion — over 20% above the quarter it had just reported, and an annualised rate of $32.4 billion. It is also a company whose revenue has fallen in seven of the last twenty-five years and halved twice, whose four largest customers are 55% of revenue and are not named, which takes a third of its revenue from a country in which it holds two tenths of one per cent of its assets, and whose record profit generated less cash than the year before it. This is a full institutional-grade equity research report on Lam Research Corporation (Nasdaq: LRCX), built from SEC XBRL company facts, Forms 10-K including the fiscal 2026 report filed 7 August 2026, every quarterly earnings release and call transcript through 29 July 2026, the 2025 Investor Day deck, and the SEC filings of two US-listed peers, into eight structured chapters and 73 rebuilt charts.
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