LRCXLAM RESEARCH CORP
Special Industry Machinery, NEC
- Revenue
- $23.2B
- 26% YoY
- Operating margin
- 35.3%
- 10% YoY
- EBITDA
- $8.6B
- 37% YoY
- Market cap
- $298.7B
- Employees
- 1,760
- $13M revenue each
- Net debt / EBITDA
- -0.4×
- −$3.7B net debt
- AI in 10-K
- 7.5
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$28M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo81% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo87% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$13M · 98th pctBottom quartile of its SIC industry
- Quiet on AINo7.5 per 10K words · 89th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 0.4× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$298.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$176M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $17.2B | $17.4B | $14.9B | $18.4B | $23.2B | 26% |
| Operating income | $5.4B | $5.2B | $4.3B | $5.9B | $8.2B | 39% |
| Net income | $4.6B | $4.5B | $3.8B | $5.4B | $7.3B | 36% |
| Operating cash flow | $3.1B | $5.2B | $4.7B | $6.2B | $5.9B | 5.1% |
| Capex | $546M | $502M | $397M | $759M | $966M | 27% |
| Stock-based comp | $259M | $287M | $293M | $343M | $386M | 13% |
| Buybacks | $3.9B | $2.0B | $2.8B | $3.4B | $3.9B | 13% |
| Dividends | $815M | $908M | $1.0B | $1.1B | $1.3B | 11% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $176M · 67
- Net
- −$176M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $40M | $321M | 633 | 430 |
| FY2025 | $28M | $15M | 161 | 179 |
| FY2024 | $30M | $72M | 175 | 175 |
| FY2023 | $18M | $35M | 99 | 111 |
| FY2022 | $17M | $10M | 72 | 85 |