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Arphra AIPlain-English read on Lam Research Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $14.63B | $17.23B | $17.43B | $14.91B | $18.44B | $23.17B | $30.62B | $35.54B | $37.74B |
| Cost of revenue | $7.82B | $9.36B | $9.65B | $7.85B | $9.46B | $12.29B | $16.47B | $18.36B | $20.6B |
| Gross profit | $6.81B | $7.87B | $7.78B | $7.05B | $8.98B | $10.82B | $14.71B | $16.57B | $17.88B |
| Gross margin | +46.53% | +45.69% | +44.63% | +47.32% | +48.71% | +46.68% | +48.05% | +46.63% | +47.37% |
| Operating | |||||||||
| Research & development | $1.49B | $1.6B | $1.73B | $1.9B | $2.1B | $2.61B | $3.45B | $4.12B | $4.23B |
| Selling, general & administrative | $829.88M | $885.74M | $832.75M | $868.25M | $981.7M | $1.25B | $1.67B | $1.88B | $2.06B |
| Total operating expenses | $2.32B | $2.49B | $2.6B | $2.79B | $3.08B | $3.85B | $5.01B | $5.81B | $6.18B |
| Operating income | $4.48B | $5.38B | $5.17B | $4.26B | $5.9B | $7.12B | $9.28B | $10.97B | $11.45B |
| Operating margin | +30.64% | +31.24% | +29.69% | +28.61% | +32.01% | +30.71% | +30.30% | +30.88% | +30.34% |
| EBITDA | $4.89B | $5.71B | $5.64B | $4.91B | $6.34B | $7.9B | $10B | $12.04B | $12.79B |
| EBIT | $4.58B | $5.38B | $5.3B | $4.55B | $5.96B | $7.17B | $9.79B | $11.14B | $11.54B |
| Below the line | |||||||||
| Interest expense | $208.6M | $184.76M | $186.46M | $185.24M | $178.2M | $259.12M | $335.9M | $388.9M | $413.34M |
| Interest income | $19.69M | $15.21M | $138.98M | $251.94M | $231.33M | $287.72M | $391.97M | $443.53M | $475.58M |
| Other income / expense | -$111.22M | -$188.71M | -$65.65M | $96.31M | $57.16M | — | — | — | — |
| Pre-tax income | $4.37B | $5.19B | $5.11B | $4.36B | $5.96B | $6.91B | $9.54B | $11.07B | $11.42B |
| Income tax expense | $462.35M | $587.83M | $598.28M | $532.45M | $599.91M | $802.54M | $1.06B | $1.23B | $1.28B |
| Earnings | |||||||||
| Net income | $3.91B | $4.61B | $4.51B | $3.83B | $5.36B | $6.24B | $8.39B | $9.49B | $10.19B |
| Net income · continuing ops | $3.91B | $4.61B | $4.51B | $3.83B | $5.36B | $6.18B | $8.46B | $9.41B | $9.95B |
| Net margin | +26.72% | +26.73% | +25.89% | +25.68% | +29.06% | +26.91% | +27.39% | +26.69% | +27.00% |
| EPS · basic | $2.72 | $3.29 | $3.33 | $2.91 | $4.17 | $5.63 | $7.88 | $9.76 | $10.31 |
| EPS · diluted | $2.69 | $3.27 | $3.32 | $2.90 | $4.15 | $5.68 | $7.97 | $9.64 | $10.31 |
| EPS · low estimate | — | — | — | — | — | $5.37 | $7.00 | $7.49 | $9.64 |
| EPS · high estimate | — | — | — | — | — | $6.01 | $8.63 | $10.52 | $11.42 |
| Shares · basic | 1.44B | 1.4B | 1.35B | 1.31B | 1.29B | 1.3B | 1.29B | 1.28B | 1.29B |
| Shares · diluted | 1.45B | 1.41B | 1.36B | 1.32B | 1.29B | 1.28B | 1.3B | 1.28B | 1.29B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 26 | 25 | 22 | 11 |
| Analysts (EPS) | — | — | — | — | — | 22 | 22 | 12 | 8 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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