You might also like
Lam Research Corporation is a global supplier of wafer fabrication equipment and services to the semiconductor industry. The company operates in the manufacturing and servicing of semiconductor processing equipment used in the fabrication of integrated circuits . Their offerings include systems revenue from sales of new leading-edge equipment in deposition, etch, and clean markets, as well as customer support-related revenue from services, spares, upgrades, and non-leading-edge equipment from the Reliant product line .
-
Customer Support Business Group (CSBG) - Provides essential services including spare parts, service, equipment upgrades, and the Reliant product line, which focuses on mature equipment. The spare parts business is a crucial component for maintaining equipment productivity and yield .
- Spare Parts - Supplies necessary components to maintain equipment productivity and yield.
- Service - Offers maintenance and support services for semiconductor processing equipment.
- Equipment Upgrades - Provides enhancements to existing equipment to improve performance.
- Reliant Product Line - Focuses on mature, non-leading-edge equipment for semiconductor processing.
-
Systems Revenue - Encompasses sales of new leading-edge equipment in deposition, etch, and clean markets, supporting the fabrication of integrated circuits .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ava A. Harter Executive | Senior Vice President, Chief Legal Officer, and Secretary | None | Ava A. Harter joined Lam Research in July 2024. She oversees global legal matters, ethics and compliance, global trade, and government affairs. She previously held significant legal roles at Whirlpool Corporation and Owens Corning. | |
Douglas R. Bettinger Executive | Executive Vice President and CFO | Board of Directors of Lattice Semiconductor Corporation; Member of the SEMI Board of Industry Leaders; Member of the Industrial Advisory Board of the University of Wisconsin School of Engineering | Douglas R. Bettinger joined Lam Research in 2013 as Executive Vice President and CFO. He oversees Finance, Tax, Treasury, Investor Relations, and Corporate Analytics. He has played a critical role in managing Lam Research's financial strategy and operations. | |
Neil J. Fernandes Executive | Senior Vice President, Global Customer Operations | None | Neil J. Fernandes joined Lam Research in 2012 through the acquisition of Novellus Systems. He has held various senior sales and customer-focused leadership positions and became Senior Vice President of Global Customer Operations in March 2023. | |
Patrick J. Lord Executive | Executive Vice President and COO | None | Patrick J. Lord has been with Lam Research since 2012, holding various senior roles. He became Executive Vice President and COO in March 2023. He has extensive experience in customer support and global operations. | |
Seshasayee Varadarajan Executive | Senior Vice President, Global Products Group | None | Seshasayee Varadarajan joined Lam Research in June 2012 as part of the acquisition of Novellus Systems. He has held leadership roles across multiple business units and became Senior Vice President, Global Products Group. | |
Timothy M. Archer Executive | President and CEO | Board Member at Johnson Controls International plc; International Board of Directors Member at SEMI | Timothy M. Archer joined Lam Research in June 2012 as Executive Vice President and COO. He became President and CEO in December 2018. He has extensive leadership experience in the semiconductor industry and has significantly contributed to Lam Research's growth and strategic direction. | View Report → |
Vahid Vahedi Executive | Senior Vice President and Chief Technology and Sustainability Officer | None | Vahid Vahedi joined Lam Research in 1995 and has held various leadership roles. He became Senior Vice President and Chief Technology and Sustainability Officer in March 2024. He has been instrumental in leading the development of Lam's etch innovations and advancing dry photoresist technology. | |
Abhijit Y. Talwalkar Board | Chairman of the Board | Director at Advanced Micro Devices Inc., TE Connectivity Ltd., and iRhythm Technologies Inc. | Abhijit Y. Talwalkar has been a director at Lam Research since 2011 and is currently the Chairman of the Board. He has extensive semiconductor industry expertise and has held senior management roles at LSI Corporation and Intel Corporation. | |
Bethany J. Mayer Board | Director | Board Member at Astera Labs, Inc., Hewlett Packard Enterprise Company, Celestial AI, Box, Inc., and Electronics for Imaging Inc. | Bethany J. Mayer has been a director at Lam Research since 2019. She has extensive experience in leadership roles across various technology industries and significant board governance experience. | |
Eric K. Brandt Board | Director | Director at Option Care Health, Inc., Gen Digital Inc., The Macerich Company, and Altaba Inc. | Eric K. Brandt has been a director at Lam Research since 2010. He has extensive experience in finance, governance, and cybersecurity, having served as CFO of Broadcom Corporation and held executive roles at Allergan Inc. and Avanir Pharmaceuticals. | |
Ho Kyu Kang Board | Director | Chair Professor at Yonsei University | Ho Kyu Kang was appointed to the Lam Research Board of Directors in February 2023. He has four decades of experience in semiconductor engineering and development, with expertise in advanced chip technologies. | |
Ita M. Brennan Board | Director | Board Member at Cadence Design Systems, Inc. and Planet Labs PBC | Ita M. Brennan was appointed to the Lam Research board in August 2024. She has a strong background in accounting, finance, and management, having held CFO roles at Arista Networks, Inc., QuantumScape Corporation, and Infinera Corporation. | |
John M. Dineen Board | Director | Director at Cognizant Technology Solutions Corporation, Carestream Dental LLC, and Healogics, Inc.; Member of the Board of Trustees at the University of Vermont | John M. Dineen joined the Lam Research board in August 2023. He has a distinguished career, including senior leadership roles at General Electric Company and as an Operating Advisor at Clayton, Dubilier & Rice LLC. | |
Mark Fields Board | Director | Board member at Hertz Global Holdings, Inc., QUALCOMM Incorporated, Tanium Inc., Planview, Inc., and Boomi, LP | Mark Fields was appointed to the Lam Research board in August 2024. He has extensive operational experience in executive management positions in the automotive industry, including as President and CEO of Ford Motor Company. | |
Michael R. Cannon Board | Director | Member of the board of directors at Seagate Technology Holdings plc | Michael R. Cannon has been a director at Lam Research since 2011. He has extensive experience in industry knowledge, marketing, disruptive technology, strategy, and leadership. |
- Given that the NAND spending recovery in 2025 is expected to be driven primarily by technology upgrades rather than capacity additions, how will this shift impact Lam's overall revenue growth and market share in the NAND segment?
- With China's revenue share expected to normalize to 30% in the December quarter amid ongoing geopolitical and regulatory challenges, how do you anticipate the evolving China landscape will affect Lam's business in the near term, and what strategies are you implementing to mitigate potential risks?
- You mentioned production wins for the molybdenum transition in NAND scaling in 2025; can you elaborate on the competitive dynamics in this area and how Lam plans to capitalize on this materials migration to drive incremental revenue growth?
- Considering the early adoption of Dry Resist technology in DRAM before the introduction of High NA EUV, could you provide more details on the adoption curve and whether it's progressing as originally anticipated, and what implications does this have for Lam's market position in DRAM?
- Some of your peers have adjusted their outlook for leading-edge foundry logic due to competitive dynamics among customers; how do you assess the potential impact of these dynamics on Lam's business, and what measures are you taking to maintain or grow your market share in this segment?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is identified as the primary competitor in the dielectric and metals deposition market and also competes in the etch market. | |
ASM International | This competitor is mentioned as a rival in the ALD and PECVD markets. |
Wonik IPS | This competitor is noted as a rival in the ALD and PECVD markets. |
Hitachi, Ltd. | This competitor is identified as a primary rival in the etch market. |
This competitor is mentioned as a primary rival in both the etch and wet clean markets. | |
Screen Holding Co., Ltd. | This competitor is identified as a primary rival in the wet clean market. |
Semes Co., Ltd. | This competitor is noted as a primary rival in the wet clean market. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
SEMSYSCO | 2023 | The acquisition, completed in the December 2022 quarter, added 150 employees to Lam Research and strategically enhanced its advanced packaging capabilities, particularly in logic and chiplet segments by integrating SEMSYSCO’s technology with Lam's plating and wet processing expertise. This win is key for high-performance computing and AI applications. |
Recent press releases and 8-K filings for LRCX.
- Transformation & Diversification: Lam Research has transitioned from a memory/NAND-centric model to a diversified portfolio focusing on leading-edge applications, including advanced etch, deposition, and packaging technologies.
- Robust Capital Intensity & WFE Growth: The company is benefiting from increased capital intensity, with strong growth in wafer fabrication equipment spending driven by the complexity of 3D devices and advanced packaging requirements.
- Geopolitical & Operational Adjustments: Despite export control restrictions impacting China sales and mid-year revenue forecasts, Lam is mitigating risks through a diversified global footprint, notably with an expanded facility in Malaysia boosting operating margins.
- Bylaws amended effective May 20, 2025, enabling stockholders with at least 20% ownership held continuously for one year to call special meetings, with updated disclosure and timing requirements.
- The document details stringent procedures and timelines for director nominations and proxy access, including the types of information required from both record stockholders and eligible stockholders.
- Lam Research outlined a long‑term financial framework with a target of $25–27 billion in revenues by calendar 2028, aiming for 50% gross margins and $6–7 EPS, anchored by strong revenue CAGR and market outperformance.
- The call emphasized key technology migration inflections—such as gate-all-around, advanced packaging, backside power, and dry resist—which are set to expand its served market and drive growth across foundry/logic and NAND segments.
- The company is rebalancing its business mix by increasing foundry/logic exposure (from around 20–30% to over 50%) and expanding manufacturing capabilities domestically and in Asia to align with evolving customer requirements.
- Q3 2025 performance: Reported $4.72B in revenue and non‐GAAP EPS of $1.04, driven by record foundry performance and strong product momentum.
- Outstanding margins: Achieved a non‐GAAP gross margin of 49.0% (record-high since the Novellus merger ) and operating margin of 32.8%, reflecting robust operational execution.
- Operational excellence: Demonstrated improved operating margins along with strategic share repurchases and dividend payouts, reinforcing the strong balance sheet.
- Solid balance sheet: Maintained a robust cash position at $5.46B, supporting ongoing investments and growth.
- Guidance & outlook: Emphasized continued customer-driven technology upgrades with expected margin variability due to shifts in product mix and impacts from China restrictions.
- Revenue of $4.72 billion, 49.0% gross margin, and diluted EPS of $1.03 on a U.S. GAAP basis .
- Operating income improved from 30.5% to 33.1% of revenue, reflecting an 8% QoQ increase and enhanced profitability .
- Guidance for the next quarter targets revenue of $5.00 billion ± $300 million with maintained margin performance .
- New product innovations were highlighted, including the launch of the Akara conductor etch platform (a first in over 20 years) and the ALTUS Halo moly tool, designed to support upgrade cycles in NAND, DRAM, and logic markets.
- Management emphasized a moderate growth in WFE with an increased share in upgrade cycles and a strong focus on the Customer Support Business Group (CSBG) to generate sustained service revenue over the long term.
- The call also discussed a comprehensive digital transformation strategy, including ERP modernization and co-located lab networks, expected to deliver approximately 150 basis points improvement in operating margins in the coming years.