Lam Research Corporation (LRCX)财务
NASDAQ · Technology · Semiconductors · 员工23,300人 · CEO Timothy Archer
- 股价
- $239.11 -6.01%
- 市值
- $2990亿
- 企业价值
- $2960亿
- 最近财报
- Q1 '27 2026-10-22提交
- 下次财报
- 2027-01-27 EPS预期 $2.34
营收(TTM)$261亿+33.4% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)37.0%+3.9 百分点 对比去年同期营业利润 $96.5亿
净利润(TTM)$84.5亿+45.4% 对比去年同期税后,含营业外收益
自由现金流(TTM)$65.4亿+11.8% 对比去年同期资本支出 $10.4亿
稀释EPS(TTM)$6.71+47.8% 对比去年同期最近4个季度之和
净现金$37亿+67.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2990亿 EV $2960亿
- 营收
- $261亿 过去12个月
- 营收增速
- +52% FY2027年一致预期
- 净利润率
- 32.3% 净利润 / 营收,TTM
- P/E
- 35.4× 预期 24.8×(FY2027)
- P/S
- 11.5× 股价 / 营收,TTM
- EV / EBITDA
- 29.0× TTM
- 自由现金流
- $65.4亿 过去12个月
- 净利润
- $84.5亿 过去12个月
- 营收预期
- $354亿 FY2027年一致预期
- 盈利
- 2027-01-27 营收预期 $86.3亿
- 股息
- $1.04 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-21):营收超预期1.0%,EPS 超预期0.9%营收$82.2亿,预期$81.4亿(+1.0%);EPS $2.20,预期$2.18(+0.9%)。
- 营收增长加速:同比54.4%Q1 '27营收$82.2亿,此前四个季度的平均值为25.9%。
- 营业利润率37.0%(TTM),较去年同期+3.9 百分点营收增长33.4%,营业利润增长49.3%。
- 资本支出占营收的4.0%(去年为2.7%)最近4个季度投入$10.4亿(同比+94.3%)。自由现金流$65.4亿,相当于净利润的77.4%。
- 股东回报$52亿 = 自由现金流的79.6%回购$39亿(去年为$34亿),股息$13亿,股权激励$4.04亿(TTM)。
- 稀释股数一年内减少1.1%Q1 '27稀释股数12.6亿,一年前为12.7亿。
- 净现金 $37亿现金 + 短期投资 $74.4亿,含租赁债务 $37.4亿;一年前净现金 $22.1亿。
上一季度:Q1 '27
截至2026-09-27的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q1 '27 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $82.2亿 | $53.2亿 | +54.4% |
| 毛利率 | 52.3% | 50.4% | +1.9 百分点 |
| 营业利润 | $32.8亿 | $18.3亿 | +79.5% |
| 营业利润率 | 40.0% | 34.4% | +5.6 百分点 |
| 净利润 | $27.5亿 | $15.7亿 | +75.5% |
| 稀释EPS | $2.19 | $1.24 | +76.6% |
| 经营现金流 | $35亿 | $17.8亿 | +96.6% |
| 资本支出 | $2.58亿 | $1.85亿 | +39.2% |
| 自由现金流 | $32.4亿 | $15.9亿 | +103.3% |
| R&D | $6.66亿 | $5.76亿 | +15.6% |
| 股权激励费用 | $1.15亿 | $9720万 | +18.0% |
实际 vs 一致预期
2026-10-21| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $82.2亿 | $81.4亿 | +1.0% |
| EPS(一致预期口径) | $2.20 | $2.18 | +0.9% |
来自2026-10-21发布的Q1 '27财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q1 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| System | $57.3亿 | +61.6% | 69.7% | $171亿 | +35.0% | |
| Customer Support and Other | $24.9亿 | +40.0% | 30.3% | $90.6亿 | +30.4% |
按地区划分的营收
占总额比例| 分部 | Q1 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| CHINA | $28.9亿 | +26.4% | 37.5% | $84.6亿 | +22.1% | |
| Taiwan, Province Of China | $14.8亿 | +44.3% | 19.3% | $56.8亿 | +47.2% | |
| Korea, Republic Of | $16.3亿 | +110.5% | 21.3% | $53.6亿 | +29.5% | |
| JAPAN | $7.22亿 | +36.3% | 9.4% | $23.6亿 | +12.1% | |
| United States | $6.63亿 | +117.6% | 8.6% | $18.9亿 | +58.2% | |
| Europe | $3.01亿 | +195.9% | 3.9% | $8.98亿 | +92.4% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $75.8亿
- 资本支出
- -$10.4亿
- 股票回购
- -$39亿
- 股息
- -$13亿
- 收购
- $0
- 债务净发行
- -$7.89亿
- 股权激励费用
- $4.04亿
- 自由现金流
- $65.4亿
- 股东回报 / FCF
- 79.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 35.4× | 32.6× | 13.7× – 71.0× |
| EV / EBITDA | 29.0× | 26.6× | 11.3× – 59.1× |
| EV / 营收 | 11.3× | 9.3× | 3.7× – 22.1× |
| 股价 / FCF | 45.8× | 40.8× | 18.0× – 105.4× |
| 股价 / 净资产 | 21.5× | 18.1× | 10.0× – 41.4× |
| FCF收益率 | 2.2% | 3.6% | 0.9% – 5.6% |
| 投入资本回报率 | 44.1% | 33.8% | 25.1% – 40.8% |
| 净资产收益率 | 71.7% | 57.1% | 44.8% – 73.4% |
分析师
一致目标价 $375.94 (+57.2%)
区间 $290.00 – $500.00 · 评级 Buy
强烈买入0
买入39
持有10
卖出1
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $354亿 | +52.2% | $9.66 | +67.6% | 24.8× | 20 |
| FY2028 | $425亿 | +20.1% | $12.12 | +25.6% | 19.7× | 18 |
| FY2029 | $489亿 | +15.1% | $14.45 | +19.2% | 16.5× | 10 |
| FY2030 | $524亿 | +7.2% | $15.66 | +8.3% | 15.3× | 6 |
| FY2031 | $603亿 | +15.0% | $18.67 | +19.2% | 12.8× | 7 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Lam Research Corporation在近期10-Q / 10-K文件中标记的全部255项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| – | – | – | -$124万 | – | – | |
| – | – | – | 0.0% | – | – | |
| – | – | – | $3.05亿 | – | – | |
| – | – | – | 3.7% | – | – | |
| – | – | – | $11.3亿 | – | – | |
| – | – | – | $2410万 | – | – | |
| Accounts Payable, Current | $15.9亿 | $8.63亿 | +84.5% | $13亿 | $8.54亿 | +52.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $56.6亿 | $36.3亿 | +55.7% | $53.4亿 | $33.8亿 | +58.1% |
| Accounts Receivable, Allowance for Credit Loss, Current | $836万 | $654万 | +27.8% | $807万 | $650万 | +24.2% |
| Accrued Income Taxes, Noncurrent | $6.84亿 | $6.46亿 | +5.9% | $6.81亿 | $6.03亿 | +12.9% |
| Accrued Liabilities, Current | $32.9亿 | $24.4亿 | +34.5% | $23.5亿 | $23.9亿 | -1.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $25.8亿 | – | – | $24.8亿 | $21.7亿 | +14.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.27亿 | -$7360万 | -73.0% | -$1.27亿 | -$6240万 | -103.6% |
| Additional Paid in Capital | $93.6亿 | $87.9亿 | +6.5% | $92.4亿 | $87亿 | +6.3% |
| Amortization of Debt Discount (Premium) | – | – | – | $257万 | $299万 | -13.8% |
| Amortization of Debt Issuance Costs | – | – | – | $135万 | $151万 | -10.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.15亿 | $9720万 | +18.0% | $3.86亿 | $3.43亿 | +12.5% |
| Assets | $264亿 | $219亿 | +20.3% | $235亿 | $213亿 | +10.2% |
| Assets, Current | $181亿 | $148亿 | +22.4% | $156亿 | $145亿 | +7.5% |
| Business Acquisition, Goodwill, Expected Tax Deductible Amount | $8690万2026-06-28 | $7890万 | +10.1% | $8690万 | $7890万 | +10.1% |
| Capital Expenditures Incurred but Not yet Paid | $1.42亿 | $9570万 | +48.3% | $1.2亿 | $8080万 | +48.0% |
| Cash and Cash Equivalents, at Carrying Value | $74.4亿 | $66.9亿 | +11.1% | $55.8亿 | $63.9亿 | -12.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $74.4亿 | $66.9亿 | +11.1% | $55.8亿 | $63.9亿 | -12.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $74.5亿 | $67.1亿 | +11.0% | $56亿 | $64.1亿 | -12.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $18.5亿 | $3.04亿 | +509.1% | -$8.1亿 | $5.57亿 | -245.4% |
| Common Stock, Dividends, Per Share, Declared | $0.33 | $0.26 | +26.9% | $1.04 | $0.92 | +13.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 40亿 | 40亿 | 0.0% | 40亿 | 40亿 | 0.0% |
| Common Stock, Shares, Issued | 12.5亿 | 12.6亿 | -0.8% | 12.5亿 | 12.7亿 | -1.4% |
| Common Stock, Shares, Outstanding | 12.5亿 | 12.6亿 | -0.8% | 12.5亿 | 12.7亿 | -1.4% |
| Common Stock, Value, Issued | $125万 | $126万 | -0.7% | $125万 | $127万 | -1.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $27.5亿 | $15.6亿 | +76.8% | $72亿 | $54.3亿 | +32.7% |
| Contract with Customer, Liability | $24.3亿2026-06-28 | $26.8亿 | -9.3% | $26.8亿2025-06-29 | $15.5亿 | +72.7% |
| Contract with Customer, Liability, Current | $24.3亿 | $26.5亿 | -8.2% | $22.8亿 | $25.7亿 | -11.2% |
| Contract with Customer, Liability, Revenue Recognized | $9.01亿 | $9.97亿 | -9.6% | $20.9亿 | $9.89亿 | +111.4% |
| Cost of Goods and Services Sold | – | – | – | $115亿 | $94.6亿 | +21.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $9.59亿 | $7.02亿 | +36.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.98亿 | $2.38亿 | +25.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2870万 | $2300万 | +24.9% |
| Debt Instrument, Unamortized Discount | $2390万2026-06-28 | $2640万 | -9.7% | $2390万 | $2640万 | -9.7% |
| Deferred Compensation Arrangement with Individual, Recorded Liability | $4.99亿2026-06-28 | $4.24亿 | +17.6% | $4.99亿 | $4.24亿 | +17.6% |
| Deferred Compensation Liability, Current | $8.67亿 | $7.26亿 | +19.4% | $6.95亿 | $6.18亿 | +12.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$2.7亿 | -$3.73亿 | +27.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$1300万 | -$291万 | -346.9% |
| Deferred Income Tax Expense (Benefit) | -$5530万 | -$6290万 | +12.0% | -$2.89亿 | -$3.63亿 | +20.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$565万 | $1240万 | -145.3% |
| Deferred Tax Assets, Goodwill and Intangible Assets | – | – | – | $483万2025-06-29 | $491万 | -1.6% |
| Deferred Tax Assets, Gross | $22.6亿2026-06-28 | $19亿 | +19.3% | $22.6亿 | $19亿 | +19.3% |
| Deferred Tax Assets, Inventory | – | – | – | $6150万2025-06-29 | $6410万 | -4.1% |
| Deferred Tax Assets, Investment in Subsidiaries | $12.5亿2026-06-28 | $10亿 | +24.7% | $12.5亿 | $10亿 | +24.7% |
| Deferred Tax Assets, Net | $15.6亿2026-06-28 | $12.8亿 | +22.6% | $15.6亿 | $12.8亿 | +22.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $18亿2026-06-28 | $14.7亿 | +22.2% | $18亿 | $14.7亿 | +22.2% |
| Deferred Tax Assets, Other | $6100万2026-06-28 | $5470万 | +11.5% | $6100万 | $5470万 | +11.5% |
| Deferred Tax Assets, Tax Credit Carryforwards | $4.71亿2026-06-28 | $4.32亿 | +9.1% | $4.71亿 | $4.32亿 | +9.1% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $1.27亿2026-06-28 | $9660万 | +31.4% | $1.27亿 | $9660万 | +31.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | – | – | – | $1080万2025-06-29 | $998万 | +8.3% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $2.82亿2026-06-28 | $2.6亿 | +8.2% | $2.82亿 | $2.6亿 | +8.2% |
| Deferred Tax Assets, Valuation Allowance | $4.64亿2026-06-28 | $4.24亿 | +9.4% | $4.64亿 | $4.24亿 | +9.4% |
| Deferred Tax Liabilities, Goodwill | – | – | – | $1110万2025-06-29 | $1130万 | -1.6% |
| Deferred Tax Liabilities, Gross | $2.36亿2026-06-28 | $1.97亿 | +19.4% | $2.36亿 | $1.97亿 | +19.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-27, 10-K 2026-06-28, 10-Q 2026-03-29, 10-Q 2025-12-28, 10-Q 2025-09-28, 10-K 2025-06-29, 10-Q 2025-03-30, 10-Q 2024-12-29, 10-Q 2024-09-29
数据截至 2026-11-01