Applied Materials vs Lam Research AMAT vs LRCX

Applied Materials and Lam Research on one sheet: valuation multiples, growth, margins, debt, dividends and returns, each section labelled with the period it covers, from the companies' filings. Add or remove a stock above the sheet; the link holds the set.

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AMATLRCX

Often compared:+ ASML + KLAC

What differs most

generated from the numbers below

Consensus revenue growth for next year: Lam Research +50.7%, Applied Materials +21.1%.
Return on equity: Lam Research 68.6%, Applied Materials 36.2%.
Price / sales: Lam Research 14.2×, Applied Materials 10.5×.
Trailing P/E: Lam Research 45.8×, Applied Materials 35.3×.

Price return

2025-10-16 → 2026-10-16

AMAT+79.7%

LRCX+85.4%

Prices at the close on 2026-10-16

$409.29

$263.94

Profile

latest

Sector

Technology

Industry

Semiconductors

Market value

$324.81B

$330.30B

Enterprise value

$325.52B

$329.28B

Employees

36,500

23,300

Revenue per employee (TTM)

$845K

$997K

Our models

nightlythe valuation on each stock's page

Price vs model

89% overvalued vs model

147% overvalued vs model

Model range

$158–342

$81.36–158

Models in the headline

FCF growth priced in, at a 10% return

29.4%

32.7%

Every model, its assumptions and its range: AMAT valuation · LRCX valuation. The growth priced in, at any return: AMAT reverse DCF · LRCX reverse DCF.

Trading

close 2026-10-16

Last close

$409.29

$263.94

52-week high

$723.00

$433.33

52-week low

$220.23

$139.59

Price vs 52-week high

−43.4%

−39.1%

Price vs 52-week low

+85.8%

+89.1%

Average daily volume / shares

1.0%

0.8%

Beta

1.59

1.85

Returns

to 2026-10-16

1 month

−1.5%

−2.0%

3 months

−27.0%

−17.8%

6 months

+5.0%

+1.1%

Year to date

+59.3%

+54.2%

1 year

+79.7%

+85.4%

1 year, dividends added

+80.6%

+86.2%

2 years

+121.7%

+256.0%

Valuation

AMAT price × TTM to Jul 2026 · LRCX price × FY2026

P/E (TTM)

35.3×

45.8×

P/E on consensus EPS (next FY)

31.9×

27.7×

Price / sales

10.5×

14.2×

EV / sales

10.6×

14.2×

EV / EBITDA

—

38.1×

Price / book

12.7×

31.2×

Price / free cash flow (FY)

57.0×

67.5×

Free-cash-flow yield (FY)

1.8%

1.5%

Growth

AMAT TTM and FY2025 · LRCX TTM and FY2026

Revenue growth (TTM)

—

+7.2%

Revenue growth, consensus next FY

+21.1%

+50.7%

Revenue, 3-year CAGR

3.2%

10.1%

Revenue, 5-year CAGR

10.5%

9.7%

EPS growth (TTM)

—

+8.9%

EPS growth, consensus next FY

+48.0%

+65.4%

EPS, 3-year CAGR

5.2%

20.1%

Free cash flow, 3-year CAGR

7.3%

1.5%

Diluted shares, 3-year change

−7.9%

−7.2%

Profitability

AMAT TTM to Jul 2026 · LRCX FY2026

Gross margin (FY)†

48.7%

50.5%

Operating margin

29.6%

35.3%

EBITDA margin

—

37.2%

Net margin

30.1%

31.3%

Free-cash-flow margin (FY)

20.1%

21.1%

Return on equity

36.2%

68.6%

Return on assets

21.3%

34.9%

Asset turnover

0.71

1.12

† Gross margin (FY): As filed. Companies draw the cost-of-revenue line in different places, so gross margins of two companies in one industry can differ for that reason alone; operating margin does not depend on where the line is drawn.

Balance sheet

AMAT MRQ Jul 2026 · LRCX MRQ Mar 2026

Cash

$7.04B

$4.75B

Total debt

$7.74B

$3.73B

Net debt

$706.0M

−$1.02B

Debt / equity

0.3×

0.4×

Net debt / EBITDA (TTM)

—

-0.1×

Interest coverage (FY)

30.8×

0.0×

Current ratio (FY)

2.61

2.63

Dividends

trailing 12 months

Dividend yield

0.5%

0.4%

Dividends per share

$1.98

$1.11

Payout ratio (of TTM EPS)

17.1%

19.3%

Dividend per share, 5-year CAGR

16.6%

15.5%

Frequency

Quarterly

Ownership and activity

last 90 days · latest 13F

Tracked superinvestors holding (13F)

Insider open-market buys (Form 4)

Insider sales (Form 4)

$4.5M

$40.5M

Analyst upgrades

Analyst downgrades

Statements

AMAT income TTM to Jul 2026 · cash flow FY2025 · LRCX income FY2026 · cash flow FY2026

Revenue

$30.84B

$23.23B

EBITDA

—

$8.64B

Operating income

$9.14B

$8.20B

Net income

$9.27B

$7.27B

EPS (diluted)

$11.58

$5.76

Operating cash flow

$7.96B

$5.86B

Capital expenditure

−$2.26B

−$966.4M

Free cash flow

$5.70B

$4.89B

Dividends paid

$1.38B

$1.27B

Keep comparing

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Applied Materials against

AMAT vs ASML

Lam Research against

KLAC vs LRCX

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Statements from the companies' SEC filings; prices, dividends and consensus estimates from Financial Modeling Prep; insider trades from Form 4 and holdings from 13F. Refreshed nightly. A comparison of filed numbers, not a recommendation to buy, sell or hold any security.