LAM RESEARCH CORP（LRCX）の決算・業績分析
LAM RESEARCH CORPの2025年有価証券報告書をAI分析。売上高$18.4B(+23.7%)。営業利益$5.9B。Industrials。
目次
LAM RESEARCH CORPの2025年度 業績サマリー
LAM RESEARCH CORP（証券コード: LRCX）の2025年度決算・業績分析。売上高は$18.4B（前年比+23.7%）。営業利益は$5.9B（前年比+38.4%）。純利益は$5.4B（前年比+40.0%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
LAM RESEARCH CORPの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged to $17.2B (+17.8% YoY) driven by DRAM market strength, with operating income rising 20.1% to $5.4B (XBRL).
- Gross margin remained robust at 45.7%, while net margin expanded to 26.7% (XBRL). Free cash flow reached $3.7B, with $3.9B allocated to share repurchases (XBRL).
- Liquidity is strong, with $3.5B in cash and a current ratio of 3.16x, despite long-term debt of $5.0B (XBRL). ROE hit 76.4%, reflecting efficient capital deployment (XBRL).
LAM RESEARCH CORPの売上高変化の要因
- •Total revenue reached $17.2B (+17.8% YoY), with growth fueled by the DRAM market. However, declines in non-volatile memory, foundry, and logic markets partially offset this growth (10-K). Segment-specific revenue data is not available in the XBRL or 10-K (N/A).
LAM RESEARCH CORPの営業利益変化の要因
- •Gross profit of $7.9B (45.7% margin) and operating income of $5.4B (31.2% margin) reflect strong cost control and pricing power (XBRL). Net income rose 17.8% to $4.6B, aligning with revenue growth (XBRL). Restructuring costs and industry investment levels impacted operating profitability (10-K).
LAM RESEARCH CORPの事業リスクと対応
Semiconductor demand variability impacts resource allocation and margins (10-K).
Economic downturns could reduce demand and harm financials (10-K).
Reliance on key customers increases exposure to their business decisions (10-K).
Supply chain disruptions may affect operations (10-K).
Technological changes and R&D investment risks could impact competitiveness (10-K).
Regulatory, political, and geopolitical risks may disrupt customer demand and commercial relationships (10-K).
Challenges in scaling infrastructure and rapid capacity expansion risks (10-K).
LAM RESEARCH CORPの今後の見通し・業績予想
LAM RESEARCH CORPの事業内容
Lam Research Corp (LRCX) is a global leader in semiconductor manufacturing equipment, specializing in deposition, etch, and clean systems, along with advanced packaging solutions and aftermarket services (10-K). Its competitive edge lies in R&D innovation, ecosystem collaboration, and leadership in key markets (10-K). The company serves major semiconductor manufacturers producing memory, foundry, and logic devices, though customer concentration details are not disclosed (10-K).
LAM RESEARCH CORPのAI業績分析レポート（2024年度）
LAM RESEARCH CORP (LRCX) FY2024 Annual Report Analysis
Highlights
Business Overview
Lam Research Corp is a global supplier of wafer fabrication equipment and services to the semiconductor industry, generating revenue through the sale of advanced manufacturing tools and customer support services (10-K). Key products include deposition, etch, and clean systems, along with advanced packaging solutions (10-K). Competitive advantages include R&D focus, ecosystem collaboration, and leadership in key markets (10-K). No specific competitors or employee data are disclosed (N/A).
Revenue Analysis
Total revenue reached $17.2B (+17.8% YoY), driven by DRAM market strength. Declines in non-volatile memory, foundry, and logic markets partially offset this growth (10-K). Segment-specific revenue data is not available (N/A).
Profitability Analysis
Gross profit of $7.9B (45.7% margin) and operating income of $5.4B (31.2% margin) reflect strong cost control (XBRL). Net income rose 17.8% to $4.6B (XBRL). Restructuring costs and industry investment levels impacted operating profitability (10-K).
Balance Sheet Analysis
Equity ratio: 32.1%, D/E ratio: 1.75x, current ratio: 3.16x (XBRL). Cash reserves: $3.5B, long-term debt: $5.0B, net debt: $1.4B (0.2x EBITDA) (XBRL). ROE: 76.4%, ROA: 24.5% (XBRL).
Cash Flow Analysis
Operating cash flow: $3.1B, free cash flow: $3.7B (XBRL). Investing cash flow: $612M, financing cash flow: -$4.6B (XBRL). Dividends paid: $815M, share repurchases: $3.9B (XBRL). Capital expenditures details are not disclosed (N/A).
Working Capital Analysis
Cash conversion cycle (CCC): 229 days, with 60 days receivables, 188 days inventory, and 18 days payables (XBRL).
Risks
Outlook
Management expects secular demand from AI, 5G, and cloud computing to drive growth, along with 3D scaling (10-K). Short-term challenges include 2D scaling limitations and restructuring impacts (10-K). No explicit FY2025 guidance is provided (10-K).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 11.1B | 9.7B | 10.0B | 14.6B | 17.2B | 17.4B |
| Operating Income | 3.2B | 2.5B | 2.7B | 4.5B | 5.4B | 5.2B |
| Net Income | 2.4B | 2.2B | 2.3B | 3.9B | 4.6B | 4.5B |
| Total Assets | 12.0B | 14.6B | 15.9B | 17.2B | 18.8B | 18.7B |
| Total Equity | 6.8B | 6.5B | 4.7B | 5.2B | 6.0B | 6.3B |
| Operating Cash Flow | 2.7B | 3.2B | 2.1B | 3.6B | 3.1B | 5.2B |
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