Independent equity research
Is Lam Research Corporation (LRCX) a Buy, Hold or Sell?
Lam Research Corporation — our independent, AI-built valuation and rating, in brief.
SELL (reduce into strength)
12-mo fair value
$242.00
To fair value
−19%
By · report dated 2026-08-15 · fair value derived independently of the market price.
The thesis, in brief
Lam is a 40%+ ROIC business priced at a 7.2% discount rate: at $332 the shares embed a 23% ten-year FCF CAGR off FY2027E, and we are wrong if FY2028 consensus EPS is revised above $11.00 or semicap sustains 30x forward earnings for a full year
How we value it
We value Lam Research Corporation using Justified forward P/E on FY2028E EPS (70%), 10-year FCF DCF (30%). The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Lam Research Corporation report
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