⚠ Buying Back at $370Low threat

Lam Research (LRCX) — threat to the moat

Lam paid an average of $370 a share for its stock in June 2026, well above the $307 at which it traded in September.

Lam kept buying its shares as their price soared. The average price paid was $105.67 in the September 2025 quarter, $153.62 in the December quarter and $210.57 in the March quarter, then $287.93 and $370.15 in the two periods of the June quarter1.

Average price paid per share repurchased ($)105.67Q1 FY2026153.62Q2 FY2026210.57Q3 FY2026287.93Apr-May 2026370.15May-Jun 2026Lam Research Form 10-K FY2026, issuer purchases of equity securities
The price paid rose 3.5 times in a year.

The shares closed at $307.16 on 24 September 20262, so the most recent purchases are already below water. Buying at the top of a cycle returns less value per dollar than buying at the bottom.

Lam did slow the pace. Buybacks were $1,162.8 million in the March 2026 quarter3 and $246.6 million in the June quarter4. That looks like price discipline, or a pause for cash as receivables rose.

The authorisation leaves room to continue. Of the $10.00 billion approved in May 2024, about $4.04 billion remained at the end of fiscal 20265. How much of it is used below $307 will decide whether the fiscal 2026 purchases look expensive or merely early.

The heaviest buying of the year came earlier and cheaper. Lam spent $1,162.8 million on its own shares in the March 2026 quarter6, when the average price paid was $210.577.

The test comes in the next downturn. If Lam buys more when its share price is low, the programme is disciplined; if it cuts buybacks then, it will have bought most heavily at the highest prices.

References
  1. ReportedThe average price paid was $105.67 in the September 2025 quarter, $153.62 in the December quarter and $210.57 in the March quarter, then $287.93 and $370.15 in the two periods of the June quarter.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business: products, strategy, competitors, customers and employees. — FY2026 · publ. 7 August 2026 · source ↗
  2. ReportedThe shares closed at $307.16 on 24 September 2026, so the most recent purchases are already below water.
    Lam Research (LRCX) market data - $307.16 a share at the close on 24 September 2026, market cap $384.36B, 52-week range 125.02-438.50, dividend $1.32 (0.43%). — September 2026 · publ. 24 September 2026 · source ↗
  3. ReportedBuybacks were $1,162.8 million in the March 2026 quarter and $246.6 million in the June quarter.
    Lam Research third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by type and region, deferred revenue and share repurchases. — Q3 FY2026 · publ. 22 April 2026 · source ↗
  4. ReportedBuybacks were $1,162.8 million in the March 2026 quarter and $246.6 million in the June quarter.
    Lam Research fourth-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue, margins, revenue by type and region, cash flow and September 2026 quarter guidance. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  5. ReportedOf the $10.00 billion approved in May 2024, about $4.04 billion remained at the end of fiscal 2026.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business: products, strategy, competitors, customers and employees. — FY2026 · publ. 7 August 2026 · source ↗
  6. ReportedLam spent $1,162.8 million on its own shares in the March 2026 quarter, when the average price paid was $210.57.
    Lam Research third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by type and region, deferred revenue and share repurchases. — Q3 FY2026 · publ. 22 April 2026 · source ↗
  7. ReportedLam spent $1,162.8 million on its own shares in the March 2026 quarter, when the average price paid was $210.57.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business: products, strategy, competitors, customers and employees. — FY2026 · publ. 7 August 2026 · source ↗
Sources
Generated September 25, 2026