⚠ Receivables Rose by $2 BillionModerate threat

Lam Research (LRCX) — threat to the moat

Lam's profit rose 35.6% in fiscal 2026 while operating cash flow fell, because customers owed it $2 billion more at year-end.

Lam's record fiscal 2026 did not show up fully in cash. Net income rose 35.6% to $7,265.4 million1, but operating cash flow fell to $5,857.7 million from $6,173.3 million2. The main reason was that accounts receivable rose by $1,962.1 million3.

Operating cash flow ($M)4,652.3FY20246,173.3FY20255,857.7FY2026Lam Research Form 10-K FY2026, cash flow statement
Cash from operations fell in a record year.

Customers took longer to pay. Days sales outstanding were 72 days in the June 2026 quarter, "an increase from 64 days", the chief financial officer said4. That is common at the end of a strong quarter, when shipments are concentrated in its final weeks.

The effect was to lower free cash flow to about $4,891.3 million, from $5,414.1 million the year before5, in a year when Lam returned $5,121.9 million to shareholders6.

Receivables ended the year at $5,339.7 million7, against $4,132.9 million three months earlier8. That is 79% of the June quarter's revenue9, or roughly the 72 days of sales the chief financial officer cited10.

The conversion ratio shows the change. Operating cash flow was about 115% of net income in fiscal 2025 and about 81% in fiscal 20261112. One year of lower conversion in a year of rising sales is normal; two would not be.

The warning sign is a second year of the same pattern. If receivables keep rising faster than revenue in fiscal 2027, customers are using Lam to finance their expansion, and the cash behind the buybacks is thinner than the earnings suggest.

References
  1. ReportedNet income rose 35.6% to $7,265.4 million, but operating cash flow fell to $5,857.7 million from $6,173.3 million.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  2. ReportedNet income rose 35.6% to $7,265.4 million, but operating cash flow fell to $5,857.7 million from $6,173.3 million.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  3. ReportedThe main reason was that accounts receivable rose by $1,962.1 million.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  4. ReportedDays sales outstanding were 72 days in the June 2026 quarter, "an increase from 64 days", the chief financial officer said.
    The Motley Fool via Yahoo Finance, Lam Research Q4 fiscal 2026 earnings call transcript - installed base, end-market mix of systems revenue, WFE outlook, served market, customer support, China and margin targets - installed base, customer support, inventory, receivables and records. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  5. Moat Explorer calcThe effect was to lower free cash flow to about $4,891.3 million, from $5,414.1 million the year before, in a year when Lam returned $5,121.9 million to shareholders.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  6. Moat Explorer calcThe effect was to lower free cash flow to about $4,891.3 million, from $5,414.1 million the year before, in a year when Lam returned $5,121.9 million to shareholders.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  7. ReportedReceivables ended the year at $5,339.7 million, against $4,132.9 million three months earlier.
    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 ↗
  8. ReportedReceivables ended the year at $5,339.7 million, against $4,132.9 million three months earlier.
    Lam Research fourth-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue, margins, revenue by type and region, cash flow and September 2026 quarter guidance. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  9. Moat Explorer calcThat is 79% of the June quarter's revenue, or roughly the 72 days of sales the chief financial officer cited.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - growth rates, margins and revenue by type. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  10. ReportedThat is 79% of the June quarter's revenue, or roughly the 72 days of sales the chief financial officer cited.
    The Motley Fool via Yahoo Finance, Lam Research Q4 fiscal 2026 earnings call transcript - installed base, end-market mix of systems revenue, WFE outlook, served market, customer support, China and margin targets - installed base, customer support, inventory, receivables and records. — Q4 FY2026 · publ. 29 July 2026 · source ↗
  11. ReportedOperating cash flow was about 115% of net income in fiscal 2025 and about 81% in fiscal 2026.
    Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - financial statements and notes: income, cash flow, balance sheet, deferred revenue, debt and customer concentration. — FY2026 · publ. 7 August 2026 · source ↗
  12. Moat Explorer calcOperating cash flow was about 115% of net income in fiscal 2025 and about 81% in fiscal 2026.
    Moat Explorer calculation from Lam Research's reported figures ($ millions unless stated; fiscal years end in late June). Revenue growth: FY2019 9,653.6 / 11,077.0 - 1 = -12.9%; FY2020 10,044.7 / 9,653.6 - 1 = +4.1%; FY2021 14,626.2 / 10,044.7 - 1 = +45.6%; FY2022 17,227.0 / 14,626.2 - 1 = +17.8%; FY2023 17,428.5 / 17,227.0 - 1 = +1.2%; FY2024 14,905.4 / 17,428.5 - 1 = -14.5%; FY2025 18,435.6 / 14,905.4 - 1 = +23.7%; revenue FY2015-FY2026 23,232.7 / 5,259.3 = 4.4 times. Q4 FY2026 revenue 6,722.2 / 5,171.4 - 1 = +30.0%; Q4 systems 4,249.8 / 3,437.6 - 1 = +23.6%; Q4 customer support 2,472.4 / 1,733.8 - 1 = +42.6%; FY2025 quarterly systems 3,437.6 / 2,392.7 - 1 = +43.7%. Revenue by type: systems FY2023 10,695.9 / 11,322.3 - 1 = -5.5%; FY2024 8,921.6 / 10,695.9 - 1 = -16.6%; customer support FY2023 6,732.6 / 5,904.8 - 1 = +14.0%; FY2024 5,983.7 / 6,732.6 - 1 = -11.1%, a fall of 748.9; FY2021 growth systems +47.4%, support +42.2%; FY2022 systems +16.0%, support +21.5%; FY2025 systems +28.8%, support +16.1%; FY2026 systems +29.5%, support +20.2%; support less systems growth -5.2, +5.5, +19.5, +5.5, -12.7, -9.3 points (FY2021-FY2026). Multiples FY2019-FY2026: customer support 8,347.2 / 3,202.5 = 2.6 times (14.7% a year); systems 14,885.5 / 6,451.1 = 2.3 times (12.7% a year). Cumulative FY2019-FY2026 customer support 45,396.0 of 125,553.6 = 36%. Customer support share of revenue: 3,202.5 / 9,653.6 = 33.2% (FY2019); 3,419.6 / 10,044.7 = 34.0%; 4,861.3 / 14,626.2 = 33.2%; 5,904.8 / 17,227.0 = 34.3%; 6,732.6 / 17,428.5 = 38.6%; 5,983.7 / 14,905.4 = 40.1% (FY2024); 6,944.3 / 18,435.6 = 37.7%; 8,347.2 / 23,232.7 = 35.9% (FY2026). Systems share 65.7%, 61.4%, 59.9%, 62.3%, 64.1% (FY2022-FY2026). Quarterly FY2026 support share 1,776.6 / 5,324.2 = 33.4%; 1,987.3 / 5,344.8 = 37.2%; 2,110.9 / 5,841.5 = 36.1%; 2,472.4 / 6,722.2 = 36.8%. Research and development 2,375.9 / 23,232.7 = 10.2% (FY2026); 825.2 / 5,259.3 = 15.7% (FY2015); 1,033.7 / 8,013.6 = 12.9% (FY2017); 1,191.3 / 9,653.6 = 12.3% (FY2019); 1,493.4 / 14,626.2 = 10.2% (FY2021); 1,727.2 / 17,428.5 = 9.9% (FY2023); 1,902.4 / 14,905.4 = 12.8% (FY2024); 2,375.9 / 825.2 = 2.9 times. Gross margin 2,284.3 / 5,259.3 = 43.4% (FY2015); 3,603.4 / 8,013.6 = 45.0% (FY2017); 4,358.5 / 9,653.6 = 45.1% (FY2019); 6,805.3 / 14,626.2 = 46.5% (FY2021); 7,776.9 / 17,428.5 = 44.6% (FY2023); 7,052.8 / 14,905.4 = 47.3% (FY2024). Operating margin 788.0 / 5,259.3 = 15.0% (FY2015); 1,902.1 / 8,013.6 = 23.7%; 2,464.7 / 9,653.6 = 25.5%; 4,482.0 / 14,626.2 = 30.6%; 5,174.9 / 17,428.5 = 29.7%; 4,263.9 / 14,905.4 = 28.6% (FY2024). Segment gross margin 12,120.0 / 23,232.7 = 52.2%. Region FY2026: China 7,859.8 / 23,232.7 = 33.8%; Taiwan 5,222.9 / 23,232.7 = 22.5%; Korea 4,505.3 / 23,232.7 = 19.4%; Japan 2,171.1 / 23,232.7 = 9.3%; Taiwan 5,222.9 / 3,445.2 - 1 = +51.6%; Korea 2,874.0 / 4,037.5 - 1 = -28.8%. China share 1,040.0 / 5,885.9 = 17.7% (FY2016); 1,784.4 / 11,077.0 = 16.1% (FY2018); 3,083.9 / 10,044.7 = 30.7% (FY2020); 5,137.9 / 14,626.2 = 35.1% (FY2021); 4,462.7 / 17,428.5 = 25.6% (FY2023). China revenue FY2022-FY2023 5,411.5 - 4,462.7 = 948.8 lower. Foundry plus memory 54 + 39 = 93%. Long-lived assets in the United States 2,003.4 / 3,353.8 = 60%. Customer concentration (percentages of total revenue): FY2026 16 + 15 + 12 + 12 = 55%; FY2025 17 + 15 = 32%; FY2024 17%; FY2023 22 + 16 = 38%; FY2022 21 + 12 + 12 + 11 = 56%; FY2021 25 + 12 + 10 = 47%; FY2020 24 + 14 + 10 + 10 = 58%; FY2019 15 + 14 + 14 + 14 = 57%; FY2018 25 + 14 + 14 + 13 + 12 = 78%. Accounts receivable June 2026 20 + 16 + 15 + 11 + 10 = 72%. Deferred revenue within a year 1,798.1 / 2,434.0 = 74%; deferred revenue against Q4 revenue 2,434.0 / 6,722.2 = 36%. Cash and capital: free cash flow 5,857.7 - 966.4 = 4,891.3 (FY2026); 6,173.3 - 759.2 = 5,414.1 (FY2025); 4,652.3 - 396.7 = 4,255.6 (FY2024). Shareholder returns 3,851.3 + 1,270.6 = 5,121.9, 5,121.9 / 4,891.3 = 104.7%; FY2025 (3,422.3 + 1,149.5) / 5,414.1 = 84.4%; FY2024 (2,842.8 + 1,018.9) / 4,255.6 = 90.7%. Dividends 1,270.6 / 7,265.4 = 17.5% of net income; 1,270.6 / 4,891.3 = 26% of free cash flow. Net cash 5,579.2 - 3,722.1 = 1,857.1 (FY2026); 6,390.7 - 4,469.4 = 1,921.3 (FY2025); 5,847.9 - 4,967.4 = 880.5 (FY2024). Treasury stock 31,597.9 / retained earnings 34,950.3 = 0.90. Per share: diluted shares 1,261.1 / 1,770.7 - 1 = -28.8% (FY2015 177.07M pre-split x 10); EPS 5.76 / 0.37 = 15.6 times; net income 7,265.4 / 655.6 = 11.1 times. Additional: Taiwan share 1,671.8 / 14,905.4 = 11.2% (FY2024), 3,477.9 / 17,428.5 = 20.0% (FY2023); Korea 2,205.3 / 3,832.8 - 1 = -42% (FY2019); research growth 2,096.4 / 1,902.4 - 1 = +10.2% (FY2025), 2,375.9 / 2,096.4 - 1 = +13.3% (FY2026); research staff 23,300 x 26% = more than 6,000; United States and Southeast Asia (1,528.9 + 1,245.9) / 23,232.7 = 12.0%; Southeast Asia 1,245.9 / 837.2 - 1 = +48.8%; systems FY2020 6,625.1 / 6,451.1 - 1 = +2.7%, support 3,419.6 / 3,202.5 - 1 = +6.8%; FY2022 to FY2025 support 6,944.3 / 5,904.8 - 1 = +17.6%, systems 11,491.3 / 11,322.3 - 1 = +1.5%; support March 2025 quarter 1,684.9 / 4,720.2 = 35.7%, 2,472.4 / 1,684.9 - 1 = +46.7%; support Q1 to Q4 FY2026 2,472.4 / 1,776.6 - 1 = +39.2%; deferred revenue 2,681 - 2,434 = 247 lower, 2,681 / 5,171.4 = 52% of the June 2025 quarter revenue; receivables 5,339.7 / 6,722.2 = 79%; return on equity 5,358.2 / ((8,539.5 + 9,861.6) / 2) = 58.2% (FY2025), 7,265.4 / ((9,861.6 + 12,470.9) / 2) = 65.1% (FY2026); market value 57.32 / 101.26 - 1 = -43% (calendar 2022); price target 373.13 / 307.16 - 1 = +21%; revenue 23,232.7 / 4,607.3 = 5.0 times (FY2014-FY2026); lab plan 3,000 / 5 = 600 a year. Further: Europe 698.7 / 23,232.7 = 3.0%; China 7,859.8 / 623.4 = 12.6 times (FY2014-FY2026); Korea 4,505.3 / 1,127.4 = 4.0 times; Taiwan 5,222.9 / 1,049.2 = 5.0 times; dividends declared per share 0.92 / 0.80 - 1 = +15%, 1.04 / 0.92 - 1 = +13%; diluted shares (1,261.1 / 1,319.9) ^ (1/2) - 1 = -2.3% a year; buybacks FY2015-FY2026 573.2 + 158.4 + 811.7 + 2,653.2 + 3,780.6 + 1,369.6 + 2,697.7 + 3,865.7 + 2,017.0 + 2,842.8 + 3,422.3 + 3,851.3 = 28,043.5; dividends paid 116.1 + 190.4 + 243.5 + 307.6 + 678.3 + 656.8 + 727.0 + 815.3 + 907.9 + 1,018.9 + 1,149.5 + 1,270.6 = 8,081.9; net income FY2015-FY2026 = 39,567.4; (28,043.5 + 8,081.9) / 39,567.4 = 91%; customer support fell only in FY2024 among FY2020-FY2026, systems fell in FY2023 and FY2024. Cash conversion: operating cash flow / net income 6,173.3 / 5,358.2 = 115% (FY2025); 5,857.7 / 7,265.4 = 81% (FY2026). Valuation: price 307.16 / 52-week high 438.50 - 1 = -30.0%; free cash flow yield 4,891.3 / 384,360 = 1.3%; P/E 384,360 / 7,265.4 = 52.9; P/S 384,360 / 23,232.7 = 16.5 - cash flow, shareholder returns, per-share figures and valuation. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Lam Research's Forms 10-K, quarterly results releases, XBRL filings and market data; operands shown in the source line.
Sources
Generated September 25, 2026