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Semicap·LRCX

Lam Research Corporation

NASDAQ · US

Etch, deposition, and wafer-clean equipment supplier for logic, NAND, DRAM, and advanced packaging.

AI relevance

Core process-equipment supplier to AI compute and HBM manufacturing ramps.

Semicap Etch / Dep / Clean

Price

$389.04

Change

+14.86 (+3.97%)

Market cap

$486.5B

52w range

$90–$401

Exchange

NASDAQ

Country

Jason's Chips

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Price chart

LRCX market performance

Daily close for Lam Research Corporation

Latest close: $389.0
Range move: +$296.8 (+321.8%)
Range high: $389.0
Range low: $90.49
Latest volume: 22.7M
Source: FMP EOD

Downloads

Exports

Download statements, ratios, chart data, and transcript indexes.

CSV

Income statement

12 annual rows

Revenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.

Annual

Balance sheet

12 annual rows

Cash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.

Annual

Cash flow

12 annual rows

Operating cash flow, capital expenditures, and free cash flow.

Annual

Key metrics

12 annual rows

Enterprise value, valuation multiples, returns, yields, and cash conversion.

Annual

Ratios

12 annual rows

Margins, liquidity ratios, valuation ratios, leverage, and per-share metrics.

Annual

Chart data

1255 rows

Five years of daily close and volume data powering the company chart.

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Transcript list

81 rows

Available earnings-call transcript dates by fiscal year and quarter.

Download

StreetBuy

Analyst expectations

Consensus target

$349.22

-10.2%

Target range

$275.00 - $575.00

Rating mix

Buy

50 ratings

Next FY revenue

$23.18B

2026-06-29

Next FY EPS

$5.69

$5.63 - $5.99

Rating consensus50 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-29	$23.18B	$22.48B - $23.44B	$5.69	$5.63 - $5.99	$7.71B	$7.22B	$7.49B	$1.24B	25 rev / 22 EPS
2027-06-29	$30.72B	$28.32B - $32.14B	$8.06	$7.44 - $8.61	$10.21B	$9.57B	$9.93B	$1.64B	24 rev / 21 EPS
2028-06-29	$35.96B	$35.93B - $35.99B	$9.82	$7.63 - $10.71	$11.96B	$11.20B	$10.94B	$1.92B	20 rev / 10 EPS
2029-06-29	$38.88B	$36.81B - $41.93B	$10.78	$10.03 - $11.87	$12.93B	$12.11B	$13.90B	$2.08B	10 rev / 8 EPS
2030-06-29	$44.93B	$42.54B - $48.45B	$13.22	$12.31 - $14.57	$14.94B	$13.99B	$17.06B	$2.40B	10 rev / 8 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-29	$6.65B	$6.56B - $6.79B	$1.68	$1.40 - $1.78	$2.21B	$2.07B	$2.11B	$355.4M	17 rev / 18 EPS
2026-09-29	$7.04B	$6.90B - $7.30B	$1.81	$1.76 - $1.89	$2.34B	$2.19B	$2.28B	$376.5M	16 rev / 17 EPS
2026-12-29	$7.49B	$7.27B - $7.98B	$1.96	$1.89 - $2.13	$2.49B	$2.33B	$2.47B	$400.9M	13 rev / 7 EPS
2027-03-29	$7.84B	$7.60B - $8.34B	$2.08	$2.00 - $2.26	$2.61B	$2.44B	$2.62B	$419.1M	9 rev / 7 EPS
2027-06-29	$8.29B	$8.05B - $8.83B	$2.24	$2.16 - $2.43	$2.76B	$2.58B	$2.82B	$443.5M	8 rev / 15 EPS
2027-09-29	$8.33B	$8.09B - $8.87B	$2.26	$2.18 - $2.45	$2.77B	$2.60B	$2.85B	$445.7M	8 rev / 9 EPS
2027-12-29	$8.67B	$8.42B - $9.24B	$2.39	$2.30 - $2.59	$2.88B	$2.70B	$3.00B	$464.0M	13 rev / 7 EPS
2028-03-29	$9.32B	$9.04B - $9.92B	$2.63	$2.53 - $2.86	$3.10B	$2.90B	$3.31B	$498.5M	8 rev / 9 EPS

Price target history

Window	Targets	Average target
Last month	7	$416.43
Last quarter	17	$359.47
Last year	71	$252.44
All time	123	$179.13

Sources: TheFly, StreetInsider, Benzinga, MarketWatch, Pulse 2.0, TipRanks Contributor

Latest grade actions

Date	Firm	Action	Previous	New
2026-06-17	Citigroup	Maintain	Buy	Buy
2026-06-15	Oppenheimer	Maintain	Outperform	Outperform
2026-06-11	Barclays	Maintain	Equal Weight	Equal Weight
2026-06-10	Cantor Fitzgerald	Maintain	Overweight	Overweight
2026-06-09	UBS	Maintain	Buy	Buy
2026-06-01	Wells Fargo	Maintain	Overweight	Overweight
2026-05-27	Mizuho	Maintain	Outperform	Outperform
2026-05-18	Morgan Stanley	Upgrade	Equal Weight	Overweight

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-06-01	4	25	6	1	1
2026-05-01	4	25	7	0	1
2026-04-01	3	24	9	0	1
2026-03-01	3	24	9	0	1
2026-02-01	3	24	9	0	1
2026-01-01	3	23	11	0	1
2025-12-01	2	21	11	0	1
2025-11-01	2	21	10	0	1

FinancialsFY 2025

Financials

Revenue

$18.44B

Gross margin

48.7%

Operating income

$5.90B

Free cash flow

$5.41B

Cash + ST investments

$6.39B

Net debt

-$1.63B

ROE

54.3%

ROIC

34.0%

EV / sales

6.7x

EV / EBITDA

19.5x

R&D / revenue

11.4%

Current ratio

2.2x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$18.44B	$8.98B	48.7%	$2.10B	$5.90B	$6.34B	$5.36B	$4.17
FY 2024	$14.91B	$7.05B	47.3%	$1.90B	$4.26B	$4.91B	$3.83B	$2.91
FY 2023	$17.43B	$7.78B	44.6%	$1.73B	$5.17B	$5.64B	$4.51B	$3.33
FY 2022	$17.23B	$7.87B	45.7%	$1.60B	$5.38B	$5.71B	$4.61B	$3.29
FY 2021	$14.63B	$6.81B	46.5%	$1.49B	$4.48B	$4.89B	$3.91B	$2.72
FY 2020	$10.04B	$4.61B	45.9%	$1.25B	$2.67B	$3.02B	$2.25B	$1.56
FY 2019	$9.65B	$4.36B	45.1%	$1.19B	$2.46B	$2.87B	$2.19B	$1.44
FY 2018	$11.08B	$5.17B	46.6%	$1.19B	$3.21B	$3.58B	$2.38B	$1.47
FY 2017	$8.01B	$3.60B	45.0%	$1.03B	$1.90B	$2.24B	$1.70B	$1.05
FY 2016	$5.89B	$2.62B	44.5%	$913.7M	$1.07B	$1.39B	$914.0M	$0.58
FY 2015	$5.26B	$2.28B	43.4%	$825.2M	$788.0M	$1.09B	$655.6M	$0.41
FY 2014	$4.61B	$2.01B	43.6%	$716.5M	$677.7M	$1.08B	$632.3M	$0.38

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$6.17B	$759.2M	$5.41B
FY 2024	$4.65B	$396.7M	$4.26B
FY 2023	$5.18B	$501.6M	$4.68B
FY 2022	$3.10B	$546.0M	$2.55B
FY 2021	$3.59B	$349.1M	$3.24B
FY 2020	$2.13B	$203.2M	$1.92B
FY 2019	$3.18B	$303.5M	$2.87B
FY 2018	$2.66B	$273.5M	$2.38B
FY 2017	$2.03B	$157.4M	$1.87B
FY 2016	$1.35B	$175.3M	$1.17B
FY 2015	$785.5M	$198.3M	$587.2M
FY 2014	$717.0M	$145.5M	$571.5M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$6.39B	$3.38B	$4.31B	$2.43B	$21.35B	$4.76B	-$1.63B	$11.48B	$9.86B
FY 2024	$5.85B	$2.52B	$4.22B	$2.15B	$18.74B	$4.98B	-$864.5M	$10.21B	$8.54B
FY 2023	$5.37B	$2.82B	$4.82B	$1.86B	$18.78B	$5.01B	-$325.5M	$10.57B	$8.21B
FY 2022	$3.66B	$4.31B	$3.97B	$1.65B	$17.20B	$5.01B	$1.48B	$10.92B	$6.28B
FY 2021	$5.73B	$3.03B	$2.69B	$1.48B	$15.89B	$5.00B	$576.8M	$9.86B	$6.03B
FY 2020	$6.71B	$2.10B	$1.90B	$1.25B	$14.56B	$5.81B	$895.6M	$9.38B	$5.18B
FY 2019	$5.43B	$1.46B	$1.54B	$1.06B	$12.00B	$4.49B	$831.7M	$7.28B	$4.72B
FY 2018	$4.95B	$2.18B	$1.88B	$902.5M	$12.48B	$2.42B	-$2.10B	$5.90B	$6.58B
FY 2017	$6.04B	$1.67B	$1.23B	$685.6M	$12.12B	$2.69B	$315.9M	$5.14B	$6.99B
FY 2016	$6.83B	$1.26B	$971.9M	$639.6M	$12.27B	$4.33B	-$713.5M	$6.16B	$6.10B
FY 2015	$4.08B	$1.09B	$943.3M	$621.4M	$9.36B	$2.36B	$859.5M	$4.02B	$5.34B
FY 2014	$3.07B	$800.6M	$740.5M	$543.5M	$7.99B	$1.34B	-$117.2M	$2.78B	$5.21B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	48.7%	32.0%	29.1%	2.2x	1.6x	54.3%	34.0%	6.7x	19.5x	4.3%	11.4%	200d
FY 2024	47.3%	28.6%	25.7%	3.0x	2.0x	44.8%	25.1%	9.3x	28.2x	3.1%	12.8%	229d
FY 2023	44.6%	29.7%	25.9%	3.2x	2.0x	54.9%	31.3%	4.8x	14.8x	5.6%	9.9%	223d
FY 2022	45.7%	31.2%	26.7%	2.7x	1.8x	73.4%	37.8%	3.7x	11.3x	4.1%	9.3%	207d
FY 2021	46.5%	30.6%	26.7%	3.3x	2.5x	64.8%	32.4%	6.4x	19.1x	3.5%	10.2%	162d
FY 2020	45.9%	26.6%	22.4%	3.4x	2.8x	43.4%	19.1%	4.5x	15.1x	4.3%	12.5%	164d
FY 2019	45.1%	25.5%	22.7%	3.6x	3.0x	46.4%	21.4%	3.1x	10.4x	9.8%	12.3%	135d
FY 2018	46.6%	29.0%	21.5%	2.9x	2.3x	36.2%	24.4%	2.6x	8.2x	7.6%	10.7%	156d
FY 2017	45.0%	23.7%	21.2%	3.1x	2.7x	24.3%	17.7%	2.9x	10.4x	8.2%	12.9%	140d
FY 2016	44.5%	18.3%	15.5%	3.8x	3.4x	15.0%	9.5%	2.1x	9.1x	8.8%	15.5%	148d
FY 2015	43.4%	15.0%	12.5%	2.4x	2.0x	12.3%	8.6%	2.6x	12.7x	4.5%	15.7%	155d
FY 2014	43.6%	14.7%	13.7%	3.0x	2.6x	12.1%	8.5%	2.4x	10.2x	5.1%	15.6%	136d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+23.7%	+27.3%	+10.2%	+38.4%	+40.0%	+43.3%	+27.2%	-91.4%	+9.3%	+2.1%	+13.9%	-4.6%
FY 2024	-14.5%	-9.3%	+10.1%	-17.6%	-15.1%	-12.6%	-9.0%	+20.9%	+8.8%	-12.4%	-0.2%	-0.6%
FY 2023	+1.2%	-1.2%	+7.7%	-3.8%	-2.0%	+1.2%	+83.2%	+8.1%	+46.9%	+21.4%	+9.2%	+0.1%
FY 2022	+17.8%	+15.7%	+7.4%	+20.1%	+17.8%	+21.0%	-21.2%	-56.4%	-36.2%	+47.5%	+8.2%	+0.2%
FY 2021	+45.6%	+47.7%	+19.2%	+67.6%	+73.6%	+74.4%	+68.4%	-71.8%	-14.6%	+41.5%	+9.2%	-14.0%
FY 2020	+4.1%	+5.7%	+5.1%	+8.5%	+2.8%	+8.3%	-33.0%	+33.0%	+23.6%	+23.4%	+21.3%	+29.4%
FY 2019	-12.9%	-15.6%	+0.2%	-23.3%	-7.9%	-2.0%	+20.6%	-11.0%	+9.7%	-17.9%	-3.8%	+85.8%
FY 2018	+38.2%	+43.3%	+15.1%	+68.9%	+40.2%	+40.0%	+27.3%	-73.7%	-18.1%	+52.2%	+2.9%	-10.3%
FY 2017	+36.1%	+37.6%	+13.1%	+77.1%	+85.7%	+81.0%	+59.3%	+10.2%	-11.5%	+26.9%	-1.2%	-37.7%
FY 2016	+11.9%	+14.6%	+10.7%	+36.3%	+39.4%	+41.5%	+100.1%	+11.6%	+67.5%	+3.0%	+31.0%	+83.2%
FY 2015	+14.2%	+13.8%	+15.2%	+16.3%	+3.7%	+7.9%	+2.7%	-36.3%	+33.0%	+27.4%	+17.2%	+76.8%
FY 2014	+28.0%	+43.1%	+4.8%	+474.0%	+455.2%	+467.2%	+2.2%	+9.5%	+22.8%	+32.4%	+10.2%	+2.4%

SegmentsFY 2025

Revenue Mix

Period	Total	System	Customer Support and Other
FY 2025	$18.44B	$11.49B	$6.94B
FY 2024	$14.91B	$8.92B	$5.98B
FY 2023	$17.43B	$10.70B	$6.73B
FY 2022	$17.23B	$11.32B	$5.90B
FY 2021	$14.63B	$9.76B	$4.86B
FY 2020	$10.04B	$6.63B	$3.42B

Period	Total	CHINA	KOREA, REPUBLIC OF	TAIWAN, PROVINCE OF CHINA	JAPAN	UNITED STATES	South East Asia	Europe
FY 2025	$18.44B	$6.21B	$4.13B	$3.45B	$1.88B	$1.38B	$837.2M	$562.6M
FY 2024	$14.91B	$6.29B	$2.87B	$1.67B	$1.46B	$1.10B	$794.1M	$707.0M
FY 2023	$17.43B	$4.46B	$3.55B	$3.48B	$1.76B	$1.67B	$1.35B	$1.16B
FY 2022	$17.23B	$5.41B	$4.04B	$2.94B	$1.62B	$1.15B	$1.36B	$712.0M
FY 2021	$14.63B	$5.14B	$3.92B	$2.12B	$1.36B	$672.7M	$945.5M	$463.5M
FY 2020	$10.04B	$3.08B	$2.39B	$1.91B	$954.7M	$812.5M	$587.6M	$308.5M
FY 2019	$9.65B	$2.16B	$2.21B	$1.60B	$1.97B	$748.6M	$615.8M	$356.2M
FY 2018	$11.08B	$1.78B	$3.83B	$1.40B	$1.88B	$820.4M	$781.4M	$577.2M
FY 2017	$8.01B	$1.02B	$2.48B	$2.10B	$1.04B	$629.9M	$401.9M	$340.6M
FY 2016	$5.89B	$1.04B	$1.06B	$1.49B	$983.8M	$495.1M	$605.2M	$219.4M
FY 2015	$5.26B	$661.1M	$1.41B	$1.08B	$623.6M	$890.9M	$278.4M	$314.5M
FY 2014	$4.61B	$623.4M	$1.13B	$1.05B	$634.1M	$622.0M	$247.4M	$303.7M

Transcripts

Events

Next earnings

2026-07-29EPS est $1.65

Recent filings

42026-06-15
42026-06-15
42026-06-02

Latest news

Missed Out on the AI Memory Rally? These 3 Stocks Are Just Getting Started.
Fool - Investing News · 2026-06-19
AI Push Sends Lam Research Shares to All-Time Highs
FXEmpire · 2026-06-19

Analyst expectations

Consensus target

$349.22

-10.2%

Target range

$275.00 - $575.00

Rating mix

Buy

50 ratings

Next FY revenue

$23.18B

2026-06-29

Next FY EPS

$5.69

$5.63 - $5.99

Rating consensus50 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-29	$23.18B	$22.48B - $23.44B	$5.69	$5.63 - $5.99	$7.71B	$7.22B	$7.49B	$1.24B	25 rev / 22 EPS
2027-06-29	$30.72B	$28.32B - $32.14B	$8.06	$7.44 - $8.61	$10.21B	$9.57B	$9.93B	$1.64B	24 rev / 21 EPS
2028-06-29	$35.96B	$35.93B - $35.99B	$9.82	$7.63 - $10.71	$11.96B	$11.20B	$10.94B	$1.92B	20 rev / 10 EPS
2029-06-29	$38.88B	$36.81B - $41.93B	$10.78	$10.03 - $11.87	$12.93B	$12.11B	$13.90B	$2.08B	10 rev / 8 EPS
2030-06-29	$44.93B	$42.54B - $48.45B	$13.22	$12.31 - $14.57	$14.94B	$13.99B	$17.06B	$2.40B	10 rev / 8 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-06-29	$6.65B	$6.56B - $6.79B	$1.68	$1.40 - $1.78	$2.21B	$2.07B	$2.11B	$355.4M	17 rev / 18 EPS
2026-09-29	$7.04B	$6.90B - $7.30B	$1.81	$1.76 - $1.89	$2.34B	$2.19B	$2.28B	$376.5M	16 rev / 17 EPS
2026-12-29	$7.49B	$7.27B - $7.98B	$1.96	$1.89 - $2.13	$2.49B	$2.33B	$2.47B	$400.9M	13 rev / 7 EPS
2027-03-29	$7.84B	$7.60B - $8.34B	$2.08	$2.00 - $2.26	$2.61B	$2.44B	$2.62B	$419.1M	9 rev / 7 EPS
2027-06-29	$8.29B	$8.05B - $8.83B	$2.24	$2.16 - $2.43	$2.76B	$2.58B	$2.82B	$443.5M	8 rev / 15 EPS
2027-09-29	$8.33B	$8.09B - $8.87B	$2.26	$2.18 - $2.45	$2.77B	$2.60B	$2.85B	$445.7M	8 rev / 9 EPS
2027-12-29	$8.67B	$8.42B - $9.24B	$2.39	$2.30 - $2.59	$2.88B	$2.70B	$3.00B	$464.0M	13 rev / 7 EPS
2028-03-29	$9.32B	$9.04B - $9.92B	$2.63	$2.53 - $2.86	$3.10B	$2.90B	$3.31B	$498.5M	8 rev / 9 EPS

Price target history

Window	Targets	Average target
Last month	7	$416.43
Last quarter	17	$359.47
Last year	71	$252.44
All time	123	$179.13

Sources: TheFly, StreetInsider, Benzinga, MarketWatch, Pulse 2.0, TipRanks Contributor

Latest grade actions

Date	Firm	Action	Previous	New
2026-06-17	Citigroup	Maintain	Buy	Buy
2026-06-15	Oppenheimer	Maintain	Outperform	Outperform
2026-06-11	Barclays	Maintain	Equal Weight	Equal Weight
2026-06-10	Cantor Fitzgerald	Maintain	Overweight	Overweight
2026-06-09	UBS	Maintain	Buy	Buy
2026-06-01	Wells Fargo	Maintain	Overweight	Overweight
2026-05-27	Mizuho	Maintain	Outperform	Outperform
2026-05-18	Morgan Stanley	Upgrade	Equal Weight	Overweight

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-06-01	4	25	6	1	1
2026-05-01	4	25	7	0	1
2026-04-01	3	24	9	0	1
2026-03-01	3	24	9	0	1
2026-02-01	3	24	9	0	1
2026-01-01	3	23	11	0	1
2025-12-01	2	21	11	0	1
2025-11-01	2	21	10	0	1

Financials

Revenue

$18.44B

Gross margin

48.7%

Operating income

$5.90B

Free cash flow

$5.41B

Cash + ST investments

$6.39B

Net debt

-$1.63B

ROE

54.3%

ROIC

34.0%

EV / sales

6.7x

EV / EBITDA

19.5x

R&D / revenue

11.4%

Current ratio

2.2x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$18.44B	$8.98B	48.7%	$2.10B	$5.90B	$6.34B	$5.36B	$4.17
FY 2024	$14.91B	$7.05B	47.3%	$1.90B	$4.26B	$4.91B	$3.83B	$2.91
FY 2023	$17.43B	$7.78B	44.6%	$1.73B	$5.17B	$5.64B	$4.51B	$3.33
FY 2022	$17.23B	$7.87B	45.7%	$1.60B	$5.38B	$5.71B	$4.61B	$3.29
FY 2021	$14.63B	$6.81B	46.5%	$1.49B	$4.48B	$4.89B	$3.91B	$2.72
FY 2020	$10.04B	$4.61B	45.9%	$1.25B	$2.67B	$3.02B	$2.25B	$1.56
FY 2019	$9.65B	$4.36B	45.1%	$1.19B	$2.46B	$2.87B	$2.19B	$1.44
FY 2018	$11.08B	$5.17B	46.6%	$1.19B	$3.21B	$3.58B	$2.38B	$1.47
FY 2017	$8.01B	$3.60B	45.0%	$1.03B	$1.90B	$2.24B	$1.70B	$1.05
FY 2016	$5.89B	$2.62B	44.5%	$913.7M	$1.07B	$1.39B	$914.0M	$0.58
FY 2015	$5.26B	$2.28B	43.4%	$825.2M	$788.0M	$1.09B	$655.6M	$0.41
FY 2014	$4.61B	$2.01B	43.6%	$716.5M	$677.7M	$1.08B	$632.3M	$0.38

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$6.17B	$759.2M	$5.41B
FY 2024	$4.65B	$396.7M	$4.26B
FY 2023	$5.18B	$501.6M	$4.68B
FY 2022	$3.10B	$546.0M	$2.55B
FY 2021	$3.59B	$349.1M	$3.24B
FY 2020	$2.13B	$203.2M	$1.92B
FY 2019	$3.18B	$303.5M	$2.87B
FY 2018	$2.66B	$273.5M	$2.38B
FY 2017	$2.03B	$157.4M	$1.87B
FY 2016	$1.35B	$175.3M	$1.17B
FY 2015	$785.5M	$198.3M	$587.2M
FY 2014	$717.0M	$145.5M	$571.5M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$6.39B	$3.38B	$4.31B	$2.43B	$21.35B	$4.76B	-$1.63B	$11.48B	$9.86B
FY 2024	$5.85B	$2.52B	$4.22B	$2.15B	$18.74B	$4.98B	-$864.5M	$10.21B	$8.54B
FY 2023	$5.37B	$2.82B	$4.82B	$1.86B	$18.78B	$5.01B	-$325.5M	$10.57B	$8.21B
FY 2022	$3.66B	$4.31B	$3.97B	$1.65B	$17.20B	$5.01B	$1.48B	$10.92B	$6.28B
FY 2021	$5.73B	$3.03B	$2.69B	$1.48B	$15.89B	$5.00B	$576.8M	$9.86B	$6.03B
FY 2020	$6.71B	$2.10B	$1.90B	$1.25B	$14.56B	$5.81B	$895.6M	$9.38B	$5.18B
FY 2019	$5.43B	$1.46B	$1.54B	$1.06B	$12.00B	$4.49B	$831.7M	$7.28B	$4.72B
FY 2018	$4.95B	$2.18B	$1.88B	$902.5M	$12.48B	$2.42B	-$2.10B	$5.90B	$6.58B
FY 2017	$6.04B	$1.67B	$1.23B	$685.6M	$12.12B	$2.69B	$315.9M	$5.14B	$6.99B
FY 2016	$6.83B	$1.26B	$971.9M	$639.6M	$12.27B	$4.33B	-$713.5M	$6.16B	$6.10B
FY 2015	$4.08B	$1.09B	$943.3M	$621.4M	$9.36B	$2.36B	$859.5M	$4.02B	$5.34B
FY 2014	$3.07B	$800.6M	$740.5M	$543.5M	$7.99B	$1.34B	-$117.2M	$2.78B	$5.21B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	48.7%	32.0%	29.1%	2.2x	1.6x	54.3%	34.0%	6.7x	19.5x	4.3%	11.4%	200d
FY 2024	47.3%	28.6%	25.7%	3.0x	2.0x	44.8%	25.1%	9.3x	28.2x	3.1%	12.8%	229d
FY 2023	44.6%	29.7%	25.9%	3.2x	2.0x	54.9%	31.3%	4.8x	14.8x	5.6%	9.9%	223d
FY 2022	45.7%	31.2%	26.7%	2.7x	1.8x	73.4%	37.8%	3.7x	11.3x	4.1%	9.3%	207d
FY 2021	46.5%	30.6%	26.7%	3.3x	2.5x	64.8%	32.4%	6.4x	19.1x	3.5%	10.2%	162d
FY 2020	45.9%	26.6%	22.4%	3.4x	2.8x	43.4%	19.1%	4.5x	15.1x	4.3%	12.5%	164d
FY 2019	45.1%	25.5%	22.7%	3.6x	3.0x	46.4%	21.4%	3.1x	10.4x	9.8%	12.3%	135d
FY 2018	46.6%	29.0%	21.5%	2.9x	2.3x	36.2%	24.4%	2.6x	8.2x	7.6%	10.7%	156d
FY 2017	45.0%	23.7%	21.2%	3.1x	2.7x	24.3%	17.7%	2.9x	10.4x	8.2%	12.9%	140d
FY 2016	44.5%	18.3%	15.5%	3.8x	3.4x	15.0%	9.5%	2.1x	9.1x	8.8%	15.5%	148d
FY 2015	43.4%	15.0%	12.5%	2.4x	2.0x	12.3%	8.6%	2.6x	12.7x	4.5%	15.7%	155d
FY 2014	43.6%	14.7%	13.7%	3.0x	2.6x	12.1%	8.5%	2.4x	10.2x	5.1%	15.6%	136d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+23.7%	+27.3%	+10.2%	+38.4%	+40.0%	+43.3%	+27.2%	-91.4%	+9.3%	+2.1%	+13.9%	-4.6%
FY 2024	-14.5%	-9.3%	+10.1%	-17.6%	-15.1%	-12.6%	-9.0%	+20.9%	+8.8%	-12.4%	-0.2%	-0.6%
FY 2023	+1.2%	-1.2%	+7.7%	-3.8%	-2.0%	+1.2%	+83.2%	+8.1%	+46.9%	+21.4%	+9.2%	+0.1%
FY 2022	+17.8%	+15.7%	+7.4%	+20.1%	+17.8%	+21.0%	-21.2%	-56.4%	-36.2%	+47.5%	+8.2%	+0.2%
FY 2021	+45.6%	+47.7%	+19.2%	+67.6%	+73.6%	+74.4%	+68.4%	-71.8%	-14.6%	+41.5%	+9.2%	-14.0%
FY 2020	+4.1%	+5.7%	+5.1%	+8.5%	+2.8%	+8.3%	-33.0%	+33.0%	+23.6%	+23.4%	+21.3%	+29.4%
FY 2019	-12.9%	-15.6%	+0.2%	-23.3%	-7.9%	-2.0%	+20.6%	-11.0%	+9.7%	-17.9%	-3.8%	+85.8%
FY 2018	+38.2%	+43.3%	+15.1%	+68.9%	+40.2%	+40.0%	+27.3%	-73.7%	-18.1%	+52.2%	+2.9%	-10.3%
FY 2017	+36.1%	+37.6%	+13.1%	+77.1%	+85.7%	+81.0%	+59.3%	+10.2%	-11.5%	+26.9%	-1.2%	-37.7%
FY 2016	+11.9%	+14.6%	+10.7%	+36.3%	+39.4%	+41.5%	+100.1%	+11.6%	+67.5%	+3.0%	+31.0%	+83.2%
FY 2015	+14.2%	+13.8%	+15.2%	+16.3%	+3.7%	+7.9%	+2.7%	-36.3%	+33.0%	+27.4%	+17.2%	+76.8%
FY 2014	+28.0%	+43.1%	+4.8%	+474.0%	+455.2%	+467.2%	+2.2%	+9.5%	+22.8%	+32.4%	+10.2%	+2.4%

Revenue Mix