Semi equipment · Etch & deposition (memory-strong)
Lam Research
A leader in etch and deposition, especially for memory (3D NAND, DRAM). FY2025 (ended June 2025) revenue $18.4B. Samsung, SK hynix, Micron and TSMC are its key customers; expanding AI-memory investment drives demand.
LRCX Updated Jul 12, 2026 4 AI consumers· 4 recurring
Per the valuechain.wiki graph, Lam Research is directly linked to 15 companies (5 supply, 10 revenue relationships) and reaches 49 companies within two hops; the links are backed by 20 dated sources, 6 of them primary filings (as of 2026-07-12).
Annual return · 2026-09-04'21+53.7%'22-40.7%'23+88.6%'24-6.8%'25+139.2%YTD+80.1%
Money in ▸Samsung Electronics●Kioxia●SanDisk●TSMC●SK hynix◐Micron Technology◐GlobalFoundries◐United Microelectronics (UMC)◐Nanya Technology◐SMIC○
Lam ResearchFY2025 revenue $18.4B
▸ Money outMKS Instruments●어드밴스드에너지 (RF 파워)●이코르 (가스 전달)●Wonik QnC◐TCK (Tokai Carbon Korea)◐precision gases & materials (undisclosed)○component & subsystem suppliers (undisclosed)○
Financials & Segments
- Total revenue · FY2025 revenue $18.4B
- Customer concentration · Memory-heavy. Key customers Samsung and TSMC (named in 10-K), plus SK hynix and Micron.
- Segments · Systems · Customer Support (CSBG)
Revenue from
- Samsung Electronics High confidence
Supplies etch/deposition tools to Samsung's memory and foundry fabs — a key customer named in the 10-K; rising HBM/3D-NAND layer counts lift Lam's tool intensity.Mentions KO Asia Business Daily Published Apr 28, 2026: Fueled by Samsung and SK hynix, semiconductor equipment market rises 12% - Kioxia High confidence
Supplies etch/deposition tools to Kioxia's 3D-NAND production — the layer-count race adds etch steps, driving tool demand. - SanDisk High confidence
Supplies etch/deposition tools to SanDisk's NAND production. - TSMC High confidence
Supplies etch/deposition tools to TSMC's foundry fabs — a key customer named in the 10-K and the logic axis offsetting memory concentration.Mentions KO Asia Business Daily Published Apr 28, 2026: Fueled by Samsung and SK hynix, semiconductor equipment market rises 12% - SK hynix Medium confidence
Supplies etch/deposition tools to SK hynix's DRAM/HBM fabs — a direct beneficiary channel of AI-memory expansion.Mentions KO Asia Business Daily Published Apr 28, 2026: Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%Mentions EN SEC / Lam Research Published Aug 11, 2025: Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025) - Micron Technology Medium confidence
Supplies etch/deposition tools to Micron's DRAM/NAND fabs — demand stacks when the three memory makers expand at once.Mentions KO Asia Business Daily Published Apr 28, 2026: Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%Mentions EN SEC / Lam Research Published Aug 11, 2025: Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025) - GlobalFoundries Medium confidence
Supplies wafer-fab tools to GlobalFoundries.Mentions EN SEC / Lam Research Published Aug 11, 2025: Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025) - United Microelectronics (UMC) Medium confidence
Supplies wafer-fab tools to UMC.Mentions EN SEC / Lam Research Published Aug 11, 2025: Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025) - Nanya Technology Medium confidence
Supplies etch/deposition WFE to Nanya's DRAM fab (capex beneficiary). - SMIC Low confidence
Represents the largest revenue region (34% of Lam FY2025 sales) — Lam supplies etch, deposition and clean tools (Lam makes etch/CVD/ALD, not lithography) to Chinese fabs like SMIC, though advanced tools are restricted by U.S. export licenses and SMIC is not named as a significant customer in the 10-K.Mentions EN SEC / Lam Research Published Aug 11, 2025: Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025)
Pays to
- MKS Instruments High confidence
Uses MKS RF-power/vacuum subsystems in etch/deposition tools.Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain - 어드밴스드에너지 (RF 파워) High confidence
RF power supply source for etch/deposition tools.Confirms EN U.S. SEC / Advanced Energy Industries Published Feb 13, 2026: Advanced Energy Industries FY2025 Form 10-K - 이코르 (가스 전달) High confidence
Gas/chemical delivery subsystem source. - Wonik QnC Medium confidence
Buys quartz and ceramic chamber parts from Wonik QnC — a source of etch/deposition chamber consumables. - TCK (Tokai Carbon Korea) Medium confidence
Buys SiC focus rings and consumables for etch chambers from TCK — a downstream link where Lam's tool utilization propagates into TCK's recurring revenue. - precision gases & materials (undisclosed) Low confidence
Buys process gases and specialty materials (undisclosed). - component & subsystem suppliers (undisclosed) Low confidence
Outsources parts and subsystems for etch/deposition tools (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| Texas Instruments | lead2 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +51.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +28.2 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +27 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Motorola Solutions, Inc. | lead2 | +61.9 | -3.8 | +23 | +49.1 | -16.2 | +22.8 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +18.3 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | -7.8 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -33.7 |
| SanDisk | lead1 | · | · | · | · | · | +633 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| United Microelectronics (UMC) | lead1 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +168.9 |
| Kioxia | lead1 | · | · | · | · | +1082.1 | +155 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Nanya Technology | lead1 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +52.4 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| GlobalFoundries | lead1 | · | -17.1 | +12.5 | -29.2 | -18.6 | +29.7 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | -10.9 |
| Lam Research | node | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| Ichor Holdings | benef1 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +205.9 |
| MKS Instruments | benef1 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +63.3 |
| Advanced Energy Industries | benef1 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +34.3 |
| TCK (Tokai Carbon Korea) | benef1 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | +5.9 |
| Wonik QnC | benef1 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | -9.6 |
| Tokai Carbon | benef2 | -20.4 | -3 | -3.2 | -14.2 | +26.8 | +72.5 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +45.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
Lam Research operates across NASDAQ, Semi equipment, Etch & deposition (memory-strong). After a spike of +88.6% in 2023, gains cooled to +139.2% in 2025 and +80.1% in 2026. The demand side (avg +222.4%) is well ahead of the stock (+80.1%). Customer money has not fully worked its way down to this layer, which leaves catch-up room if propagation continues and a hardened gap if it stalls. Among connected nodes the furthest ahead is SanDisk (+633%) and the furthest behind is TCK (Tokai Carbon Korea) (+5.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Samsung, SK hynix, Micron and TSMC are its key customers; expanding AI-memory investment drives demand.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $471 · Price $307.65 (09-04) · Upside +53%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Susquehanna · Mehdi Hosseini | Positive | $475 | Jun 30, 2026 | Report ↗ |
| Cantor Fitzgerald · C.J. Muse | Overweight | $500 | Jun 29, 2026 | Report ↗ |
| Bank of America · Vivek Arya | Buy | $480 | Jun 23, 2026 | Report ↗ |
| Wells Fargo · Joe Quatrochi | Overweight | $450 | Jun 22, 2026 | Report ↗ |
| Citigroup · Atif Malik | Buy | $450 | Jun 17, 2026 | Report ↗ |
Target $385→$475, Positive kept; SCE backlog now beyond a year, WFE up to $300B, on $250B 2028 WFE spending.