NASDAQ · 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 47 companies within two hops; the links are backed by 20 dated sources, 6 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+53.7%'22-40.7%'23+88.6%'24-6.8%'25+139.2%YTD+105%
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 |
|---|---|---|---|---|---|---|---|
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +94.6 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Texas Instruments | lead2 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +81.6 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +65.9 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | +33.6 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| SanDisk | lead1 | · | · | · | · | · | +707.1 |
| Kioxia | lead1 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| United Microelectronics (UMC) | lead1 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| GlobalFoundries | lead1 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Nanya Technology | lead1 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| Lam Research | node | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Ichor Holdings | benef1 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| MKS Instruments | benef1 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
| Advanced Energy Industries | benef1 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +47.2 |
| Wonik QnC | benef1 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | +9.3 |
| TCK (Tokai Carbon Korea) | benef1 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | -2.5 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +108.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is Lam's etch/deposition specialization within memory wafer-fab equipment and its cycle leverage. With 3D NAND and DRAM customers clustered — Samsung, SK hynix, Micron, Kioxia, SanDisk — the AI-driven surge in HBM and high-layer-count memory investment converts directly into Lam orders, since more stacked layers multiply etch/deposition steps and tool intensity. Much of FY2025's $18.4B revenue is memory-linked, giving more upside at the top of the memory cycle than foundry-heavy peers, but the downside is equally steep in memory cuts and capex reductions. On the supply side it depends on subsystem makers like TCK (SiC rings), MKS, Advanced Energy and Ichor, so Lam's utilization is an upstream node propagating to those consumable/parts suppliers.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $471 · Price $350.33 (07-10) · Upside +34%
| 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.