Applied Materials vs Lam Research
Applied Materials reported revenue of $28.4 billion in fiscal 2025, 1.2 times Lam Research's $23.2 billion in fiscal 2026. Applied Materials' revenue grew 4.4% in its latest year, and Lam Research's grew 26.0%. Applied Materials had an operating margin of 29.2%, against 35.3% at Lam Research. Free cash flow was $5.7 billion at Applied Materials and $4.9 billion at Lam Research. Their fiscal years end in different months (October 26 and June 28), so the periods don't line up exactly.
Side by side
| Applied Materials | Lam Research | |
|---|---|---|
| Latest fiscal year | FY2025, Oct 26, 2025 | FY2026, Jun 28, 2026 |
| Revenue | $28.4B | $23.2B |
| Revenue growth | 4.4% | 26.0% |
| Revenue growth a year, last 5 years | 10.5% | 9.7% |
| Gross margin | 48.7% | 50.5% |
| Operating margin | 29.2% | 35.3% |
| Net margin | 24.7% | 31.3% |
| Free cash flow | $5.7B | $4.9B |
| Free cash flow margin | 20.1% | 21.1% |
| Return on capital | 35.9% | 77.7% |
| Net debt to EBITDA | −0.2x | −0.2x |
| Dividends and buybacks | $6.3B | $5.1B |
| Change in diluted share count | −3.1% | −2.2% |
| Last close | $387.59 | $237.50 |
| P/E at the last close | 33.4× | 35.4× |
| Insider trades, last 12 months | sold $180.6 million | sold $177.2 million |
| Piotroski F-score | 7 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Applied MaterialsLam Research
Operating margin
Percent of revenue
Applied MaterialsLam Research
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Applied MaterialsLam Research
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Applied Materials and Lam Research pages.