Lam Research vs Qnity Electronics
Lam Research reported revenue of $23.2 billion in fiscal 2026, 4.9 times Qnity Electronics' $4.8 billion in fiscal 2025. Lam Research's revenue grew 26.0% in its latest year, and Qnity Electronics' grew 9.7%. Free cash flow was $4.9 billion at Lam Research and $988 million at Qnity Electronics. Their fiscal years end in different months (June 28 and December 31), so the periods don't line up exactly.
Side by side
| Lam Research | Qnity Electronics | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 28, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $23.2B | $4.8B |
| Revenue growth | 26.0% | 9.7% |
| Revenue growth a year, last 5 years | 9.7% | — |
| Gross margin | 50.5% | 46.2% |
| Operating margin | 35.3% | — |
| Net margin | 31.3% | 15.3% |
| Free cash flow | $4.9B | $988M |
| Free cash flow margin | 21.1% | 20.8% |
| Return on capital | 77.7% | 7.3% |
| Net debt to EBITDA | −0.2x | 2.3x |
| Dividends and buybacks | $5.1B | $13M |
| Change in diluted share count | −2.2% | 0.2% |
| Last close | $237.50 | $114.07 |
| P/E at the last close | 35.4× | 34.6× |
| Insider trades, last 12 months | sold $177.2 million | bought $467,712, sold $970,300 |
| Piotroski F-score | 8 of 9 | — |
Amounts in each company's own currency, US$ 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
Lam ResearchQnity Electronics
Operating margin
Percent of revenue
Lam ResearchQnity Electronics
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Lam ResearchQnity Electronics
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 Lam Research and Qnity Electronics pages.