Lam Research [LRCX]
As of 2026-07-29 · framework v1.5.1
| Quantity | Source used | Why |
|---|---|---|
| Revenue, gross profit, operating income, net income | AV INCOME_STATEMENT normalised, FY2026 (Q ending 2025-09-30 .. 2026-06-30) |
Brief directs AV normalised statements over the XBRL parsing surface |
| Share count | AV OVERVIEW SharesOutstanding = 1,250.571m, cross-checked against AV BALANCE_SHEET commonStockSharesOutstanding = 1,261.102m |
See §2 — the screen's figure was wrong |
| Net cash | AV BALANCE_SHEET: cash+ST investments $5,579.2m − shortLongTermDebtTotal $3,730.5m = $1,848.7m |
Screen figure wrong; see §2 |
| Price | Alpaca stocks/snapshots latest trade, 2026-07-29 |
— |
| D&A | cross-checked; see §3 | AV disagrees with itself |
| Segment / service mix | EDGAR 10-K R-files | Dimensional XBRL; absent from AV entirely |
| Geographic / China share | EDGAR 10-K R-files | Dimensional XBRL; absent from AV entirely |
| Deferred revenue / RPO | EDGAR companyfacts | AV's deferredRevenue field is present-but-NULL; see §3 |
| Consensus / revisions | AV EARNINGS_ESTIMATES |
populated, with 7/30/60/90-day revision history |
LRCX was not scored by the screen (reports/scan_v2/ contains no LRCX record), so there are no screen
inputs to validate for this name. All figures here are derived from AV normalised statements plus EDGAR, as
tabled in §1 and §4.
One cluster-level warning inherited from the KLAC record, which does apply to LRCX. LRCX executed a
10-for-1 split effective 2024-10-03. The KLAC record was corrupted by pairing a pre-split share count
with a post-split price; the same trap exists here and was explicitly checked. AV OVERVIEW
(1,250.571m shares), AV BALANCE_SHEET (1,261.102m issued) and Alpaca's adjusted price series are all on
the post-split basis and are mutually consistent: 1,250.571m × $269.51 = $337,076m, against AV's own
MarketCapitalization of $337,166m — a 0.03% difference, which is a one-day price lag, not a basis error.
Verified rather than assumed.
Independent scale check. TTM net income $7,265.5m ÷ 1,250.571m shares = $5.81 implied EPS. AV
OVERVIEW reports EPS $4.88 — see §3, this is a staleness defect in OVERVIEW, not a share-count
error; the statements themselves are internally consistent.
Defect 1 — OVERVIEW is stale, and its P/E is therefore wrong. OVERVIEW.EPS = $4.88,
PERatio = 55.25. But TTM net income $7,265.5m ÷ 1,250.571m shares = $5.81. OVERVIEW excludes
the June-2026 quarter that INCOME_STATEMENT — same vendor, same key, same minute — already carries. Real
TTM P/E at $269.51 is 46.4x, not 55.25x: a 19.1% overstatement. Note that AV's PERatio is internally
consistent with its own stale EPS ($269.61 ÷ $4.88 = 55.25), which is exactly the brief's point that "a
vendor that is wrong consistently defeats every consistency test" — the only check with power came from
recomputing off the statements.
Defect 2 — deferredRevenue is present-but-NULL in all 81 quarterly balance-sheet records, as on the
other two names. Calibration item D1. The contract-liability and RPO series used in this memo came from
EDGAR companyfacts and the 10-K R-files instead. This matters more here than anywhere: LRCX's
deferred-revenue trend is load-bearing for the pull-forward question, and AV silently has none of it.
Defect 3 — longTermDebt is 0.0 in the most recent quarter only. At 2026-06-30 longTermDebt = 0.0
while shortLongTermDebtTotal = $3,730.5m; the five prior quarters carry $3,720–3,730m in longTermDebt.
Reading longTermDebt would have produced net cash of +$5,579m instead of +$1,849m — a $3,730m error
in enterprise value. shortLongTermDebtTotal was used.
Defect 4 — sellingGeneralAndAdministrative is 0.0 for FY2026 (5.33% of revenue in FY2025). Same
present-but-wrong pattern as KLAC; the FY2025 bridge was used to validate the terminal margin.
Defect 5 (tooling, not vendor) — av_vs_edgar.py performed ZERO comparisons on LRCX and reported no
disagreements. Output: LRCX 0 cmp 0 dis -- 0 inv. A clean-looking result that is actually the
absence of any test. Cause: AV normalises LRCX's 52/53-week fiscal quarter-ends to calendar month-ends
(2026-03-31) while EDGAR carries the true period end (2026-03-29), and the audit joins on date. The
same applies to AMAT (AV 2026-04-30 vs EDGAR 2026-04-26). KLAC got 4 comparisons only because KLA's
quarters happen to fall on calendar month-ends. Every 52/53-week filer therefore silently receives no
cross-source verification from this script, which is the single most consequential defect found in this
run because it disables the brief's only check with power. Fix: join on nearest period-end within ±7 days.
| TTM revenue | $23,232.7m |
| TTM gross profit / margin | $11,725.3m / 50.5% |
| TTM operating income / margin | $8,199.8m / 35.3% |
| TTM net income | $7,265.5m |
| TTM D&A (computed, absolute value, from cash flow) | $441.5m |
| TTM EBITDA (computed = operating income + |D&A|) | $8,641.3m |
| Market cap = 1,250.571m × $269.51 | $337,076m |
| EV = market cap − net cash | $335,227m |
| EV/EBIT | 40.9x |
| EV/EBITDA | 38.8x |
| EV/Sales | 14.43x |
| TTM diluted EPS ≈ net income / shares | $5.81 |
| TTM P/E | 43.4x (96th percentile of own 10y) |
AV's ebitda field was NOT used, per the brief. It is wrong on this cluster:
the field is derived from the same signed D&A that fails on KLAC and AMAT.
AV's ebit field was also NOT used — it is not operating income.
On this name the ebit field also diverges from operatingIncome (it includes non-operating items); operatingIncome is used throughout.
Raw pulls are in work/wfe/ at the repository root: av_LRCX_INCOME_STATEMENT.json,
av_LRCX_BALANCE_SHEET.json, av_LRCX_CASH_FLOW.json, av_LRCX_OVERVIEW.json, av_LRCX_SPLITS.json,
est_LRCX.json, ef_LRCX.json (EDGAR companyfacts), LRCX_R*.htm (10-K R-files), snap_LRCX.json.