Lam Research

Lam participates in a cyclical WFE market, yet the revenue mix includes a growing CSBG annuity that smooths cycles.

Over the last four reported quarters Lam delivered about 20.6 billion dollars in revenue and 6.22 billion dollars of free cash flow, with CSBG at roughly 6.94 billion dollars in FY25. Management’s CY2026 WFE outlook calls for about 135 billion dollars industry spend, led by DRAM and leading‑edge foundry‑logic.

Predictability is good for services and mature nodes, but overall exposure remains tied to customer capex cycles and export licensing. Geographic concentration adds variance as China was about 34 percent of FY25 revenue and 35 percent in the most recent quarter.