Lam Research
Lam Research returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q4 | Jun 28, 2026 | 77.61% | 50.66% | 71.27% | 65.07% | 32.38% | 67.7 pp |
| FY 2026 Q3 | Mar 29, 2026 | 73.49% | 49.47% | 199.12% | 66.76% | 32.92% | 63.6 pp |
| FY 2026 Q2 | Dec 28, 2025 | 74.24% | 46.8% | 603.28% | 65.56% | 30.14% | 64.3 pp |
| FY 2026 Q1 | Sep 28, 2025 | 74.94% | 44.01% | 304.17% | 62.26% | 28.05% | 65 pp |
| FY 2025 Q4 | Jun 29, 2025 | 67.9% | 40.44% | 557.36% | 58.24% | 26.73% | 58 pp |
| FY 2025 Q3 | Mar 30, 2025 | 58.16% | 37.32% | 88.82% | 53.14% | 24.36% | 48.3 pp |
| FY 2025 Q2 | Dec 29, 2024 | 53.46% | 32.98% | 142.82% | 50.42% | 22.23% | 43.6 pp |
| FY 2025 Q1 | Sep 29, 2024 | 51.63% | 31.64% | — | 49.12% | 21.31% | 41.7 pp |
| FY 2024 Q4 | Jun 30, 2024 | 48.11% | 29.4% | — | 45.71% | 20.4% | 38.2 pp |
| FY 2024 Q3 | Mar 31, 2024 | 45.87% | 27.87% | — | 43.95% | 19.24% | 36 pp |
| FY 2024 Q2 | Dec 24, 2023 | 41.75% | 26.58% | — | 41.85% | 18.21% | 31.8 pp |
| FY 2024 Q1 | Sep 24, 2023 | 49.67% | 32.19% | — | 51.39% | 21.32% | 39.8 pp |
| FY 2023 Q4 | Jun 25, 2023 | 58.4% | 38.01% | -166.37% | 62.27% | 25.08% | 48.5 pp |
| FY 2023 Q3 | Mar 26, 2023 | 68.09% | 42.65% | 37.96% | 68.14% | 27.45% | 58.2 pp |
| FY 2023 Q2 | Dec 25, 2022 | 70.3% | 44.03% | 29% | 69.35% | 28.56% | 60.4 pp |
| FY 2023 Q1 | Sep 25, 2022 | 67.37% | 44.2% | 48.72% | 73.33% | 28.3% | 57.5 pp |
| FY 2022 Q4 | Jun 26, 2022 | 66.41% | 43.06% | 66.41% | 74.85% | 27.84% | 56.5 pp |
| FY 2022 Q3 | Mar 27, 2022 | 64.19% | 43.37% | — | 79.68% | 28.49% | 54.3 pp |
| FY 2022 Q2 | Dec 26, 2021 | 66.14% | 42.45% | — | 76.64% | 28.64% | 56.2 pp |
| FY 2022 Q1 | Sep 26, 2021 | 62.7% | 41.11% | — | 75.89% | 27.85% | 52.8 pp |
| FY 2021 Q4 | Jun 27, 2021 | 63.22% | 37.73% | 307.75% | 69.8% | 25.67% | 53.3 pp |
| FY 2021 Q3 | Mar 28, 2021 | 54.06% | 34.85% | — | 69.84% | 24.52% | 44.2 pp |
| FY 2021 Q2 | Dec 27, 2020 | 46.13% | 32.38% | — | 59.99% | 21.73% | 36.2 pp |
| FY 2021 Q1 | Sep 27, 2020 | 45.77% | 28.77% | — | 50.4% | 19.05% | 35.9 pp |
| FY 2020 Q4 | Jun 28, 2020 | 40.41% | 25.43% | 23.2% | 45.74% | 16.96% | 30.5 pp |
| FY 2020 Q3 | Mar 29, 2020 | — | 24.23% | — | 42.67% | 16.23% | — |
| FY 2020 Q2 | Dec 29, 2019 | — | 26.81% | — | 40.72% | 18.25% | — |
| FY 2020 Q1 | Sep 29, 2019 | — | 26.76% | — | 41.4% | 18.23% | — |
| FY 2019 Q4 | Jun 30, 2019 | 44.55% | 26% | -19.96% | 39.22% | 17.9% | 34.6 pp |
| FY 2019 Q3 | Mar 31, 2019 | — | 28.3% | — | 44.17% | 20.11% | — |
| FY 2019 Q2 | Dec 23, 2018 | — | 34.82% | — | 48.66% | 24.51% | — |
| FY 2019 Q1 | Sep 23, 2018 | — | 35.08% | — | 36.9% | 19.89% | — |
| FY 2018 Q4 | Jun 24, 2018 | 42.07% | 34.73% | — | 35.75% | 19.35% | 32.2 pp |
| FY 2018 Q3 | Mar 25, 2018 | — | 30.44% | — | 27.84% | 14.77% | — |
| FY 2018 Q2 | Dec 24, 2017 | — | 28.85% | — | 26.83% | 13.77% | — |
| FY 2018 Q1 | Sep 24, 2017 | — | 23.07% | — | 30.09% | 16.17% | — |
| FY 2017 Q4 | Jun 25, 2017 | 28.93% | 20% | 39.06% | 26.71% | 13.92% | 19 pp |
| FY 2017 Q3 | Mar 26, 2017 | — | 19.09% | — | 23% | 13.06% | — |
| FY 2017 Q2 | Dec 25, 2016 | — | 15.32% | — | 16.72% | 9.39% | — |
| FY 2017 Q1 | Sep 25, 2016 | — | 12.08% | — | 15.41% | 8% | — |
| FY 2016 Q4 | Jun 26, 2016 | 18.34% | 12.95% | — | 16.62% | 8.45% | 8.4 pp |
| FY 2016 Q3 | Mar 27, 2016 | 15.19% | 12.59% | 507.62% | 14.58% | 8.16% | 5.3 pp |
| FY 2016 Q2 | Dec 27, 2015 | 16.44% | 14.43% | 43.56% | 16.09% | 9.51% | 6.5 pp |
| FY 2016 Q1 | Sep 27, 2015 | 15.84% | 14.04% | 21.52% | 15.67% | 9.19% | 5.9 pp |
| FY 2015 Q4 | Jun 28, 2015 | 12.82% | 11.99% | 10% | 12.94% | 7.55% | 2.9 pp |
| FY 2015 Q3 | Mar 29, 2015 | 13.45% | 11.89% | 19.95% | 15.3% | 8.94% | 3.5 pp |
| FY 2015 Q2 | Dec 28, 2014 | 13.17% | 12.3% | — | 14.81% | 9.14% | 3.3 pp |
| FY 2015 Q1 | Sep 28, 2014 | 13.32% | 12.16% | — | 14.61% | 9.06% | 3.4 pp |
| FY 2014 Q4 | Jun 29, 2014 | 12.41% | 11.06% | — | 13.29% | 8.3% | 2.5 pp |
| FY 2014 Q3 | Mar 30, 2014 | 10.82% | 8.77% | — | 10.37% | 6.53% | 0.9 pp |
| FY 2014 Q2 | Dec 29, 2013 | — | 5.84% | — | 7.25% | 4.55% | — |
| FY 2014 Q1 | Sep 29, 2013 | — | 3.24% | — | 4.12% | 2.62% | — |
| FY 2013 Q4 | Jun 30, 2013 | — | 1.9% | — | 2.37% | 1.49% | — |
| FY 2013 Q3 | Mar 31, 2013 | — | 1.3% | — | 1.29% | 0.82% | — |
| FY 2013 Q2 | Dec 23, 2012 | 3.34% | 2.25% | -10.54% | 2.04% | 1.28% | -6.6 pp |
| FY 2013 Q1 | Sep 23, 2012 | 3.74% | 3.05% | -15.91% | 2.69% | 1.71% | -6.2 pp |
| FY 2012 Q4 | Jun 24, 2012 | 5.98% | 4.78% | -17.01% | 4.44% | 2.8% | -3.9 pp |
| FY 2012 Q3 | Mar 25, 2012 | 17.95% | 11.53% | — | 11.22% | 7.53% | 8.1 pp |
| FY 2012 Q2 | Dec 25, 2011 | 28.15% | 17.28% | — | 18.17% | 11.96% | 18.2 pp |
| FY 2012 Q1 | Sep 25, 2011 | 39.97% | 25.43% | — | 28.15% | 18.37% | 30.1 pp |
| FY 2011 Q4 | Jun 26, 2011 | — | — | — | — | — | — |
| FY 2011 Q3 | Mar 27, 2011 | — | — | — | — | — | — |
| FY 2011 Q2 | Dec 26, 2010 | — | — | — | — | — | — |
| FY 2011 Q1 | Sep 26, 2010 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 9.9%, rounded from the Semiconductor Equipment benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · LRCX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.