Lam Research Corporation ("Lam Research," "Lam," "we," "our," "us," or the "Company") is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. The company's products and services allow customers to build smaller and better-performing devices used in various electronic products, including mobile phones, personal computers, servers, wearables, automotive vehicles, and data storage devices.

Lam Research's core competency lies in integrating hardware, process, materials, software, and process control to achieve results on the wafer. The company focuses on deposition, etch, and clean markets within the semiconductor manufacturing process.

Lam Research serves leading semiconductor memory, foundry, and integrated device manufacturers ("IDMs") that produce non-volatile memory ("NVM"), dynamic random-access memory ("DRAM"), and logic devices. The company's global presence includes facilities across Asia, Europe, and the United States.

• Employees: Approximately 17,450 (as of August 22, 2024)
• Geographic Footprint: Asia, Europe, and the United States
• Headquarters: Fremont, California
• Founded: 1980
• Revenue: $14.91 billion (FY2024)
• Market Cap: $83.83 billion (as of December 24, 2023)
• Key Subsidiaries/Brands: Reliant
• Number of locations/facilities: Not specified

• CEO: Timothy M. Archer (since December 2018)
• CFO: Douglas R. Bettinger (since 2013)
• COO: Patrick J. Lord (since March 2023)
• Board Chair: Abhijit Y. Talwalkar
• Other Key Executives: Neil J. Fernandes (Senior Vice President, Global Customer Operations); Ava A. Harter (Senior Vice President, Chief Legal Officer and Secretary); Vahid Vahedi (Senior Vice President, Chief Technology and Sustainability Officer); Seshasayee (Sesha) Varadarajan (Senior Vice President, Global Products Group)

• Annual Revenue: $14.91 billion (FY2024)
• Net Income: $3.83 billion (FY2024)
• Market Cap: $83.83 billion (as of December 24, 2023)
• Total Assets: $18.74 billion (FY2024)
• Number of Employees: Approximately 17,450 (as of August 22, 2024)
• Key Financial Highlights: Revenue decreased 14.5% year-over-year. Gross margin as a percentage of revenue increased to 47.3% in FY2024 from 44.6% in FY2023. Operating expenses increased 7.2% year-over-year.

Lam Research offers a range of wafer fabrication equipment and services, categorized into deposition, etch, and clean processes.

• Deposition: Creates layers of dielectric and metal materials using techniques like electrochemical deposition (ECD), chemical vapor deposition (CVD), and atomic layer deposition (ALD). Product families include SABRE, ALTUS, VECTOR, Striker, and SPEED.
• Etch: Selectively removes materials to create chip features using reactive ion etch and deep reactive ion etch. Product families include Kiyo, Versys, Flex, and Vantex.
• Clean: Removes unwanted materials between manufacturing steps using wet and dry plasma cleaning techniques. Product families include Coronus, DV-Prime, Da Vinci, EOS, and SP Series.

The Customer Support Business Group (CSBG) provides products and services to optimize equipment performance, including customer service, spares, upgrades, and refurbished equipment. The Reliant product line offers new and refurbished non-leading-edge products.

Lam Research operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment.

Lam Research's business strategy focuses on building long-term customer relationships and providing targeted product and service solutions. The company emphasizes research and development (R&D) to drive innovation and meet evolving customer needs. Lam Research aims to maintain a competitive advantage by offering innovative products and comprehensive support programs. The company pursues strategic acquisitions to complement its product portfolio and enhance its technological capabilities.

Current strategic priorities include navigating the uncertain semiconductor demand environment and investing in business process improvements and initiatives. Long-term goals involve capitalizing on the secular demand for semiconductors and leveraging technology inflections such as 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration.

Lam Research operates in the highly competitive semiconductor capital equipment industry, which is characterized by rapid technological change. Key competitors include Applied Materials, Inc., Tokyo Electron Limited, Hitachi High-Tech Corporation, and ASM International N.V. The industry is influenced by factors such as electronics demand, economic conditions, industry supply and demand, semiconductor prices, and the ability of customers to develop and manufacture complex semiconductor devices. The industry is also subject to rapid technological advancements, requiring continuous innovation and investment in R&D.

• Market Volatility: The semiconductor capital equipment industry is subject to variability and periods of rapid growth or decline, impacting resource allocation decisions and profitability.
• Customer Concentration: A limited number of large customers contribute significantly to revenue, making the company vulnerable to their individual actions.
• Competition: The competitive landscape includes established and emerging companies, some with greater financial resources, posing challenges to market share and pricing.
• Technological Change: Rapid technological changes require continuous R&D investment and successful product development, with the risk of products becoming obsolete or failing in the marketplace.
• International Sales Dependence: A significant portion of sales and operations occur outside the U.S., exposing the company to risks related to international regulations, tariffs, currency fluctuations, and political and economic instability.