Applied Materials vs Lam Research
Applied Materials is the larger business, with $28.37bn of revenue in fiscal 2025 against $23.23bn for Lam Research (1.2 times as much). Lam Research grew faster (26.0% against 4.4%). Lam Research kept more of each dollar of sales as profit: a net margin of 31.3% against 24.7%. Lam Research carries less debt relative to equity (30.1% against 32.1%).
| Latest fiscal year | Applied MaterialsAMAT, 2025 | Lam ResearchLRCX, 2026 |
|---|---|---|
| Revenue | $28.37bn | $23.23bn |
| Revenue growth | 4.4% | 26.0% |
| Net income | $7.00bn | $7.27bn |
| Operating margin | 29.2% | 35.3% |
| Net margin | 24.7% | 31.3% |
| Return on equity | 35.5% | 65.1% |
| Free cash flow | $5.70bn | $4.89bn |
| Cash | $7.24bn | $5.58bn |
| Total debt | $6.55bn | $3.75bn |
| Debt to equity | 32.1% | 30.1% |
| Dividend per share | $1.78 | $1.04 |
| Dividend yield | 0.5% | 0.5% |
| Share buybacks | $4.89bn | $3.85bn |
| Employees | 36,500 | 23,300 |
| Market value | $304.55bn | $287.06bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 96 (Strong) | 95 (Strong) |
| Insider trades, 12 months | 0 buys, 45 sales | 0 buys, 67 sales |