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The Screen · Technology · Semiconductor Equipment & Materials
Lam Research
LRCX · a US exchange · USD · Market cap $359.1B · 20,600 employees
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Korea, Taiwan, Japan, Sout…
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.92, read 2026-10-27
Ethical passes the values gate
Price240.85 USD
Fair value242.20
Ethical score77.5/100
RatingOVERVALUED
Our investment reviews on this name
2026-10-28Read Distribution277.46-13.2% to today ✓Markdown gives way to Distribution
2026-10-21Read Markdown277.46-13.2% to today ✓Distribution gives way to Markdown with results news in the headlines
2026-10-20Read Distribution277.46-13.2% to today ✓Markup gives way to Distribution with results news in the headlines
2026-10-15Read Markup286.92-16.1% to today Accumulation gives way to Markup after a 10% slide in 1 days
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Lam Research holds its Distribution at $240.85. The statistical read favours the sellers, held for 35 days.
As held on the ledger · 2026-10-27
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 35 days
Price at the screen
$240.85
Valuation
49.81 trailing · 24.39 forward price to earnings
Values screen
PASS· score 77.5
Beta
1.85
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
21.01%
Below 33%
Interest-bearing debt is just 21.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
45.77%
Below 49%
Money owed to the company is 45.8% of assets, under the 49% limit.
Pass
Revenue purity
1.25%
Below 5%
Only 1.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Lam Research clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 21%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today LRCX passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads OVERVALUED: it trades above our $242.20 fair value estimate, strong competitive moat, 30.00% revenue growth.
Fair value range in USD, drawn from the 2026-10-27 screen. The gold marker is the market price at the same screen. The price runs 12.7% above the base estimate.
Third-party analyst targets: 31 covering, consensus Strong Buy. The average target sits +60% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Gearing Up for a Cyclical Warning
Lam Research's machinery is the lifeblood in the fabrication of integrated circuits, a critical cog in the global tech industry's machinery. Think of it as the ironworker constructing the steel skeleton of a high-tech skyscraper. Why it stands out: The company boasts a strong moat, robust revenue growth near 30%, and an impressive 65% return on equity, backed by a strong-buy consensus from 31 analysts.
However, we're flashing a yellow light here. Lam Research operates in a cyclical industry, and its current low P/E ratio might lure the unsuspecting into a cyclical value trap. High growth and profit margins are promising, but with the sector's inherent volatility, the numbers could turn as swiftly as the tech winds. The market is pricing Lam Research at a lofty $310.53, significantly higher than our fair value estimate of $233.83, indicating a substantial overvaluation risk.
Risks include the inherent ups and downs of the semiconductor cycle, which can make the stellar financials seem like a mirage. The ethical screen is clean, but investors should be aware of the cyclical nature of the business when considering an investment. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LRCX trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 19% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter.
2026-10-21Markdown · changed$277.46+0.0%Entry 21
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 6% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 6% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-19Markup$277.46+0.0%Entry 19
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 6% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markup$277.46+0.0%Entry 18
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 70% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-17Markup$277.46+0.0%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 70% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markup$277.46-3.3%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 3.3% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 70% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-15Markup · changed$286.92-10.0%Entry 15
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 10.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 70% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.2% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 70% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-11Markup$315.21+0.0%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 70% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 257%. Our forward projection puts the odds of a 10% gain over the next month near 42%. The street (32 analysts) rates it buy, with a mean price target of $312. Insiders have been net sellers over the past quarter.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
