The Screen · Technology · Semiconductor Equipment & Materials
Lam Research
LRCX · a US exchange · USD · Market cap $381.7B · 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…
Screened 2026-07-24 · the tape above runs as of 22:40 UTC · 24 Jul · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
Lam Research holds its Markup at $305.21. Consolidating, no directional conviction, held for 3 days.
As held on the ledger · 2026-07-24
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 3 days
Price at the screen
$305.21
Valuation
57.80 trailing · 37.46 forward price to earnings
Values screen
PASS· score 77.5
Beta
1.81
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.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads OVERVALUED: it trades above our $226.92 fair value estimate, strong competitive moat, 23.80% revenue growth.
Fair value range in USD, drawn from the 2026-07-24 screen. The gold marker is the market price at the same screen. The price runs 25.6% above the base estimate.
Third-party analyst targets: 31 covering, consensus Strong Buy. The average target sits +26% 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 2026-07-24 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
Chip gear leader priced beyond the cycle peak
Every semiconductor upswing pulls equipment suppliers into the spotlight, yet Lam Research now trades at levels that assume the good times never fade. Revenue is rising 24 percent with 31 percent margins and 67 percent ROE, and the business clears our ethical screen with a strong competitive moat. Still, the shares sit 28 percent above our fair value at a 38.8 times forward multiple, which already prices in perfection.
We therefore pass. The numbers look impressive on paper, but the valuation leaves no margin for the inevitable slowdown that hits this industry every few years. Paying a premium today simply front-runs the next downturn rather than offering any cushion.
The real risk sits in the cycle itself. Peak earnings often coincide with peak multiples, and when orders slow the multiple can compress sharply even if the underlying moat stays intact. Consensus targets sit higher, yet that reflects momentum, not durable value. 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 Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-07-24Markup$313.30+0.0%Entry 6
The framework 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 excellent risk-adjusted returns. Our composite framework grades it A. 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.
2026-07-23Markup$313.30+0.0%Entry 5
The framework 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 excellent risk-adjusted returns. Our composite framework grades it A. 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.
2026-07-22Markup$313.30+3.3%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 3.3% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A. 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.
2026-07-18Markup$303.28+0.0%Entry 3
The framework 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 excellent risk-adjusted returns. Our composite framework grades it A. 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.
2026-07-03Markup$303.28+0.0%Entry 2
The framework 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 excellent risk-adjusted returns.
2026-07-02Markup$303.28Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
