Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Lam Research Corp., FCFE calculation

US$ in thousands

12 months ended:	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021	Jun 28, 2020	Jun 30, 2019
Net income	3,827,772)	4,510,931)	4,605,286)	3,908,458)	2,251,753)	2,191,430)
Net noncash charges	464,019)	509,269)	290,614)	358,446)	446,573)	493,059)
Changes in operating asset and liability accounts	360,478)	158,738)	(1,796,226)	(678,741)	(571,875)	491,524)
Net cash provided by operating activities	4,652,269)	5,178,938)	3,099,674)	3,588,163)	2,126,451)	3,176,013)
Capital expenditures and intangible assets	(396,670)	(501,568)	(546,034)	(349,096)	(203,239)	(303,491)
Principal payments on long-term debt and finance lease obligations and payments for debt issuance costs	(256,104)	(23,206)	(11,889)	(862,060)	(667,537)	(117,653)
Net proceeds from issuance of long-term debt	—)	—)	—)	—)	1,974,651)	2,476,720)
Net proceeds (repayment) from commercial paper	—)	—)	—)	—)	—)	(361,754)
Proceeds from borrowings on revolving credit facility	—)	—)	—)	—)	1,250,000)	—)
Repayment of borrowings on revolving credit facility	—)	—)	—)	—)	(1,250,000)	—)
Free cash flow to equity (FCFE)	3,999,495)	4,654,164)	2,541,751)	2,377,007)	3,230,326)	4,869,835)

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-25), 10-K (reporting date: 2022-06-26), 10-K (reporting date: 2021-06-27), 10-K (reporting date: 2020-06-28), 10-K (reporting date: 2019-06-30).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Lam Research Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Lam Research Corp. FCFE increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Price to FCFE Ratio, Current

Lam Research Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,286,685,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,999,495)
FCFE per share	3.11
Current share price (P)	70.17
Valuation Ratio
P/FCFE	22.57
Benchmarks
P/FCFE, Competitors¹
Advanced Micro Devices Inc.	201.79
Analog Devices Inc.	25.88
Applied Materials Inc.	18.18
Broadcom Inc.	44.82
First Solar Inc.	—
Intel Corp.	—
KLA Corp.	21.87
Micron Technology Inc.	—
NVIDIA Corp.	139.70
Qualcomm Inc.	17.68
Texas Instruments Inc.	47.65
P/FCFE, Sector
Semiconductors & Semiconductor Equipment	118.48
P/FCFE, Industry
Information Technology	51.78

Based on: 10-K (reporting date: 2024-06-30).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Lam Research Corp., historical P/FCFE calculation, comparison to benchmarks

	Jun 30, 2024	Jun 25, 2023	Jun 26, 2022	Jun 27, 2021	Jun 28, 2020	Jun 30, 2019
No. shares of common stock outstanding¹	1,298,760,000	1,325,117,010	1,369,877,920	1,419,536,810	1,456,252,250	1,445,329,980
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,999,495)	4,654,164)	2,541,751)	2,377,007)	3,230,326)	4,869,835)
FCFE per share³	3.08	3.51	1.86	1.67	2.22	3.37
Share price^1, 4	79.73	65.58	46.30	57.90	37.46	20.68
Valuation Ratio
P/FCFE⁵	25.89	18.67	24.95	34.58	16.89	6.14
Benchmarks
P/FCFE, Competitors⁶
Advanced Micro Devices Inc.	—	241.70	33.46	44.72	133.51	—
Analog Devices Inc.	—	22.28	24.14	34.67	33.98	37.52
Applied Materials Inc.	—	17.53	19.17	27.20	23.21	19.53
Broadcom Inc.	—	30.06	14.62	22.35	9.16	5.64
First Solar Inc.	—	—	61.91	—	—	—
Intel Corp.	—	—	—	14.25	8.57	16.55
KLA Corp.	25.11	26.78	9.01	28.05	19.15	9.84
Micron Technology Inc.	—	—	18.66	37.24	81.71	13.92
NVIDIA Corp.	65.45	151.07	54.83	35.22	44.24	30.15
Qualcomm Inc.	18.57	11.97	19.13	17.93	34.91	16.39
Texas Instruments Inc.	—	37.61	23.88	21.87	24.10	18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment	—	48.29	29.17	25.08	17.87	14.27
P/FCFE, Industry
Information Technology	—	33.47	26.69	27.52	23.46	19.14

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,999,495,000 ÷ 1,298,760,000 = 3.08

⁴ Closing price as at the filing date of Lam Research Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 79.73 ÷ 3.08 = 25.89

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Lam Research Corp. P/FCFE ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Lam Research Corp. (NASDAQ:LRCX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical