Lam Research Corporation (LRCX)
Lam Research supplies wafer-fabrication equipment specializing in etch and deposition steps for advanced memory and logic chips.
Information Technology stock comparison
LRCX vs ORCL: which business are you actually underwriting?
Oracle (ORCL) is the larger business by reported revenue: $67.4B in its fiscal year ended May 2026, about 2.9× LRCX's $23.2B (fiscal year ended Jun 2026). LRCX's net margin was 31.3% and ORCL's 25.2%. The SEC classifies them differently (Special Industry Machinery, NEC; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Information Technology
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- Different
- LRCX June 28 · ORCL May 31
- Reviewed
- Aug 7, 2026
LRCX vs ORCL: quick comparison
| Company fact | LRCX | ORCL |
|---|---|---|
| Company | Lam Research Corporation | Oracle Corporation |
| Exchange | NASDAQ | NYSE |
| Headquarters | — | Austin, Texas |
| Founded | — | 1977 |
| SEC industry | Special Industry Machinery, NEC | Services-Prepackaged Software |
| Fiscal year-end | June 28 | May 31 |
| Latest annual filing | 10-K · 2026-08-07 | 10-K · 2026-06-22 |
LRCX vs ORCL: audited financials
- Scale: ORCL's $67.4B of revenue is about 2.9× LRCX's $23.2B.
- Net margin: LRCX kept 31.3% of revenue as net income versus 25.2% at ORCL.
- Cash conversion: operating cash flow equalled LRCX 25.2% of revenue, or 0.81× net income; ORCL 47.5% of revenue, or 1.88× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 1 month apart (2026-06-28 for LRCX, 2026-05-31 for ORCL), so each figure reflects somewhat different demand and cost conditions.
| Metric | LRCX | ORCL |
|---|---|---|
| Revenue | $23.2B2025-06-30 to 2026-06-28 · SEC filing | $67.4B2025-06-01 to 2026-05-31 · SEC filing |
| Net income | $7.3B2025-06-30 to 2026-06-28 · SEC filing | $17.0B2025-06-01 to 2026-05-31 · SEC filing |
| Operating cash flow | $5.9B2025-06-30 to 2026-06-28 · SEC filing | $32.0B2025-06-01 to 2026-05-31 · SEC filing |
| Diluted EPS | $5.762025-06-30 to 2026-06-28 · SEC filing | $5.832025-06-01 to 2026-05-31 · SEC filing |
| Net margin | 31.3%2025-06-30 to 2026-06-28 · SEC filing | 25.2%2025-06-01 to 2026-05-31 · SEC filing |
LRCX: FY ending 2026-06-28 · ORCL: FY ending 2026-05-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LRCX and ORCL overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: LRCX files as Special Industry Machinery, NEC; ORCL as Services-Prepackaged Software.
- Offset fiscal calendars: LRCX's year ends June 28 and ORCL's May 31, about 1 month apart.
- Only LRCX maps to Tariffs & trade.
- Scale: ORCL reported about 2.9× the annual revenue of LRCX.
- Profitability: net margin of 31.3% for LRCX versus 25.2% for ORCL.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Oracle Corporation (ORCL)
Oracle runs one of the world's most widely used database platforms and has pivoted aggressively into cloud infrastructure and applications. Its cloud regions have become a favored home for large AI training workloads.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves LRCX
We have not yet published a company-specific driver list for LRCX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-07.
What moves ORCL
- Oracle Cloud Infrastructure capacity additions and data-center build-out
- Migration of software support customers to cloud applications and infrastructure
- Renewal of software support contracts on the installed license base
- Capital spending and borrowing to fund data-center expansion
The investment question
You now know ORCL reports about 2.9× LRCX's revenue, and LRCX keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, including “Oracle Cloud Infrastructure capacity additions and data-center build-out” at ORCL, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on LRCX and ORCL
LRCX · Jan 30, 2026
Lam Research and the economics of harder-to-build memoryA paid research reconstruction using information available January 30, 2026: NAND conversions, manufacturing complexity, cash conversion and the price of waiting. Includes a separate timing audit and post-mortem.
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. LRCX's fiscal year ends June 28, while ORCL's ends May 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 38 matched transaction rows for LRCX and 48 matched transaction rows for ORCL. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
LRCX primary filings
ORCL primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
LRCX vs ORCL FAQs
Are LRCX and ORCL direct competitors?
Not necessarily. Lam Research files as Special Industry Machinery, NEC and Oracle as Services-Prepackaged Software. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is LRCX or ORCL the bigger company by revenue?
Oracle (ORCL) is the larger business by reported revenue: $67.4B in its fiscal year ended May 2026, about 2.9× LRCX's $23.2B (fiscal year ended Jun 2026). LRCX's net margin was 31.3% and ORCL's 25.2%. The SEC classifies them differently (Special Industry Machinery, NEC; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, LRCX or ORCL?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this LRCX vs ORCL comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Lam Research Corporation and Oracle Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-26. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-26. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LRCX vs ORCL compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $15/month or $150/year.
Members-only research
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