Lam Research Corporation (LRCX)
Lam Research supplies wafer-fabrication equipment specializing in etch and deposition steps for advanced memory and logic chips.
LRCX vs PLTR: how the two businesses compare
- Bigger business: LRCX, with $23.2B of yearly revenue, about 5.2× PLTR's $4.5B.
- More profitable: PLTR keeps 36 cents of each sales dollar as profit, against 31 cents at LRCX.
- More cash from each sale: PLTR turns 48 cents of each sales dollar into operating cash flow, against 25 cents at LRCX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Lam Research (LRCX) is the larger business by reported revenue: $23.2B in its fiscal year ended Jun 2026, about 5.2× PLTR's $4.5B (fiscal year ended Dec 2025). LRCX's net margin was 31.3% and PLTR's 36.3%. 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.
- Information Technology
- Different
- Separate classifications
- Different
- LRCX June 27 · PLTR December 31
- Aug 7, 2026
LRCX vs PLTR: quick comparison
| Company fact | LRCX | PLTR |
|---|---|---|
| Company | Lam Research Corporation | Palantir Technologies Inc. |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | — | Denver, Colorado |
| Founded | — | 2003 |
| SEC industry | Special Industry Machinery, NEC | Services-Prepackaged Software |
| Fiscal year-end | June 27 | December 31 |
| Latest annual filing | 10-K · 2026-08-07 | 10-K · 2026-02-17 |
LRCX vs PLTR: audited financials
- Scale: LRCX's $23.2B of revenue is about 5.2× PLTR's $4.5B.
- Net margin: PLTR kept 36.3% of revenue as net income versus 31.3% at LRCX.
- Cash conversion: operating cash flow equalled LRCX 25.2% of revenue, or 0.81× net income; PLTR 47.7% of revenue, or 1.31× 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 6 months apart (2026-06-28 for LRCX, 2025-12-31 for PLTR), so each figure reflects somewhat different demand and cost conditions.
| Metric | LRCX | PLTR |
|---|---|---|
| Revenue | $23.2B2025-06-30 to 2026-06-28 · SEC filing | $4.5B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $7.3B2025-06-30 to 2026-06-28 · SEC filing | $1.6B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $5.9B2025-06-30 to 2026-06-28 · SEC filing | $2.1B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $5.762025-06-30 to 2026-06-28 · SEC filing | $0.632025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 31.3%2025-06-30 to 2026-06-28 · SEC filing | 36.3%2025-01-01 to 2025-12-31 · SEC filing |
LRCX: FY ending 2026-06-28 · PLTR: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LRCX and PLTR overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: LRCX files as Special Industry Machinery, NEC; PLTR as Services-Prepackaged Software.
- Offset fiscal calendars: LRCX's year ends June 27 and PLTR's December 31, about 6 months apart.
- Only LRCX maps to Tariffs & trade.
- Only PLTR maps to Wars & geopolitics.
- Scale: LRCX reported about 5.2× the annual revenue of PLTR.
- Profitability: net margin of 31.3% for LRCX versus 36.3% for PLTR.
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.
Palantir Technologies Inc. (PLTR)
Palantir builds data-integration and analytics platforms used by defense agencies, intelligence services, and commercial enterprises. Its AI platform for operational decision-making has driven rapid growth in its commercial business.
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 PLTR
- Growth and renewal of US and allied government contracts, including defense and intelligence work
- Adoption speed of the Artificial Intelligence Platform (AIP) among commercial customers
- Commercial revenue mix shift and net dollar retention outside of government
- Valuation relative to growth, given the stock's premium multiple versus software peers
The investment question
You now know LRCX reports about 5.2× PLTR's revenue, and PLTR 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 “Growth and renewal of US and allied government contracts, including defense and intelligence work” at PLTR, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on LRCX and PLTR
- Lam Research and the economics of harder-to-build memory
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The thesis, the numbers behind it, and what would break it. Full access is $39 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 27, while PLTR's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 39 matched transaction rows for LRCX and 50 matched transaction rows for PLTR. 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
PLTR 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 PLTR FAQs
Are LRCX and PLTR direct competitors?
Not necessarily. Lam Research files as Special Industry Machinery, NEC and Palantir Technologies 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 PLTR the bigger company by revenue?
Lam Research (LRCX) is the larger business by reported revenue: $23.2B in its fiscal year ended Jun 2026, about 5.2× PLTR's $4.5B (fiscal year ended Dec 2025). LRCX's net margin was 31.3% and PLTR's 36.3%. 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 PLTR?
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 PLTR 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 Palantir Technologies Inc. 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 2026-11-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LRCX vs PLTR compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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