Lam Research Corporation (LRCX)
Lam Research supplies wafer-fabrication equipment specializing in etch and deposition steps for advanced memory and logic chips.
LRCX vs SMCI: how the two businesses compare
- Similar size: LRCX and SMCI each brought in about $23.2B of yearly revenue.
- More profitable: LRCX keeps 31 cents of each sales dollar as profit, against 5 cents at SMCI.
- More cash from each sale: LRCX turns 25 cents of each sales dollar into operating cash flow, against 8 cents at SMCI.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Lam Research (LRCX) and Super Micro Computer (SMCI) reported similar revenue: $23.2B (fiscal year ended Jun 2026) versus $22.0B (fiscal year ended Jun 2025). LRCX's net margin was 31.3% and SMCI's 4.8%. The SEC places them in related industries (Special Industry Machinery, NEC; Electronic Computers), and both map to the Tariffs & trade and Artificial intelligence research themes.
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 · SMCI June 30
- Aug 31, 2026
LRCX vs SMCI: quick comparison
| Company fact | LRCX | SMCI |
|---|---|---|
| Company | Lam Research Corporation | Super Micro Computer, Inc. |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Special Industry Machinery, NEC | Electronic Computers |
| Fiscal year-end | June 27 | June 30 |
| Latest annual filing | 10-K · 2026-08-07 | 10-K · 2026-08-31 |
LRCX vs SMCI: audited financials
- Scale: revenue is roughly in line ($23.2B for LRCX versus $22.0B for SMCI).
- Net margin: LRCX kept 31.3% of revenue as net income versus 4.8% at SMCI.
- Cash conversion: operating cash flow equalled LRCX 25.2% of revenue, or 0.81× net income; SMCI 7.6% of revenue, or 1.58× 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 12 months apart (2026-06-28 for LRCX, 2025-06-30 for SMCI), so each figure reflects somewhat different demand and cost conditions.
| Metric | LRCX | SMCI |
|---|---|---|
| Revenue | $23.2B2025-06-30 to 2026-06-28 · SEC filing | $22.0B2024-07-01 to 2025-06-30 · SEC filing |
| Net income | $7.3B2025-06-30 to 2026-06-28 · SEC filing | $1.0B2024-07-01 to 2025-06-30 · SEC filing |
| Operating cash flow | $5.9B2025-06-30 to 2026-06-28 · SEC filing | $1.7B2024-07-01 to 2025-06-30 · SEC filing |
| Diluted EPS | $5.762025-06-30 to 2026-06-28 · SEC filing | $1.682024-07-01 to 2025-06-30 · SEC filing |
| Net margin | 31.3%2025-06-30 to 2026-06-28 · SEC filing | 4.8%2024-07-01 to 2025-06-30 · SEC filing |
LRCX: FY ending 2026-06-28 · SMCI: FY ending 2025-06-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LRCX and SMCI overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 35.
- Shared research themes: Tariffs & trade and Artificial intelligence.
Differences
- Different four-digit SIC codes: LRCX is 3559 (Special Industry Machinery, NEC); SMCI is 3571 (Electronic Computers).
- Offset fiscal calendars: LRCX's year ends June 27 and SMCI's June 30, about 12 months apart.
- Profitability: net margin of 31.3% for LRCX versus 4.8% for SMCI.
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.
Super Micro Computer, Inc. (SMCI)
Super Micro Computer builds high-performance servers and storage systems tailored for AI and data-center 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 SMCI
We have not yet published a company-specific driver list for SMCI. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-31.
The investment question
You now know how LRCX and SMCI are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to tariffs & trade and artificial intelligence, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on LRCX and SMCI
- 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 SMCI's ends June 30. 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 11 matched transaction rows for SMCI. 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
SMCI 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 SMCI FAQs
Are LRCX and SMCI direct competitors?
Not necessarily. Lam Research files as Special Industry Machinery, NEC and Super Micro Computer as Electronic Computers. The pair is compared because both map to the Tariffs & trade and Artificial intelligence research themes, not because the filings show head-to-head competition.
Is LRCX or SMCI the bigger company by revenue?
Lam Research (LRCX) and Super Micro Computer (SMCI) reported similar revenue: $23.2B (fiscal year ended Jun 2026) versus $22.0B (fiscal year ended Jun 2025). LRCX's net margin was 31.3% and SMCI's 4.8%. The SEC places them in related industries (Special Industry Machinery, NEC; Electronic Computers), and both map to the Tariffs & trade and Artificial intelligence research themes. 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 SMCI?
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 SMCI 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 Super Micro Computer, 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 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LRCX vs SMCI 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.
Members-only research
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