Comparison

APPLIED MATERIALS INC /DE (AMAT) vs LAM RESEARCH CORP (LRCX)

The same filed metrics for both companies, side by side.

What each names as a risk in its own annual report, how each is priced against its own history, and the tracked managers whose latest 13F reports a position in both.

Financials

AMAT

APPLIED MATERIALS INC /DE

Semiconductor Equipment & Materials

Revenue, FY25: $28.37B
Net income: $7B
Operating cash flow: $7.96B
Free cash flow: $5.7B
Net margin: 24.67%
Operating margin: 29.22%
Gross margin: 48.67%

LRCX

LAM RESEARCH CORP

Semiconductor Equipment & Materials

Revenue, FY26: $23.23B
Net income: $7.27B
Operating cash flow: $5.86B
Free cash flow: $4.89B
Net margin: 31.27%
Operating margin: 35.29%
Gross margin: 50.47%

Head-to-head

Filed growth, quality and valuation, read against each company’s own history rather than against the other side.

Metric	AMAT	LRCX
Revenue growth, latest filed year	+4.39%	+26.02%
Piotroski F-score	6 of 9	8 of 9
P/E against its own history	91.35% above	124.67% above

What each says it is exposed to

From Item 1A of each company’s most recent 10-K.

AMAT

Semiconductor supply
Tax
China
Cybersecurity
Supply chain
Tariffs

And 17 more.

LRCX

Semiconductor supply
China
Currency moves
Export controls
Goodwill impairment
Litigation

And 20 more.

Tracked managers holding both

Philippe Laffont Coatue Management 6.26% · 8.41%
Chase Coleman Tiger Global 4.92% · 5.72%
Joel Greenblatt Gotham Asset Management 0.23% · 0.28%
Baillie Gifford Baillie Gifford & Co 0.00% · 0.00%

Updated Aug 27, 2026 · the newer of the two companies' filings