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Side-by-side financial comparison of Huntington Ingalls Industries (HII) and Lam Research (LRCX). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.3B vs $3.5B, roughly 1.5× Huntington Ingalls Industries). Lam Research runs the higher net margin — 29.8% vs 4.6%, a 25.2% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (22.1% vs 15.7%). Lam Research produced more free cash flow last quarter ($1.2B vs $516.0M). Over the past eight quarters, Lam Research's revenue compounded faster (18.7% CAGR vs 11.3%).
Huntington Ingalls Industries, Inc. (HII) is the largest military shipbuilding company in the United States as well as a provider of professional services to partners in government and industry. HII was formed on 31 March 2011, as a divestiture from Northrop Grumman.
Lam Research Corporation is an American supplier of wafer-fabrication equipment and related services to the semiconductor industry. Its products are used primarily in front-end wafer processing, which involves the steps that create the active components of semiconductor devices and their wiring (interconnects). The company also builds equipment for back-end wafer-level packaging (WLP) and for related manufacturing markets such as for microelectromechanical systems (MEMS).
HII vs LRCX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.5B | $5.3B |
| Net Profit | $159.0M | $1.6B |
| Gross Margin | — | 49.6% |
| Operating Margin | 4.9% | 33.9% |
| Net Margin | 4.6% | 29.8% |
| Revenue YoY | 15.7% | 22.1% |
| Net Profit YoY | 29.3% | 33.8% |
| EPS (diluted) | $4.06 | $1.26 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.5B | $5.3B | ||
| Q3 25 | $3.2B | $5.3B | ||
| Q2 25 | $3.1B | $5.2B | ||
| Q1 25 | $2.7B | $4.7B | ||
| Q4 24 | $3.0B | $4.4B | ||
| Q3 24 | $2.7B | $4.2B | ||
| Q2 24 | $3.0B | $3.9B | ||
| Q1 24 | $2.8B | $3.8B |
| Q4 25 | $159.0M | $1.6B | ||
| Q3 25 | $145.0M | $1.6B | ||
| Q2 25 | $152.0M | $1.7B | ||
| Q1 25 | $149.0M | $1.3B | ||
| Q4 24 | $123.0M | $1.2B | ||
| Q3 24 | $101.0M | $1.1B | ||
| Q2 24 | $173.0M | $1.0B | ||
| Q1 24 | $153.0M | $965.8M |
| Q4 25 | — | 49.6% | ||
| Q3 25 | — | 50.4% | ||
| Q2 25 | — | 50.1% | ||
| Q1 25 | — | 49.0% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 47.5% |
| Q4 25 | 4.9% | 33.9% | ||
| Q3 25 | 5.0% | 34.4% | ||
| Q2 25 | 5.3% | 33.7% | ||
| Q1 25 | 5.9% | 33.1% | ||
| Q4 24 | 3.7% | 30.5% | ||
| Q3 24 | 3.0% | 30.3% | ||
| Q2 24 | 6.3% | 29.1% | ||
| Q1 24 | 5.5% | 27.9% |
| Q4 25 | 4.6% | 29.8% | ||
| Q3 25 | 4.5% | 29.5% | ||
| Q2 25 | 4.9% | 33.3% | ||
| Q1 25 | 5.4% | 28.2% | ||
| Q4 24 | 4.1% | 27.2% | ||
| Q3 24 | 3.7% | 26.8% | ||
| Q2 24 | 5.8% | 26.4% | ||
| Q1 24 | 5.5% | 25.5% |
| Q4 25 | $4.06 | $1.26 | ||
| Q3 25 | $3.68 | $1.24 | ||
| Q2 25 | $3.86 | $1.34 | ||
| Q1 25 | $3.79 | $1.03 | ||
| Q4 24 | $3.15 | $0.92 | ||
| Q3 24 | $2.56 | $0.86 | ||
| Q2 24 | $4.38 | $7.78 | ||
| Q1 24 | $3.87 | $7.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $6.2B |
| Total DebtLower is stronger | $2.7B | $3.7B |
| Stockholders' EquityBook value | $5.1B | $10.1B |
| Total Assets | $12.7B | $21.4B |
| Debt / EquityLower = less leverage | 0.53× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $6.7B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.7B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | $10.0M | $5.7B |
| Q4 25 | $2.7B | $3.7B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $2.7B | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $5.1B | $10.1B | ||
| Q3 25 | $5.0B | $10.2B | ||
| Q2 25 | $4.9B | $9.9B | ||
| Q1 25 | $4.8B | $9.5B | ||
| Q4 24 | $4.7B | $8.8B | ||
| Q3 24 | $4.2B | $8.5B | ||
| Q2 24 | $4.2B | $8.5B | ||
| Q1 24 | $4.1B | $8.0B |
| Q4 25 | $12.7B | $21.4B | ||
| Q3 25 | $12.3B | $21.9B | ||
| Q2 25 | $12.1B | $21.3B | ||
| Q1 25 | $12.1B | $20.0B | ||
| Q4 24 | $12.1B | $19.8B | ||
| Q3 24 | $11.1B | $19.5B | ||
| Q2 24 | $11.3B | $18.7B | ||
| Q1 24 | $11.2B | $18.3B |
| Q4 25 | 0.53× | 0.37× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | 0.58× | 0.51× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.56× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $650.0M | $1.5B |
| Free Cash FlowOCF − Capex | $516.0M | $1.2B |
| FCF MarginFCF / Revenue | 14.8% | 22.8% |
| Capex IntensityCapex / Revenue | 3.9% | 4.9% |
| Cash ConversionOCF / Net Profit | 4.09× | 0.93× |
| TTM Free Cash FlowTrailing 4 quarters | $794.0M | $6.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $650.0M | $1.5B | ||
| Q3 25 | $118.0M | $1.8B | ||
| Q2 25 | $823.0M | $2.6B | ||
| Q1 25 | $-395.0M | $1.3B | ||
| Q4 24 | $391.0M | $741.9M | ||
| Q3 24 | $213.0M | $1.6B | ||
| Q2 24 | $-9.0M | $862.4M | ||
| Q1 24 | $-202.0M | $1.4B |
| Q4 25 | $516.0M | $1.2B | ||
| Q3 25 | $13.0M | $1.6B | ||
| Q2 25 | $727.0M | $2.4B | ||
| Q1 25 | $-462.0M | $1.0B | ||
| Q4 24 | $277.0M | $553.6M | ||
| Q3 24 | $125.0M | $1.5B | ||
| Q2 24 | $-99.0M | $761.7M | ||
| Q1 24 | $-277.0M | $1.3B |
| Q4 25 | 14.8% | 22.8% | ||
| Q3 25 | 0.4% | 29.9% | ||
| Q2 25 | 23.6% | 46.1% | ||
| Q1 25 | -16.9% | 21.6% | ||
| Q4 24 | 9.2% | 12.7% | ||
| Q3 24 | 4.5% | 35.0% | ||
| Q2 24 | -3.3% | 19.7% | ||
| Q1 24 | -9.9% | 33.8% |
| Q4 25 | 3.9% | 4.9% | ||
| Q3 25 | 3.3% | 3.5% | ||
| Q2 25 | 3.1% | 3.3% | ||
| Q1 25 | 2.5% | 6.1% | ||
| Q4 24 | 3.8% | 4.3% | ||
| Q3 24 | 3.2% | 2.7% | ||
| Q2 24 | 3.0% | 2.6% | ||
| Q1 24 | 2.7% | 2.7% |
| Q4 25 | 4.09× | 0.93× | ||
| Q3 25 | 0.81× | 1.13× | ||
| Q2 25 | 5.41× | 1.48× | ||
| Q1 25 | -2.65× | 0.98× | ||
| Q4 24 | 3.18× | 0.62× | ||
| Q3 24 | 2.11× | 1.40× | ||
| Q2 24 | -0.05× | 0.85× | ||
| Q1 24 | -1.32× | 1.43× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HII
| Aircraftcarriers | $984.0M | 28% |
| Fixedpriceincentive | $758.0M | 22% |
| Submarines | $744.0M | 21% |
| Surfacecombatantsandcoastguardcutters | $452.0M | 13% |
| Amphibiousassaultships | $433.0M | 12% |
| Costtype | $123.0M | 4% |
| Otherprograms | $4.0M | 0% |
LRCX
| System | $3.4B | 63% |
| Customer Supportand Other | $2.0B | 37% |
