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Side-by-side financial comparison of Lam Research (LRCX) and Microchip Technology (MCHP). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.3B vs $1.2B, roughly 4.5× Microchip Technology). Lam Research runs the higher net margin — 29.8% vs 5.3%, a 24.5% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (22.1% vs 15.6%). Lam Research produced more free cash flow last quarter ($1.2B vs $318.9M). Over the past eight quarters, Lam Research's revenue compounded faster (18.7% CAGR vs -5.4%).
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).
Microchip Technology Incorporated is an American publicly traded semiconductor corporation that manufactures microcontroller, mixed-signal, analog, and Flash-IP integrated circuits.
LRCX vs MCHP — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $1.2B |
| Net Profit | $1.6B | $62.7M |
| Gross Margin | 49.6% | 59.6% |
| Operating Margin | 33.9% | 12.8% |
| Net Margin | 29.8% | 5.3% |
| Revenue YoY | 22.1% | 15.6% |
| Net Profit YoY | 33.8% | 217.0% |
| EPS (diluted) | $1.26 | $0.06 |
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 | $5.3B | $1.2B | ||
| Q3 25 | $5.3B | $1.1B | ||
| Q2 25 | $5.2B | $1.1B | ||
| Q1 25 | $4.7B | $970.5M | ||
| Q4 24 | $4.4B | $1.0B | ||
| Q3 24 | $4.2B | $1.2B | ||
| Q2 24 | $3.9B | $1.2B | ||
| Q1 24 | $3.8B | $1.3B |
| Q4 25 | $1.6B | $62.7M | ||
| Q3 25 | $1.6B | $41.7M | ||
| Q2 25 | $1.7B | $-18.6M | ||
| Q1 25 | $1.3B | $-154.6M | ||
| Q4 24 | $1.2B | $-53.6M | ||
| Q3 24 | $1.1B | $78.4M | ||
| Q2 24 | $1.0B | $129.3M | ||
| Q1 24 | $965.8M | $154.7M |
| Q4 25 | 49.6% | 59.6% | ||
| Q3 25 | 50.4% | 55.9% | ||
| Q2 25 | 50.1% | 53.6% | ||
| Q1 25 | 49.0% | 51.6% | ||
| Q4 24 | 47.4% | 54.7% | ||
| Q3 24 | 48.0% | 57.4% | ||
| Q2 24 | 47.5% | 59.4% | ||
| Q1 24 | 47.5% | 59.6% |
| Q4 25 | 33.9% | 12.8% | ||
| Q3 25 | 34.4% | 7.8% | ||
| Q2 25 | 33.7% | 3.0% | ||
| Q1 25 | 33.1% | -10.3% | ||
| Q4 24 | 30.5% | 3.0% | ||
| Q3 24 | 30.3% | 12.6% | ||
| Q2 24 | 29.1% | 17.7% | ||
| Q1 24 | 27.9% | 19.1% |
| Q4 25 | 29.8% | 5.3% | ||
| Q3 25 | 29.5% | 3.7% | ||
| Q2 25 | 33.3% | -1.7% | ||
| Q1 25 | 28.2% | -15.9% | ||
| Q4 24 | 27.2% | -5.2% | ||
| Q3 24 | 26.8% | 6.7% | ||
| Q2 24 | 26.4% | 10.4% | ||
| Q1 24 | 25.5% | 11.7% |
| Q4 25 | $1.26 | $0.06 | ||
| Q3 25 | $1.24 | $0.03 | ||
| Q2 25 | $1.34 | $-0.09 | ||
| Q1 25 | $1.03 | $-0.29 | ||
| Q4 24 | $0.92 | $-0.10 | ||
| Q3 24 | $0.86 | $0.14 | ||
| Q2 24 | $7.78 | $0.24 | ||
| Q1 24 | $7.34 | $0.29 |
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 | $250.7M |
| Total DebtLower is stronger | $3.7B | $5.4B |
| Stockholders' EquityBook value | $10.1B | $6.6B |
| Total Assets | $21.4B | $14.3B |
| Debt / EquityLower = less leverage | 0.37× | 0.82× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.2B | $250.7M | ||
| Q3 25 | $6.7B | $236.8M | ||
| Q2 25 | $6.4B | $566.5M | ||
| Q1 25 | $5.5B | $771.7M | ||
| Q4 24 | $5.7B | $586.0M | ||
| Q3 24 | $6.1B | $286.1M | ||
| Q2 24 | $5.8B | $315.1M | ||
| Q1 24 | $5.7B | $319.7M |
| Q4 25 | $3.7B | $5.4B | ||
| Q3 25 | $3.7B | $5.4B | ||
| Q2 25 | $3.7B | $5.5B | ||
| Q1 25 | $3.7B | $5.6B | ||
| Q4 24 | $4.5B | $6.7B | ||
| Q3 24 | $4.5B | $6.4B | ||
| Q2 24 | $4.5B | $6.2B | ||
| Q1 24 | $4.5B | $6.0B |
| Q4 25 | $10.1B | $6.6B | ||
| Q3 25 | $10.2B | $6.7B | ||
| Q2 25 | $9.9B | $6.9B | ||
| Q1 25 | $9.5B | $7.1B | ||
| Q4 24 | $8.8B | $6.0B | ||
| Q3 24 | $8.5B | $6.3B | ||
| Q2 24 | $8.5B | $6.4B | ||
| Q1 24 | $8.0B | $6.7B |
| Q4 25 | $21.4B | $14.3B | ||
| Q3 25 | $21.9B | $14.5B | ||
| Q2 25 | $21.3B | $15.0B | ||
| Q1 25 | $20.0B | $15.4B | ||
| Q4 24 | $19.8B | $15.6B | ||
| Q3 24 | $19.5B | $15.6B | ||
| Q2 24 | $18.7B | $15.8B | ||
| Q1 24 | $18.3B | $15.9B |
| Q4 25 | 0.37× | 0.82× | ||
| Q3 25 | 0.37× | 0.80× | ||
| Q2 25 | 0.38× | 0.80× | ||
| Q1 25 | 0.39× | 0.80× | ||
| Q4 24 | 0.51× | 1.12× | ||
| Q3 24 | 0.53× | 1.02× | ||
| Q2 24 | 0.52× | 0.96× | ||
| Q1 24 | 0.56× | 0.90× |
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 | $1.5B | $341.4M |
| Free Cash FlowOCF − Capex | $1.2B | $318.9M |
| FCF MarginFCF / Revenue | 22.8% | 26.9% |
| Capex IntensityCapex / Revenue | 4.9% | 1.9% |
| Cash ConversionOCF / Net Profit | 0.93× | 5.44× |
| TTM Free Cash FlowTrailing 4 quarters | $6.2B | $819.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $341.4M | ||
| Q3 25 | $1.8B | $88.1M | ||
| Q2 25 | $2.6B | $275.6M | ||
| Q1 25 | $1.3B | $205.9M | ||
| Q4 24 | $741.9M | $271.5M | ||
| Q3 24 | $1.6B | $43.6M | ||
| Q2 24 | $862.4M | $377.1M | ||
| Q1 24 | $1.4B | $430.0M |
| Q4 25 | $1.2B | $318.9M | ||
| Q3 25 | $1.6B | $51.6M | ||
| Q2 25 | $2.4B | $257.7M | ||
| Q1 25 | $1.0B | $191.7M | ||
| Q4 24 | $553.6M | $253.4M | ||
| Q3 24 | $1.5B | $22.8M | ||
| Q2 24 | $761.7M | $304.2M | ||
| Q1 24 | $1.3B | $389.9M |
| Q4 25 | 22.8% | 26.9% | ||
| Q3 25 | 29.9% | 4.5% | ||
| Q2 25 | 46.1% | 24.0% | ||
| Q1 25 | 21.6% | 19.8% | ||
| Q4 24 | 12.7% | 24.7% | ||
| Q3 24 | 35.0% | 2.0% | ||
| Q2 24 | 19.7% | 24.5% | ||
| Q1 24 | 33.8% | 29.4% |
| Q4 25 | 4.9% | 1.9% | ||
| Q3 25 | 3.5% | 3.2% | ||
| Q2 25 | 3.3% | 1.7% | ||
| Q1 25 | 6.1% | 1.5% | ||
| Q4 24 | 4.3% | 1.8% | ||
| Q3 24 | 2.7% | 1.8% | ||
| Q2 24 | 2.6% | 5.9% | ||
| Q1 24 | 2.7% | 3.0% |
| Q4 25 | 0.93× | 5.44× | ||
| Q3 25 | 1.13× | 2.11× | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 1.40× | 0.56× | ||
| Q2 24 | 0.85× | 2.92× | ||
| Q1 24 | 1.43× | 2.78× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LRCX
| System | $3.4B | 63% |
| Customer Supportand Other | $2.0B | 37% |
MCHP
| Mixed Signal Microcontrollers | $586.5M | 49% |
| Analog | $322.9M | 27% |
| Other Product Line | $276.6M | 23% |
