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Side-by-side financial comparison of Lam Research (LRCX) and PAN AMERICAN SILVER CORP (PAAS). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.3B vs $2.8B, roughly 1.9× PAN AMERICAN SILVER CORP).
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).
Pan American Silver Corporation is a mining company based in Canada with operations in Latin America. The company has mines and other projects in Mexico, Peru, Bolivia, and Argentina.
LRCX vs PAAS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2022
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $2.8B |
| Net Profit | $1.6B | — |
| Gross Margin | 49.6% | 27.0% |
| Operating Margin | 33.9% | — |
| Net Margin | 29.8% | — |
| Revenue YoY | 22.1% | — |
| Net Profit YoY | 33.8% | — |
| EPS (diluted) | $1.26 | $-1.05 |
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 | — | ||
| Q3 25 | $5.3B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.8B | — |
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $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 | 33.9% | — | ||
| Q3 25 | 34.4% | — | ||
| Q2 25 | 33.7% | — | ||
| Q1 25 | 33.1% | — | ||
| Q4 24 | 30.5% | — | ||
| Q3 24 | 30.3% | — | ||
| Q2 24 | 29.1% | — | ||
| Q1 24 | 27.9% | — |
| Q4 25 | 29.8% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 33.3% | — | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | 27.2% | — | ||
| Q3 24 | 26.8% | — | ||
| Q2 24 | 26.4% | — | ||
| Q1 24 | 25.5% | — |
| Q4 25 | $1.26 | — | ||
| Q3 25 | $1.24 | — | ||
| Q2 25 | $1.34 | — | ||
| Q1 25 | $1.03 | — | ||
| Q4 24 | $0.92 | — | ||
| Q3 24 | $0.86 | — | ||
| Q2 24 | $7.78 | — | ||
| Q1 24 | $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 | $3.7B | — |
| Stockholders' EquityBook value | $10.1B | — |
| Total Assets | $21.4B | — |
| Debt / EquityLower = less leverage | 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 | $5.7B | — |
| Q4 25 | $3.7B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $10.1B | — | ||
| Q3 25 | $10.2B | — | ||
| Q2 25 | $9.9B | — | ||
| Q1 25 | $9.5B | — | ||
| Q4 24 | $8.8B | — | ||
| Q3 24 | $8.5B | — | ||
| Q2 24 | $8.5B | — | ||
| Q1 24 | $8.0B | — |
| Q4 25 | $21.4B | — | ||
| Q3 25 | $21.9B | — | ||
| Q2 25 | $21.3B | — | ||
| Q1 25 | $20.0B | — | ||
| Q4 24 | $19.8B | — | ||
| Q3 24 | $19.5B | — | ||
| Q2 24 | $18.7B | — | ||
| Q1 24 | $18.3B | — |
| Q4 25 | 0.37× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.39× | — | ||
| Q4 24 | 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 | $1.5B | — |
| Free Cash FlowOCF − Capex | $1.2B | — |
| FCF MarginFCF / Revenue | 22.8% | — |
| Capex IntensityCapex / Revenue | 4.9% | — |
| Cash ConversionOCF / Net Profit | 0.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | $6.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $741.9M | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $862.4M | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $553.6M | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $761.7M | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | 22.8% | — | ||
| Q3 25 | 29.9% | — | ||
| Q2 25 | 46.1% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 12.7% | — | ||
| Q3 24 | 35.0% | — | ||
| Q2 24 | 19.7% | — | ||
| Q1 24 | 33.8% | — |
| Q4 25 | 4.9% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | 2.7% | — |
| Q4 25 | 0.93× | — | ||
| Q3 25 | 1.13× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 1.43× | — |
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% |
PAAS
Segment breakdown not available.
