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Side-by-side financial comparison of Lam Research (LRCX) and QVC Group, Inc. (QVCGA). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.3B vs $2.7B, roughly 2.0× QVC Group, Inc.). Lam Research runs the higher net margin — 29.8% vs -1.4%, a 31.2% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (22.1% vs -9.1%). Lam Research produced more free cash flow last quarter ($1.2B vs $191.0M). Over the past eight quarters, Lam Research's revenue compounded faster (18.7% CAGR vs 6.9%).
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).
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
LRCX vs QVCGA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $2.7B |
| Net Profit | $1.6B | $-37.0M |
| Gross Margin | 49.6% | 32.9% |
| Operating Margin | 33.9% | 3.7% |
| Net Margin | 29.8% | -1.4% |
| Revenue YoY | 22.1% | -9.1% |
| Net Profit YoY | 33.8% | 97.1% |
| EPS (diluted) | $1.26 | $-17.37 |
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 | $2.7B | ||
| Q3 25 | $5.3B | $2.2B | ||
| Q2 25 | $5.2B | $2.2B | ||
| Q1 25 | $4.7B | $2.1B | ||
| Q4 24 | $4.4B | $2.9B | ||
| Q3 24 | $4.2B | $2.3B | ||
| Q2 24 | $3.9B | $2.4B | ||
| Q1 24 | $3.8B | $2.3B |
| Q4 25 | $1.6B | $-37.0M | ||
| Q3 25 | $1.6B | $-80.0M | ||
| Q2 25 | $1.7B | $-2.2B | ||
| Q1 25 | $1.3B | $-100.0M | ||
| Q4 24 | $1.2B | $-1.3B | ||
| Q3 24 | $1.1B | $-23.0M | ||
| Q2 24 | $1.0B | $20.0M | ||
| Q1 24 | $965.8M | $-1.0M |
| Q4 25 | 49.6% | 32.9% | ||
| Q3 25 | 50.4% | 34.0% | ||
| Q2 25 | 50.1% | 36.4% | ||
| Q1 25 | 49.0% | 34.2% | ||
| Q4 24 | 47.4% | 33.3% | ||
| Q3 24 | 48.0% | 35.3% | ||
| Q2 24 | 47.5% | 36.4% | ||
| Q1 24 | 47.5% | 35.5% |
| Q4 25 | 33.9% | 3.7% | ||
| Q3 25 | 34.4% | 2.7% | ||
| Q2 25 | 33.7% | -101.6% | ||
| Q1 25 | 33.1% | 0.7% | ||
| Q4 24 | 30.5% | -43.2% | ||
| Q3 24 | 30.3% | 6.5% | ||
| Q2 24 | 29.1% | 6.9% | ||
| Q1 24 | 27.9% | 6.2% |
| Q4 25 | 29.8% | -1.4% | ||
| Q3 25 | 29.5% | -3.6% | ||
| Q2 25 | 33.3% | -99.4% | ||
| Q1 25 | 28.2% | -4.8% | ||
| Q4 24 | 27.2% | -43.7% | ||
| Q3 24 | 26.8% | -1.0% | ||
| Q2 24 | 26.4% | 0.8% | ||
| Q1 24 | 25.5% | -0.0% |
| Q4 25 | $1.26 | $-17.37 | ||
| Q3 25 | $1.24 | $-9.89 | ||
| Q2 25 | $1.34 | $-275.46 | ||
| Q1 25 | $1.03 | $-0.25 | ||
| Q4 24 | $0.92 | — | ||
| Q3 24 | $0.86 | $-0.06 | ||
| Q2 24 | $7.78 | $2.57 | ||
| 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 | $2.0B |
| Total DebtLower is stronger | $3.7B | $790.0M |
| Stockholders' EquityBook value | $10.1B | $-3.1B |
| Total Assets | $21.4B | $7.6B |
| Debt / EquityLower = less leverage | 0.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.2B | $2.0B | ||
| Q3 25 | $6.7B | $1.8B | ||
| Q2 25 | $6.4B | $897.0M | ||
| Q1 25 | $5.5B | $833.0M | ||
| Q4 24 | $5.7B | $905.0M | ||
| Q3 24 | $6.1B | $873.0M | ||
| Q2 24 | $5.8B | $1.2B | ||
| Q1 24 | $5.7B | $1.1B |
| Q4 25 | $3.7B | $790.0M | ||
| Q3 25 | $3.7B | $5.9B | ||
| Q2 25 | $3.7B | $4.9B | ||
| Q1 25 | $3.7B | $5.0B | ||
| Q4 24 | $4.5B | $4.1B | ||
| Q3 24 | $4.5B | $5.1B | ||
| Q2 24 | $4.5B | $5.3B | ||
| Q1 24 | $4.5B | $5.5B |
| Q4 25 | $10.1B | $-3.1B | ||
| Q3 25 | $10.2B | $-3.1B | ||
| Q2 25 | $9.9B | $-3.0B | ||
| Q1 25 | $9.5B | $-981.0M | ||
| Q4 24 | $8.8B | $-971.0M | ||
| Q3 24 | $8.5B | $397.0M | ||
| Q2 24 | $8.5B | $328.0M | ||
| Q1 24 | $8.0B | $255.0M |
| Q4 25 | $21.4B | $7.6B | ||
| Q3 25 | $21.9B | $7.6B | ||
| Q2 25 | $21.3B | $6.7B | ||
| Q1 25 | $20.0B | $9.0B | ||
| Q4 24 | $19.8B | $9.2B | ||
| Q3 24 | $19.5B | $10.8B | ||
| Q2 24 | $18.7B | $10.9B | ||
| Q1 24 | $18.3B | $11.0B |
| Q4 25 | 0.37× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.39× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.53× | 12.74× | ||
| Q2 24 | 0.52× | 16.28× | ||
| Q1 24 | 0.56× | 21.53× |
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 | $244.0M |
| Free Cash FlowOCF − Capex | $1.2B | $191.0M |
| FCF MarginFCF / Revenue | 22.8% | 7.1% |
| Capex IntensityCapex / Revenue | 4.9% | 2.0% |
| Cash ConversionOCF / Net Profit | 0.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | $6.2B | $118.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $244.0M | ||
| Q3 25 | $1.8B | $4.0M | ||
| Q2 25 | $2.6B | $86.0M | ||
| Q1 25 | $1.3B | $-60.0M | ||
| Q4 24 | $741.9M | $212.0M | ||
| Q3 24 | $1.6B | $20.0M | ||
| Q2 24 | $862.4M | $267.0M | ||
| Q1 24 | $1.4B | $26.0M |
| Q4 25 | $1.2B | $191.0M | ||
| Q3 25 | $1.6B | $-27.0M | ||
| Q2 25 | $2.4B | $48.0M | ||
| Q1 25 | $1.0B | $-94.0M | ||
| Q4 24 | $553.6M | $150.0M | ||
| Q3 24 | $1.5B | $-23.0M | ||
| Q2 24 | $761.7M | $213.0M | ||
| Q1 24 | $1.3B | $-14.0M |
| Q4 25 | 22.8% | 7.1% | ||
| Q3 25 | 29.9% | -1.2% | ||
| Q2 25 | 46.1% | 2.1% | ||
| Q1 25 | 21.6% | -4.5% | ||
| Q4 24 | 12.7% | 5.1% | ||
| Q3 24 | 35.0% | -1.0% | ||
| Q2 24 | 19.7% | 8.8% | ||
| Q1 24 | 33.8% | -0.6% |
| Q4 25 | 4.9% | 2.0% | ||
| Q3 25 | 3.5% | 1.4% | ||
| Q2 25 | 3.3% | 1.7% | ||
| Q1 25 | 6.1% | 1.6% | ||
| Q4 24 | 4.3% | 2.1% | ||
| Q3 24 | 2.7% | 1.8% | ||
| Q2 24 | 2.6% | 2.2% | ||
| Q1 24 | 2.7% | 1.7% |
| 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× | 13.35× | ||
| 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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
