vs
Side-by-side financial comparison of Lam Research (LRCX) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $5.3B, roughly 1.4× Lam Research). Lam Research runs the higher net margin — 29.8% vs 1.3%, a 28.5% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (22.1% vs 0.5%). Lam Research produced more free cash flow last quarter ($1.2B vs $612.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% CAGR vs 18.7%).
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).
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
LRCX vs SW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $7.6B |
| Net Profit | $1.6B | $97.0M |
| Gross Margin | 49.6% | 18.2% |
| Operating Margin | 33.9% | 5.1% |
| Net Margin | 29.8% | 1.3% |
| Revenue YoY | 22.1% | 0.5% |
| Net Profit YoY | 33.8% | -33.6% |
| EPS (diluted) | $1.26 | $0.18 |
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 | $7.6B | ||
| Q3 25 | $5.3B | $8.0B | ||
| Q2 25 | $5.2B | $7.9B | ||
| Q1 25 | $4.7B | $7.7B | ||
| Q4 24 | $4.4B | $7.5B | ||
| Q3 24 | $4.2B | $7.7B | ||
| Q2 24 | $3.9B | $3.0B | ||
| Q1 24 | $3.8B | $2.9B |
| Q4 25 | $1.6B | $97.0M | ||
| Q3 25 | $1.6B | $246.0M | ||
| Q2 25 | $1.7B | $-28.0M | ||
| Q1 25 | $1.3B | $384.0M | ||
| Q4 24 | $1.2B | $146.0M | ||
| Q3 24 | $1.1B | $-150.0M | ||
| Q2 24 | $1.0B | $132.0M | ||
| Q1 24 | $965.8M | $191.0M |
| Q4 25 | 49.6% | 18.2% | ||
| Q3 25 | 50.4% | 19.6% | ||
| Q2 25 | 50.1% | 19.1% | ||
| Q1 25 | 49.0% | 20.6% | ||
| Q4 24 | 47.4% | 19.1% | ||
| Q3 24 | 48.0% | 17.6% | ||
| Q2 24 | 47.5% | 23.3% | ||
| Q1 24 | 47.5% | 24.2% |
| Q4 25 | 33.9% | 5.1% | ||
| Q3 25 | 34.4% | 6.6% | ||
| Q2 25 | 33.7% | 3.2% | ||
| Q1 25 | 33.1% | 7.2% | ||
| Q4 24 | 30.5% | 5.3% | ||
| Q3 24 | 30.3% | 0.7% | ||
| Q2 24 | 29.1% | 8.2% | ||
| Q1 24 | 27.9% | 10.5% |
| Q4 25 | 29.8% | 1.3% | ||
| Q3 25 | 29.5% | 3.1% | ||
| Q2 25 | 33.3% | -0.4% | ||
| Q1 25 | 28.2% | 5.0% | ||
| Q4 24 | 27.2% | 1.9% | ||
| Q3 24 | 26.8% | -2.0% | ||
| Q2 24 | 26.4% | 4.4% | ||
| Q1 24 | 25.5% | 6.5% |
| Q4 25 | $1.26 | $0.18 | ||
| Q3 25 | $1.24 | $0.47 | ||
| Q2 25 | $1.34 | $-0.05 | ||
| Q1 25 | $1.03 | $0.73 | ||
| Q4 24 | $0.92 | $-0.12 | ||
| Q3 24 | $0.86 | $-0.30 | ||
| Q2 24 | $7.78 | $0.51 | ||
| Q1 24 | $7.34 | $0.73 |
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 | $892.0M |
| Total DebtLower is stronger | $3.7B | $13.4B |
| Stockholders' EquityBook value | $10.1B | $18.3B |
| Total Assets | $21.4B | $45.2B |
| Debt / EquityLower = less leverage | 0.37× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.2B | $892.0M | ||
| Q3 25 | $6.7B | $851.0M | ||
| Q2 25 | $6.4B | $778.0M | ||
| Q1 25 | $5.5B | $797.0M | ||
| Q4 24 | $5.7B | $855.0M | ||
| Q3 24 | $6.1B | — | ||
| Q2 24 | $5.8B | $26.8K | ||
| Q1 24 | $5.7B | $108 |
| Q4 25 | $3.7B | $13.4B | ||
| Q3 25 | $3.7B | $13.3B | ||
| Q2 25 | $3.7B | $13.3B | ||
| Q1 25 | $3.7B | $12.9B | ||
| Q4 24 | $4.5B | $12.5B | ||
| Q3 24 | $4.5B | $13.2B | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $10.1B | $18.3B | ||
| Q3 25 | $10.2B | $18.4B | ||
| Q2 25 | $9.9B | $18.3B | ||
| Q1 25 | $9.5B | $17.9B | ||
| Q4 24 | $8.8B | $17.4B | ||
| Q3 24 | $8.5B | $18.0B | ||
| Q2 24 | $8.5B | $14.5K | ||
| Q1 24 | $8.0B | $108 |
| Q4 25 | $21.4B | $45.2B | ||
| Q3 25 | $21.9B | $45.6B | ||
| Q2 25 | $21.3B | $45.7B | ||
| Q1 25 | $20.0B | $44.6B | ||
| Q4 24 | $19.8B | $43.8B | ||
| Q3 24 | $19.5B | $45.0B | ||
| Q2 24 | $18.7B | $26.8K | ||
| Q1 24 | $18.3B | $108 |
| Q4 25 | 0.37× | 0.73× | ||
| Q3 25 | 0.37× | 0.72× | ||
| Q2 25 | 0.38× | 0.73× | ||
| Q1 25 | 0.39× | 0.72× | ||
| Q4 24 | 0.51× | 0.72× | ||
| Q3 24 | 0.53× | 0.73× | ||
| 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 | $1.2B |
| Free Cash FlowOCF − Capex | $1.2B | $612.0M |
| FCF MarginFCF / Revenue | 22.8% | 8.1% |
| Capex IntensityCapex / Revenue | 4.9% | 7.7% |
| Cash ConversionOCF / Net Profit | 0.93× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $6.2B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $2.6B | $829.0M | ||
| Q1 25 | $1.3B | $235.0M | ||
| Q4 24 | $741.9M | $781.0M | ||
| Q3 24 | $1.6B | $320.0M | ||
| Q2 24 | $862.4M | $340.0M | ||
| Q1 24 | $1.4B | $42.0M |
| Q4 25 | $1.2B | $612.0M | ||
| Q3 25 | $1.6B | $523.0M | ||
| Q2 25 | $2.4B | $307.0M | ||
| Q1 25 | $1.0B | $-242.0M | ||
| Q4 24 | $553.6M | $212.0M | ||
| Q3 24 | $1.5B | $-192.0M | ||
| Q2 24 | $761.7M | $163.0M | ||
| Q1 24 | $1.3B | $-166.0M |
| Q4 25 | 22.8% | 8.1% | ||
| Q3 25 | 29.9% | 6.5% | ||
| Q2 25 | 46.1% | 3.9% | ||
| Q1 25 | 21.6% | -3.2% | ||
| Q4 24 | 12.7% | 2.8% | ||
| Q3 24 | 35.0% | -2.5% | ||
| Q2 24 | 19.7% | 5.5% | ||
| Q1 24 | 33.8% | -5.7% |
| Q4 25 | 4.9% | 7.7% | ||
| Q3 25 | 3.5% | 7.6% | ||
| Q2 25 | 3.3% | 6.6% | ||
| Q1 25 | 6.1% | 6.2% | ||
| Q4 24 | 4.3% | 7.5% | ||
| Q3 24 | 2.7% | 6.7% | ||
| Q2 24 | 2.6% | 6.0% | ||
| Q1 24 | 2.7% | 7.1% |
| Q4 25 | 0.93× | 12.32× | ||
| Q3 25 | 1.13× | 4.61× | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.98× | 0.61× | ||
| Q4 24 | 0.62× | 5.35× | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 0.85× | 2.58× | ||
| Q1 24 | 1.43× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
