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Side-by-side financial comparison of Lam Research (LRCX) and TE Connectivity (TEL). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.3B vs $4.7B, roughly 1.1× TE Connectivity). Lam Research runs the higher net margin — 29.8% vs 16.1%, a 13.8% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (22.1% vs 21.7%). Lam Research produced more free cash flow last quarter ($1.2B vs $607.0M). Over the past eight quarters, Lam Research's revenue compounded faster (18.7% CAGR vs 8.5%).
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).
TE Connectivity plc is an American-Irish domiciled technology company that designs and manufactures electrical and electronic components. It serves several industries, including automotive, aerospace, defense, medical, and energy.
LRCX vs TEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.3B | $4.7B |
| Net Profit | $1.6B | $750.0M |
| Gross Margin | 49.6% | 37.2% |
| Operating Margin | 33.9% | 20.6% |
| Net Margin | 29.8% | 16.1% |
| Revenue YoY | 22.1% | 21.7% |
| Net Profit YoY | 33.8% | 42.0% |
| EPS (diluted) | $1.26 | $2.53 |
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 | $4.7B | ||
| Q3 25 | $5.3B | $4.7B | ||
| Q2 25 | $5.2B | $4.5B | ||
| Q1 25 | $4.7B | $4.1B | ||
| Q4 24 | $4.4B | $3.8B | ||
| Q3 24 | $4.2B | $4.1B | ||
| Q2 24 | $3.9B | $4.0B | ||
| Q1 24 | $3.8B | $4.0B |
| Q4 25 | $1.6B | $750.0M | ||
| Q3 25 | $1.6B | $663.0M | ||
| Q2 25 | $1.7B | $638.0M | ||
| Q1 25 | $1.3B | $13.0M | ||
| Q4 24 | $1.2B | $528.0M | ||
| Q3 24 | $1.1B | $276.0M | ||
| Q2 24 | $1.0B | $573.0M | ||
| Q1 24 | $965.8M | $541.0M |
| Q4 25 | 49.6% | 37.2% | ||
| Q3 25 | 50.4% | 35.0% | ||
| Q2 25 | 50.1% | 35.3% | ||
| Q1 25 | 49.0% | 35.2% | ||
| Q4 24 | 47.4% | 35.5% | ||
| Q3 24 | 48.0% | 34.0% | ||
| Q2 24 | 47.5% | 34.8% | ||
| Q1 24 | 47.5% | 34.4% |
| Q4 25 | 33.9% | 20.6% | ||
| Q3 25 | 34.4% | 19.3% | ||
| Q2 25 | 33.7% | 18.9% | ||
| Q1 25 | 33.1% | 18.1% | ||
| Q4 24 | 30.5% | 18.0% | ||
| Q3 24 | 30.3% | 16.0% | ||
| Q2 24 | 29.1% | 19.0% | ||
| Q1 24 | 27.9% | 17.4% |
| Q4 25 | 29.8% | 16.1% | ||
| Q3 25 | 29.5% | 14.0% | ||
| Q2 25 | 33.3% | 14.1% | ||
| Q1 25 | 28.2% | 0.3% | ||
| Q4 24 | 27.2% | 13.8% | ||
| Q3 24 | 26.8% | 6.8% | ||
| Q2 24 | 26.4% | 14.4% | ||
| Q1 24 | 25.5% | 13.6% |
| Q4 25 | $1.26 | $2.53 | ||
| Q3 25 | $1.24 | $2.23 | ||
| Q2 25 | $1.34 | $2.14 | ||
| Q1 25 | $1.03 | $0.04 | ||
| Q4 24 | $0.92 | $1.75 | ||
| Q3 24 | $0.86 | $0.96 | ||
| Q2 24 | $7.78 | $1.86 | ||
| Q1 24 | $7.34 | $1.75 |
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 | $1.3B |
| Total DebtLower is stronger | $3.7B | — |
| Stockholders' EquityBook value | $10.1B | $13.0B |
| Total Assets | $21.4B | $25.6B |
| Debt / EquityLower = less leverage | 0.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.2B | $1.3B | ||
| Q3 25 | $6.7B | $1.3B | ||
| Q2 25 | $6.4B | $672.0M | ||
| Q1 25 | $5.5B | $2.6B | ||
| Q4 24 | $5.7B | $1.3B | ||
| Q3 24 | $6.1B | $1.3B | ||
| Q2 24 | $5.8B | $1.5B | ||
| Q1 24 | $5.7B | $1.2B |
| 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 | $13.0B | ||
| Q3 25 | $10.2B | $12.6B | ||
| Q2 25 | $9.9B | $12.4B | ||
| Q1 25 | $9.5B | $12.1B | ||
| Q4 24 | $8.8B | $12.4B | ||
| Q3 24 | $8.5B | $12.4B | ||
| Q2 24 | $8.5B | $12.6B | ||
| Q1 24 | $8.0B | $12.4B |
| Q4 25 | $21.4B | $25.6B | ||
| Q3 25 | $21.9B | $25.1B | ||
| Q2 25 | $21.3B | $24.9B | ||
| Q1 25 | $20.0B | $23.7B | ||
| Q4 24 | $19.8B | $22.4B | ||
| Q3 24 | $19.5B | $22.9B | ||
| Q2 24 | $18.7B | $22.9B | ||
| Q1 24 | $18.3B | $22.8B |
| 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 | $865.0M |
| Free Cash FlowOCF − Capex | $1.2B | $607.0M |
| FCF MarginFCF / Revenue | 22.8% | 13.0% |
| Capex IntensityCapex / Revenue | 4.9% | 5.5% |
| Cash ConversionOCF / Net Profit | 0.93× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | $6.2B | $3.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $865.0M | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $1.3B | $653.0M | ||
| Q4 24 | $741.9M | $878.0M | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | $862.4M | $1.0B | ||
| Q1 24 | $1.4B | $710.0M |
| Q4 25 | $1.2B | $607.0M | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $2.4B | $957.0M | ||
| Q1 25 | $1.0B | $423.0M | ||
| Q4 24 | $553.6M | $673.0M | ||
| Q3 24 | $1.5B | $829.0M | ||
| Q2 24 | $761.7M | $857.0M | ||
| Q1 24 | $1.3B | $543.0M |
| Q4 25 | 22.8% | 13.0% | ||
| Q3 25 | 29.9% | 24.2% | ||
| Q2 25 | 46.1% | 21.1% | ||
| Q1 25 | 21.6% | 10.2% | ||
| Q4 24 | 12.7% | 17.5% | ||
| Q3 24 | 35.0% | 20.4% | ||
| Q2 24 | 19.7% | 21.5% | ||
| Q1 24 | 33.8% | 13.7% |
| Q4 25 | 4.9% | 5.5% | ||
| Q3 25 | 3.5% | 5.7% | ||
| Q2 25 | 3.3% | 5.1% | ||
| Q1 25 | 6.1% | 5.6% | ||
| Q4 24 | 4.3% | 5.3% | ||
| Q3 24 | 2.7% | 5.2% | ||
| Q2 24 | 2.6% | 3.7% | ||
| Q1 24 | 2.7% | 4.2% |
| Q4 25 | 0.93× | 1.15× | ||
| Q3 25 | 1.13× | 2.14× | ||
| Q2 25 | 1.48× | 1.86× | ||
| Q1 25 | 0.98× | 50.23× | ||
| Q4 24 | 0.62× | 1.66× | ||
| Q3 24 | 1.40× | 3.78× | ||
| Q2 24 | 0.85× | 1.76× | ||
| Q1 24 | 1.43× | 1.31× |
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% |
TEL
| Automotive Industry End Market | $1.9B | 40% |
| Digital Data Networks | $707.0M | 15% |
| Automation And Connected Living Industry End Market | $549.0M | 12% |
| Energy Industry End Market | $406.0M | 9% |
| Aerospace Defense And Marine Industry End Market | $381.0M | 8% |
| Commercial Transportation Industry End Market | $370.0M | 8% |
| Sensors Industry End Market | $212.0M | 5% |
| Medical Industry End Market | $159.0M | 3% |
