vs
Side-by-side financial comparison of Lam Research (LRCX) and Vistra Corp. (VST). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.8B vs $4.8B, roughly 1.2× Vistra Corp.). Lam Research runs the higher net margin — 31.2% vs 4.8%, a 26.4% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 23.8%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 22.8%).
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).
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
LRCX vs VST — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.8B | $4.8B |
| Net Profit | $1.8B | $233.0M |
| Gross Margin | 49.8% | — |
| Operating Margin | 35.0% | 9.9% |
| Net Margin | 31.2% | 4.8% |
| Revenue YoY | 23.8% | 31.2% |
| Net Profit YoY | 37.2% | -47.2% |
| EPS (diluted) | $1.45 | $0.55 |
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.
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.3B | $4.8B | ||
| Q3 25 | $5.3B | $4.8B | ||
| Q2 25 | $5.2B | $3.8B | ||
| Q1 25 | $4.7B | $4.3B | ||
| Q4 24 | $4.4B | $3.7B | ||
| Q3 24 | $4.2B | $4.3B | ||
| Q2 24 | $3.9B | $3.6B |
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.6B | $233.0M | ||
| Q3 25 | $1.6B | $652.0M | ||
| Q2 25 | $1.7B | $327.0M | ||
| Q1 25 | $1.3B | $-268.0M | ||
| Q4 24 | $1.2B | $441.0M | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $1.0B | $365.0M |
| Q1 26 | 49.8% | — | ||
| 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 26 | 35.0% | — | ||
| Q4 25 | 33.9% | 9.9% | ||
| Q3 25 | 34.4% | 21.7% | ||
| Q2 25 | 33.7% | 13.7% | ||
| Q1 25 | 33.1% | -2.8% | ||
| Q4 24 | 30.5% | 16.4% | ||
| Q3 24 | 30.3% | 59.6% | ||
| Q2 24 | 29.1% | 22.5% |
| Q1 26 | 31.2% | — | ||
| Q4 25 | 29.8% | 4.8% | ||
| Q3 25 | 29.5% | 13.6% | ||
| Q2 25 | 33.3% | 8.7% | ||
| Q1 25 | 28.2% | -6.3% | ||
| Q4 24 | 27.2% | 12.0% | ||
| Q3 24 | 26.8% | 43.5% | ||
| Q2 24 | 26.4% | 10.1% |
| Q1 26 | $1.45 | — | ||
| Q4 25 | $1.26 | $0.55 | ||
| Q3 25 | $1.24 | $1.75 | ||
| Q2 25 | $1.34 | $0.81 | ||
| Q1 25 | $1.03 | $-0.93 | ||
| Q4 24 | $0.92 | $1.09 | ||
| Q3 24 | $0.86 | $5.25 | ||
| Q2 24 | $7.78 | $0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.8B | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | — | $5.1B |
| Total Assets | $20.8B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $4.8B | — | ||
| Q4 25 | $6.2B | $785.0M | ||
| Q3 25 | $6.7B | $602.0M | ||
| Q2 25 | $6.4B | $458.0M | ||
| Q1 25 | $5.5B | $561.0M | ||
| Q4 24 | $5.7B | $1.2B | ||
| Q3 24 | $6.1B | $905.0M | ||
| Q2 24 | $5.8B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $3.7B | $15.8B | ||
| Q3 25 | $3.7B | $15.8B | ||
| Q2 25 | $3.7B | $15.5B | ||
| Q1 25 | $3.7B | $15.4B | ||
| Q4 24 | $4.5B | $15.4B | ||
| Q3 24 | $4.5B | $13.9B | ||
| Q2 24 | $4.5B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | $10.1B | $5.1B | ||
| Q3 25 | $10.2B | $5.2B | ||
| Q2 25 | $9.9B | $4.8B | ||
| Q1 25 | $9.5B | $4.8B | ||
| Q4 24 | $8.8B | $5.6B | ||
| Q3 24 | $8.5B | $5.4B | ||
| Q2 24 | $8.5B | $5.6B |
| Q1 26 | $20.8B | — | ||
| Q4 25 | $21.4B | $41.5B | ||
| Q3 25 | $21.9B | $38.0B | ||
| Q2 25 | $21.3B | $38.1B | ||
| Q1 25 | $20.0B | $38.2B | ||
| Q4 24 | $19.8B | $37.8B | ||
| Q3 24 | $19.5B | $37.9B | ||
| Q2 24 | $18.7B | $39.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | 3.11× | ||
| Q3 25 | 0.37× | 3.02× | ||
| Q2 25 | 0.38× | 3.22× | ||
| Q1 25 | 0.39× | 3.20× | ||
| Q4 24 | 0.51× | 2.77× | ||
| Q3 24 | 0.53× | 2.56× | ||
| Q2 24 | 0.52× | 2.49× |
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 | $1.1B | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | 5.7% | 17.4% |
| Cash ConversionOCF / Net Profit | 0.63× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $2.6B | $572.0M | ||
| Q1 25 | $1.3B | $599.0M | ||
| Q4 24 | $741.9M | $1.4B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $862.4M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $596.0M | ||
| Q3 25 | $1.6B | $1.0B | ||
| Q2 25 | $2.4B | $-118.0M | ||
| Q1 25 | $1.0B | $-169.0M | ||
| Q4 24 | $553.6M | $923.0M | ||
| Q3 24 | $1.5B | $1.0B | ||
| Q2 24 | $761.7M | $698.0M |
| Q1 26 | — | — | ||
| Q4 25 | 22.8% | 12.4% | ||
| Q3 25 | 29.9% | 21.1% | ||
| Q2 25 | 46.1% | -3.1% | ||
| Q1 25 | 21.6% | -4.0% | ||
| Q4 24 | 12.7% | 25.2% | ||
| Q3 24 | 35.0% | 23.4% | ||
| Q2 24 | 19.7% | 19.4% |
| Q1 26 | 5.7% | — | ||
| Q4 25 | 4.9% | 17.4% | ||
| Q3 25 | 3.5% | 9.6% | ||
| Q2 25 | 3.3% | 18.4% | ||
| Q1 25 | 6.1% | 18.1% | ||
| Q4 24 | 4.3% | 11.7% | ||
| Q3 24 | 2.7% | 15.8% | ||
| Q2 24 | 2.6% | 13.8% |
| Q1 26 | 0.63× | — | ||
| Q4 25 | 0.93× | 6.15× | ||
| Q3 25 | 1.13× | 2.25× | ||
| Q2 25 | 1.48× | 1.75× | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 0.62× | 3.07× | ||
| Q3 24 | 1.40× | 0.90× | ||
| Q2 24 | 0.85× | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LRCX
Segment breakdown not available.
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
