Etch and deposition intensity has driven significant growth, with addressable market per wafer doubling in key transitions like 3D NAND and expected to double again from 5nm to CFET in foundry and logic over the next several years.
R&D investments have shifted the business from a memory-centric profile to a more balanced exposure, with foundry and logic now comprising 59% of equipment sales in 2025.
Advanced packaging and architectural innovations such as gate-all-around and backside power are major growth drivers, contributing to a rising share of overall wafer fab equipment (WFE) spending.
The company expects its share of WFE investment to rise from low 30s% in 2024 to high 30s% in the coming years, aiming to capture half of this expanding market.
Expansion of manufacturing footprint, especially in Asia and Malaysia, supports global customer needs and cost efficiencies.
WFE market is projected to grow from $110 billion in 2023 to $135 billion in 2024, with leading-edge foundry and DRAM as primary contributors.
Gross margin is targeted to reach 50% by 2027-2028, supported by pricing discipline, internal efficiencies, and a close-to-customer manufacturing strategy.
Revenue could potentially double from 2024 to 2027, requiring significant supply chain and internal manufacturing expansion.
Customer Support Business Group (CSBG) is a key annuity-like revenue stream, expected to grow 1.5x by 2028, driven by an expanding installed base and advanced service offerings.
Service revenue per tool is increasing, with a shift toward results-based contracts leveraging equipment intelligence and automation.
Holds dominant market share in critical process steps for advanced packaging (TSV, HBM) and NAND (etch, metallization), with strong positions in DRAM and logic through tools like Akara and dry resist technology.
Advanced packaging business, valued at $1 billion in 2024, is guided for 40%+ growth and is seen as a secular growth driver through 2028.
DRAM SAM is expected to increase 1.7x, with Akara platform and dry resist ramping into production and contributing to market expansion.
NAND upgrade TAM of $40 billion is being realized faster than anticipated due to higher-than-expected bit growth, with future investments expected to supplement capacity.
Installed base has grown to 102,000 chambers, supporting recurring CSBG revenue and long-term profitability.
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Lam Research Corporation is an American company supplying equipment to the semiconductor industry. The company produces wafer-fabrication equipment and services and its products are primarily utilized in the production of front-end wafer processing, crucial steps when creating components in semiconductors. The company supplies other manufacturers worldwide and is headquartered in Fremont, California. Lam Research’s shares are traded on the Nasdaq.
Lam Research Corporation, established in 1980 by David K. Lam initially made a name for itself in the semiconductor industry by developing innovative wafer fabrication equipment. Its inaugural product, the AutoEtch 480, revolutionized the etching process in semiconductor manufacturing and helped Lam Research to get out of the starting blocks quickly.
The company’s growth has been characterized by a strong emphasis on research and development, driving advancements in semiconductor fabrication. Lam Research has consistently expanded its portfolio of products and services, meeting the increasingly complex requirements of chip manufacturing. The evolution of its offerings has reflected the industry’s push towards miniaturization and enhanced performance, and like many other companies in the semiconductor industry, innovation and improvements are constantly happening.
Lam Research's suite of products is integral to the semiconductor manufacturing process. Their etching equipment is designed for detailed patterning on silicon wafers, a critical step in defining the tiny structures of integrated circuits. The company also provides deposition tools, which layer materials onto wafers, an essential phase in building the complex architecture of semiconductors. Additionally, their cleaning systems remove impurities and residues, ensuring the wafers are ready for subsequent processing stages.
Just like companies such as Applied Materials and ASML, Lam Research operates as a key supplier in the semiconductor industry, providing critical manufacturing equipment to chipmakers worldwide. Their tools, specializing in etching, deposition, and cleaning, are essential for the fabrication of integrated circuits. As manufacturers strive to produce increasingly smaller and more complex semiconductors, Lam's equipment plays a vital role in enabling these advancements. The company's client base spans a range of semiconductor producers, from large multinational corporations to specialized players. By supplying these essential tools, Lam Research facilitates the production of advanced electronic components used in a wide array of products, from consumer electronics to industrial applications.
Further reading: Understanding the Semiconductor Value Chain: Key Players & Dynamics
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