Aslan Research · Chip equipment
LAM RESEARCH CORP (LRCX)
Data as of 2026-09-03 · 28 quarters · filed in USD
Revenue grew 15% per year while expenses fell 7% per year, a sharp contrast in the operating trend. The $2.4 billion backlog is only 0.1x one year of revenue, so reported demand covers a small share of the current scale.
Earned, collected early, and merely signed
Reports $3.7B of debt; has promised $5.6B
Total committed money reaches 1.5x reported debt because it includes $387 million of leases and $1.5 billion of purchases alongside $3.7 billion of debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $3.5 billion of obligations against $1.4 billion of future revenue promised for that period. That leaves the near-term obligation wall at 2.6x the revenue already scheduled, while another $2.2 billion is undated after year five.
The rates that matter
Expenses as filed vs after cited reconciliation
7 patterns worth a second look
The filings place large operating-lease obligations and residual-value guarantees outside the debt schedule. They also show a credit-facility redefinition from $1.50 billion with a $600 million expansion option to $2.00 billion with a $750 million expansion option. Separately, 14 XBRL facts used inconsistent scales across filings, including diluted-share counts.
off balance sheet · 1
The company reports large operating-lease obligations and residual-value guarantees outside the debt schedule.
one time dressing · 1
Restructuring and business-process expenditures are presented as recurring forward-looking initiatives across filings while restructuring charges are separately disclosed.
redefinition · 1
The revolving credit facility changes from $1.50 billion with a $600 million expansion option to $2.00 billion with a $750 million expansion option.
regulator challenge · 1
A reply to SEC staff was filed on 2021-01-15, answering a staff comment letter dated 2021-01-06; it quotes 0 staff comments.
related party exposure · 1
The filings repeatedly disclose substantial officer and director trading arrangements involving company shares.
subsequent event · 1
The FY2023 filing reports headcount-reduction restructuring activity commencing after the FY2022 period end.
tagging quality · 1
14 XBRL facts were reported at inconsistent scales across filings (e.g. us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding).