Lam Research (LRCX) stock trades at $289.24 per share, a market cap of $361.5B, and 53.9x trailing PE. That is a premium. The question is not whether the stock is “cheap” or “expensive” in the abstract – it is what the market is implicitly assuming about the business to justify paying this price.

Where LRCX Stands Today

• Valuation: P/E of 53.9 versus a 3-year average of 26.6 and a 3-year high of 53.9.
• Revenue: Revenue grew 26.5% over the last 12 months, with a 3-year CAGR of 7.5%.
• Net Margin: Running at 30.9% LTM, against a 3-year average of 27.0% and a 3-year peak of 30.9%.

The table below summarizes the same picture, but it helps to have a LRCX’s deeper understanding of full financial trajectory.