Lam Research (LRCX) Stock on November 30, 2025: Fresh Valuation Calls, AI Tailwinds and Ownership Shifts After a 100%+ Rally

November 30, 2025

Lam Research Corporation (NASDAQ: LRCX) heads into the final month of 2025 as one of the standout winners of the semiconductor equipment space. After a year in which the stock has roughly doubled, investors are now weighing whether today’s price near $156 still offers upside or mostly reflects good news already in the rear‑view mirror. ^[1]

New analysis published today, along with recent earnings, dividend moves, and ownership trends, is helping to shape the latest narrative around Lam Research stock. ^[2]

Where Lam Research Stock Stands on 30 November 2025

U.S. markets are closed this weekend, so the latest official close for Lam Research is Friday, November 28, 2025. The company’s own investor site shows a closing price of $156.00 on that date, on volume of about 4.9 million shares. ^[3]

That figure lines up with third‑party data sources quoting Lam Research at around $156 per share today. ^[4] With that price:

Lam’s market capitalization is roughly $162 billion.
The stock trades at a trailing P/E of about 28 based on GAAP earnings.
From October 2014 through November 30, 2025, the stock has returned more than 2,100%, putting it among the top‑performing large U.S. equities over the period. ^[5]

More importantly for short‑term traders, Lam has delivered a triple‑digit gain in 2025 alone. A recent Nasdaq/Zacks analysis pegged the year‑to‑date rise at about 109%, far ahead of both the broader market and most semiconductor peers. ^[6]

After that kind of rally, the key question is obvious: is Lam Research still reasonably valued, or is the stock priced for perfection?

Fresh November 30 Analysis: Valuation and a New Oregon R&D Facility

The main new Lam Research stock commentary dated November 30, 2025 comes from Simply Wall St, which focuses squarely on valuation and long‑term growth drivers. ^[7]

That analysis highlights two important points:

New Oregon R&D investment
Lam has opened a $65 million research and development facility in Oregon, reinforcing its commitment to long‑term demand for advanced chip manufacturing tools. The expansion comes as the company leans into opportunities tied to AI, high‑bandwidth memory, and leading‑edge process nodes. ^[8]
“About fair value” — depending on the model
- A consensus‑style “popular narrative” model on Simply Wall St puts Lam’s fair value around $158.52, essentially in line with the recent close, suggesting the stock is roughly fairly valued at current levels. ^[9]
- However, the platform’s own discounted cash‑flow (DCF) model flags the stock as trading above its intrinsic value, implying that an aggressive growth path is already baked into the price. ^[10]

In short: today’s fresh valuation coverage frames Lam Research as a company with strong fundamentals and new capacity investment, but also a stock that may not be “cheap” after its 2025 run.

Earnings and Guidance: AI Cycle Still Doing the Heavy Lifting

Lam’s current story starts with the quarter ended September 28, 2025, which is the company’s first quarter of fiscal 2026.

According to Lam’s official earnings release: ^[11]

Revenue was $5.32 billion, up about 3% quarter‑over‑quarter and roughly 28% year‑over‑year.
GAAP gross margin came in at 50.4%, with operating margin of 34.4%.
GAAP diluted EPS was $1.24.
On a non‑GAAP basis, EPS was $1.26, with non‑GAAP operating margin at 35.0%.

MarketBeat’s summary of the same quarter notes that Lam modestly beat consensus estimates, with EPS topping expectations by a few cents and revenue exceeding analyst forecasts, while revenue grew about 27.7% year over year. ^[12]

Zacks (via Nasdaq) similarly emphasizes that Lam’s latest quarter delivered: ^[13]

Revenue up 28% year over year to $5.32 billion.
Non‑GAAP EPS up mid‑40% year over year.
A non‑GAAP operating margin around 35%, showing strong operating leverage.

In the company’s own words, CEO Tim Archer framed the environment this way:

“Lam’s innovations are helping our customers address major AI‑driven semiconductor manufacturing inflections,”

adding that the firm sees “tremendous opportunity” ahead as it expands its product portfolio across critical device segments. ^[14]

For the current quarter ending December 28, 2025, Lam has guided to: ^[15]

Revenue around $5.2 billion, plus or minus $300 million.
GAAP and non‑GAAP gross margins in the high‑40% range.
GAAP and non‑GAAP EPS guidance centered around $1.15, plus or minus $0.10.

Those numbers point to a business that is still growing, but at a more measured pace than the first leg of the AI spending surge.

Street View: Still Generally Bullish After the Big Move

Despite the huge price appreciation this year, Wall Street sentiment remains broadly positive, though no longer unanimously euphoric.

The recent MarketBeat institutional‑activity report on Lam Research highlights that: ^[16]

The stock currently carries an average rating of “Moderate Buy.”
Roughly two‑thirds of covering analysts rate Lam a Buy, with the remainder on Hold.
The consensus target price sits around $152, slightly below the current price, reflecting the fact that the stock has run ahead of some earlier targets.

Several major banks — including Mizuho, Deutsche Bank, Stifel Nicolaus and TD Cowen — have raised their price targets into the $160–$170 range in recent weeks while maintaining Buy or Outperform ratings, citing Lam’s position in AI‑driven wafer fab equipment (WFE) demand. ^[17]

Zacks currently assigns Lam Research a Rank #2 (Buy) and argues that strong financial performance, AI‑linked growth and a still‑reasonable valuation (by their metrics) make LRCX an attractive pick even after its rally. ^[18]

The nuance: while many analysts remain bullish on the long‑term story, some models now describe the stock as near fair value rather than deeply undervalued, a shift that matters for risk‑reward calculations. ^[19]

Ownership Trends: Hedge Funds Add, Insiders Take Profits

Under the surface, 2025 has brought an interesting split between institutional investors and company insiders.

Institutional buying

A Nasdaq‑hosted Motley Fool piece details how Burney Co. increased its Lam position by 51,967 shares in Q3 2025 — an estimated $5.5 million purchase — taking its stake to 376,281 shares valued at just over $50 million as of September 30. ^[20]
A separate MarketBeat report, published November 29 but appearing in feeds today, shows West Family Investments Inc. boosting its Lam stake by 63.7% in Q2, to 8,791 shares worth about $856,000. ^[21]

Together, those filings fit a broader pattern: hedge funds and asset managers have been raising exposure to Lam as the AI equipment cycle gathers momentum.

Insider selling

At the same time, insiders have been net sellers: ^[22]

Lam’s CFO Douglas R. Bettinger sold just over 40,000 shares in mid‑November in a transaction worth more than $6 million.
Director Bethany Mayer sold around 1,300 shares earlier in the month.
Over the past three months, insiders have unloaded roughly 102,000 shares valued at about $15 million, and insiders now hold approximately 0.3% of the company’s stock.

Insider selling after a triple‑digit rally is not surprising — it often reflects diversification or pre‑planned trading programs — but it does stand in contrast to the buying from institutional investors.

Dividend Growth, Balance Sheet Strength and Long‑Term Returns

Lam Research has increasingly leaned on shareholder returns as a selling point.

On August 28, 2025, the company announced a 13% increase in its quarterly dividend, from $0.23 to $0.26 per share. ^[23]
The latest earnings release confirms the new $0.26 dividend, which translates to $1.04 annually. ^[24]

At the current share price near $156, that implies a yield of roughly 0.7% — modest, but supported by: ^[25]

A dividend payout ratio in the low‑20% range on GAAP earnings.
A balance sheet with about $6.7 billion in cash and equivalents as of the September quarter, up from $6.4 billion three months earlier. ^[26]

The company continues to generate strong free cash flow and has a history of combining dividends with share repurchases, giving investors a tangible way to participate in Lam’s growth beyond pure price appreciation.

Key Risks and the Bear Case Emerging in November

Not every recent headline around Lam Research has been bullish.

A mid‑November Trefis analysis framed the stock’s sharp one‑day drop of around 5% in the context of an analyst downgrade tied to concerns about slowing growth in China and in NAND memory markets — two areas where Lam has significant exposure. ^[27]

Lam itself, in its official filings and press releases, reiterates a long list of risk factors, including: ^[28]

Export controls and trade tensions, particularly those affecting advanced chip equipment sales to China.
Cyclical spending by chipmakers, which can lead to abrupt swings in wafer fab equipment demand.
Geopolitical and macroeconomic uncertainty, from tariffs and regulatory changes to broader economic slowdowns.

Additionally, some valuation‑focused models now suggest Lam is trading above DCF‑based intrinsic value, raising the possibility that even solid execution might not translate into outsized returns if expectations stay high. ^[29]

In other words, the key bear argument is not that Lam’s business is weak — far from it — but that the stock price may already assume a very favorable AI and capex cycle through the next several years.

What Could Move LRCX Next?

There are several near‑term catalysts investors are watching:

Conferences and investor events: Lam is scheduled to appear at the UBS Global Technology and AI Conference on December 2, 2025, where any commentary on WFE spending, AI demand or China trends could move the stock. ^[30]
Execution vs. guidance: The next earnings report for the December 2025 quarter, guided to around $5.2 billion in revenue, will be a key test of whether current AI and memory spending holds up into 2026. ^[31]
Macro and policy headlines: Changes in U.S. export control rules, new CHIPS‑related subsidies, or shifts in global fab‑build plans could rapidly alter Lam’s addressable market — in either direction. ^[32]

Bottom Line: Lam Research Stock on November 30, 2025

As of November 30, 2025, Lam Research sits at an interesting crossroads:

Fundamentals are strong: double‑digit revenue and EPS growth, high‑30s operating margins, and growing AI‑linked demand for its etch and deposition tools. ^[33]
The balance sheet and dividend are solid, with rising cash balances and a recently increased dividend that still leaves plenty of flexibility for investment and buybacks. ^[34]
The stock price, however, already reflects a lot of optimism, trading near or slightly above various fair‑value estimates after a year of 100%+ gains. ^[35]
Ownership trends show institutions adding to positions while insiders lock in profits — a classic late‑rally pattern. ^[36]

For investors following Lam Research today, the November 30 news flow reinforces a simple message: this is a high‑quality, strategically vital company at the heart of the AI chip boom — but also a stock where future returns will increasingly depend on whether reality can keep outrunning already‑lofty expectations.

Lam Research: Driving Semiconductor Industry Growth with AI