Lam Research Corp (LRCX)

Return on assets (ROA)

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Net income (ttm)	US$ in thousands	5,358,220	4,658,410	4,293,566	4,056,812	3,827,770	3,610,027	3,458,209	3,972,453	4,510,935	4,917,328	5,125,100	4,851,420	4,605,280	4,541,010	4,590,350	4,264,749	3,908,460	3,460,473	2,964,134	2,609,415
Total assets	US$ in thousands	21,345,300	19,968,300	19,839,900	19,532,500	18,744,700	18,279,600	18,783,900	18,538,500	18,781,600	19,243,400	19,206,400	18,721,300	17,195,600	16,589,000	16,685,400	15,565,600	15,892,200	15,284,900	15,370,400	15,057,000
ROA		25.10%	23.33%	21.64%	20.77%	20.42%	19.75%	18.41%	21.43%	24.02%	25.55%	26.68%	25.91%	26.78%	27.37%	27.51%	27.40%	24.59%	22.64%	19.28%	17.33%

June 30, 2025 calculation

ROA = Net income (ttm) ÷ Total assets
= $5,358,220K ÷ $21,345,300K
= 25.10%

The analysis of Lam Research Corp’s return on assets (ROA) over the specified period indicates a trajectory characterized initially by substantial growth followed by gradual decline and subsequent stabilization. In the fiscal quarter ended September 30, 2020, the ROA stood at 17.33%. It demonstrated a steady upward trend through the remainder of 2020 and into early 2021, culminating in a peak of approximately 27.51% during the quarter ending December 31, 2021. This period of elevated ROA suggests highly efficient asset utilization and strong profitability margins during that time frame.

From early 2022 onward, there was a discernible decline in ROA, descending from approximately 27.37% in March 2022 to around 21.43% as of September 2023. This decline may reflect increased asset base, changes in operational efficiency, market dynamics, or investment strategies impacting profitability relative to assets. Despite this downward trend, the ROA remained above 20% throughout this period, indicating that asset utilization continued to generate a relatively high level of earnings.

In the most recent data, the ROA exhibits signs of stabilization and slight recovery. For the quarter ending December 31, 2023, the ROA registered at 18.41%, and it increased further to 19.75% in March 2024, and then to approximately 20.77% by September 2024. Thereafter, the figures suggest a modest upward trend, with projections reaching approximately 25.10% in June 2025. These movements imply a renewed improvement in asset efficiency and profitability relative to assets employed.

Overall, the ROA pattern reflects an initial phase of vigorous profitability, peaking around late 2021, followed by a period of decline and subsequent stabilization. The data indicates the company’s capability to sustain a high level of asset productivity over an extended period, with recent trends pointing toward a potential recovery in asset utilization efficiency.