LRCX · CIK 707549
What Lam Research Corporation told the SEC could break it.
Lam Research's risks cluster on Asian concentration and the trade policy bearing on it. About 93% of fiscal 2025 revenue came from outside the U.S., with China alone roughly 34% (down from 42%) — a market squeezed by U.S. export controls that, including entity listings of several Lam customers, restrict sales of its equipment and spare parts and could broaden further. Its customer base is concentrated too: two customers were about 17% and 15% of total revenue, a persistent pattern. On the supply side, certain components and sub-assemblies are available only from a single supplier or limited group, some with long lead-times and sourced from countries other than where Lam manufactures, so a prolonged shortage could impair operations.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- two unnamed customers = 17% and 15% of total revenue (FY2025)high
In fiscal 2025 two customers accounted for ~17% and ~15% of Lam Research's total revenues respectively (both individually above 10%); customer concentration has been persistent (one 17% in FY2024; 22%/16% in FY2023).
“In fiscal year 2025, two customers accounted for approximately 17 % and 15 % of total revenues, respectively. In fiscal year 2024, one customer accounted for approximately 17 % of total revenues. In fiscal year 2023, two customers accounted for approximately 22 % and 16 % of total revenues, respectively.”
SEC filing →As of 2025
Regulatory & policy
- China ~34% of revenue exposed to U.S. export controls/entity listingshigh
Revenue in China represented ~34% of Lam's total revenue in FY2025 (42% FY2024), while U.S. export controls — including entity listings of multiple Lam customers — restrict sales of equipment and spare parts to Chinese customers and could broaden.
“Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 34%, 42%, and 26% of our total revenue for fiscal years 2025, 2024, and 2023”
Geographic concentration
- non-U.S. sales ~93% of total revenuemedium
Non-U.S. sales accounted for approximately 93% of Lam Research's total revenue in fiscal 2025 (93% FY2024, 91% FY2023), concentrating revenue in Asian semiconductor-manufacturing geographies subject to trade and geopolitical risk.
“Non-U.S. sales, as reflected in Part II Item 7. Results of Operations of this 2025 Form 10-K, accounted for approximately 93%, 93%, and 91% of total revenue in fiscal years 2025, 2024, and 2023, respectively.”
SEC filing →As of 2025
Supplier concentration
- single-supplier/limited-source components and sub-assemblies with long lead-timesmedium
Certain components and sub-assemblies in Lam's products may only be obtained from a single supplier or limited group, some with long lead-times and some sourced from countries other than where Lam manufactures; a prolonged inability to obtain them could impair operations and revenue.
“Some key parts are subject to long lead-times or available only from a single supplier or limited group of suppliers, and some sourcing or subassembly is provided by suppliers located in countries other than the countries where we conduct our manufacturing.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“For 2024, two customers with individual sales over 10%, Lam Research and Applied Materials, accounted for a combined 73% of total sales.”
Cited →“For 2025, two customers with individual sales over 10%, Lam Research and Applied Materials, accounted for a combined 76% of total sales.”
Cited →“Our two largest revenue customers in fiscal years 2025, 2024 and 2023 were Applied Materials, Inc. and Lam Research Corporation, each of which accounted for more than 10% of our total reve”
Cited →
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