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LAM Research vs Veeco Instruments: LRCX and VECO compared
LAM Research is the larger company: $8.2B of revenue in its latest quarter (Q1 FY27) against $209M for Veeco Instruments (Q3 2026). LAM Research is growing faster (+54% against +26% a year earlier). LAM Research is more profitable, with an operating margin of 40.0% against 6.7%.
Where the money goes: LRCX and VECO
LAM Research (LRCX) · Q1 FY27
LAM Research, Q1 FY27: revenue $8.2B (+54% year over year), operating margin 40.0%, net earnings $2.8B, operating cash flow $3.5B. The chart follows the revenue to costs, profit and cash.
Veeco Instruments (VECO) · Q3 2026
Veeco Instruments, Q3 2026: revenue $209M (+26% year over year), operating margin 6.7%, net earnings $13.6M, operating cash flow $57.9M. The chart follows the revenue to costs, profit and cash.
| LAM Research (LRCX) | Veeco Instruments (VECO) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $8.2B | $209M |
| Revenue growth, Y/Y | +54% | +26% |
| Gross margin | 52.3% | 38.4% |
| Operating margin | 40.0% | 6.7% |
| Net earnings | $2.8B | $13.6M |
| Net margin | 33.5% | 6.5% |
| Operating cash flow | $3.5B | $57.9M |
| Free cash flow | $3.2B | $53.6M |
| Market value | $232.6B | $3.5B |
| P/E | 27.6× | 130.7× |
| Analysts’ mean target | $364.03 | $61.33 |
Where the revenue comes from
LAM Research
- Systems revenue: $5.7B (70%)
- Customer support-related revenue and other: $2.5B (30%)
Veeco Instruments
- Semiconductor: $135M (65%)
- Compound Semiconductor: $40.2M (19%)
- Data Storage: $20.0M (10%)
- Scientific & Other: $13.9M (7%)
Questions
Which is bigger, LAM Research or Veeco Instruments?
LAM Research is the larger company: $8.2B of revenue in its latest quarter (Q1 FY27) against $209M for Veeco Instruments (Q3 2026).
Is LAM Research or Veeco Instruments growing faster?
LAM Research is growing faster (+54% against +26% a year earlier).
Which is more profitable, LAM Research or Veeco Instruments?
LAM Research is more profitable, with an operating margin of 40.0% against 6.7%.
More: LAM Research earnings · how LAM Research makes money · Veeco Instruments earnings · how Veeco Instruments makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.