{"podcast":{"title":"Charged Alpha Stock Encyclopedia","slug":"charged-alpha-stock-encyclopedia-7819792","podcast_index_feed_id":7819792,"rss_url":"https://feed.podbean.com/chargedalpha/feed.xml","website_url":"https://chargedalpha.podbean.com","image_url":"https://pbcdn1.podbean.com/imglogo/image-logo/22241603/charged_alpha_logo_2048.png","author":"Colton Thomas","episode_count":1630,"summary":"Charged Alpha reviews earnings for each stock in the Russel 1000 every quarter. Each podcast gives thorough analysis, along with an in-depth profile in the beginning of the episode of the company, what they do, how they earn money and what to look for.","last_synced_at":"2026-09-04T06:17:14.359815+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792"},"episode":{"title":"Lam Research (LRCX): Record Quarter, Blowout Guide — So Why Are We Saying AVOID?","slug":"lam-research-lrcx-record-quarter-blowout-guide-so-why-are-we-saying-avoid","published_at":"2026-07-29T23:15:14+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/lam-research-lrcx-record-quarter-blowout-guide-so-why-are-we-saying-avoid","show_page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792","url":"https://chargedalpha.podbean.com/e/lam-research-lrcx-record-quarter-blowout-guide-%e2%80%94-so-why-are-we-saying-avoid/","audio_url":"https://mcdn.podbean.com/mf/web/s0uh207d3ui12dx5/audio_d.mp3","summary":"Lam Research Corporation (LRCX) Q4 FY2026 — Lam Research (LRCX), one of the four indispensable wafer-fab equipment makers alongside ASML, Applied Materials and KLA, reported fiscal Q4 2026 (quarter ended June 28, 2026) after the close on July 29: revenue $6.722B (+30.0% YoY, +15.1% QoQ), GAAP diluted EPS $1.81 and non-GAAP $1.82 (vs $1.68 consensus), GAAP gross margin 51.7% and operating margin 37.4% — records on essentially every line and above the high end of guidance. The real news was the guide: September-quarter revenue of $8.10B +/- $400M against a ~$7.09B consensus, with EPS of $2.15 vs $1.83 expected, gross margin 52.0% and operating margin 39.5% — above the top of Lam's own prior long-term model. FY2026: revenue $23.233B (+26.0%), net income $7.265B (+35.6%), diluted EPS $5.76. Under-covered: CSBG (installed-base spares/service on 100,000+ chambers) grew 42.6% YoY to $2.472B, FASTER than systems (+23.6%), and is now ~37% of revenue; China collapsed from 34% of revenue in March to 26% in June, with China dollars actually DOWN ~12% sequentially while total revenue rose 15% — every dollar of sequential growth came from outside China (Taiwan is now #1 at 27%); and FY26 free cash flow FELL 9.7% to $4.891B even as net income rose 36%, as receivables jumped 58% YoY and DSO stretched from 59 to 72 days, dropping cash conversion from 101% to 67%. Credit where due: Lam does NOT add back stock compensation — non-GAAP EPS $1.82 vs GAAP $1.81, a one-cent gap — and management cut buybacks to $247M in the June quarter (from $1.16B at ~$211/sh in March) while the stock made all-time highs above $430. Our normalized owner-earnings DCF on $9.3B of mid-cycle owner earnings (mid-cycle revenue $30B at a 37% operating margin, 9% discount, 3.75% terminal) lands fair value at $184 vs…","meta_description":"Lam Research Corporation (LRCX) Q4 FY2026 — Lam Research (LRCX), one of the four indispensable wafer-fab equipment makers alongside ASML, Applied Material…","key_points":[],"chapters":[],"topics":[],"duration_seconds":897,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/lam-research-lrcx-record-quarter-blowout-guide-so-why-are-we-saying-avoid/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/lam-research-lrcx-record-quarter-blowout-guide-so-why-are-we-saying-avoid.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}