LRCX vs. ON: Lam Research vs. ON Semiconductor Stock Comparison

November 11, 2026

How do Lam Research (LRCX) and ON Semiconductor (ON) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Lam Research (LRCX) and ON Semiconductor (ON) both belong to the Semiconductors & Semiconductor Equipment industry, though LRCX is classified under Semiconductor Materials & Equipment while ON falls under Semiconductors.

Company profile comparison for Lam Research (LRCX) and ON Semiconductor (ON)
Profile Item	LRCX	ON
Name	Lam Research Corp.	ON Semiconductor Corporation
Country/Region	United States	United States
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Industry	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Sub-Industry	Semiconductor Materials & Equipment	Semiconductors
Market Capitalization	250.84 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	May 4, 1984	May 2, 2000
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LRCX

GSPC

Lam Research (LRCX) vs. ON Semiconductor (ON), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Lam Research (LRCX) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Lam Research (LRCX) and ON Semiconductor (ON). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
Total Return (1Y)	36.98%	43.93%
Total Return (3Y, Annualized)	50.75%	2.27%
Total Return (5Y, Annualized)	29.74%	3.42%

Risk Profile

Drawdown History

LRCX

GSPC

Lam Research (LRCX) vs. ON Semiconductor (ON), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Lam Research (LRCX) and ON Semiconductor (ON). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
Volatility (1Y, Annualized)	68.85%	64.26%
Beta (5Y)	2.02	2.14
Max Drawdown (5Y)	-57.22%	-70.44%
Avg. Volume (3M)	9.82M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

LRCX and ON are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
Sharpe Ratio (1Y)	0.47	0.62
Sortino Ratio (1Y)	0.69	0.88

Profitability

ROE (TTM)

Lam Research (LRCX) at 70.12% clears its industry range for ROE, a sharper capital-efficiency signal than ON Semiconductor (ON) at 8.91%, which is closer to a typical peer reading.

LRCX

Semiconductors & Semiconductor Equipment industry group

70.12%

LRCX: 70.12%
Max: 52.82%
Q3: 22.26%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

ON

Semiconductors & Semiconductor Equipment industry group

8.91%

Max: 52.82%
Q3: 22.26%
Median: 10.58%
ON: 8.91%
Q1: 1.29%
Min: -16.89%

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their ROE against the Semiconductors & Semiconductor Equipment industry group benchmark.

Net Margin (TTM)

Lam Research (LRCX) at 32.34% retains a top-quartile share of revenue as profit, ahead of ON Semiconductor (ON) at 10.82%, which keeps about the industry-typical share.

LRCX

Semiconductors & Semiconductor Equipment industry group

32.34%

Max: 63.80%
LRCX: 32.34%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

ON

Semiconductors & Semiconductor Equipment industry group

10.82%

Max: 63.80%
Q3: 28.36%
Median: 11.44%
ON: 10.82%
Q1: 0.90%
Min: -37.77%

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their net margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Operating Margin (TTM)

Lam Research (LRCX) at 39.95% operates in the top operating margin quartile, ahead of ON Semiconductor (ON) at 22.23%, which runs around its industry’s norm.

LRCX

Semiconductors & Semiconductor Equipment industry group

39.95%

Max: 58.66%
LRCX: 39.95%
Q3: 30.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

ON

Semiconductors & Semiconductor Equipment industry group

22.23%

Max: 58.66%
Q3: 30.23%
ON: 22.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their operating margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Profitability Metrics

Profitability metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
ROE (TTM)	70.12%	8.91%
ROA (TTM)	25.01%	6.03%
Net Margin (TTM)	32.34%	10.82%
Operating Margin (TTM)	39.95%	22.23%
Gross Margin (TTM)	51.05%	39.90%

Growth

Revenue Growth

Lam Research (LRCX) at 26.02% sits in the top revenue growth quartile, while ON Semiconductor (ON) at -15.35% is in the bottom quartile, showing a clear gap in revenue momentum.

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their Revenue Growth across different time periods.

EPS Growth

Lam Research (LRCX) at 38.80% is around its peer norm for EPS growth, while ON Semiconductor (ON) at -92.01% drops into the bottom quartile, signaling weaker earnings momentum.

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
Revenue Growth (YoY)	26.02%	-15.35%
Revenue Growth (3Y CAGR)	10.06%	-10.37%
EPS Growth (YoY)	38.80%	-92.01%
EPS Growth (3Y CAGR)	20.15%	-59.10%

Financial Strength

Current Ratio (MRQ)

Both Lam Research (LRCX) at 2.48 and ON Semiconductor (ON) at 3.55 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

LRCX

Semiconductors & Semiconductor Equipment industry group

2.48

Max: 10.33
Q3: 5.62
Median: 3.33
LRCX: 2.48
Q1: 2.35
Min: 1.03

ON

Semiconductors & Semiconductor Equipment industry group

3.55

Max: 10.33
Q3: 5.62
ON: 3.55
Median: 3.33
Q1: 2.35
Min: 1.03

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their current ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Debt / Equity (MRQ)

Both Lam Research (LRCX) at 0.27 and ON Semiconductor (ON) at 0.62 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

LRCX

Semiconductors & Semiconductor Equipment industry group

0.27

Max: 1.46
Q3: 0.65
LRCX: 0.27
Median: 0.27
Q1: 0.04
Min: 0.00

ON

Semiconductors & Semiconductor Equipment industry group

0.62

Max: 1.46
Q3: 0.65
ON: 0.62
Median: 0.27
Q1: 0.04
Min: 0.00

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their debt-to-equity ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
Current Ratio (MRQ)	2.48	3.55
Debt / Equity (MRQ)	0.27	0.62
Net Debt / EBITDA	-0.37	0.18

Dividends

Dividend Yield (TTM)

ON Semiconductor (ON) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Lam Research (LRCX) reports a yield of 0.60%, ranking against industry peers normally.

LRCX

Semiconductors & Semiconductor Equipment industry group

0.60%

Max: 1.37%
Q3: 0.65%
LRCX: 0.60%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
ON: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their dividend yield against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Payout Ratio (TTM)

ON Semiconductor (ON) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Lam Research (LRCX) reports a payout of 16.54%, ranking against industry peers normally.

LRCX

Semiconductors & Semiconductor Equipment industry group

16.54%

Max: 49.64%
Q3: 21.71%
LRCX: 16.54%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 49.64%
Q3: 21.71%
ON: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their payout ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Metrics

Dividend metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
Dividend Yield (TTM)	0.60%	0.00%
Dividend Payout Ratio (TTM)	16.54%	0.00%

Valuation

P/E Ratio (TTM)

Both Lam Research (LRCX) at 29.87 and ON Semiconductor (ON) at 37.02 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

LRCX

Semiconductors & Semiconductor Equipment industry group

29.87

Max: 110.34
Q3: 66.81
Median: 37.02
LRCX: 29.87
Q1: 23.96
Min: 8.12

ON

Semiconductors & Semiconductor Equipment industry group

37.02

Max: 110.34
Q3: 66.81
ON: 37.02
Median: 37.02
Q1: 23.96
Min: 8.12

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their P/E ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Lam Research (LRCX) at 9.60 and ON Semiconductor (ON) at 3.87 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

LRCX

Semiconductors & Semiconductor Equipment industry group

9.60

Max: 21.42
Q3: 12.27
LRCX: 9.60
Median: 5.76
Q1: 2.73
Min: 0.00

ON

Semiconductors & Semiconductor Equipment industry group

3.87

Max: 21.42
Q3: 12.27
Median: 5.76
ON: 3.87
Q1: 2.73
Min: 0.00

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their P/S ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/B Ratio (MRQ)

ON Semiconductor (ON) at 3.26 sits near its industry’s typical P/B ratio, while Lam Research (LRCX) at 18.00 prices above its benchmark range — LRCX looks rich relative to book.

LRCX

Semiconductors & Semiconductor Equipment industry group

18.00

LRCX: 18.00
Max: 14.06
Q3: 7.44
Median: 4.29
Q1: 2.30
Min: 0.20

ON

Semiconductors & Semiconductor Equipment industry group

3.26

Max: 14.06
Q3: 7.44
Median: 4.29
ON: 3.26
Q1: 2.30
Min: 0.20

Lam Research (LRCX) vs. ON Semiconductor (ON): A comparison of their P/B ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Valuation Metrics

Valuation metrics for Lam Research (LRCX) and ON Semiconductor (ON)
Metric	LRCX	ON
P/E Ratio (TTM)	29.87	37.02
P/S Ratio (TTM)	9.60	3.87
P/B Ratio (MRQ)	18.00	3.26
Free Cash Flow Yield (TTM)	1.81%	6.55%