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The Total Return for Lam Research (NASDAQ:LRCX) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for Lam Research (NASDAQ:LRCX) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
It might be of some concern to shareholders to see the Lam Research Corporation (NASDAQ:LRCX) share price down 16% in the last month. But in stark contrast, the returns over the last half decade have impressed. We think most investors would be happy with the 103% return, over that period. So while it's never fun to see a share price fall, it's important to look at a longer time horizon. Ultimately business performance will determine whether the stock price continues the positive long term trend. While the long term returns are impressive, we do have some sympathy for those who bought more recently, given the 35% drop, in the last year.
Since the long term performance has been good but there's been a recent pullback of 4.2%, let's check if the fundamentals match the share price.
See our latest analysis for Lam Research
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
During five years of share price growth, Lam Research achieved compound earnings per share (EPS) growth of 26% per year. The EPS growth is more impressive than the yearly share price gain of 15% over the same period. Therefore, it seems the market has become relatively pessimistic about the company. This cautious sentiment is reflected in its (fairly low) P/E ratio of 11.01.
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
NasdaqGS:LRCX Earnings Per Share Growth September 30th 2022We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..
What About Dividends?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Lam Research the TSR over the last 5 years was 120%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
A Different Perspective
While the broader market lost about 20% in the twelve months, Lam Research shareholders did even worse, losing 34% (even including dividends). However, it could simply be that the share price has been impacted by broader market jitters. It might be worth keeping an eye on the fundamentals, in case there's a good opportunity. On the bright side, long term shareholders have made money, with a gain of 17% per year over half a decade. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for Lam Research (of which 1 is potentially serious!) you should know about.
Lam Research is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
股东可能会有一些担忧,因为他们看到LAM研究公司纳斯达克(Sequoia Capital:LRCX)股价上个月下跌16%。但与之形成鲜明对比的是,过去五年的回报令人印象深刻。我们认为,大多数投资者会对这段时间103%的回报率感到满意。因此,虽然看到股价下跌从来都不是一件有趣的事情,但重要的是要着眼于更长的时间范围。最终,企业业绩将决定股价是否继续保持积极的长期趋势。虽然长期回报令人印象深刻,但考虑到去年下跌了35%,我们确实对最近买入的人表示了一些同情。
由于长期表现良好,但最近出现了4.2%的回调,让我们看看基本面是否与股价匹配。
查看我们对LAM Research的最新分析
用巴菲特的话说,“船只将在世界各地航行,但平坦的地球协会将蓬勃发展。市场上的价格和价值之间将继续存在巨大的差异……”一种不完美但简单的方法来考虑市场对一家公司的看法是如何改变的,那就是将每股收益(EPS)的变化与股价走势进行比较。
在股价增长的五年中,LAM Research实现了每股收益(EPS)每年26%的复合增长。每股收益的增长比同期15%的年股价涨幅更令人印象深刻。因此,市场似乎对该公司变得相对悲观。这种谨慎情绪反映在其11.01的(相当低的)市盈率上。
该公司的每股收益(在一段时间内)如下图所示(点击查看具体数字)。
纳斯达克:LRCX每股收益增长2022年9月30日我们认为,内部人士在过去一年进行了大量收购,这是积极的。话虽如此,大多数人认为盈利和收入增长趋势是更有意义的业务指南。在买卖股票之前,我们总是建议仔细检查一下历史增长趋势,可在此处找到。
那股息呢?
除了衡量股价回报外,投资者还应考虑总股东回报(TSR)。虽然股价回报只反映股价的变动,但TSR包括股息的价值(假设股息再投资),以及任何折价集资或分拆所带来的利益。因此,对于支付丰厚股息的公司来说,TSR往往比股价回报高得多。我们注意到LAM Research在过去5年的TSR为120%,比上述股价回报率更好。这在很大程度上是其股息支付的结果!
不同的视角
虽然大盘在过去12个月里下跌了约20%,但LAM Research的股东表现更差,损失了34%(甚至包括股息)。然而,这可能只是因为股价受到了更广泛的市场紧张情绪的影响。也许有必要关注基本面,以防出现良机。从好的方面来看,长期股东已经赚到了钱,过去五年的年回报率为17%。最近的抛售可能是一个机会,因此可能值得查看基本面数据,以寻找长期增长趋势的迹象。我发现,把股价作为衡量企业业绩的长期指标是非常有趣的。但为了真正获得洞察力,我们还需要考虑其他信息。比如风险。每家公司都有它们,我们已经发现LAM研究的三个警示信号(其中1人可能是严重的!)你应该知道。
LAM Research并不是业内人士唯一买入的股票。所以让我们来看看这个免费内幕收购的成长型公司名单。
请注意,本文引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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