Good market positions in etch and deposition within the semiconductor capital equipment industry; Revenue growth exceeding that of overall industry over past several years; and High industry volatility and customer concentration. Net cash position with $3.6 billion cash and investments on hand; Strong free operating cash flow (FOCF) generation of $2.4 billion in fiscal 2018; and Greater shareholder returns post tax reform. S&P Global Ratings' stable outlook on Lam Research Corp. reflects our expectation that the company will maintain its leadership positions in etch, deposition, and clean products within the semiconductor capital equipment industry, and that it will maintain a conservative financial policy despite heightened share repurchases post the tax reform, providing a buffer for potential industry volatility. We would
