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Micron Technology, Inc.

MU Technology Semiconductors

Micron Technology, Inc.’s revenue for fiscal 2026 (year ended August 2026) was $133.2 billion, up 256.3% from fiscal 2025.

Revenue
+379.3%
EPS
+1,066.4%
Free cash flow
+45,543.1%
Total debt
−64.5%

Quarter to August 2026, against a year earlier

694.99 100.24 −12.61%
Market cap
$899.7B
P/E
10.5×
Fwd P/E
5.1×
Dividend yield
0.07%
F-score
8/9
Altman Z
14.96
Beneish M
0.34
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • CMBU
  • CDBU
  • MCBU
  • AEBU
  • All other

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 7.82
Sold, $m 246.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — 1 — — — — — — — — — —
Sell 2 3 1 — 4 5 4 4 2 — 3 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 899,740.00
Revenue ttm 133,188.00
Net income ttm 84,969.00
Free cash flow ttm 58,963.00
Net debt Q (38,255.00)
Valuation
P/E 10.54
Forward P/E 5.11
Price / sales 6.72
Forward P/S Powerpack
Price / FCF 15.17
Price / book 6.47 (above 6: high)
Financial health
Current ratio Q 3.31 (at or above 1.5: strong)
Debt / equity Q 0.04 (at or below 0.5: strong)
Interest coverage Q 504.22
Growth
Revenue growth Q +379.27% (above 0%: growing)
Operating income growth Q +1,097.35% (above 0%: growing)
EPS, this year +132.54% (at or above 15%: strong)
EPS, next year A +20.22% (at or above 15%: strong)
Revenue, next year A +106.85% (at or above 10%: strong)
EPS, past 5 yrs +70.62% (at or above 15%: strong)
EPS, next 5 yrs A +42.36% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.4×, against a ten-year median of 2.7×; over the ten years it ranged from 1.0× in 2016 to 18.7× in 2026.
P/E against its own 10 years 37.39%
10-year low 10-year high
P/S against its own 10 years 88.81%
10-year low 10-year high
P/B against its own 10 years 93.18%
10-year low 10-year high
EV/Sales against its own 10 years 87.97%
10-year low 10-year high
EV/FCF against its own 10 years 35.07%
10-year low 10-year high

Dividends

Yield
0.07%
Annual rate
0.57
Payout ratio
0.76%
Growth, 2021–25
+23.1%/yr
  1. 0.20 ’21
  2. 0.45 ’22 +123
  3. 0.46 ’23 +3
  4. 0.46 ’24 +0
  5. 0.46 ’25 +0
  6. 0.53 ’26e +16
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 9,594 8,106 10,307 43,434
Receivables 2,443 6,615 9,265 36,197
Inventory 8,387 8,875 8,355 10,372
Other 820 776 914 1,067
21,244 24,372 28,841 91,070
2023 2024 2025 2026
Payables 3,958 7,299 9,649 22,605
ST’ Debt 278 431 560 491
Other 529 1,518 1,245 4,386
4,765 9,248 11,454 27,482

Compound Annual Growth %

10y 5y 3y
Sales 26.80% 36.89% 104.65%
Cash Flow 39.70% 48.38% 286.02%
Earnings 0.00% 70.71% 0.00%
Book Value 26.75% 25.79% 46.38%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 31.61 Actual 33.42

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 3.91 4.78 Beat by 0.87
Q2 FY26 8.80 12.20 Beat by 3.40
Q3 FY26 21.39 25.11 Beat by 3.72
Q4 FY26 31.61 33.42 Beat by 1.81
Q1 FY27 38.20 — Reports 16 December 2026

EPS $

Nov Feb May Aug Year
’26 — — — — —
’26 4.60 12.07 24.67 32.87 74.33
’25 1.67 1.41 1.68 2.83 7.59
’24 (1.12) 0.71 0.30 0.79 0.70
’23 (0.18) (2.12) (1.73) (1.31) (5.34)
’22 2.04 2.00 2.34 1.35 7.75
’21 0.71 0.53 1.52 2.39 5.14
Fiscal quarters ending in the months shown.

Revenue $m

Nov Feb May Aug Year
’26 — — — — —
’26 13,643 23,860 41,456 54,229 133,188
’25 8,709 8,053 9,301 11,315 37,378
’24 4,726 5,824 6,811 7,750 25,111
’23 4,085 3,693 3,752 4,010 15,540
’22 7,687 7,786 8,642 6,643 30,758
’21 5,773 6,236 7,422 8,274 27,705
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Nov Feb May Aug Year
’26 — — — — —
’26 8,411 11,903 25,388 43,973 89,675
’25 3,244 3,942 4,609 5,730 17,525
’24 1,401 1,219 2,482 3,405 8,507
’23 943 343 24 249 1,559
’22 3,938 3,628 3,838 3,777 15,181
’21 1,967 3,057 3,560 3,884 12,468
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Nov Feb May Aug Year
’26 — — — — —
’26 3,022 5,516 17,562 32,863 58,963
’25 38 (113) 1,671 72 1,668
’24 (395) (165) 396 285 121
’23 (1,506) (1,862) (1,537) (1,212) (6,117)
’22 1,566 1,017 1,255 164 4,002
’21 (771) 39 1,301 1,869 2,438
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 2.9% a year for ten years. It grew 75.8% a year over the last ten.

Implied
2.9%
10 years, reported
75.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to August

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 20,322 30,391 23,406 21,435 27,705 30,758 15,540 25,111 37,378 133,188 +23.2% 275,505 319,680 319,941 +33.9%
Gross margin, % 41.51 58.87 45.72 30.57 37.62 45.18 (9.11) 22.35 39.79 80.72 +39.2 pt
EBT 5,196 14,307 7,048 2,983 6,218 9,571 (5,658) 1,240 9,654 99,671 +38.8%
EBT margin, % 25.57 47.08 30.11 13.92 22.44 31.12 (36.41) 4.94 25.83 74.83 +49.3 pt
Net income 5,090 14,138 6,358 2,710 5,861 8,687 (5,833) 778 8,539 84,969 +36.7%
Per share, $
Per share, $ Revenue 18.66 26.38 21.01 19.31 24.74 27.66 14.22 22.72 33.49 118.18 +22.8%
Earnings 4.67 12.27 5.67 2.42 5.23 7.81 (5.34) 0.70 7.65 75.38 +36.2%
Cash flow 7.49 15.10 11.84 7.48 11.13 13.65 1.43 7.70 15.70 79.57 +30.0%
Capex (4.35) (7.71) (8.78) (7.41) (8.96) (10.05) (7.02) (7.59) (14.21) (27.25) +22.6%
Free cash flow 3.14 7.40 3.06 0.07 2.18 3.60 (5.60) 0.11 1.49 52.32 +36.7%
Book value 17.88 28.79 33.01 35.13 39.23 44.88 40.37 40.84 48.53 122.78 +23.9%
Shares, m 1,089 1,152 1,114 1,110 1,120 1,112 1,093 1,105 1,116 1,127 +0.4%
Valuation, ×
Valuation, × P/E 6.95 4.29 7.99 18.81 14.09 7.25 0.00 126.54 15.49 12.73 21.4
P/S 1.71 1.99 2.14 2.36 2.98 2.04 4.92 3.90 3.54 8.11 3.4
P/B 1.79 1.82 1.36 1.30 1.88 1.26 1.73 2.17 2.44 7.81 2.4
EV/Sales 2.00 1.92 2.05 2.29 2.91 1.96 5.16 4.11 3.65 7.83 3.4
EV/FCF 11.86 6.85 14.08 590.57 33.10 15.10 (13.11) 852.66 81.83 17.68 161.1
Cash, $m
Cash, $m Operating cash flow 8,153 17,400 13,189 8,306 12,468 15,181 1,559 8,507 17,525 89,675 +30.5%
Capex (4,734) (8,879) (9,780) (8,223) (10,030) (11,179) (7,676) (8,386) (15,857) (30,712) +23.1%
Free cash flow 3,419 8,521 3,409 83 2,438 4,002 (6,117) 121 1,668 58,963 +37.2%
Balance, $m
Balance, $m Working capital 7,123 10,285 10,113 11,330 13,483 14,242 16,479 15,124 17,387 63,588 +27.5%
Net debt 5,727 (2,163) (2,104) (1,499) (1,857) (2,425) 3,736 5,291 4,270 (38,255) n/m
Shareholders’ equity 19,470 33,164 36,770 38,996 43,933 49,907 44,120 45,131 54,165 138,378 +24.3%
Returns, %
Returns, % ROA 16.19 35.92 13.68 5.24 10.42 13.88 (8.94) 1.16 11.22 60.98 +44.8 pt
ROIC 14.56 30.23 13.30 5.01 9.33 12.77 (7.50) 1.62 10.45 62.01 +47.4 pt
ROE 31.42 53.71 18.05 7.09 14.13 18.51 (12.41) 1.74 17.20 88.26 +56.8 pt
People
People Employees 34,100 36,000 37,000 40,000 43,000 48,000 43,000 48,000 53,000 61,000 +6.7%
Revenue/emp, $m 0.60 0.84 0.63 0.54 0.64 0.64 0.36 0.52 0.71 2.18 +15.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Aug 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Micron Technology is a semiconductor memory and storage company founded in 1978 and headquartered in Boise. Sanjay Mehrotra is its Chairman and Chief Executive Officer. It designs and manufactures chips that hold data temporarily while a system is working and chips that retain data when power is off.

Its main technologies are DRAM, NAND and NOR. DRAM is fast, temporary memory used in data centers, PCs, graphics, mobile devices, industrial equipment and vehicles. NAND is persistent storage used in solid-state drives, smartphones and other devices. NOR provides fast-read storage for software code in automotive, industrial and consumer applications.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
CMBU 43,085 32.35%
CDBU 37,592 28.22%
MCBU 36,601 27.48%
AEBU 15,886 11.93%
All other 24 0.02%
Gross margin 80.72%
Operating margin 74.59%
Pre-tax margin 74.83%

Revenue by segment since 2010

Micron Technology, Inc. vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TSM Taiwan Semiconductor Manufacturing Company Ltd. $2.05T 28.5× — +32.70% (above 0%: growing) +74.49% (above 0%: growing) +24.55% (above 0%: growing) 67.72% 60.34% Compare
AVGO Broadcom Inc. $1.55T 40.3× 35.2× +85.50% (above 0%: growing) +212.50% (above 0%: growing) +94.55% (above 0%: growing) 69.13% 53.92% Compare
SKHY SK Hynix, Inc. - Sponsored ADR $1.04T — — — — — 83.20% 76.33% Compare
MU Micron Technology, Inc. $899.7B 10.5× 5.1× +379.27% (above 0%: growing) +1,066.43% (above 0%: growing) +45,543.06% (above 0%: growing) 86.76% 80.68%
AMD Advanced Micro Devices, Inc. $797.9B 103× 35.9× +44.68% (above 0%: growing) +94.74% (above 0%: growing) −37.49% (below 0%: shrinking) 53.90% 21.17% Compare
INTC Intel Corporation $309.7B — (loss-making) — (loss-making) +25.42% (above 0%: growing) n/m 0.00% 40.36% 11.14% Compare
TXN Texas Instruments Incorporated $284.6B 39.8× 33.2× +27.69% (above 0%: growing) +76.67% (above 0%: growing) +197.38% (above 0%: growing) 64.19% 47.46% Compare
ARM ARM Holdings PLC Sponsored ADR $204.8B 197× 164× +22.41% (above 0%: growing) +108.33% (above 0%: growing) +305.85% (above 0%: growing) 97.21% 7.06% Compare
ADI Analog Devices, Inc. $196.9B 47.6× — (loss-making) +39.63% (above 0%: growing) +162.86% (above 0%: growing) +34.29% (above 0%: growing) 67.32% 40.10% Compare
Median of peers $553.8B 44.0× 35.6× +32.70% +101.54% +34.29% 67.52% 43.78%

All 68 Semiconductors stocks →

From the latest earnings call

Updated

  • Sanjay Mehrotra said Micron expects memory and storage supply-demand conditions to be tighter in calendar 2027 and 2028 than in 2026.
  • Mark Murphy said Micron expects fiscal 2027 revenue to grow sequentially each quarter and projects higher capital expenditures in the second half.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wells Fargo Nov 3, 2026 Target raised Outperform 220.00 → 300.00
Citi Nov 2, 2026 Target raised Buy 150.00 → 175.00
D.A. Davidson Oct 27, 2026 Target raised Buy 2,100.00 → 3,000.00
Bank of America Oct 26, 2026 Reiterated Buy 1,550.00
RBC Oct 22, 2026 Reiterated Buy 1,500.00
Needham Oct 22, 2026 Reiterated Buy 1,650.00
DA Davidson Oct 19, 2026 Target raised Buy 2,100.00 → 3,000.00
KeyBanc Oct 18, 2026 Reiterated Buy 1,750.00
Rosenblatt Oct 16, 2026 Reiterated Buy —
Rosenblatt Securities Oct 13, 2026 Reiterated Buy 1,900.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 76.90%
Held by the ten largest 41.05%
Holder Shares Stake Change
Vanguard 110.19m 9.76% +2.56m
BlackRock 104.83m 9.28% +1.68m
State Street 50.08m 4.43% −2.16m
Capital Group 44.22m 3.92% −11.50m
Invesco 36.32m 3.22% +632.80k
Geode Capital Management 27.71m 2.45% +273.04k
Fidelity (FMR) 26.72m 2.37% −5.34m
JPMorgan Chase 25.84m 2.29% +10.06m
PRIMECAP Management 19.22m 1.70% −2.66m
Morgan Stanley 18.47m 1.64% +1.63m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 November 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 30.94m 86.57m 269.61
2024 30.06m 72.80m 210.22
2023 25.28m 42.54m 153.10
2022 28.84m 13.45m 124.42
2021 25.32m 68.02m 159.70

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 8.40%
BlackRock, Inc. 7.60%
Capital World Investors 6.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Micron Technology, Inc. (MU) Latest News

5 Nov

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4 Nov

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3 Nov

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Impact 3 · · The Motley Fool
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Impact 3 · · 24/7 Wall St.
Impact 3 · · TIKR
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2 Nov

Impact 3 · · TIKR
Impact 3 · · 24/7 Wall St.
Impact 3 · · GuruFocus.com
Impact 3 · · 24/7 Wall St.

1 Nov

Impact 3 · · The Motley Fool
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31 Oct

Impact 3 · · The Motley Fool

30 Oct

Impact 4 · · Zacks
Impact 3 · · 24/7 Wall St.
Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Zacks
Impact 3 · · 24/7 Wall St.
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MU metrics, ten years each

stockrow.com/MU · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com