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Micron Technology, Inc. MU

Technology  —  Semiconductors
1,082.28 1.75 0.16% as of 25 Sep
Market cap
$1.24T
P/E
24.2×
S&P 500 Member Dividend Champion (5y) Cash Flow Champion (3y) Insider Buys (last 12m)
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Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Micron Technology, Inc. (MU) Financial Analysis

Updated · Covers results through Q3 FY2026 · How this is made

Snapshot

Micron’s market capitalisation was $1.22 trillion as of September 24, 2026. Revenue was $37.4 billion in FY2025, while net income was $8.5 billion in FY2025 and diluted EPS was $7.59 in FY2025.

The latest reported quarter was Q3 FY2026, which ended May 31, 2026. Revenue reached $41.5 billion in Q3 FY2026, gross profit was $35.1 billion in Q3 FY2026, operating income was $33.3 billion in Q3 FY2026, and net income was $28.2 billion in Q3 FY2026. Diluted EPS was $24.67 in Q3 FY2026, while free cash flow was $17.6 billion in Q3 FY2026.

Growth

Revenue grew 48.9% in FY2025 against FY2024, reaching $37.4 billion in FY2025. Revenue compound annual growth was 6.71% in FY2022–FY2025 and 11.8% in FY2020–FY2025. Diluted EPS grew 984.3% in FY2025 against FY2024 to $7.59 in FY2025, while free cash flow grew 1,278.5% in FY2025 against FY2024 to $1.7 billion in FY2025.

In Q3 FY2026, revenue increased 73.7% against Q2 FY2026 and 345.7% against Q3 FY2025. Diluted EPS increased 104.4% in Q3 FY2026 against Q2 FY2026 and 1,368.5% in Q3 FY2026 against Q3 FY2025. Free cash flow increased 218.4% in Q3 FY2026 against Q2 FY2026 and 951.0% in Q3 FY2026 against Q3 FY2025.

Profitability

Gross margin was 39.8% in FY2025, compared with 30.6% in FY2020, a change of 9.2 percentage points over FY2020–FY2025. Operating margin was 26.1% in FY2025, compared with 14.0% in FY2020, a change of 12.1 percentage points over FY2020–FY2025. Net margin was 22.8% in FY2025, compared with 12.6% in FY2020, a change of 10.2 percentage points over FY2020–FY2025.

Gross margin was 84.6% in Q3 FY2026, while operating margin was 80.4% in Q3 FY2026. Return on equity was 17.2% in FY2025, return on assets was 11.2% in FY2025, and return on invested capital was 10.5% in FY2025. Industry-median comparison figures are not reported.

Balance sheet

Total debt was $14.6 billion in FY2025, while cash and short-term investments were $10.3 billion in FY2025. Net debt was $4.3 billion in FY2025, compared with −$20.3 billion in Q3 FY2026. The change in net debt was −$15.9 billion in Q3 FY2026 against Q2 FY2026.

Shareholders’ equity was $54.2 billion in FY2025, and working capital was $17.4 billion in FY2025. In Q3 FY2026, the current ratio was 3.4× and debt to equity was 0.1×. Book value per share was $48.53 in FY2025.

Cash flow & capital return

Operating cash flow was $17.5 billion in FY2025, up 106.0% in FY2025 against FY2024. Capital expenditure was $15.9 billion in FY2025, and free cash flow was $1.7 billion in FY2025. Free cash flow represented 19.5% of net income in FY2025.

Dividends paid were $522.0 million in FY2025. Net share repurchases were $300.0 million in FY2024, and capital returned to shareholders was $813.0 million in FY2024. Weighted average shares were 1.1 billion shares in FY2025, while the share-count change was 0.54% over FY2020–FY2025. Free cash flow was $26.2 billion in the TTM to Q3 FY2026, with growth of 1,291.4% in the TTM to Q3 FY2026 against the TTM to Q3 FY2025.

Valuation

The market capitalisation was $1.22 trillion as of September 24, 2026. P/E was 24.1× as of September 24, 2026, higher than the 15.5× five-year median as of September 24, 2026, over the five fiscal years to FY2025; the relative measure was 1.6× as of September 24, 2026.

P/S was 13.5× as of September 24, 2026, higher than the 3.5× five-year median and 2.2× ten-year median as of September 24, 2026. P/B was 12.1× as of September 24, 2026, higher than the 1.9× five-year median and 1.8× ten-year median as of September 24, 2026. EV/Sales was 13.3× as of September 24, 2026, higher than its five- and ten-year medians, while EV/Cash flow was 45.8× as of September 24, 2026, lower than its five-year median. Industry-median comparison figures are not reported.

What changed since last quarter

Revenue was $41.5 billion in Q3 FY2026, up 73.7% against Q2 FY2026 and 345.7% against Q3 FY2025. Gross margin was 84.6% in Q3 FY2026, increasing 10.1 percentage points against Q2 FY2026 and 46.8 percentage points against Q3 FY2025. Operating margin was 80.4% in Q3 FY2026, increasing 12.7 percentage points against Q2 FY2026 and 57.0 percentage points against Q3 FY2025.

Diluted EPS was $24.67 in Q3 FY2026, increasing 104.4% against Q2 FY2026 and 1,368.5% against Q3 FY2025. Free cash flow was $17.6 billion in Q3 FY2026, increasing 218.4% against Q2 FY2026 and 951.0% against Q3 FY2025. Net debt was −$20.3 billion in Q3 FY2026, with changes of −$15.9 billion against Q2 FY2026 and −$25.0 billion against Q3 FY2025.

Open questions

  • What factors drove the changes in revenue and margins during the latest quarter?
  • How are capital expenditure priorities expected to develop after the latest reported quarter?
  • What were the principal drivers of the movement in net debt during the latest quarter?
  • How does the company assess the sustainability of recent cash-flow generation?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.