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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. In the quarter to August 2026, revenue grew 379.3%, EPS grew 1,066.4%, free cash flow grew 45,543.1% and total debt fell 64.5%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three; insiders bought in the last twelve months.

905.88 25.36 −2.72%
Market cap
$1.05T
P/E
12.4×
Fwd P/E
14.7×
Dividend yield
0.06%
F-score
8/9
Altman Z
14.96
Beneish M
0.34
Dividend safety
82/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Micron Technology, Inc. (MU) Financial Analysis

Updated · Covers results through Q4 FY2026 · Sources · How this is made

Snapshot

Micron Technology generated revenue of $133.2 billion in FY2026, net income of $85.0 billion in FY2026, and operating income of $99.3 billion in FY2026. The workforce was 61,000 employees in FY2026, while shareholders’ equity was $138.4 billion in FY2026.

In Q4 FY2026, revenue was $54.2 billion, gross profit was $47.0 billion, operating income was $43.8 billion, and net income was $37.7 billion. Diluted EPS was $32.87 in Q4 FY2026. As of October 12, 2026, market capitalisation was $1.11 trillion.

Growth

Revenue was $133.2 billion in FY2026, with growth of 256.3% in FY2026 against FY2025. Revenue compound annual growth was 104.6% in FY2023–FY2026 and 36.9% in FY2021–FY2026. Diluted EPS was $74.33 in FY2026, with growth of 879.3% in FY2026 against FY2025 and compound annual growth of 70.6% in FY2021–FY2026. Free cash flow was $59.0 billion in FY2026, with growth of 3,435.0% in FY2026 against FY2025 and compound annual growth of 89.1% in FY2021–FY2026.

Revenue was $54.2 billion in Q4 FY2026, diluted EPS was $32.87 in Q4 FY2026, and free cash flow was $32.9 billion in Q4 FY2026.

Profitability

Gross margin was 80.7% in FY2026, up by 43.1 percentage points in FY2021–FY2026 and by 40.9 percentage points in FY2025–FY2026. Operating margin was 74.6% in FY2026, up by 51.9 percentage points in FY2021–FY2026. Pre-tax margin was 74.8% in FY2026, up by 52.4 percentage points in FY2021–FY2026, while net margin was 63.8% in FY2026, up by 42.6 percentage points in FY2021–FY2026.

Returns were also higher in FY2026 than in FY2025: return on equity was 88.3% in FY2026, return on assets was 61.0% in FY2026, and return on invested capital was 62.0% in FY2026. Gross margin was 86.8% in Q4 FY2026 and operating margin was 80.7% in Q4 FY2026.

Balance sheet

Cash and short-term investments were $43.4 billion in FY2026, compared with total debt of $5.2 billion in FY2026. Net debt was −$38.3 billion in FY2026, compared with $4.3 billion in FY2025. Working capital was $63.6 billion in FY2026, and shareholders’ equity was $138.4 billion in FY2026. Book value per share was $122.78 in FY2026.

At Q4 FY2026, the current ratio was 3.3× and debt to equity was 0.0×. Net debt was −$38.3 billion in Q4 FY2026, following net debt of −$20.3 billion in Q3 FY2026. The net-debt movement was −$18.0 billion in Q4 FY2026 against Q3 FY2026.

Cash flow & capital return

Operating cash flow was $89.7 billion in FY2026, up 411.7% in FY2026 against FY2025. Capital expenditure was $30.7 billion in FY2026, and free cash flow was $59.0 billion in FY2026. Free cash flow represented 69.4% of net income in FY2026. Management attributes the increase in operating cash flow in FY2026 versus FY2025 primarily to higher net income, adjusted for non-cash items, and changes in liabilities, partly offset by higher receivables.

Dividends paid were $610.0 million in FY2026 and net share repurchases were $1.8 billion in FY2026. Capital returned to shareholders was $2.4 billion in FY2026. Weighted average shares were 1.1 billion shares in FY2026, while the share-count change was 0.63% in FY2021–FY2026.

Valuation

As of October 12, 2026, P/E was 13.1×, below the five-year median of 14.1× as of October 12, 2026, over the five fiscal years to FY2026, and below the industry median of 47.6× as of October 12, 2026. As of October 12, 2026, P/S was 8.4×, above the five-year median of 3.9× as of October 12, 2026, over the five fiscal years to FY2026, the ten-year median of 2.7× as of October 12, 2026, over the ten fiscal years to FY2026, and the industry median of 7.6× as of October 12, 2026.

As of October 12, 2026, P/B was 8.1×, above its five- and ten-year medians and the industry median. As of October 12, 2026, EV/Sales was 8.1×, above its five- and ten-year medians and the industry median. As of October 12, 2026, EV/Cash flow was 18.3×, below its five-year median.

What changed since last quarter

Revenue increased 30.8% in Q4 FY2026 against Q3 FY2026 and 379.3% in Q4 FY2026 against Q4 FY2025. Diluted EPS increased 33.2% in Q4 FY2026 against Q3 FY2026 and 1,061.5% in Q4 FY2026 against Q4 FY2025. Free cash flow increased 87.1% in Q4 FY2026 against Q3 FY2026 and 45,543.1% in Q4 FY2026 against Q4 FY2025. Gross margin increased by 2.2 percentage points in Q4 FY2026 against Q3 FY2026, while operating margin increased by 0.3 percentage points in Q4 FY2026 against Q3 FY2026.

Management attributes FY2026 revenue growth primarily to higher DRAM and NAND sales, driven by higher average selling prices and increased bit shipments. Management attributes FY2026 margin improvement primarily to higher average selling prices, favorable mix, and manufacturing cost reductions.

Open questions

  • How durable are the pricing and supply conditions described by management?
  • How will supply-allocation decisions affect customers and end markets?
  • How will strategic customer agreements affect revenue visibility and business stability?
  • How will planned manufacturing and packaging investments affect capital expenditure and cash generation?

Sources

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