Tearsheet

Micron Technology (MU)

Market Price (7/16/2026): $861.1 | Market Cap: $969.6 BilInvestor Relations Sector: Information Technology | Industry: Semiconductors

Micron Technology (MU)

Market Price (7/16/2026): $861.1
Market Cap: $969.6 Bil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 31 Bil, FCF LTM is 10 Bil

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include AI Chips, Show more.

Stock price has recently run up significantly
6M Rtn6 month market price return is 171%, 12M Rtn12 month market price return is 654%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 131%

Key risks
MU key risks include [1] intense competition from emerging state-owned entities and [2] targeted geopolitical actions, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 31 Bil, FCF LTM is 10 Bil
3	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Cloud Computing, and 5G & Advanced Connectivity. Themes include AI Chips, Show more.
4	Stock price has recently run up significantly 6M Rtn6 month market price return is 171%, 12M Rtn12 month market price return is 654%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 131%
6	Key risks MU key risks include [1] intense competition from emerging state-owned entities and [2] targeted geopolitical actions, Show more.

MU in ETFs

Weight = MU's share of each fund

SPY1.6%

VOO1.7%

IVV1.7%

VTI1.5%

ITOT1.5%

QQQ4.7%

QQQM4.8%

IWB1.6%

+39 more covered ETFs

Valuation & Metrics

FYE: 8/28	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	7/16/26	2025	2024	2023	2022
Share Price			$861.10	$285.41	$84.16	$85.34	$49.98
Mkt Cap ($ Bil)			969.6	321.1	93.5	93.9	54.5
+ Debt ($ Bil)			10.8	12.4	14.4	14.1	10.9
- Cash ($ Bil)			14.6	10.3	7.6	9.0	10.6
TEV ($ Bil)			965.8	333.5	107.9	108.0	65.4
Valuation Ratios
P/S	3.9	7.5	16.7	7.6	3.2	5.8	2.0
P/EBIT	11.9	22.7	34.2	22.9	18.4	-15.2	7.7
P/E	5.0	11.4	40.2	27.0	24.1	-13.7	8.8
P/FCF	—	—	94.3	69.0	168.8	-18.8	58.3
Sector Ratios (* = sector average)
P/S *			3.5	3.4	3.5	3.1	2.6
P/EBIT *			5.9	4.8	2.1	-0.0	-0.2
P/E *			0.6	-0.0	-0.3	-0.2	-0.4
P/FCF *			11.1	11.5	14.7	13.1	8.5

FYE: 8/28	Forward FYE		Now
	2027	2026	7/16/26
Share Price			$861.10
Mkt Cap ($ Bil)			969.6
+ Debt ($ Bil)			10.8
- Cash ($ Bil)			14.6
TEV ($ Bil)			965.8
Valuation Ratios
P/S	3.9	7.5	16.7
P/EBIT	11.9	22.7	34.2
P/E	5.0	11.4	40.2
P/FCF	—	—	94.3
Sector Ratios (* = sector average)
P/S *			3.5
P/EBIT *			5.9
P/E *			0.6
P/FCF *			11.1

FYE: 8/28	MU [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$58.1 Bil	—
FY 2026 Sales	$129.4 Bil	—
FY 2027 Sales	$247.9 Bil	—
FY 2026 Sales Growth	122.7%	—
FY 2027 Sales Growth	91.5%	8.1%
EARNINGS
LTM Net Income (GAAP) [3]	$24.1 Bil	—
FY 2026 Net Income (Non-GAAP)	$85.2 Bil	—
FY 2027 Net Income (Non-GAAP)	$193.3 Bil	—
FY 2027 Net Income Growth	126.8%	16.3%
FY 2026 EPS (Non-GAAP)	$73.16	—
FY 2027 EPS (Non-GAAP)	$152.82	—
FY 2027 EPS Growth	108.9%	—
VALUATION
FY 2026 P/S	7.5	3.3
FY 2027 P/S	3.9	—
FY 2026 P/E	11.4	19.9
FY 2027 P/E	5.0	—

[1] MU forward figures are analyst consensus for the next two fiscal years (fiscal year end 8/28). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	MU	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	58.1
Rev Chg Q	196.3%	8.9%
Rev Chg LTM	85.5%	7.5%
Rev Chg 3Y Avg	45.3%	5.9%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	28.1
CFO LTM ($ Bil)	30.7
Net Inc LTM ($ Bil)	24.1
Op Mgn LTM	48.4%	18.4%
CFO/Rev LTM	52.7%	21.4%
Net Inc Mgn	41.5%	13.0%
VALUATION	VERY HIGH
P/S	16.7	3.3
P/CFO	31.6	15.1
P/FCF	94.3	19.7
P/E	40.2	24.2
STABILITY	VERY GOOD
Debt/Equity	0.01	0.20
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Total Granted Patents Globally	38775	9152025	Link
Water Reuse, Recycling and Restoration Rate	66%	12312023	Link
Scope 1 Greenhouse Gas Emissions Reduction (vs. 2020 baseline)	11%	12312023	Link
HBM3E Power Consumption Reduction vs. Competitors	~30%	6272024	Link
DRAM Market Share	24.3%	3312025	Link
HBM Market Share Target	23-24%	12312025	Link
Current DRAM Technology Node in Production	1-gamma (1γ)	2252025	Link
Current 3D NAND Technology Node in Production	232-layer	7262022	Link

Price Chart

Recent
6/24/2026	Earnings Release	Rev: $41 Bil (A) vs. $35 Bil (E) EPS: 25.11 (A) vs. $20.98 (E)
7/06/2026	Dividend	Amount: $0.15 Payment On: 7/21/2026
Upcoming
9/22/2026	Earnings Release	Rev: $50 Bil (E) EPS: $31.29 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/15/2026

Micron Technology (MU) stock has gained about 170% since 3/31/2026 because of the following key factors:

1. Micron Technology reported exceptional financial results for its fiscal third quarter of 2026, which ended May 28, 2026, and provided an even stronger outlook for fiscal Q4 2026. The company's revenue reached $41.46 billion, significantly surpassing analyst estimates ranging from $35.59 billion to $35.91 billion and representing a 346% year-over-year increase and a 74% sequential increase from fiscal Q2 2026. Non-GAAP diluted earnings per share (EPS) hit $25.11, exceeding consensus estimates between $20.20 and $21.39, while achieving a record non-GAAP gross margin of 84.9%. Furthermore, Micron's fiscal Q4 2026 revenue guidance of a $50 billion midpoint significantly surpassed Wall Street's $43.45 billion consensus, with projected non-GAAP EPS of $31.00, exceeding estimates of $25.50.

2. Unprecedented demand from Artificial Intelligence (AI) data centers created a structural and prolonged memory shortage, driving significant price increases. The memory market has entered a multi-year "supercycle" with a severe structural shortage expected to extend beyond calendar 2027. AI data centers are consuming a disproportionate share of global memory supply, projected to absorb up to 70% of high-end DRAM in 2026. High-Bandwidth Memory (HBM), critical for AI accelerators, offers 3 to 5 times higher profit margins than standard RAM, leading Micron to reallocate production capacity. As a result, Micron's entire HBM supply for calendar 2026 is sold out, with demand extending into 2028. DRAM contract prices surged by a record 90-95% quarter-over-quarter in fiscal Q1 2026, with further increases of 58-63% projected for conventional DRAM and 70-75% for NAND Flash in fiscal Q2 2026.

3. Micron secured multiple Strategic Customer Agreements (SCAs) that provide long-term revenue visibility and stability. The company announced 16 multi-year "take-or-pay" SCAs with customers across data centers, consumer devices, and automotive applications. These contracts cover minimum committed volumes through calendar 2030, with a cumulative minimum revenue value of approximately $100 billion, including $22 billion in projected customer cash deposits and financial commitments. These agreements are strategically designed to mitigate the historical boom-and-bust cycles of the memory industry by ensuring long-term demand visibility.

4. Micron's strong and evolving portfolio of AI-optimized memory and storage solutions positioned it as a key enabler in the accelerating AI infrastructure build-out. At COMPUTEX 2026, Micron showcased its comprehensive lineup of AI-optimized products, including HBM4, SOCAMM2, DDR5 RDIMMs, PCIe Gen6 SSDs, GDDR7, LPDDR5X, and LPCAMM2, all designed for AI training and inference. The company is actively developing HBM4E, built on 1-gamma DRAM technology, with volume production anticipated in calendar 2027, and has shipped qualification samples of 256GB DDR5 RDIMMs to key server ecosystem partners. Furthermore, Micron is the sole provider of a 256GB SOCAMM2, offering substantial advantages in power and footprint compared to standard RDIMMs.

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Stock Movement Drivers

Fundamental Drivers

The 167.7% change in MU stock from 3/31/2026 to 7/15/2026 was primarily driven by a 167.7% change in the company's P/E Multiple.

(LTM values as of)	3312026	7152026	Change
Stock Price ($)	337.79	904.28	167.7%
Change Contribution By:
Total Revenues ($ Mil)	58,119	58,119	0.0%
Net Income Margin (%)	41.5%	41.5%	0.0%
P/E Multiple	15.8	42.2	167.7%
Shares Outstanding (Mil)	1,126	1,126	0.0%
Cumulative Contribution			167.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/15/2026

	Return	Correlation
MU	167.7%
Market (SPY)	16.1%	56.1%
Sector (XLK)	36.6%	78.4%

Fundamental Drivers

The 217.0% change in MU stock from 12/31/2025 to 7/15/2026 was primarily driven by a 56.7% change in the company's P/E Multiple.

(LTM values as of)	12312025	7152026	Change
Stock Price ($)	285.25	904.28	217.0%
Change Contribution By:
Total Revenues ($ Mil)	42,312	58,119	37.4%
Net Income Margin (%)	28.1%	41.5%	47.4%
P/E Multiple	26.9	42.2	56.7%
Shares Outstanding (Mil)	1,125	1,126	-0.1%
Cumulative Contribution			217.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/15/2026

	Return	Correlation
MU	217.0%
Market (SPY)	11.0%	50.7%
Sector (XLK)	26.3%	72.0%

Fundamental Drivers

The 635.6% change in MU stock from 6/30/2025 to 7/15/2026 was primarily driven by a 125.3% change in the company's Net Income Margin (%).

(LTM values as of)	6302025	7152026	Change
Stock Price ($)	122.94	904.28	635.6%
Change Contribution By:
Total Revenues ($ Mil)	33,813	58,119	71.9%
Net Income Margin (%)	18.4%	41.5%	125.3%
P/E Multiple	22.1	42.2	91.3%
Shares Outstanding (Mil)	1,118	1,126	-0.7%
Cumulative Contribution			635.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/15/2026

	Return	Correlation
MU	635.6%
Market (SPY)	23.2%	52.0%
Sector (XLK)	44.0%	70.9%

Fundamental Drivers

The 1351.6% change in MU stock from 6/30/2023 to 7/15/2026 was primarily driven by a 367.2% change in the company's P/S Multiple.

(LTM values as of)	6302023	7152026	Change
Stock Price ($)	62.30	904.28	1351.6%
Change Contribution By:
Total Revenues ($ Mil)	18,173	58,119	219.8%
P/S Multiple	3.8	17.5	367.2%
Shares Outstanding (Mil)	1,094	1,126	-2.8%
Cumulative Contribution			1351.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/15/2026

	Return	Correlation
MU	1351.6%
Market (SPY)	76.3%	56.7%
Sector (XLK)	112.8%	69.2%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MU Return	24%	-46%	72%	-1%	240%	245%	1241%
Peers Return	46%	-48%	112%	23%	100%	119%	762%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	101%
Monthly Win Rates [3]
MU Win Rate	42%	42%	58%	50%	75%	57%
Peers Win Rate	53%	37%	63%	53%	60%	57%
S&P 500 Win Rate	75%	42%	67%	75%	67%	57%
Max Drawdowns [4]
MU Max Drawdown	-30%	-50%	-18%	-45%	-41%	-30%
Peers Max Drawdown	-27%	-56%	-23%	-39%	-36%	-26%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: WDC, INTC, NVDA, AMD, QCOM. See MU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/15/2026 (YTD)

Event	MU	S&P 500
2025 US Tariff Shock
% Loss	-37.9%	-18.8%
% Gain to Breakeven	61.0%	23.1%
Time to Breakeven	62 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-36.4%	-7.8%
% Gain to Breakeven	57.1%	8.5%
Time to Breakeven	399 days	18 days
2023 SVB Regional Banking Crisis
% Loss	-10.3%	-6.7%
% Gain to Breakeven	11.5%	7.1%
Time to Breakeven	10 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-48.8%	-24.5%
% Gain to Breakeven	95.2%	32.4%
Time to Breakeven	522 days	427 days
2020 COVID-19 Crash
% Loss	-42.5%	-33.7%
% Gain to Breakeven	74.0%	50.9%
Time to Breakeven	245 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-35.7%	-19.2%
% Gain to Breakeven	55.6%	23.8%
Time to Breakeven	207 days	105 days

Compare to WDC, INTC, NVDA, AMD, QCOM

In The Past

Micron Technology's stock fell -37.9% during the 2025 US Tariff Shock. Such a loss loss requires a 61.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	MU	S&P 500
2025 US Tariff Shock
% Loss	-37.9%	-18.8%
% Gain to Breakeven	61.0%	23.1%
Time to Breakeven	62 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-36.4%	-7.8%
% Gain to Breakeven	57.1%	8.5%
Time to Breakeven	399 days	18 days
2022 Inflation Shock & Fed Tightening
% Loss	-48.8%	-24.5%
% Gain to Breakeven	95.2%	32.4%
Time to Breakeven	522 days	427 days
2020 COVID-19 Crash
% Loss	-42.5%	-33.7%
% Gain to Breakeven	74.0%	50.9%
Time to Breakeven	245 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-35.7%	-19.2%
% Gain to Breakeven	55.6%	23.8%
Time to Breakeven	207 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-43.7%	-12.2%
% Gain to Breakeven	77.7%	13.9%
Time to Breakeven	210 days	62 days
2014-2016 Oil Price Collapse
% Loss	-70.3%	-6.8%
% Gain to Breakeven	236.4%	7.3%
Time to Breakeven	568 days	15 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-46.5%	-17.9%
% Gain to Breakeven	86.8%	21.8%
Time to Breakeven	128 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-33.6%	-15.4%
% Gain to Breakeven	50.7%	18.2%
Time to Breakeven	189 days	125 days
2008-2009 Global Financial Crisis
% Loss	-77.5%	-53.4%
% Gain to Breakeven	343.8%	114.4%
Time to Breakeven	281 days	1085 days
Summer 2007 Credit Crunch
% Loss	-22.9%	-8.6%
% Gain to Breakeven	29.6%	9.5%
Time to Breakeven	2133 days	47 days

Compare to WDC, INTC, NVDA, AMD, QCOM

In The Past

Micron Technology's stock fell -37.9% during the 2025 US Tariff Shock. Such a loss loss requires a 61.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Micron Technology (MU)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Micron Technology, Inc. (MU) is a global leader in the design, manufacture, and sale of advanced memory and storage products. The company provides essential semiconductor devices, primarily focusing on DRAM (Dynamic Random Access Memory) for high-speed data retrieval and NAND (Non-Volatile) products for persistent data storage. It also offers NOR memory, known for its fast read speeds. These critical components are supplied under the company's Micron and Crucial brands, as well as through private labels.

Micron's diverse portfolio of memory and storage solutions serves a wide range of industries and applications. Its DRAM products are vital for cloud servers, enterprise systems, client computing, graphics, and networking markets, as well as powering smartphones and other mobile devices. The company's NAND-based SSDs (Solid State Drives) and other storage solutions cater to enterprise, cloud, client, and consumer storage needs. Beyond these, Micron also develops specialized memory and storage products for the demanding automotive, industrial, and broader consumer markets.

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Here are 1-3 brief analogies for Micron Technology:

Micron is like Intel for computer memory chips.
Micron is like Samsung, but solely focused on making memory and storage chips.

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DRAM (Dynamic Random Access Memory) Products: Semiconductor devices offering low-latency, high-speed data retrieval for various computing applications.
NAND Products: Non-volatile, re-writable semiconductor storage devices primarily used for data storage.
NOR Memory Products: Non-volatile, re-writable semiconductor memory devices providing fast read speeds.
SSDs (Solid State Drives): Storage devices and component-level solutions for enterprise, cloud, client, and consumer markets.

AI Analysis | Feedback

Based on the company description, Micron Technology primarily designs, manufactures, and sells memory and storage products as components and solutions to other businesses for integration into their final products. Therefore, its major customers are other companies rather than individuals.

Major customers for Micron Technology typically include large-scale manufacturers and cloud service providers across the following sectors:

Smartphone and Mobile Device Manufacturers: Companies that integrate Micron's memory and storage into smartphones, tablets, and other mobile devices.
- Example: Apple Inc. (AAPL)
PC, Server, and Enterprise System Manufacturers: Companies that utilize Micron's DRAM, NAND, and SSD solutions for client PCs, enterprise servers, and data center infrastructure.
- Example: Dell Technologies Inc. (DELL)
Cloud Service Providers and Hyperscalers: Large technology companies that build and operate massive data centers requiring vast amounts of memory and storage for their cloud computing services.
- Example: Microsoft Corp. (MSFT) for its Azure cloud platform.

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Sanjay Mehrotra, Chairman, President and CEO

Sanjay Mehrotra is the Chairman, President, and CEO of Micron Technology. He co-founded SanDisk Corporation in 1988 and served as its president and CEO from 2011 until its acquisition by Western Digital in 2016 for $19 billion. Mehrotra has over 40 years of experience in the semiconductor memory industry, including engineering and leadership positions at Integrated Device Technology, SEEQ Technology, and Intel Corp. He holds more than 70 patents.

Mark Murphy, Executive Vice President and Chief Financial Officer

Mark Murphy is the Executive Vice President and Chief Financial Officer at Micron Technology, joining the company in 2022. He is responsible for leading Micron's finance organization and all financial functions, including accounting, tax, treasury, internal audit, and investor relations. Prior to Micron, Murphy served as Executive Vice President and CFO of Qorvo, a semiconductor company. He also held senior leadership positions at Delphi Automotive, MEMC Electronic Materials, and Praxair. Murphy has over 25 years of experience across finance and general management roles in global companies.

Sumit Sadana, Executive Vice President and Chief Business Officer

Sumit Sadana is the Executive Vice President and Chief Business Officer at Micron Technology, a role he assumed in 2017. He is responsible for the company's business units, driving revenue and profitability, and corporate strategy and business development. Sadana previously served as Executive Vice President, Chief Strategy Officer, and General Manager of Enterprise Solutions at SanDisk. His career also includes executive roles at IBM and Freescale Semiconductor. Sadana has completed approximately $40 billion in mergers and acquisitions throughout his career.

Manish Bhatia, Executive Vice President, Global Operations

Manish Bhatia is the Executive Vice President, Global Operations at Micron Technology, a position he has held since October 2017. He is responsible for the company's end-to-end operations, including manufacturing, packaging, quality, and supply chain. Before joining Micron, Bhatia held several executive roles at Western Digital Corporation and SanDisk Corporation, including Executive Vice President of Worldwide Operations at SanDisk. He joined SanDisk in 2006 through the acquisition of Matrix Semiconductor. His earlier career included positions at McKinsey & Company and Saint Gobain Corporation.

Scott J. DeBoer, Executive Vice President, Chief Technology and Products Officer

Scott J. DeBoer is the Executive Vice President, Chief Technology and Products Officer at Micron Technology. He oversees the company's research and development, as well as product development and technology roadmap. DeBoer has held various leadership positions in technology and engineering throughout his career at Micron. His extensive experience includes driving innovation in memory and storage solutions.

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The key risks to Micron Technology's business include:

Cyclicality and Potential Oversupply in the Memory Market: The memory and storage industry is inherently cyclical, characterized by fluctuating demand, pricing, and profitability. While currently experiencing strong demand, particularly for High Bandwidth Memory (HBM) driven by AI, there is a significant risk of future oversupply. Micron and its competitors are undertaking substantial capital expenditures to expand production capacity, which could lead to an imbalance where supply outstrips demand, resulting in declines in average selling prices and compressed profit margins, potentially by late 2026 or 2027.
Intense Competition in High Bandwidth Memory (HBM): Micron faces fierce competition, especially in the high-growth HBM segment critical for AI applications. Key rivals like SK Hynix and Samsung are aggressively increasing their HBM production capacity and developing next-generation technologies. Reports suggest Micron may be trailing in the HBM4 market, potentially impacting its market share, pricing power, and future profitability in this crucial, high-margin area.
Geopolitical Risks and Supply Chain Dependency: A substantial portion of Micron's manufacturing and operational footprint is located in Taiwan. This concentration exposes the company to significant geopolitical risks. Any regional conflict or increased tensions could lead to catastrophic disruptions in Micron's supply chain and manufacturing capabilities, severely impacting its global operations and financial performance.

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Micron Technology's main products, DRAM, NAND, and NOR memory, operate within substantial addressable markets globally.

The global Dynamic Random Access Memory (DRAM) market was valued at approximately USD 121.83 billion in 2025 and is projected to grow to USD 223.7 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 7.20% during the forecast period. Another estimate placed the global DRAM market size at USD 135.4 billion in 2024, with a projection to reach USD 359.0 billion by 2033 at a CAGR of 11.4% from 2025-2033.
The global NAND flash memory market was valued at USD 65.1 billion in 2024 and is estimated to grow at a 5.6% CAGR from 2025 to 2034. Other reports indicate the NAND flash memory market is estimated to be valued at USD 77.81 billion in 2026 and is expected to reach USD 117.00 billion by 2033, exhibiting a CAGR of 6.0% from 2026 to 2033. Furthermore, the NAND Flash Memory market was valued at USD 108.25 billion in 2025 and is projected to reach USD 225.68 billion by 2034, advancing at a CAGR of 8.64%.
The global NOR Flash Market is projected to expand from USD 3.04 billion in 2025 to USD 4.27 billion by 2031, registering a CAGR of 5.74% between 2026 and 2031. Another analysis forecasts the global NOR Flash Market to reach a valuation of USD 5.27 billion in 2025 and to reach USD 10.73 billion by 2034, recording a CAGR of 8.2% from 2025 to 2034.

AI Analysis | Feedback

Micron Technology (MU) is poised for significant revenue growth over the next 2-3 years, driven by several key factors:

Explosive Demand for AI-Driven High Bandwidth Memory (HBM) and Data Center Products: The proliferation of artificial intelligence (AI) and large language models (LLMs) is creating unprecedented demand for high-performance memory. Micron has reported record revenues in data center DRAM and HBM, with HBM shipments ahead of plan. The company has sold out its entire HBM output for calendar year 2025 and has secured agreements for its calendar 2026 HBM supply, including the advanced HBM4. The HBM market is projected to expand significantly, with estimates indicating growth from approximately $35 billion in 2025 to nearly $100 billion by 2028.
Overall DRAM and NAND Market Recovery and Improved Pricing: Following a period of oversupply, the broader memory market for both DRAM and NAND products is experiencing a robust recovery. Tight supply conditions across the industry are leading to increased pricing power for memory manufacturers like Micron. The company expects these tight market conditions to persist beyond calendar 2026. This environment is contributing to significantly improved gross margins and overall revenue expansion.
Technological Leadership and New Product Ramps: Micron's continuous investment in advanced technology nodes, such as the 1-gamma DRAM and G9 NAND, is a crucial driver. The 1-gamma DRAM node offers higher bit density and improved power efficiency, while the ramp of HBM4 is expected to command higher average selling prices (ASPs). These technological advancements enhance Micron's competitive edge and enable the delivery of higher-value, higher-margin products.
Recovery in Traditional End Markets: Beyond the dominant AI segment, Micron is also observing improvements in demand across other key end markets. This includes the recovery of inventories in client (PC) and smartphone markets, as well as strengthening demand in broad distribution, industrial, and parts of the automotive sectors. This broader market stabilization and growth will contribute to overall revenue diversification and stability.

AI Analysis | Feedback

Share Repurchases

Micron's annual share buybacks amounted to $425 million in 2023 and $300 million in 2024.
The company conducted $300 million in share repurchases during the first quarter of fiscal 2026, which ended November 27, 2025.
Micron completed $300 million in share repurchases under the CHIPS definitive agreement.

Capital Expenditures

Micron invested $13.8 billion in capital expenditures during fiscal 2025.
The company anticipates fiscal 2026 capital expenditures to be approximately $20 billion, an increase from fiscal 2025, primarily focused on 1γ DRAM and HBM-related investments, DRAM front-end equipment, and fab construction.
For the first quarter of fiscal 2026, capital expenditures were $4.5 billion.

Interactive Breakdown

Micron Technology Interactive Breakdown Analysis

Better Bets vs. Micron Technology (MU)

INDUSTRY: Semiconductors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MU: 45.3% | 17.5x)

SPWR (68.8% | 0.3x)

SunPower

LEDS (151.8% | 0.8x)

SemiLEDs

SMXT (86.3% | 0.2x)

SolarMax Technology

MOBX (130.8% | 2.7x)

Mobix Labs

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MU: 45.3% | 36.2x)

NVDA (121.7% | 31.8x)

NVIDIA

Higher Rev Chg LTM (Value for MU: 85.5%)

POET (607.6%)

POET Technologies

SMXT (309.5%)

SolarMax Technology

CRDO (205.7%)

Credo Technology

ASTI (117.8%)

Ascent Solar Technologies

ALAB (104.2%)

Astera Labs

Higher Rev Chg 3Y Avg (Value for MU: 45.3%)

POET (171.9%)

POET Technologies

NVDA (121.7%)

NVIDIA

CRDO (112.3%)

Credo Technology

SPWR (68.8%)

SunPower

IPWR (53.5%)

Ideal Power

Higher Op Mgn LTM (Value for MU: 48.4%)

NVDA (64.0%)

NVIDIA

NVEC (60.5%)

NVE

Higher CFO/Rev LTM (Value for MU: 52.7%)

NVEC (63.3%)

NVE

Higher FCF/Rev LTM (Value for MU: 17.7%)

NVDA (47.0%)

NVIDIA

AVGO (43.4%)

Broadcom

ADI (35.8%)

Analog Devices

AMD (22.9%)

Advanced Micro Devices

TXN (20.2%)

Texas Instruments

Higher Total Yield (Value for MU: 2.4%)

QCOM (7.2%)

Qualcomm

NXPI (5.2%)

NXP Semiconductors

TXN (3.8%)

Texas Instruments

NVDA (3.1%)

NVIDIA

ADI (2.8%)

Analog Devices

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for MU: 45.3% | 17.5x)

SMCI (72.8% | 0.5x)

Super Micro Computer

MARA (130.6% | 5.4x)

MARA

CLSK (87.9% | 5.1x)

Cleanspark

BTDR (50.0% | 4.0x)

Bitdeer Technologies

SOUN (77.6% | 14.9x)

SoundHound AI

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MU: 45.3% | 36.2x)

NVDA (121.7% | 31.8x)

NVIDIA

SMCI (72.8% | 10.7x)

Super Micro Computer

AIOT (64.0% | 29.4x)

PowerFleet

TSSI (116.4% | 31.3x)

TSS

IMMR (1186.2% | 8.3x)

Immersion

Higher Rev Chg LTM (Value for MU: 85.5%)

ASTS (1732.1%)

AST SpaceMobile

IONQ (334.6%)

IonQ

CRDO (205.7%)

Credo Technology

CRWV (129.9%)

CoreWeave

ALAB (104.2%)

Astera Labs

Higher Rev Chg 3Y Avg (Value for MU: 45.3%)

ASTS (821.2%)

AST SpaceMobile

IONQ (164.2%)

IonQ

NVDA (121.7%)

NVIDIA

CRDO (112.3%)

Credo Technology

SMCI (72.8%)

Super Micro Computer

Higher Op Mgn LTM (Value for MU: 48.4%)

APP (77.1%)

AppLovin

VRSN (67.9%)

VeriSign

NVDA (64.0%)

NVIDIA

FICO (50.9%)

Fair Isaac

IDCC (49.6%)

InterDigital

Higher CFO/Rev LTM (Value for MU: 52.7%)

CRWV (96.0%)

CoreWeave

APP (71.9%)

AppLovin

VRSN (63.7%)

VeriSign

ANET (55.9%)

Arista Networks

MSFT (53.5%)

Microsoft

Higher FCF/Rev LTM (Value for MU: 17.7%)

NVDA (47.0%)

NVIDIA

AVGO (43.4%)

Broadcom

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

AMD (22.9%)

Advanced Micro Devices

Higher Total Yield (Value for MU: 2.4%)

ORCL (6.0%)

Oracle

MSFT (5.1%)

Microsoft

CSCO (4.2%)

Cisco Systems

NVDA (3.1%)

NVIDIA

AAPL (2.9%)

Apple

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MU: 45.3% | 17.5x)

KKR (65.2% | 4.7x)

KKR

NU (51.8% | 5.7x)

RDDT (54.6% | 15.3x)

ALNY (58.3% | 8.7x)

Alnylam Pharmaceuticals

SW (58.2% | 0.7x)

Smurfit WestRock

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MU: 45.3% | 36.2x)

SW (58.2% | 11.8x)

Smurfit WestRock

FTAI (46.5% | 27.5x)

FTAI Aviation

RBA (46.6% | 26.9x)

RB Global

TKO (90.2% | 15.3x)

TKO

CDE (54.5% | 10.2x)

Coeur Mining

Higher Rev Chg LTM (Value for MU: 85.5%)

BBIO (355.2%)

BridgeBio Pharma

NLY (173.2%)

Annaly Capital Management

EXE (169.3%)

Expand Energy

VG (139.8%)

Venture Global

INSM (115.1%)

Insmed

Higher Rev Chg 3Y Avg (Value for MU: 45.3%)

KKR (65.2%)

KKR

RDDT (54.6%)

NU (51.8%)

HOOD (45.8%)

Robinhood Markets

RKLB (45.4%)

Rocket Lab

Higher Op Mgn LTM (Value for MU: 48.4%)

V (67.1%)

Visa

MO (60.5%)

Altria

MA (59.5%)

Mastercard

SCCO (54.6%)

Southern Copper

NEM (54.0%)

Newmont

Higher CFO/Rev LTM (Value for MU: 52.7%)

RY (105.6%)

Royal Bank of Canada

META (57.7%)

Meta Platforms

PLD (57.4%)

Prologis

MA (53.8%)

Mastercard

V (52.9%)

Visa

Higher FCF/Rev LTM (Value for MU: 17.7%)

MA (50.3%)

Mastercard

V (49.2%)

Visa

BAC (48.8%)

Bank of America

META (22.4%)

Meta Platforms

JNJ (18.1%)

Johnson & Johnson

Higher Total Yield (Value for MU: 2.4%)

BRK-B (6.9%)

Berkshire Hathaway

META (4.4%)

Meta Platforms

GOOGL (3.8%)

Alphabet

AMZN (3.3%)

Amazon.com

LLY (3.0%)

Eli Lilly

Best Bets in Information Technology

What You Pay

P/EBIT (Value for MU: 36.0x)

APP (31.9x)

AppLovin

VRSN (21.3x)

VeriSign

NVDA (27.2x)

NVIDIA

QLYS (24.6x)

Qualys

ADEA (15.7x)

Adeia

IDCC (15.2x)

InterDigital

YOU (25.8x)

Clear Secure

GEN (7.7x)

Gen Digital

ADBE (9.6x)

Adobe

FICO (24.8x)

Fair Isaac

P/E (Value for MU: 42.2x)

APP (38.5x)

AppLovin

VRSN (29.5x)

VeriSign

NVDA (32.3x)

NVIDIA

QLYS (28.2x)

Qualys

ADEA (24.8x)

Adeia

IDCC (19.0x)

InterDigital

YOU (44.4x)

Clear Secure

GEN (16.4x)

Gen Digital

ADBE (12.5x)

Adobe

FICO (37.5x)

Fair Isaac

What You Get

Rev Chg 3Y Avg (Value for MU: 45.3%)

APP (37.0%)

AppLovin

VRSN (5.3%)

VeriSign

NVDA (121.7%)

NVIDIA

QLYS (10.6%)

Qualys

ADEA (4.4%)

Adeia

IDCC (14.8%)

InterDigital

YOU (25.6%)

Clear Secure

GEN (15.1%)

Gen Digital

ADBE (11.0%)

Adobe

FICO (16.7%)

Fair Isaac

Rev Chg LTM (Value for MU: 85.5%)

APP (66.4%)

AppLovin

VRSN (6.8%)

VeriSign

NVDA (70.7%)

NVIDIA

QLYS (10.2%)

Qualys

ADEA (21.1%)

Adeia

IDCC (1.6%)

InterDigital

YOU (17.4%)

Clear Secure

GEN (27.1%)

Gen Digital

ADBE (11.5%)

Adobe

FICO (22.6%)

Fair Isaac

Rev Chg Q (Value for MU: 196.3%)

APP (59.0%)

AppLovin

VRSN (6.6%)

VeriSign

NVDA (85.2%)

NVIDIA

QLYS (9.8%)

Qualys

ADEA (19.5%)

Adeia

IDCC (-2.4%)

InterDigital

YOU (19.7%)

Clear Secure

GEN (27.0%)

Gen Digital

ADBE (12.7%)

Adobe

FICO (38.7%)

Fair Isaac

FCF/Rev 3Y Avg (Value for MU: 0.5%)

APP (64.1%)

AppLovin

VRSN (57.7%)

VeriSign

NVDA (48.3%)

NVIDIA

QLYS (42.9%)

Qualys

ADEA (40.3%)

Adeia

IDCC (39.5%)

InterDigital

YOU (39.2%)

Clear Secure

GEN (38.3%)

Gen Digital

ADBE (37.9%)

Adobe

FICO (34.8%)

Fair Isaac

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Why Did Micron Technology Stock Fall 8%?	07/16/2026
2	Just How Wide Is the Range of Outcomes for Micron Stock?	07/16/2026
3	How To Bank 15% On MU Stock Before Buying A Single Share	07/15/2026
4	Micron Stock Looks Transformed. One Number Shows The Old Risk Lingers.	07/14/2026
5	The Question Micron Stock Answered Before Its Historic Surge	07/09/2026
6	What Could Push MU Stock Higher From Here?	07/07/2026
7	The Toughest Questions MU Faced On Its Latest Call	07/03/2026
8	How Much Micron (MU) Are You Really Betting On?	07/01/2026
9	Micron Stock Redefined Its Future, But the Market Isn't Convinced Yet	06/30/2026
10	...	06/24/2026
11	ARTICLES
12	Micron Stock Offers More Than Market Momentum	07/15/2026
13	Why Is Micron Stock Falling Despite Solid Results?	07/09/2026
14	Micron Stock: A Different Cycle, For Better Or For Worse	07/08/2026
15	The Real Risk Inside Micron Stock	07/06/2026
16	Better Value & Growth: MU, NVDA Lead Broadcom Stock	07/02/2026

	Title
0	DASHBOARDS
1	Why Did Micron Technology Stock Fall 8%?
2	Just How Wide Is the Range of Outcomes for Micron Stock?
3	How To Bank 15% On MU Stock Before Buying A Single Share
4	Micron Stock Looks Transformed. One Number Shows The Old Risk Lingers.
5	The Question Micron Stock Answered Before Its Historic Surge
6	What Could Push MU Stock Higher From Here?
7	The Toughest Questions MU Faced On Its Latest Call
8	How Much Micron (MU) Are You Really Betting On?
9	Micron Stock Redefined Its Future, But the Market Isn't Convinced Yet
10	...
11	ARTICLES
12	Micron Stock Offers More Than Market Momentum
13	Why Is Micron Stock Falling Despite Solid Results?
14	Micron Stock: A Different Cycle, For Better Or For Worse
15	The Real Risk Inside Micron Stock
16	Better Value & Growth: MU, NVDA Lead Broadcom Stock

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Peer Comparisons

Peers to compare with:

Financials

	MU	WDC	INTC	NVDA	AMD	QCOM	Median
Name	Micron T.	Western .	Intel	NVIDIA	Advanced.	Qualcomm
Mkt Price	904.28	513.84	102.99	212.50	529.14	177.98	363.17
Mkt Cap	1,018.2	175.7	523.5	5,160.8	863.0	189.7	693.3
Rev LTM	58,119	11,777	53,763	253,491	37,454	44,487	49,125
Op Inc LTM	28,133	3,674	1,056	162,285	4,364	11,394	7,879
FCF LTM	10,281	2,905	-3,119	119,076	8,574	12,502	9,428
FCF 3Y Avg	2,526	847	-9,409	76,825	4,166	12,154	3,346
CFO LTM	30,653	3,286	9,980	125,648	9,725	14,285	12,132
CFO 3Y Avg	15,540	1,290	10,779	80,777	4,962	13,458	12,119

Growth & Margins

	MU	WDC	INTC	NVDA	AMD	QCOM	Median
Name	Micron T.	Western .	Intel	NVIDIA	Advanced.	Qualcomm
Rev Chg LTM	85.5%	32.0%	1.4%	70.7%	35.0%	5.2%	33.5%
Rev Chg 3Y Avg	45.3%	25.5%	-1.6%	121.7%	18.5%	3.3%	22.0%
Rev Chg Q	196.3%	45.5%	7.2%	85.2%	37.8%	-3.5%	41.7%
QoQ Delta Rev Chg LTM	37.4%	9.7%	1.7%	17.4%	8.1%	-0.8%	8.9%
Op Inc Chg LTM	354.6%	116.8%	125.6%	88.3%	52.8%	-2.3%	102.5%
Op Inc Chg 3Y Avg	108.3%	-39.4%	-140.2%	376.9%	230.0%	-0.8%	53.8%
Op Mgn LTM	48.4%	31.2%	2.0%	64.0%	11.7%	25.6%	28.4%
Op Mgn 3Y Avg	15.6%	12.7%	-1.5%	60.6%	8.2%	26.0%	14.2%
QoQ Delta Op Mgn LTM	15.9%	3.3%	2.0%	3.6%	1.0%	-1.6%	2.6%
CFO/Rev LTM	52.7%	27.9%	18.6%	49.6%	26.0%	32.1%	30.0%
CFO/Rev 3Y Avg	36.8%	8.3%	19.9%	50.5%	15.3%	33.0%	26.4%
FCF/Rev LTM	17.7%	24.7%	-5.8%	47.0%	22.9%	28.1%	23.8%
FCF/Rev 3Y Avg	0.5%	1.6%	-17.4%	48.3%	12.7%	29.8%	7.1%

Valuation

	MU	WDC	INTC	NVDA	AMD	QCOM	Median
Name	Micron T.	Western .	Intel	NVIDIA	Advanced.	Qualcomm
Mkt Cap	1,018.2	175.7	523.5	5,160.8	863.0	189.7	693.3
P/S	17.5	14.9	9.7	20.4	23.0	4.3	16.2
P/Op Inc	36.2	47.8	495.7	31.8	197.8	16.7	42.0
P/EBIT	36.0	24.3	-700.8	27.2	170.3	15.3	25.8
P/E	42.2	27.1	-164.9	32.3	172.3	19.1	29.7
P/CFO	33.2	53.5	52.5	41.1	88.7	13.3	46.8
Total Yield	2.4%	3.8%	-0.6%	3.1%	0.6%	7.2%	2.8%
Dividend Yield	0.1%	0.1%	0.0%	0.0%	0.0%	2.0%	0.0%
FCF Yield 3Y Avg	0.3%	1.2%	-7.0%	2.4%	1.5%	7.5%	1.4%
D/E	0.0	0.0	0.1	0.0	0.0	0.1	0.0
Net D/E	-0.0	-0.0	0.0	-0.0	-0.0	0.0	-0.0

Returns

	MU	WDC	INTC	NVDA	AMD	QCOM	Median
Name	Micron T.	Western .	Intel	NVIDIA	Advanced.	Qualcomm
1M Rtn	-16.9%	-21.4%	-19.5%	0.0%	-3.3%	-19.4%	-18.1%
3M Rtn	98.2%	40.8%	58.6%	7.0%	105.0%	34.3%	49.7%
6M Rtn	171.4%	139.2%	111.4%	16.2%	136.6%	9.3%	124.0%
12M Rtn	654.1%	663.0%	349.3%	24.7%	240.0%	17.8%	294.7%
3Y Rtn	1,326.9%	1,640.7%	217.0%	368.3%	356.4%	55.0%	362.3%
1M Excs Rtn	-9.8%	-10.6%	-19.2%	1.7%	1.5%	-17.8%	-10.2%
3M Excs Rtn	85.5%	31.7%	52.7%	-0.4%	98.8%	25.8%	42.2%
6M Excs Rtn	153.1%	133.9%	125.2%	6.5%	146.2%	-2.3%	129.5%
12M Excs Rtn	642.8%	649.0%	321.2%	8.9%	241.0%	-3.0%	281.1%
3Y Excs Rtn	1,291.8%	1,651.2%	149.3%	333.0%	294.1%	-9.5%	313.6%

Comparison Analyses

	Title
0	MU Could Deliver 31% Returns And Outperform STX
1	Micron Technology vs. Western Digital: With Return Forecast Of 71%, Micron Technology Is A Better Bet
2	MU Looks Stronger Than TXN With 31% Return Potential
3	Micron Technology vs. Applied Materials: With Return Forecast Of 70%, Micron Technology Is A Better Bet
4	Micron Technology vs. Thermo Fisher Scientific: With Return Forecast Of 80%, Micron Technology Is A Better Bet
5	Micron Technology vs. NVIDIA: With Return Forecast Of 80%, Micron Technology Is A Better Bet
6	Micron Technology vs. Tesla: With Return Forecast Of 80%, Micron Technology Is A Better Bet
7	Micron Technology vs. Eli Lilly and Company: With Return Forecast Of 67%, Micron Technology Is A Better Bet
8	Micron Technology vs. LIN Media: With Return Forecast Of 67%, Micron Technology Is A Better Bet
9	Micron Technology vs. PayPal: With Return Forecast Of 75%, Micron Technology Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 8/28	LTM	2025	2024	2023	2022	2021	2020
Period End	2/26/2026	8/28/2025	8/29/2024	8/31/2023	9/1/2022	9/2/2021	9/3/2020
Filing Date	3/19/2026	10/3/2025	10/4/2024	10/6/2023	10/7/2022	10/8/2021	10/19/2020
Key Financials
Total Revenue	58,119	37,378	25,111	15,540	30,758	27,705	21,435
Gross Profit	33,963	14,873	5,613	-1,416	13,898	10,423	6,552
EBITDA	37,059	18,483	9,582	2,486	16,876	12,615	8,827
Operating Income	28,133	9,809	1,305	-5,405	9,709	6,747	3,060
Net Income	24,111	8,539	778	-5,833	8,687	5,861	2,687
EPS	21.46	7.65	0.70	-5.34	7.81	5.23	2.42
Growth Rates
Total Revenue Growth	85.5%	48.9%	61.6%	-49.5%	11.0%	29.3%	-8.4%
EBITDA Growth	152.1%	92.9%	285.4%	-85.3%	33.8%	42.9%	-29.9%
Operating Income Growth	354.6%	651.6%	124.1%	-155.7%	43.9%	120.5%	-58.6%
Net Income Growth	416.1%	997.6%	113.3%	-167.1%	48.2%	118.1%	-57.4%
Margins
Gross Margin	58.4%	39.8%	22.4%	-9.1%	45.2%	37.6%	30.6%
EBITDA Margin	63.8%	49.4%	38.2%	16.0%	54.9%	45.5%	41.2%
Operating Income Margin	48.4%	26.2%	5.2%	-34.8%	31.6%	24.4%	14.3%
Net Income Margin	41.5%	22.8%	3.1%	-37.5%	28.2%	21.2%	12.5%
Cash & Debt
Total Cash	14,589	10,307	8,106	9,594	9,331	8,633	8,142
Total Debt	10,798	15,278	14,007	13,933	7,516	7,280	7,176
Net Debt / (Cash)	-3,791	4,971	5,901	4,339	-1,815	-1,353	-966
Cash Flows & CapEx
Net Cash from Operations	30,653	17,525	8,507	1,559	15,181	12,468	8,306
Total CapEx	-20,372	-15,857	-8,386	-7,676	-12,067	-10,030	-8,223
Free Cash from Operations	10,281	1,668	121	-6,117	3,114	2,438	83
Returns to Shareholders
Dividends	527	522	513	504	461	-0	-0
Share Repurchases	650	-0	300	425	2,432	1,200	176

$ Mil \| FY: 8/28	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	2/26/2026	11/27/2025	8/28/2025	5/29/2025	2/27/2025	11/28/2024	8/29/2024	5/30/2024	2/29/2024	11/30/2023	8/31/2023	6/1/2023
Filing Date	3/19/2026	12/18/2025	10/3/2025	6/26/2025	3/21/2025	12/19/2024	10/4/2024	6/27/2024	3/21/2024	12/21/2023	10/6/2023	6/29/2023
Key Financials Quarterly
Total Revenue	23,860	13,643	11,315	9,301	8,053	8,709	7,750	6,811	5,824	4,726	4,010	3,752
Ebitda	18,478	8,347	5,904	4,330	3,949	4,300	3,632	2,820	2,238	892	608	322
Operating Income	16,135	6,136	3,693	2,169	1,773	2,174	1,523	719	191	-1,128	-1,321	-1,649
Net Income	13,785	5,240	3,201	1,885	1,583	1,870	887	332	793	-1,234	-1,430	-1,896
EPS	12.25	4.66	2.86	1.69	1.42	1.68	0.80	0.30	0.72	-1.12	-1.31	-1.73
Key Financials TTM
Total Revenue TTM	58,119	42,312	37,378	33,813	31,323	29,094	25,111	21,371	18,312	16,181	15,540	18,173
Ebitda TTM	37,059	22,530	18,483	16,211	14,701	12,990	9,582	6,558	4,060	1,582	2,486	5,358
Operating Income TTM	28,133	13,771	9,809	7,639	6,189	4,607	1,305	-1,539	-3,907	-6,324	-5,392	-2,570
Net Income TTM	24,111	11,909	8,539	6,225	4,672	3,882	778	-1,539	-3,767	-6,872	-5,833	-2,911
Growth Rates Quarterly
Total Revenue Growth	196.3%	56.7%	46.0%	36.6%	38.3%	84.3%	93.3%	81.5%	57.7%	15.7%	-39.6%	-56.6%
EBITDA Growth	367.9%	94.1%	62.6%	53.5%	76.5%	382.1%	497.4%	775.8%	1032.5%	-50.3%	-82.5%	-93.4%
Operating Income Growth	810.0%	182.2%	142.5%	201.7%	828.3%	292.7%	215.3%	143.6%	108.6%	-475.5%	-188.0%	-155.0%
Net Income Growth	770.8%	180.2%	260.9%	467.8%	99.6%	251.5%	162.0%	117.5%	134.3%	-532.8%	-195.8%	-172.2%
Margins Quarterly
EBITDA Margin	77.4%	61.2%	52.2%	46.6%	49.0%	49.4%	46.9%	41.4%	38.4%	18.9%	15.2%	8.6%
Operating Income Margin	67.6%	45.0%	32.6%	23.3%	22.0%	25.0%	19.7%	10.6%	3.3%	-23.9%	-32.9%	-43.9%
Net Income Margin	57.8%	38.4%	28.3%	20.3%	19.7%	21.5%	11.4%	4.9%	13.6%	-26.1%	-35.7%	-50.5%
Cash & Debt
Total Cash	14,589	10,318	10,307	10,811	8,215	7,588	8,106	8,379	9,006	9,048	9,594	10,352
Total Debt	10,798	12,425	15,278	16,141	14,954	14,373	14,007	13,867	14,315	14,106	13,933	13,848
Net Debt / (Cash)	-3,791	2,107	4,971	5,330	6,739	6,785	5,901	5,488	5,309	5,058	4,339	3,496
Cash Flows Quarterly
FCF from Operations	11,903	8,411	5,730	4,609	3,942	3,244	3,405	2,482	1,219	1,401	249	24
Cash Flows TTM
FCF from Operations TTM	30,653	22,692	17,525	15,200	13,073	10,350	8,507	5,351	2,893	2,017	1,559	5,087
Returns to Shareholders Quarterly
Dividends	132	134	130	131	130	131	129	128	127	129	126	126
Share Repurchases	350	300	-0	-0	-0	-0	300	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	1005.6%	262.1%	144.7%	94.6%	111.3%	60.6%	24.8%	14.4%	-89.2%	-119.8%	-188.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	573.1%	174.4%	118.2%	70.0%	58.0%	14.1%	-24.9%	-66.0%	-125.0%	-124.3%	-73.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Cloud Memory Business Unit (CMBU)	13,524	3,792	1,872
Mobile and Client Business Unit (MCBU)	11,859	11,667	7,394
Core Data Center Business Unit (CDBU)	7,229	4,984	2,124
Automotive and Embedded Business Unit (AEBU)	4,753	4,631	4,139
All Other	13	37	11	17	40
Unallocated	0	0	0
Compute and Networking Business Unit (CNBU)				13,693	12,280
Embedded Business Unit (EBU)				5,235	4,209
Mobile Business Unit (MBU)				7,260	7,203
Storage Business Unit (SBU)				4,553	3,973
Total	37,378	25,111	15,540	30,758	27,705

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Cloud Memory Business Unit (CMBU)	6,129	244	-768
Core Data Center Business Unit (CDBU)	2,180	255	-563
Mobile and Client Business Unit (MCBU)	1,981	-1	-3,189
Automotive and Embedded Business Unit (AEBU)	557	432	680
All Other	-1	18	8	12	20
Unallocated	-1,076	356	-1,913	-579	-1,384
Compute and Networking Business Unit (CNBU)				5,844	4,295
Embedded Business Unit (EBU)				1,752	1,006
Mobile Business Unit (MBU)				2,160	2,173
Storage Business Unit (SBU)				513	173
Total	9,770	1,304	-5,745	9,702	6,283

Assets by Segment

$ Mil	2001
Semiconductor operations	7,789
Total	7,789

Price Behavior

Price Behavior

Market Price	$904.28
Market Cap ($ Bil)	1,018.2
First Trading Date	05/16/1989
Distance from 52W High	-19.0%
	50 Days	200 Days
DMA Price	$923.86	$476.00
DMA Trend	up	up
Distance from DMA	-2.1%	90.0%
	3M	1YR
Volatility	104.9%	76.1%
Downside Capture	458.91	254.34
Upside Capture	664.93	448.37
Correlation (SPY)	56.5%	53.5%

MU Betas & Captures as of 6/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	4.68	4.87	3.79	3.29	3.13	2.28
Up Beta	1.53	1.62	1.35	1.63	2.50	1.96
Down Beta	5.71	5.16	5.05	3.21	3.42	2.47
Up Capture	851%	1428%	1346%	1624%	2702%	11570%
Bmk +ve Days	11	24	40	67	140	429
Stock +ve Days	12	25	38	69	144	408
Down Capture	345%	313%	294%	199%	157%	112%
Bmk -ve Days	10	17	23	58	112	321
Stock -ve Days	9	16	25	56	108	343

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MU
MU	737.2%	75.9%	3.13	-
Sector ETF (XLK)	44.4%	24.5%	1.45	71.2%
Equity (SPY)	21.4%	12.6%	1.27	53.3%
Gold (GLD)	20.9%	28.0%	0.67	23.8%
Commodities (DBC)	28.4%	18.9%	1.19	1.5%
Real Estate (VNQ)	12.2%	13.9%	0.60	-5.3%
Bitcoin (BTCUSD)	-46.2%	42.8%	-1.32	26.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MU
MU	66.8%	54.8%	1.14	-
Sector ETF (XLK)	20.3%	25.5%	0.71	67.9%
Equity (SPY)	13.1%	17.1%	0.59	57.9%
Gold (GLD)	17.2%	18.4%	0.76	14.2%
Commodities (DBC)	8.9%	19.5%	0.35	11.7%
Real Estate (VNQ)	2.7%	18.9%	0.04	24.1%
Bitcoin (BTCUSD)	13.8%	53.5%	0.44	25.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MU
MU	55.9%	50.7%	1.07	-
Sector ETF (XLK)	25.2%	24.8%	0.92	67.1%
Equity (SPY)	15.5%	17.9%	0.74	59.5%
Gold (GLD)	11.1%	16.1%	0.56	9.6%
Commodities (DBC)	6.6%	18.0%	0.29	18.3%
Real Estate (VNQ)	4.9%	20.7%	0.20	30.7%
Bitcoin (BTCUSD)	57.9%	66.2%	0.98	18.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	6302026
Short Interest: Shares Quantity	31.7 Mil
Short Interest: % Change Since 6152026	-23.9%
Average Daily Volume	60.3 Mil
Days-to-Cover Short Interest	1
Basic Shares Quantity	1,126.0 Mil
Short % of Basic Shares	2.8%

Returns Analyses

	Title
0	Can You Stomach the Plunge in Micron Stock?
1	Would You Still Hold Micron Technology Stock If It Fell Another 30%?
2	MU YTD Stock Return Of 20% Outperforms MCHP by 52% and Underperforms WDC by -3.9%
3	MU YTD Stock Return Of -37% Outperforms STX by 14% and Underperforms TXN by -31%
4	Micron Technology Stock Return Comparison
5	[9/29/2021] Micron Technology (MU) Stock Price Forecast: AI Forecasts MU Stock Price To Be Around $74.3 In A Month (Up 3.7%)
6	Micron Technology Total Shareholder Return (TSR): -28.8% in 2022 and 5.6% 3-yr returns (below peer average)

Earnings Returns History

Updated 7/6/2026

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
6/24/2026	15.7%	-1.5%
3/18/2026	-3.8%	-17.2%	-1.4%
12/17/2025	10.2%	27.1%	61.9%
9/23/2025	-2.8%	0.5%	19.3%
6/25/2025	-1.0%	-4.3%	-12.5%
3/20/2025	-8.0%	-11.5%	-35.1%
12/18/2024	-16.2%	-13.6%	5.3%
9/25/2024	14.7%	4.3%	11.7%
...
SUMMARY STATS
# Positive	9	10	13
# Negative	14	13	9
Median Positive	10.2%	8.6%	11.0%
Median Negative	-3.9%	-6.7%	-8.7%
Max Positive	15.7%	27.1%	61.9%
Max Negative	-16.2%	-17.2%	-35.1%

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
6/24/2026	15.7%	-1.5%
3/18/2026	-3.8%	-17.2%	-1.4%
12/17/2025	10.2%	27.1%	61.9%
9/23/2025	-2.8%	0.5%	19.3%
6/25/2025	-1.0%	-4.3%	-12.5%
3/20/2025	-8.0%	-11.5%	-35.1%
12/18/2024	-16.2%	-13.6%	5.3%
9/25/2024	14.7%	4.3%	11.7%
6/26/2024	-7.1%	-3.9%	-23.1%
3/20/2024	14.1%	23.9%	11.0%
12/20/2023	8.6%	9.3%	11.4%
9/27/2023	-4.4%	-0.1%	-5.2%
6/28/2023	-4.1%	-8.7%	6.4%
3/28/2023	7.2%	-3.4%	4.6%
12/21/2022	-3.4%	-1.1%	19.9%
9/29/2022	0.2%	9.2%	8.3%
6/30/2022	-2.9%	7.2%	13.4%
3/29/2022	-3.5%	-9.1%	-14.3%
12/20/2021	10.5%	13.3%	3.8%
6/30/2021	-5.7%	-9.3%	-8.7%
3/31/2021	4.8%	8.0%	-2.4%
1/7/2021	-2.1%	2.8%	6.2%
9/29/2020	-7.4%	-6.7%	-1.4%
SUMMARY STATS
# Positive	9	10	13
# Negative	14	13	9
Median Positive	10.2%	8.6%	11.0%
Median Negative	-3.9%	-6.7%	-8.7%
Max Positive	15.7%	27.1%	61.9%
Max Negative	-16.2%	-17.2%	-35.1%

SEC Filings

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Report Date	Filing Date	Filing
02/28/2026	03/19/2026	10-Q
11/30/2025	12/18/2025	10-Q
08/31/2025	10/03/2025	10-K
05/31/2025	06/26/2025	10-Q
02/28/2025	03/21/2025	10-Q
11/30/2024	12/19/2024	10-Q
08/31/2024	10/04/2024	10-K
05/31/2024	06/27/2024	10-Q
02/29/2024	03/21/2024	10-Q
11/30/2023	12/21/2023	10-Q
08/31/2023	10/06/2023	10-K
05/31/2023	06/29/2023	10-Q
02/28/2023	03/29/2023	10-Q
11/30/2022	12/22/2022	10-Q
08/31/2022	10/07/2022	10-K
05/31/2022	07/01/2022	10-Q

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Report Date	Filing Date	Filing
02/28/2026	03/19/2026	10-Q
11/30/2025	12/18/2025	10-Q
08/31/2025	10/03/2025	10-K
05/31/2025	06/26/2025	10-Q
02/28/2025	03/21/2025	10-Q
11/30/2024	12/19/2024	10-Q
08/31/2024	10/04/2024	10-K
05/31/2024	06/27/2024	10-Q
02/29/2024	03/21/2024	10-Q
11/30/2023	12/21/2023	10-Q
08/31/2023	10/06/2023	10-K
05/31/2023	06/29/2023	10-Q
02/28/2023	03/29/2023	10-Q
11/30/2022	12/22/2022	10-Q
08/31/2022	10/07/2022	10-K
05/31/2022	07/01/2022	10-Q
02/28/2022	03/30/2022	10-Q
11/30/2021	01/06/2022	10-Q
08/31/2021	10/08/2021	10-K
05/31/2021	07/01/2021	10-Q
02/28/2021	04/01/2021	10-Q
11/30/2020	01/08/2021	10-Q
08/31/2020	10/19/2020	10-K
05/31/2020	06/30/2020	10-Q
02/29/2020	03/26/2020	10-Q
11/30/2019	12/20/2019	10-Q
08/31/2019	10/17/2019	10-K
05/31/2019	06/26/2019	10-Q

Recent Forward Guidance

Updated 7/8/2026

Latest: Q3 2026 Earnings Reported 6/24/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2026 Revenue	49.00 Bil	50.00 Bil	51.00 Bil	49.3%		Higher New	Guidance: 33.50 Bil for Q3 2026
Q4 2026 Gross margin		86.0%			5.0%	Higher New	Guidance: 81.0% for Q3 2026
Q4 2026 Operating expenses (GAAP)		1.86 Bil		16.2%		Higher New	Guidance: 1.60 Bil for Q3 2026
Q4 2026 Operating expenses (Non-GAAP)		1.65 Bil
Q4 2026 Diluted earnings per share (GAAP)	29.7	30.7	31.7	62.6%		Higher New	Guidance: 18.9 for Q3 2026
Q4 2026 Diluted earnings per share (Non-GAAP)	30	31	32

Prior: Q2 2026 Earnings Reported 3/18/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q3 2026 Revenue	32.75 Bil	33.50 Bil	34.25 Bil	79.1%		Higher New	Guidance: 18.70 Bil for Q2 2026
Q3 2026 Gross margin		81.0%			14.0%	Higher New	Guidance: 67.0% for Q2 2026
Q3 2026 Operating expenses		1.60 Bil		2.6%		Higher New	Guidance: 1.56 Bil for Q2 2026
Q3 2026 Diluted earnings per share	18.5	18.9	19.3	130.8%		Higher New	Guidance: 8.19 for Q2 2026

Q1 2026 Earnings Reported 12/17/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2026 Revenue	18.30 Bil	18.70 Bil	19.10 Bil	49.6%		Higher New	Guidance: 12.50 Bil for Q1 2026
Q2 2026 Gross Margin	66.0%	67.0%	68.0%		16.5%	Higher New	Guidance: 50.5% for Q1 2026
Q2 2026 Operating Expenses	1.54 Bil	1.56 Bil	1.58 Bil	4.7%		Higher New	Guidance: 1.49 Bil for Q1 2026
Q2 2026 Diluted Earnings Per Share	7.99	8.19	8.39	130.1%		Higher New	Guidance: 3.56 for Q1 2026

Insider Activity

Updated 7/6/2026

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Arnzen, April S	EVP and Chief People Officer	Direct	Sell	7062026	1083.94	40,000	43,357,473	92,933,492	Form
2	Dugle, Lynn A		Direct	Sell	7022026	1150.43	1,300	1,495,559	20,394,823	Form
3	Mehrotra, Sanjay	President and CEO	Direct	Sell	6302026	1180.96	11,494	13,573,977	406,844,944	Form
4	Mehrotra, Sanjay	President and CEO	Direct	Sell	6302026	1149.28	28,506	32,761,315	409,139,479	Form
5	Mehrotra, Sanjay	President and CEO	Direct	Sell	6022026	975.63	2,561	2,498,589	375,132,698	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Arnzen, April S	EVP and Chief People Officer	Direct	Sell	7062026	1083.94	40,000	43,357,473	92,933,492	Form
2	Dugle, Lynn A		Direct	Sell	7022026	1150.43	1,300	1,495,559	20,394,823	Form
3	Mehrotra, Sanjay	President and CEO	Direct	Sell	6302026	1180.96	11,494	13,573,977	406,844,944	Form
4	Mehrotra, Sanjay	President and CEO	Direct	Sell	6302026	1149.28	28,506	32,761,315	409,139,479	Form
5	Mehrotra, Sanjay	President and CEO	Direct	Sell	6022026	975.63	2,561	2,498,589	375,132,698	Form
6	Mehrotra, Sanjay	President and CEO	Direct	Sell	6022026	960.38	37,439	35,955,527	371,727,080	Form
7	Gomo, Steven J		Direct	Sell	5132026	787.03	2,000	1,574,070	13,488,993	Form
8	Ray, Michael Charles	SVP, Chief Legal Officer	Direct	Sell	5052026	534.30	7,601	4,061,207	35,919,321	Form
9	Mehrotra, Sanjay	President and CEO	Direct	Sell	5052026	536.26	40,000	21,450,555	227,645,622	Form
10	Cordano, Michael D	EVP, Worldwide Sales	Direct	Sell	4162026	435.00	3,407	1,482,045	19,165,665	Form
11	Cordano, Michael D	EVP, Worldwide Sales	Direct	Sell	4132026	420.81	3,407	1,433,700	19,974,167	Form
12	Arnzen, April S	EVP and Chief People Officer	Direct	Sell	4032026	347.39	40,000	13,895,762	43,680,285	Form
13	Sadana, Sumit	EVP and Chief Business Officer	Direct	Sell	2042026	429.89	25,000	10,747,266	106,621,911	Form
14	Ray, Michael Charles	SVP, Chief Legal Officer	Direct	Sell	1292026	409.68	12,268	5,025,987	30,593,056	Form
15	Bhatia, Manish H	EVP, Global Operations	Direct	Sell	1262026	391.04	26,623	10,410,771	126,497,342	Form
16	Liu, Teyin M		Direct	Buy	1152026	337.22	11,600	3,911,711	8,737,280	Form
17	Liu, Teyin M		Direct	Buy	1152026	337.07	11,600	3,910,012	4,823,472	Form
18	Arnzen, April S	EVP and Chief People Officer	Direct	Sell	12232025	277.09	15,000	4,156,350	45,891,092	Form
19	Gomo, Steven J		Direct	Sell	12232025	263.63	5,000	1,318,150	5,045,615	Form
20	Mehrotra, Sanjay	President and CEO	Direct	Sell	11102025	233.39	3,743	873,567	92,556,142	Form
21	Mehrotra, Sanjay	President and CEO	Direct	Sell	11102025	241.34	8,757	2,113,441	96,614,699	Form
22	Murphy, Mark J	EVP & Chief Financial Officer	Direct	Sell	11032025	225.31	126,000	28,389,111	49,499,119	Form
23	Mehrotra, Sanjay	President and CEO	Direct	Sell	10312025	225.23	10,602	2,387,880	92,136,303	Form
24	Mehrotra, Sanjay	President and CEO	Direct	Sell	10312025	230.53	11,898	2,742,851	96,749,014	Form
25	Mehrotra, Sanjay	President and CEO	Direct	Sell	10292025	220.72	22,500	4,966,229	98,569,265	Form
26	Deboer, Scott J	EVP, CTO and Products Officer	Direct	Sell	10292025	222.81	82,000	18,270,420	34,345,047	Form
27	Mehrotra, Sanjay	President and CEO	Direct	Sell	10222025	203.12	19,761	4,013,785	95,277,467	Form
28	Mehrotra, Sanjay	President and CEO	Direct	Sell	10222025	211.19	2,739	578,443	103,236,800	Form
29	Allen, Scott R	CVP, Chief Accounting Officer	Direct	Sell	10212025	210.02	8,800	1,848,176	8,450,575	Form
30	Ray, Michael Charles	SVP, Chief Legal Officer	Direct	Sell	10202025	201.63	3,682	742,384	20,581,914	Form
31	Mehrotra, Sanjay	President and CEO	Direct	Sell	10072025	188.47	21,563	4,064,029	51,386,600	Form
32	Mehrotra, Sanjay	President and CEO	Direct	Sell	10072025	194.44	10,800	2,099,964	57,206,722	Form
33	Mehrotra, Sanjay	President and CEO	Direct	Sell	10072025	190.51	5,137	978,628	58,106,358	Form
34	Mehrotra, Sanjay	President and CEO	Direct	Sell	10032025	180.86	15,000	2,712,866	56,092,658	Form
35	Arnzen, April S	EVP and Chief People Officer	Direct	Sell	10022025	164.04	15,000	2,460,600	21,584,383	Form
36	Beyer, Richard M		Direct	Sell	9292025	155.68	5,552	864,335	14,950,106	Form
37	Mehrotra, Sanjay	President and CEO	Direct	Sell	9222025	162.20	13,798	2,238,003	52,738,228	Form
38	Mehrotra, Sanjay	President and CEO	Direct	Sell	9222025	170.18	1,202	204,556	57,681,830	Form
39	Mehrotra, Sanjay	President and CEO	Direct	Sell	9172025	158.29	7,319	1,158,546	53,843,041	Form
40	Mehrotra, Sanjay	President and CEO	Direct	Sell	9172025	160.04	181	28,967	55,608,619	Form
41	Mehrotra, Sanjay	President and CEO	Direct	Sell	9122025	152.27	7,500	1,142,042	52,937,142	Form
42	Mehrotra, Sanjay	President and CEO	Direct	Sell	9122025	140.58	7,500	1,054,387	49,928,453	Form
43	Mehrotra, Sanjay	President and CEO	Direct	Sell	9092025	130.83	7,500	981,212	47,444,604	Form
44	McCarthy, Mary Pat		Direct	Sell	9042025	115.67	2,404	278,071	2,330,288	Form
45	Murphy, Mark J	EVP & Chief Financial Officer	Direct	Sell	7242025	109.32	34,000	3,716,823	28,863,975	Form
46	McCarthy, Mary Pat		Direct	Sell	7032025	121.28	2,404	291,562	2,734,911	Form
47	Bhatia, Manish H	EVP, Global Operations	Direct	Sell	7022025	123.16	80,000	9,852,800	33,877,252	Form
48	Sadana, Sumit	EVP and Chief Business Officer	Direct	Sell	7012025	125.49	92,638	11,625,143	25,264,400	Form
49	Gomo, Steven J		Direct	Sell	7012025	125.15	7,000	876,050	2,848,664	Form

Investor Activity (13F)

Updated Jul 16, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
DCF Advisers, LLC	$50.7 Mil	19.1%	72	TRIM -10.3%	13F
Trivest Advisors Ltd	$264.9 Mil	19.1%	29	ADD +28.1%	13F
WS Management LLLP	$121.6 Mil	15.9%	35	TRIM -41.9%	13F
Tensor Edge Capital, LLC	$78.8 Mil	13.5%	17	ADD +16.6%	13F
Oak Grove Capital LLC	$75.2 Mil	12.9%	82	Hold	13F
Prime Capital Management Co Ltd	$85.3 Mil	9.6%	7	New	13F
Horiko Capital Management LLC	$41.5 Mil	9.6%	20	Hold	13F
Tairen Capital Ltd	$88.3 Mil	9.6%	44	New	13F
Appaloosa LP	$562.5 Mil	9.5%	31	ADD +11.0%	13F
KCM Capital Inc	$50.7 Mil	9.5%	31	ADD +66.7%	13F
Anther Capital Ltd	$340.4 Mil	8.9%	31	New	13F
California First Leasing Corp	$27.7 Mil	8.9%	39	Hold	13F
Spectrum Financial Alliance Ltd LLC	$42.1 Mil	8.1%	32	TRIM -51.3%	13F
CTC LLC	$99.4 Mil	8.0%	25	TRIM -16.0%	13F
Headwater Capital Co Ltd	$36.1 Mil	5.8%	15	ADD +37.2%	13F
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group	$15.2 Mil	5.8%	28	Hold	13F
WT Asset Management Ltd	$264.8 Mil	5.5%	32	TRIM -13.1%	13F
Crosslink Capital Inc	$56.6 Mil	5.5%	21	Hold	13F
PARUS FINANCE (UK) Ltd	$16.6 Mil	5.0%	37	ADD +13.8%	13F
Halter Ferguson Financial Inc.	$21.9 Mil	4.8%	36	ADD +56.3%	13F
Ravenswood Partners LP	$12.0 Mil	4.4%	35	TRIM -39.9%	13F
E20 Capital Ltd	$44.6 Mil	4.2%	22	New	13F
FFG Partners, LLC	$9.7 Mil	3.9%	35	New	13F
Element Capital Management LLC	$9.8 Mil	3.8%	34	New	13F
Valueworks LLC	$13.0 Mil	3.6%	35	TRIM -60.1%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Anther Capital Ltd	$340.4 Mil	8.9%	31	New	13F
Tairen Capital Ltd	$88.3 Mil	9.6%	44	New	13F
Prime Capital Management Co Ltd	$85.3 Mil	9.6%	7	New	13F
Crake Asset Management LLP	$64.9 Mil	2.3%	20	New	13F
E20 Capital Ltd	$44.6 Mil	4.2%	22	New	13F
Element Capital Management LLC	$9.8 Mil	3.8%	34	New	13F
FFG Partners, LLC	$9.7 Mil	3.9%	35	New	13F
KCM Capital Inc	$50.7 Mil	9.5%	31	ADD +66.7%	13F
Halter Ferguson Financial Inc.	$21.9 Mil	4.8%	36	ADD +56.3%	13F
Headwater Capital Co Ltd	$36.1 Mil	5.8%	15	ADD +37.2%	13F
Trivest Advisors Ltd	$264.9 Mil	19.1%	29	ADD +28.1%	13F
Tensor Edge Capital, LLC	$78.8 Mil	13.5%	17	ADD +16.6%	13F
PARUS FINANCE (UK) Ltd	$16.6 Mil	5.0%	37	ADD +13.8%	13F
Appaloosa LP	$562.5 Mil	9.5%	31	ADD +11.0%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
Value Aligned Research Advisors, LLC	$62.4 Mil	1.3%	47	Exited	Dec 31, 2025	13F
Shapiro Capital Management LLC	$36.0 Mil	1.9%	48	Exited	Dec 31, 2025	13F
Talos Eurisko Asset Management LP	$22.8 Mil	4.0%	24	Exited	Dec 31, 2025	13F
Alta Park Capital, LP	$15.5 Mil	1.9%	34	Exited	Dec 31, 2025	13F
Fund 1 Investments, LLC	$12.6 Mil	1.8%	49	Exited	Dec 31, 2025	13F
Overbrook Management Corp	$12.1 Mil	2.1%	46	Exited	Dec 31, 2025	13F
Melqart Asset Management (UK) Ltd	$11.4 Mil	1.1%	44	Exited	Dec 31, 2025	13F
MIG Capital, LLC	$10.6 Mil	1.8%	43	Exited	Dec 31, 2025	13F
Nishkama Capital, LLC	$9.3 Mil	1.3%	49	Exited	Dec 31, 2025	13F
Shannon River Fund Management LLC	$5.8 Mil	0.9%	26	Exited	Dec 31, 2025	13F
Generali Powszechne Towarzystwo Emerytalne	$16.9 Mil	3.0%	28	TRIM -66.7%	Mar 31, 2026	13F
Evergreen Quality Fund GP, Ltd.	$146.0 Mil	3.3%	40	TRIM -61.1%	Mar 31, 2026	13F
Valueworks LLC	$13.0 Mil	3.6%	35	TRIM -60.1%	Mar 31, 2026	13F
Analog Century Management LP	$48.7 Mil	2.3%	25	TRIM -60.0%	Mar 31, 2026	13F
Spectrum Financial Alliance Ltd LLC	$42.1 Mil	8.1%	32	TRIM -51.3%	Mar 31, 2026	13F
Summit Street Capital Management, LLC	$18.1 Mil	2.6%	31	TRIM -42.0%	Mar 31, 2026	13F
WS Management LLLP	$121.6 Mil	15.9%	35	TRIM -41.9%	Mar 31, 2026	13F
Ravenswood Partners LP	$12.0 Mil	4.4%	35	TRIM -39.9%	Mar 31, 2026	13F
Thames Capital Management LLC	$17.0 Mil	3.0%	43	TRIM -31.1%	Mar 31, 2026	13F
CTC LLC	$99.4 Mil	8.0%	25	TRIM -16.0%	Mar 31, 2026	13F
WT Asset Management Ltd	$264.8 Mil	5.5%	32	TRIM -13.1%	Mar 31, 2026	13F
DCF Advisers, LLC	$50.7 Mil	19.1%	72	TRIM -10.3%	Mar 31, 2026	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Appaloosa LP	$562.5 Mil	9.5%	31	ADD +11.0%	13F
Anther Capital Ltd	$340.4 Mil	8.9%	31	New	13F
Trivest Advisors Ltd	$264.9 Mil	19.1%	29	ADD +28.1%	13F
WT Asset Management Ltd	$264.8 Mil	5.5%	32	TRIM -13.1%	13F
Evergreen Quality Fund GP, Ltd.	$146.0 Mil	3.3%	40	TRIM -61.1%	13F
WS Management LLLP	$121.6 Mil	15.9%	35	TRIM -41.9%	13F
CTC LLC	$99.4 Mil	8.0%	25	TRIM -16.0%	13F
Tairen Capital Ltd	$88.3 Mil	9.6%	44	New	13F
Prime Capital Management Co Ltd	$85.3 Mil	9.6%	7	New	13F
Tensor Edge Capital, LLC	$78.8 Mil	13.5%	17	ADD +16.6%	13F
Oak Grove Capital LLC	$75.2 Mil	12.9%	82	Hold	13F
Crake Asset Management LLP	$64.9 Mil	2.3%	20	New	13F
Crosslink Capital Inc	$56.6 Mil	5.5%	21	Hold	13F
DCF Advisers, LLC	$50.7 Mil	19.1%	72	TRIM -10.3%	13F
KCM Capital Inc	$50.7 Mil	9.5%	31	ADD +66.7%	13F
Analog Century Management LP	$48.7 Mil	2.3%	25	TRIM -60.0%	13F
E20 Capital Ltd	$44.6 Mil	4.2%	22	New	13F
Spectrum Financial Alliance Ltd LLC	$42.1 Mil	8.1%	32	TRIM -51.3%	13F
Horiko Capital Management LLC	$41.5 Mil	9.6%	20	Hold	13F
Headwater Capital Co Ltd	$36.1 Mil	5.8%	15	ADD +37.2%	13F
California First Leasing Corp	$27.7 Mil	8.9%	39	Hold	13F
Halter Ferguson Financial Inc.	$21.9 Mil	4.8%	36	ADD +56.3%	13F
Summit Street Capital Management, LLC	$18.1 Mil	2.6%	31	TRIM -42.0%	13F
Thames Capital Management LLC	$17.0 Mil	3.0%	43	TRIM -31.1%	13F
Generali Powszechne Towarzystwo Emerytalne	$16.9 Mil	3.0%	28	TRIM -66.7%	13F

MU Trade Sentinel

Stock Conviction

High Conviction

CONVICTION RATIONALE

Micron is securing its future with approximately $100 billion in multi-year, take-or-pay customer agreements. This contractual backlog, combined with a severe AI-driven supply shortage expected beyond 2027, provides unprecedented visibility into revenue and profitability. The business model appears to be undergoing a fundamental, positive transformation, reducing historical volatility.

STOCK ARCHETYPE

Cyclical Manufacturing with emerging long-term contractual visibility

Volume (Bit Shipments) x Average Selling Price (ASP) Mix shift to high-margin HBM and data center SSDs, and operating leverage from high fab utilization.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Can new long-term contracts permanently break the memory cycle?

Evidence suggests a structural shift is underway, converting cyclical volatility into durable, high-margin revenue streams backed by binding customer commitments.

Mechanism: Multi-year Strategic Customer Agreements (SCAs) with take-or-pay terms create ~$100 billion in performance obligations. These contracts lock in floor prices that secure gross margins "well above...peak quarterly margins in any past cycle," fundamentally de-risking the business model and improving earnings visibility through 2030.

Supporting Evidence:

Signed agreements create ~$100 billion in remaining performance obligations.
Contracts are take-or-pay with binding volume commitments.
Industry supply is expected to remain tight beyond calendar 2027.
Latest quarterly revenue accelerated to 196.3% year-over-year growth.
Cloud Memory (CMBU) operating margin was 45% in fiscal 2025.

PRIMARY RISK

A Super-Cycle, Not A New Structure

This is a historic cyclical peak, not a permanent change. Record capital spending of ~$27 billion in fiscal 2026 will create a future supply glut. Management already guides for a "meaningful moderation in the rate of price increases," signaling the top is near. The new contracts have not yet been tested in a downturn.

Mechanism: A sharp slowdown in AI infrastructure spending, signaled by key customers, would pressure contract integrity.

Supporting Evidence:

Fiscal 2026 capital spending is projected at approximately $27 billion.
Q4 guidance reflects a 'meaningful moderation' in price increases.
China has restricted purchases by critical infrastructure operators.
Competitors are also investing heavily, including state-backed entities.

Key KPI Watchlist

KPI	Status	Rationale
Revenue Growth (Year-over-Year)	196.3% year-over-year growth for the quarter ended 3/31/2026 - Accelerating	The growth trajectory shows extreme acceleration over the past three quarters. Management attributes this to a market where "DRAM and NAND industry demand continues to significantly exceed industry supply," driven by AI, leading to substantial price increases.
Trailing-Twelve-Month Revenue Growth (YoY)	85.5% (TTM ended 3/31/2026)	Sustained high growth over the past year, indicating the durability of the current market cycle.
Inventory vs. Revenue Growth Divergence	-204.5 percentage points (Quarter ended 3/31/2026)	An extreme imbalance where revenue growth vastly outpaces inventory growth (which is negative), indicating severe supply constraints and an inability to meet all customer demand.

Core Investment Debate

Contractual Backlog vs. Cyclical Gravity

BULL VIEW

The ~$100 billion in take-or-pay contracts creates a durable revenue and margin floor, fundamentally insulating the company from the historical boom-bust cycle and justifying a higher valuation.

CORE TENSION

Can ~$100B in new take-or-pay contracts offset the historical boom-bust pattern driven by record industry capex?

PREVAILING SENTIMENT

BULLISH

The latest evidence—the signed contracts and massive backlog—favors the structural change argument, as it provides a contractual buffer absent in all prior cycles.

BEAR VIEW

History repeats. Record industry-wide capital spending will inevitably lead to oversupply. The new contracts will bend or break under the pressure of a severe downturn, proving the cycle is unbreakable.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
7/29/2026	Qualcomm Earnings Report Watch: Peer Qualcomm (QCOM) reports earnings, providing a signal on the mobile end-market.
8/25/2026	Negative AI Demand Signal From Key Peer Watch: NVIDIA's data center revenue growth and forward guidance. Any commentary on AI infrastructure spending slowdown.
8/25/2026	NVIDIA Earnings Report Watch: Peer NVIDIA (NVDA) reports earnings, a key indicator for AI data center demand.
9/21/2026	Moderating Price Increase Momentum Watch: Q4 results and Q1 fiscal 2027 guidance for signs of gross margin compression or decelerating revenue growth.
No set date	Adverse Patent Litigation Ruling Watch: Court filings and rulings in the Netlist and YMTC cases, particularly from the U.S. Court of Appeals for the Federal Circuit.
August 10	KeyBanc Investor Conference Watch: Company executives will participate at the KeyBanc Capital Markets Technology Leadership Forum.

Key Events in Last 6 Months

Date	Event	Stock Impact
2026-07-09	Accelerated US Investment Plans Details: Micron increased its planned U.S. investment to over $250 billion through 2035 and announced a $3 billion investment to strengthen the U.S. semiconductor ecosystem.	+3.2% $948.80 -> $979.30
2026-06-24	Record Q3 Results And Guidance Details: Reported record Q3 revenue of $41.46 billion, and guided Q4 revenue significantly higher with a change of 49.3%. The stock reacted positively by 15.0%.	+15.4% $1051.61 -> $1213.37
2026-04-01	Debt Reduction Via Tender Offer Details: The company announced the expiration of cash tender offers for certain outstanding senior notes as part of its balance sheet strengthening efforts.	+8.4% $337.79 -> $366.18
2026-03-18	Mixed Q2 Earnings Reaction Details: Following the March 18 earnings report, the stock dropped, with the two-day reaction being -4.0% versus -2.0% for the S&P 500, as investors focused on potential margin peaks.	-3.8% $461.43 -> $444.02
2026-02-11	Stock Rallied On AI Visibility Details: The stock closed up over 10% on February 11, 2026, as AI data center expansion reinforced revenue visibility.	+10.9% $373.04 -> $413.73
2026-01-16	New York Megafab Groundbreaking Details: Micron celebrated the official groundbreaking at its New York megafab site, joined by federal and state government officials.	+8.4% $336.44 -> $364.79

Risk Management

Position Sizing

1% - 2%

MINIMAL POSITION

Sizing is volatility-based: MU trades at roughly 95% annualized options-implied volatility versus about 13% for the S&P 500 (7.2x the market), around the 91st percentile of its own trailing year. A 1% - 2% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives

NVDA - NVIDIA

AI Platform Leader

NVIDIA defines the AI data center architecture and captures higher margins, with a 64% operating margin versus Micron's 48.4%, offering a different risk profile.

Core Thesis: The core provider of AI accelerators, benefiting directly from the same data center buildout trend.

INTC - Intel

Diversified Data Center Play

Intel provides broader exposure to the data center beyond just memory, with products spanning CPUs and other silicon, though its growth has been slower.

Core Thesis: A turnaround story focused on regaining manufacturing leadership and capturing share in the AI ecosystem.

How Is The Market Pricing MU?

Micron is transforming from a cyclical commodity memory producer into a strategic, high-margin enabler of the AI infrastructure buildout.

Driven by explosive AI-related demand for high-bandwidth memory (HBM) and data center storage, Micron is experiencing a period of unprecedented pricing power. The company is capitalizing on this by locking in a significant portion of its future revenue through multi-year, take-or-pay Strategic Customer Agreements (SCAs). This new business model aims to reduce historical cyclicality and provide more durable, predictable financial performance.

What will confirm the thesis

Announcements of additional multi-billion dollar SCAs, upward revisions to capital expenditure to accelerate fab construction, and sustained high gross margins.

What will damage the thesis

A significant slowdown in AI infrastructure spending by hyperscalers, a competitor achieving a technological leap in HBM that surpasses Micron's offerings, or a rapid easing of industry-wide supply constraints.

Noise: Real but irrelevant to thesis

Short-term stock price volatility not directly related to fundamental supply/demand dynamics or major SCA announcements.

Repricing Catalyst

The market's full valuation of the de-risking effect of the new Strategic Customer Agreements and the associated ~$100 billion in Remaining Performance Obligations (RPO), which fundamentally changes the company's earnings visibility.

What MU Makes & Who Pays

TTM figures based on the twelve months through fiscal Q2 2026

Cloud Memory Business Unit (CMBU)

$21.0B TTM (36% of Total) · 56% Margin

What It Is

Sells memory solutions, including High-Bandwidth Memory (HBM), DDR, LPDDR, and GDDR, to large hyperscale cloud customers and provides HBM for all data center customers.

Who Pays & How

Large hyperscale cloud customers pay for memory solutions essential for AI and data-centric workloads, which require significantly increasing quantities of high-performance DRAM like HBM to turn data into insight.

Unit sales, increasingly under multi-year strategic agreements.

Competition

Samsung Electronics Co., Ltd.; SK hynix Inc.

Some competitors are large conglomerates with greater resources to invest in technology and may benefit from government assistance.

Technology leadership in HBM, including industry-leading HBM3E and HBM4 products, and manufacturing scale.

Core Data Center Business Unit (CDBU)

$11.2B TTM (19% of Total) · 48% Margin

What It Is

Sells memory solutions (DDR5, DDR4) to mid-tier cloud, enterprise, and OEM data center customers, and storage solutions (data center SSDs, NAND components) to all data center customers.

Who Pays & How

Mid-tier cloud, enterprise, and OEM data center customers pay for memory and high-performance storage needed to support the proliferation of AI, cloud computing, and big data.

Unit sales, increasingly under multi-year strategic agreements.

Competition

Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation.

Competitors may have larger market share and greater resources to withstand downturns.

A vertically integrated portfolio of data center SSDs utilizing proprietary G8 and G9 NAND, controllers, and firmware.

Mobile and Client Business Unit (MCBU)

$19.0B TTM (33% of Total) · 50% Margin

What It Is

Sells memory and storage solutions for the mobile (smartphones) and client (PCs) segments, as well as Crucial-branded consumer products.

Who Pays & How

Smartphone and PC OEMs pay for memory (LPDDR) and storage (managed NAND, SSDs) to support increasing performance requirements, particularly for on-device AI capabilities.

Unit sales.

Competition

Samsung Electronics Co., Ltd.; SK hynix Inc.

Competitors may use aggressive pricing to obtain market share.

Technology leadership in low-power DRAM (LPDDR5X) on advanced 1ß and 1γ nodes, engineered to accelerate AI applications on flagship smartphones.

Automotive and Embedded Business Unit (AEBU)

$7.0B TTM (12% of Total) · 39% Margin

What It Is

Sells memory and storage solutions (DRAM, NAND, NOR, SSDs) for the automotive, industrial, and consumer segments, targeting the 'intelligent edge'.

Who Pays & How

Automotive and industrial OEMs pay for high-reliability memory and storage to enable autonomous driving, advanced driver-assistance systems (ADAS), in-vehicle infotainment, and industrial IoT/automation.

Unit sales, with some automotive agreements having 3-year terms.

Competition

A portfolio of high-reliability, automotive-qualified products, including LPDDR5X DRAM and enterprise-grade SSDs, to meet stringent market requirements.

MU Evolution: Price Return by Era

Through fiscal year 2022 · Pre-2023 Market-Based Structure

-47%

The company was organized around traditional end-markets: Compute and Networking (CNBU), Mobile (MBU), Storage (SBU), and Embedded (EBU), reflecting a broader, less specialized business focus.

Beginning fiscal year 2023 · Post-2023 AI-Centric Reorganization

+71%

In the fourth quarter of 2025, Micron reorganized into four new business units to better align with the AI-driven market: Cloud Memory (CMBU), Core Data Center (CDBU), Mobile and Client (MCBU), and Automotive and Embedded (AEBU). This structural change signifies a strategic pivot to capture the high-value data center and cloud opportunity, which has since become the company's primary growth and profit engine.

Market Appears To Be Skeptical Of Core Thesis

Price structure is showing early stress, with SMA alignment beginning to break down. Relative to SPY: Strong 63D outperformance but 'relative strength' momentum is fading, indicating that money rotation may be maturing. Volume and momentum show mild distribution. The selling pressure is present but not overwhelming. Earnings history is mildly cautionary. The reaction or drift are negative, and the market is beginning to push back on the thesis.

① Structure

-1

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

-1

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

-1

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

-3 / 12

1 Price Structure & Trend Potential Bottoming · - ▾

2 Momentum Pausing ▾

3 Relative Strength vs. SPY Facing Relative Strength ▾

4 Institutional Footprint & Volume Neutral / Mixed ▾

5 Volatility Expanded ▾

6 Key Price Levels Range · Vol Falling ▾

7 Earnings Reaction History Inconsistent ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	-1
② Vol / Mom	-1
③ Catalyst	-1

ℹ Bull Pillars: 0 · Bear Pillars: 3 · Combined Score: -3 → Market Appears To Be Skeptical Of Core Thesis

Micron Technology — Investor Video Playlist

Investor / Analyst

$MU Micron Technology Q2 2026 Earnings Conference Call

EARNMOAR · 2026-03-19

Leadership

AI is fueled by data—and data runs on memory | Micron Technology

Micron Technology · 2026-03-06

Products & Services

Micron speaks with TIRIAS Research on HBM, CXL & SOCAMM2 at SC25 | Micron Technology

Micron Technology · 2026-01-14

Products & Services

Introducing Micron 3610 SSD: Uncompromising Speed and Reliability for Modern PCs | Micron Technology

Micron Technology · 2026-01-06

Investor / Analyst

Micron Technology Q1 FY26 Earnings Call | $MU | 🔴 WATCH LIVE

Benzinga · 2025-12-17

Products & Services

How Micron and VAST Data are redefining AI storage and data management | Micron Technology

Micron Technology · 2025-09-29

Products & Services

Building intelligence: How data shapes AI from the ground up | Micron Technology

Micron Technology · 2025-09-03

Products & Services

Thinner, faster, smarter – unleashing 1γ (1-gamma) LPDDR5X for AI at the edge | Micron Technology

Micron Technology · 2025-08-04

Products & Services

Micron and Astera Labs' PCIe Gen6 SSD Collaboration | Micron Technology

Micron Technology · 2025-07-21

Products & Services

Introducing Micron G9 TLC NAND｜Micron Technology

Micron Technology · 2024-07-30

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Core Cache Last Updated: 7/15/2026

Micron Technology (MU)

Market Price (7/16/2026): $861.1 | Market Cap: $969.6 BilInvestor Relations ↗Sector: Information Technology | Industry: Semiconductors

Micron Technology (MU)

Market Price (7/16/2026): $861.1Market Cap: $969.6 BilSector: Information TechnologyIndustry: Semiconductors

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INDUSTRY: Semiconductors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MU: 45.3% | 17.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MU: 45.3% | 36.2x)

Higher Rev Chg LTM (Value for MU: 85.5%)

Higher Rev Chg 3Y Avg (Value for MU: 45.3%)

Higher Op Mgn LTM (Value for MU: 48.4%)

Higher CFO/Rev LTM (Value for MU: 52.7%)

Higher FCF/Rev LTM (Value for MU: 17.7%)

Higher Total Yield (Value for MU: 2.4%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for MU: 45.3% | 17.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MU: 45.3% | 36.2x)

Higher Rev Chg LTM (Value for MU: 85.5%)

Higher Rev Chg 3Y Avg (Value for MU: 45.3%)

Higher Op Mgn LTM (Value for MU: 48.4%)

Higher CFO/Rev LTM (Value for MU: 52.7%)

Higher FCF/Rev LTM (Value for MU: 17.7%)

Higher Total Yield (Value for MU: 2.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MU: 45.3% | 17.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MU: 45.3% | 36.2x)

Higher Rev Chg LTM (Value for MU: 85.5%)

Higher Rev Chg 3Y Avg (Value for MU: 45.3%)

Higher Op Mgn LTM (Value for MU: 48.4%)

Higher CFO/Rev LTM (Value for MU: 52.7%)

Higher FCF/Rev LTM (Value for MU: 17.7%)

Higher Total Yield (Value for MU: 2.4%)

Best Bets in Information Technology

P/EBIT (Value for MU: 36.0x)

P/E (Value for MU: 42.2x)

Rev Chg 3Y Avg (Value for MU: 45.3%)

Rev Chg LTM (Value for MU: 85.5%)

Rev Chg Q (Value for MU: 196.3%)

FCF/Rev 3Y Avg (Value for MU: 0.5%)

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Market Price (7/16/2026): $861.1 | Market Cap: $969.6 BilInvestor Relations Sector: Information Technology | Industry: Semiconductors

Market Price (7/16/2026): $861.1
Market Cap: $969.6 Bil
Sector: Information Technology
Industry: Semiconductors