NASDAQ: MU · Semiconductors
Micron Technology
Micron Technology, based in Boise, Idaho, is a global leader in semiconductor memory and storage, making DRAM (including high-bandwidth memory for AI), NAND flash and NOR. In fiscal 2026 (year ended September 3, 2026) revenue more than tripled to $133,188 million from $37,378 million as AI-driven demand lifted memory prices: DRAM was $100,679 million and NAND $31,785 million. Net income soared to $84,969 million from $8,539 million, after a loss of $5,833 million in fiscal 2023, showing how cyclical the business is. By business unit, Cloud Memory (CMBU) generated $43,085 million, Core Data Center (CDBU) $37,592 million, Mobile and Client (MCBU) $36,601 million and Automotive and Embedded (AEBU) $15,886 million. Micron is building new U.S. fabs with CHIPS Act support (first Boise DRAM wafers projected mid-2027), used its cash to repay debt, and employs about 61,000 people.
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 13:05 (SEC EDGAR) · Source 10-K filed: October 9, 2026
Built on10-K FY2026 · filed 2026-10-0910-Q (quarter ended 2026-05-28) · filed 2026-06-25Proxy statement (2025)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 36.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 74.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +63.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -0.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.06x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 11.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 2.06
Higher than 97% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 99% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 98% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 16% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 12% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-03
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$834.76close on 2026-11-04
Market cap$944.11B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 11.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 8.3x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.1%
At FY2026 year-end: 12.9x
Earnings: trailing 12 months to 2026-09-03
At FY2026 year-end: 7.8x
Book value at FY2026 year-end
At FY2026 year-end: 9.7x
EBITDA for FY2026
At FY2026 year-end: 5.4%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 3, 2026 (fourth quarter: annual figure minus the first three quarters).
- Revenue$11.32B → $54.23B (vs. a year earlier)↑ +379.3%$11.32B → $54.23B (vs. a year earlier)
- Operating margin32.3% → 80.7% (vs. a year earlier)↑ +48.4 pts32.3% → 80.7% (vs. a year earlier)
- Net income$3.2B → $37.7B (vs. a year earlier)↑ +1077.8%$3.2B → $37.7B (vs. a year earlier)
- Cash$25B → $38.36B (vs. previous quarter-end)↑ +53.5%$25B → $38.36B (vs. previous quarter-end)
Source: Form 10-K ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- MICRON TECHNOLOGY INC
- Headquarters
- BOISE, ID
- Incorporated in
- Delaware
- Fiscal year end
- 09/02
- Exchange & ticker
- NASDAQ: MU
- Industry
- Semiconductors
- CIK
- 723125
- Website
- https://www.micron.com/ ↗
Workforce (as of FY2026 year-end)
Employees
61,000
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q1 FY2027
Quarter end: November 2026. In past years, Q1 results were released 20 days after quarter end (Dec 17, 2025; Dec 18, 2024; Dec 20, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around September 2.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 20–27 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q4 FY2026 | Sep 3, 2026 | Sep 30, 2026 (+27 days) | Oct 9, 2026 10-K (+36 days) |
| Q3 FY2026 | May 28, 2026 | Jun 24, 2026 (+27 days) | Jun 25, 2026 10-Q (+28 days) |
| Q2 FY2026 | Feb 26, 2026 | Mar 18, 2026 (+20 days) | Mar 19, 2026 10-Q (+21 days) |
| Q1 FY2026 | Nov 27, 2025 | Dec 17, 2025 (+20 days) | Dec 18, 2025 10-Q (+21 days) |
| Q4 FY2025 | Aug 28, 2025 | Sep 23, 2025 (+26 days) | Oct 3, 2025 10-K (+36 days) |
| Q3 FY2025 | May 29, 2025 | Jun 25, 2025 (+27 days) | Jun 26, 2025 10-Q (+28 days) |
| Q2 FY2025 | Feb 27, 2025 | Mar 20, 2025 (+21 days) | Mar 21, 2025 10-Q (+22 days) |
| Q1 FY2025 | Nov 28, 2024 | Dec 18, 2024 (+20 days) | Dec 19, 2024 10-Q (+21 days) |
| Q4 FY2024 | Aug 29, 2024 | Sep 25, 2024 (+27 days) | Oct 4, 2024 10-K (+36 days) |
| Q3 FY2024 | May 30, 2024 | Jun 26, 2024 (+27 days) | Jun 27, 2024 10-Q (+28 days) |
| Q2 FY2024 | Feb 29, 2024 | Mar 20, 2024 (+20 days) | Mar 21, 2024 10-Q (+21 days) |
| Q1 FY2024 | Nov 30, 2023 | Dec 20, 2023 (+20 days) | Dec 21, 2023 10-Q (+21 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
DRAM
DRAM and HBM
DDR DRAM, LPDRAM and high-bandwidth memory; $100,679M in fiscal 2026.
NAND
NAND and SSDs
NAND flash components and SSDs; $31,785M.
Other
NOR
NOR flash and other products.
From the Form 10-K, FY2026, year ended 2026-09-03.
U.S. and worldwide share of flagship products/services
Micron calls itself a global leader in memory and storage but does not state a market share percentage.
07
Recent strategic focusSite analysis
Recent developments.
Leadership
Manish Bhatia named President and COO and Scott DeBoer President and Chief Technology and Products Officer (August 26, 2026).
Source: Form 8-K (2026-08-26) — Item 5.02
Debt reduction
Tender offers for 2031–2033 notes in March 2026; several notes repaid during fiscal 2026.
Source: Form 8-K (2026-04-01) — Item 8.01
U.S. fabs
Boise DRAM fab under construction with first wafer output projected mid-calendar 2027, supported by CHIPS Act grants and tax credits.
Source: Form 10-K (FY2026, year ended 2026-09-03)
Capex ÷ D&A (FY2026)
3.23x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$30,712M ÷ $9,503M = 3.23x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
4.2%
formularesearch & development expense ÷ revenue × 100
e.g.$5,650M ÷ $133,188M × 100 = 4.2%
Where the money goes, over time
Unit: $M. Capex went from $10.03B in FY2021 to $30.71B in FY2026
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-10-09
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$133.19B
As reported in the 10-K
Revenue CAGR (5 years)
+36.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($133,188M ÷ $27,705M) ^ (1÷5) − 1 = 36.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
74.6%▲favorable
+51.9pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$99,340M ÷ $133,188M × 100 = 74.6%
ROE (FY2026)
88.3%▲favorable
6-year average: 21.1%
As reported in the 10-K
P/B (FY2026 end)
7.83x
formulafiscal year-end closing price ÷ book value per share
e.g.$958.16 ÷ $122.35 = 7.83x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
9.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($1,083,679M + $5,179M − $38,364M) ÷ ($99,340M + $9,503M) = 9.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +36.9% a year over 5 years (strong growth)
From $27.71B in FY2021 to $133.19B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 22.7% → 74.6%
How much operating profit is left per $100 of revenue. It moved +51.9 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 70.6% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 21.1% over 6 years (latest: 88.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- CMBU: memory for hyperscale cloud (incl. HBM)
- CDBU: data center memory and SSDs
- MCBU: mobile and client
- AEBU: automotive, industrial and embedded
06 · what it draws on
Key resources
- About 61,000 employees
- Fabs in the U.S., Taiwan, Japan, Singapore and elsewhere
- Process technology and EUV equipment
02 · why customers buy
Value propositions
- DRAM, NAND and HBM memory, with HBM customization options.
04 · how it keeps them
Customer relationships
- Strategic customer agreements, including take-or-pay commitments.
03 · how it reaches them
Channels
- Direct sales to data center, PC, mobile and auto customers; distributors and retailers.
01 · who it serves
Customer segments
- Hyperscalers and data center OEMs
- PC, smartphone and auto makers
- Distributors
09 · where money goes
Cost structure
FY2026, share of revenue ($133.19B)
- Cost of revenue19.3%
- Research & development4.2%
- Selling, general & administrative1.5%
Operating profit left: 74.6% of revenue. Depreciation & amortization (inside the costs above): $9.5B. Capital spending: $30.71B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- DRAM $100,679M (FY2026)
- NAND $31,785M
- Other (mainly NOR) $724M
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Designs and manufactures DRAM and NAND in its own fabs and sells memory and storage products to data center, PC, mobile, automotive and industrial customers; profits swing with memory prices.
01 what it draws on
Inputs & resources
- About 61,000 employees
- Fabs in the U.S., Taiwan, Japan, Singapore and elsewhere
- Process technology and EUV equipment
02 what it does
Activities
- CMBU: memory for hyperscale cloud (incl. HBM)
- CDBU: data center memory and SSDs
- MCBU: mobile and client
- AEBU: automotive, industrial and embedded
03 who it serves
Customers
- Hyperscalers and data center OEMs
- PC, smartphone and auto makers
- Distributors
04 how money comes in
How it earns
- DRAM $100,679M (FY2026)
- NAND $31,785M
- Other (mainly NOR) $724M
How the business makes money
- Over half of fiscal 2026 revenue came from the top ten customers; none exceeded 10%.
- Quarterly dividend raised to $0.15 (declared September 30, 2026).
- Interest-bearing debt cut from $14.6B to $5.2B in fiscal 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Micron’s U.S. fab expansion is supported by CHIPS Act grants, while trade rules shape where it can sell.
Government funding & tax credits
CHIPS Act grants
Direct funding agreements with the Department of Commerce for CHIPS Act grants of up to $6.4B for fabs in Boise, Idaho and Clay, New York and U.S. manufacturing modernization.
Supports the businessTouches: Inputs & resources · ActivitiesSource: Form 10-K (FY2026)
Trade & export rules
Trade regulations and tariffs
Import/export restrictions and tariffs in the jurisdictions where it operates can affect costs and sales.
Constrains the businessTouches: Customers · How it earnsSource: Form 10-K (FY2026)
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Cloud Memory (CMBU)
43,085 (32%)Core Data Center (CDBU)
37,592 (28%)Mobile and Client (MCBU)
36,601 (27%)Automotive and Embedded (AEBU)
15,886 (12%)
Source: Form 10-K (FY2026, year ended 2026-09-03) Revenue by business unit; total $133,188M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Data center, PC, mobile, auto and industrial customers and distributors.
Named by the company
No customer accounted for 10% or more of fiscal 2026 revenue.
Suppliers
Equipment, materials and chemical suppliers.
Named by the company
No material supplier is named here.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Micron names its main memory and storage competitors in the 10-K.
Competitors named in the 10-K
Peer group the company chose
rTSR comparator group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
The 2025 proxy statement uses the SOX (PHLX Semiconductor) Index as the relative TSR comparator group; no named peer list was found.
Source: Proxy statement (2025)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-10-09
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-10-09
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-10-09
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-10-09
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 27,705 | 30,758 | 15,540 | 25,111 | 37,378 | 133,188 |
| Operating income | 6,283 | 9,702 | -5,745 | 1,304 | 9,770 | 99,340 |
| Pretax income | 6,218 | 9,571 | -5,658 | 1,240 | 9,654 | 99,671 |
| Net income (attributable) | 5,861 | 8,687 | -5,833 | 778 | 8,539 | 84,969 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 11.0% | -49.5% | 61.6% | 48.9% | 256.3% |
| Operating margincalcoperating income ÷ revenue × 100 | 22.7% | 31.5% | -37.0% | 5.2% | 26.1% | 74.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 21.2% | 28.2% | -37.5% | 3.1% | 22.8% | 63.8% |
| Balance sheet ($M) | ||||||
| Total assets | 58,849 | 66,283 | 64,254 | 69,416 | 82,798 | 195,888 |
| Total equity | 43,933 | 49,907 | 44,120 | 45,131 | 54,165 | 138,378 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 6,776 | 6,906 | 13,330 | 13,397 | 14,577 | 5,179 |
| Equity ratio | 74.7% | 75.3% | 68.7% | 65.0% | 65.4% | 70.6% |
| ROE | 13.3% | 18.5% | -12.4% | 1.7% | 17.2% | 88.3% |
| Cash flow ($M) | ||||||
| Operating CF | 12,468 | 15,181 | 1,559 | 8,507 | 17,525 | 89,675 |
| Investing CF | -10,589 | -11,585 | -6,191 | -8,309 | -14,087 | -61,641 |
| Financing CF | -1,781 | -2,980 | 4,983 | -1,842 | -850 | 630 |
| Free cash flowcalccash flow from operations − capital expenditures | 2,438 | 3,114 | -6,117 | 121 | 1,668 | 58,963 |
| Cash and equivalents | 7,763 | 8,262 | 8,577 | 7,041 | 9,642 | 38,364 |
| Per share & other | ||||||
| EPS ($) | 5.14 | 7.75 | -5.34 | 0.70 | 7.59 | 74.33 |
| BVPS ($) | 39.26 | 45.62 | 40.18 | 40.70 | 48.28 | 122.35 |
| Dividend per share ($) | 0.10 | 0.32 | 0.46 | 0.46 | 0.46 | 0.53 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 1.9% | 4.1% | — | 65.7% | 6.1% | 0.7% |
| P/E (x) | 14.4 | 7.4 | — | 136.5 | 16.1 | 12.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 6.5 | 3.6 | 40.6 | 12.4 | 7.8 | 9.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.88 | 1.26 | 1.74 | 2.35 | 2.53 | 7.83 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-03 † | $54.23B+379.3% | $43.75B+1097.3% | $37.7B+1077.8% | — |
| 2026-05-28 | $41.46B+345.7% | $33.32B+1436.1% | $28.24B+1398.3% | $24.67 |
| 2026-02-26 | $23.86B+196.3% | $16.14B+810.0% | $13.79B+770.8% | $12.07 |
| 2025-11-27 | $13.64B+56.7% | $6.14B+182.2% | $5.24B+180.2% | $4.60 |
| 2025-08-28 † | $11.32B | $3.65B | $3.2B | — |
| 2025-05-29 | $9.3B | $2.17B | $1.89B | $1.68 |
| 2025-02-27 | $8.05B | $1.77B | $1.58B | $1.41 |
| 2024-11-28 | $8.71B | $2.17B | $1.87B | $1.67 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
79.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$99,340M × (1 − 15%) ÷ $106,150M × 100 = 79.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
16.21%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $1,083.68B ÷ ($1,083.68B + $5.18B) = 99.5%
e.g.Debt weight: $5.18B ÷ ($1,083.68B + $5.18B) = 0.5%
e.g.WACC: 16.3% × 99.5% + 2.0% × (1 − 15%) × 0.5% = 16.21%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 13.3%–19.6% and ROIC − WACC runs +60.0 to +66.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 16.21% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 2.06 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 16.28%
- Cost of debt
- 2.05%
- Tax rate
- 15% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 16.21%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 2.06 (price-derived adjusted beta. Raw β 2.59, R² 0.31, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 2.589 + 0.33 = 2.064
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 2.06 × 5.5% = 16.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
9.7%
Perpetual FCF growth: g = r − FCF ÷ EV = 16.2% − 6.5%
Past FCF growth (FY2021–FY2026)
+89.1%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+36.9%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $58.96B (operating CF − capex); enterprise value $905.86B = market cap $944.11B (latest close, 2026-11-04) + debt $5.18B − cash and short-term investments $43.43B; r = WACC of 16.2% using this page’s default assumptions (β 2.06, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$907.12B
FCF $58.96B ÷ (16.2% − 9.7%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 14.2% | 15.2% | 16.2% | 17.2% | 18.2% |
|---|---|---|---|---|---|
| 0% | 0.46x | 0.43x | 0.40x | 0.38x | 0.36x |
| 2% | 0.53x | 0.49x | 0.46x | 0.43x | 0.40x |
| 4% | 0.64x | 0.58x | 0.53x | 0.49x | 0.46x |
| 6% | 0.79x | 0.71x | 0.64x | 0.58x | 0.53x |
| 8% | 1.05x | 0.90x | 0.79x | 0.71x | 0.64x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 3.58x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 100%
Most profit comes from core operations.
- ✓
Days sales outstanding: 65 → 53 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-10-09
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-10-09
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$89,675M ÷ $84,969M = 1.06x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$99,340M ÷ $99,671M × 100 = 100%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($7,163M + $31,793M) ÷ 2 ÷ $133,188M × 365 = 53 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($8,355M + $10,372M) ÷ 2 ÷ $25,684M × 365 = 133 days
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 77.8%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 22.2%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 327 of 416
- Beta (adjusted)
- 2.06
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 78% of covered companies have more
above 1 = swings more than the market
- 879.0M shares reported by 3,891 13F filers ÷ 1,129.4M shares outstanding on 2026-06-17. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2025-11-25 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-17)
18
Strengths & weaknessesSite analysis
Strengths
1. Memory leadership
Global leader in memory and storage with DRAM and NAND technology.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
2. Record profits
Fiscal 2026 net income of $84,969M and operating cash flow of $89,675M.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
3. Stronger balance sheet
Debt reduced to $5.2B and cash rose to $38.4B in fiscal 2026.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
4. CHIPS Act grants
Up to $6.4B of CHIPS Act grants support U.S. fab construction.
Evidence: Form 10-K (FY2026)
Weaknesses
1. Extreme cyclicality
Revenue halved in fiscal 2023 and net income swung to a $5.8B loss.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
2. Heavy capex
Capital expenditures of $30.7B in fiscal 2026.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
3. Customer concentration
Top ten customers made up over half of revenue.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
12.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
0.06%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
1%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
5.4%
(Operating CF − capex) ÷ market cap
1. AI memory demand
HBM and data center memory drove fiscal 2026 growth.
- What has to hold
- AI demand persists.
- The other side
- Cycle could turn.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
2. Balance sheet strength
Net cash after fiscal 2026.
- What has to hold
- Pricing stays firm.
- The other side
- Heavy capex.
Evidence: Form 10-K (FY2026, year ended 2026-09-03)
Fiscal years end around September 1 (FY2026 = year ended September 3, 2026). Dividend per share reflects dividends declared in each fiscal year.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
88.5x
$43.43B vs. $491M
Interest coverage (operating income ÷ interest expense)
937.2x
$99.34B vs. $106M
Free cash flow ÷ dividends paid
96.7x
$58.96B vs. $610M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -49.5% in FY2023 ($30.76B → $15.54B) | Yes, by FY2025 |
| Operating income | -159.2% in FY2023 ($9.7B → −$5.75B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Positive cash flow through the downturn
Operating cash flow stayed positive in fiscal 2023 ($1,559M) despite a net loss.
Source: Form 10-K (FY2026, year ended 2026-09-03)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Micron faces a new DRAM antitrust class action; the Netlist patent disputes were settled in October 2026.
2 open matters (1 flagged as major) · 1 settled or closed
DRAM antitrust class action
PendingAntitrustMajorMicron, Samsung, SK hynix
Putative class action filed June 25, 2026 in N.D. Cal. against Micron, Samsung and SK hynix alleging DRAM supply restriction and price fixing.
Source: Form 10-K (FY2026, year ended 2026-09-03) — Note on Contingencies
BeSang patent case
On appealPatent / IPBeSang
BeSang appealed the District Court judgment in October 2025.
Source: Form 10-K (FY2026, year ended 2026-09-03) — Note on Contingencies
Netlist patent litigation
SettledPatent / IPNetlist
Netlist and Micron agreed on October 5, 2026 to dismiss all claims under settlement and license agreements.
Source: Form 10-K (FY2026, year ended 2026-09-03) — Note on Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2026, year ended 2026-09-03) — Note on Contingencies, reviewed 2026-10-30. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Memory price cycle
- Company disclosure (summarized from the 10-K)
- Revenue and margins depend on volatile DRAM and NAND prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with Samsung, SK hynix, Kioxia, Sandisk, CXMT and YMTC, some using aggressive pricing.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Geopolitics & supply chain
Geopolitics
- Company disclosure (summarized from the 10-K)
- Operations in Asia, export controls and access to rare materials.
- Company’s stated mitigation
- We generally have multiple sources of supply for our materials and services.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Antitrust litigation
- Company disclosure (summarized from the 10-K)
- DRAM price-fixing class action filed June 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Funding & liquidity
Capex commitments
- Company disclosure (summarized from the 10-K)
- Large fab construction programs in Idaho and New York.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
Additionally, AI algorithms or training methodologies may be flawed, and datasets may contain irrelevant, insufficient, or biased information, which can cause errors in outputs. Read more
Failures to develop, deploy, or use AI technologies in a safe, responsible, and effective manner, whether by us, our customers, suppliers, partners, or third-party AI providers, could result in product quality issues, operational disruptions, legal liability, regulatory scrutiny, or reputational harm. We manage AI-related risks through our existing cybersecurity, privacy, legal, compliance, information governance, and enterprise risk management processes. However, these processes may not identify or mitigate all risks associated with evolving AI technologies, regulations, and industry practices.
We rely on a large, skilled workforce to operate our semiconductor manufacturing facilities worldwide. Read more
A substantial portion of our global production capacity is concentrated in several of our manufacturing facilities, and our wafer fabrication output depends on their continued, uninterrupted operation.
Certain of our employees have formed or joined labor unions, and additional unionization efforts may occur in the future. Read more
Labor unions representing a portion of our workforce have been engaged in union organizing and collective bargaining activities, including formal mediations (which, if not successful, could permit strike actions), and public demands for revised incentive structures. Such disputes could escalate rapidly and affect manufacturing output across the industry.
A strike, work stoppage, slowdown, or other labor action at any of our manufacturing facilities could cause significant business interruption, including the temporary or prolonged cessation of production at one or more fabrication lines. Read more
Even a brief disruption could result in substantial losses of production volume, reduced manufacturing yields, damage to work-in-process inventory, and delays in fulfilling customer orders. Such disruptions could also impair our ability to meet delivery schedules under strategic customer agreements, which could result in contractual liability, loss of customer confidence, or diversion of customer demand to competing suppliers.
The resolution of labor disputes may require us to increase wages, benefits, or incentive compensation, implement new profit-sharing or bonus programs, or make other concessions, any of which could significantly increase our manufacturing costs. We may also incur substantial costs in connection with labor negotiations, mediation or arbitration proceedings, and related legal or advisory expenses. We may not be able to resolve labor disputes on terms acceptable to us, and any resolution may be materially more costly than our existing compensation arrangements.
We cannot predict whether or when a strike or other work stoppage may occur at our facilities, the duration or severity of any such action, or the extent of any resulting business interruption. Read more
Even without actual work stoppage, prolonged labor negotiations, threats of strike action, and related workforce uncertainty may adversely affect employee morale and productivity, increase attrition of skilled employees, complicate our ability to recruit and retain the skilled engineers and technicians essential to our operations, and harm our reputation. Any of the foregoing could have a material adverse effect on our business, results of operations, or financial condition.
In addition, we have made, and may continue to make, strategic investments in companies within our ecosystem to further our strategic objectives. Read more
These investments may subject us to losses on all or part of our investment and to earnings volatility, and there is no guarantee that we will realize a return on our investment to the extent we expect, or at all. To the extent any of the companies in which we invest are not successful, we could recognize an impairment and/or lose all or part of our investment.
While we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions, as well as caps on recoverable amounts. Read more
Our insurance may not be adequate or otherwise cover all claims, penalties, fines, expenses, regulatory actions, litigation, sanctions, other liabilities or losses, and may not continue to be available on acceptable terms or at all.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Oct 9, 2026 ↗ with the 10-K filed Oct 3, 2025 ↗.
24
What to watch going forwardSite analysis
- Memory pricing and HBM demand.
- Fab construction in Boise and New York.
- DRAM antitrust case.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 13:05 (SEC EDGAR) · Source 10-K filed: October 9, 2026
Built on10-K FY2026 · filed 2026-10-09Proxy statement (2025)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Micron Technology’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.