A Business at a Glance
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MICRON TECHNOLOGY INC
MU
$1.0T
Mkt Cap
$920.95
-6.99%
MICRON TECHNOLOGY INC (MU) has a current P/E ratio of 121.3, compared to its historical median P/E of 8.4. The stock is currently considered Expensive based on its historical valuation range.
MICRON TECHNOLOGY INC (MU) has a 5-year average return on invested capital (ROIC) of 8.4%. This is below average and may indicate limited pricing power.
MICRON TECHNOLOGY INC (MU) has a market capitalization of $1.0T. It is classified as a mega-cap stock.
Yes, MICRON TECHNOLOGY INC (MU) pays a dividend with a trailing twelve-month yield of 0.05%.
Based on historical P/E analysis, MICRON TECHNOLOGY INC (MU) appears expensive. The current P/E of 121.3 is 1345% above its historical median of 8.4. The estimated fair value CAGR (P/E method) is -6.0%.
MICRON TECHNOLOGY INC (MU) operates in the Semiconductors & Related Devices industry, within the Technology sector.
MICRON TECHNOLOGY INC (MU) reported annual revenue of $37.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Micron is an industry leader in memory and storage semiconductors, manufacturing a diversified portfolio of DRAM, NAND, and NOR products through its Micron and Crucial brands that serve data center, mobile, client, automotive, and embedded markets. The company operates four business units—Cloud Memory (hyperscale cloud and HBM for all data center customers), Core Data Center (mid-tier cloud, enterprise, and OEM data center plus storage solutions), Mobile and Client (smartphones, PCs, and consumer devices), and Automotive and Embedded (automotive, industrial, and consumer segments)—each focused on specific customer segments and end-markets. Micron manufactures at wholly-owned facilities and utilizes subcontractors for certain processes, leveraging centers of excellence that integrate fabrication, back-end manufacturing, R&D, and supply chain to achieve scale, reduce per-bit costs, and accelerate technology transitions across leading-edge nodes such as 1-gamma DRAM and G9 NAND. The company's competitive moat rests on continuous R&D investment in proprietary product and process technology, efficient capital deployment, and a vertically integrated engineering capability spanning controllers, firmware, NAND, and DRAM that enables differentiated system-level solutions for high-performance computing and AI applications. Revenue is driven by both volume growth and pricing dynamics, with DRAM revenue reaching $28.58 billion in 2025 and NAND revenue at $8.50 billion, reflecting strong demand from cloud infrastructure, AI workloads, and next-generation mobile and client devices requiring higher memory density and bandwidth.
【Sustained supply-demand tightness】 Management expects market tightness to continue beyond 2027, with demand forecasts from customers continuing to escalate while supply growth remains constrained by limited cleanroom capacity and the time required for greenfield fab construction and ramp. The company is increasing capital expenditure substantially, with fiscal 2026 CapEx raised to approximately $27 billion and fiscal 2027 CapEx expected to increase further, with more than half directed toward construction that will not produce bits until calendar 2028. Startup costs from greenfield facilities are expected to reach $100–200 million per quarter beginning in the fourth quarter of fiscal 2026 and continuing through 2027, creating near-term headwinds to per-bit costs despite long-term efficiency gains. Management remains confident in its product portfolio positioning, particularly in HBM4 yield ramp and next-generation process nodes, and expects margin improvement driven by favorable market conditions and technology transitions, though the company does not project when supply will fully meet demand given the escalating demand vectors from AI, data center, and emerging applications such as robotics.
| Metric | Target | Period |
|---|---|---|
| CapEx | ~$27 billion | FY2026 |
| Free cash flow | $30+ billion | Q3 FY2026 |
| Startup costs (quarterly impact) | $100 million–$200 million per quarter | Q4 FY2026 through FY2027 |
| Operating expense | $1.6 billion | Q4 FY2026 |
| Operating expense | ~$1.7 billion run rate | FY2027 |
CapEx (FY2026): “we're increasing our fiscal 2026 CapEx number to around $27 billion”
Free cash flow (Q3 FY2026): “free cash flow is going to be somewhere around $30+ billion”
Startup costs (quarterly impact) (Q4 FY2026 through FY2027): “You'll see 2027 at elevated levels, think about $100 million, $200 million per quarter effect versus what we had seen at previous run rates”
Operating expense (Q4 FY2026): “In the fourth quarter, we would expect OpEx to be closer to $1.6 billion”
Operating expense (FY2027): “We would expect in 2027 for that OpEx number to be, you know, over $1.6 billion, probably, you know, kind of a $1.7 billion run rate number and stabilize from there”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 37.4B | 25.1B | 15.5B | 30.8B | 27.7B |
| Net Income | 0 | 8.5B | 778M | -5.8B | 8.7B | 5.9B |
| EPS | $0.00 | $7.59 | $0.70 | $-5.34 | $7.75 | $5.14 |
| Free Cash Flow | 0 | 1.7B | 121M | -6.1B | 3.1B | 2.4B |
| ROIC | - | 16.3% | 1.6% | -10.4% | 19.6% | 14.7% |
| Gross Margin | - | 39.8% | 22.4% | -9.1% | 45.2% | 37.6% |
| Debt/Equity | 0.00 | 0.22 | 0.26 | 0.28 | 0.12 | 0.14 |
| Dividends/Share | $0.00 | $0.46 | $0.46 | $0.46 | $0.32 | $0.10 |
| Operating Income | 0 | 9.8B | 1.3B | -5.7B | 9.7B | 6.3B |
| Operating Margin | 0.0% | 26.1% | 5.2% | -37.0% | 31.5% | 22.7% |
| ROE | 0.0% | 17.2% | 1.7% | -12.4% | 18.5% | 14.1% |
| Shares Outstanding | 1,129M | 1,125M | 1,111M | 1,092M | 1,121M | 1,140M |
MICRON TECHNOLOGY INC passes 3 of 9 quality checks, indicating weak fundamentals.
MICRON TECHNOLOGY INC trades at 121.3x trailing earnings, compared to its 15-year median P/E of 8.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 621.2x vs a median of 14.2x. The company's 5-year average ROIC is 8.4% with a gross margin of 27.2%. At current prices, the estimated annualized return to fair value is -13.4%.
MICRON TECHNOLOGY INC (MU) has a net profit margin of 22.8%. This is a strong margin indicating high profitability.
MICRON TECHNOLOGY INC (MU) generated $1.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MICRON TECHNOLOGY INC (MU) has a debt-to-equity ratio of 0.22. This indicates a conservatively financed balance sheet.
MICRON TECHNOLOGY INC (MU) reported earnings per share (EPS) of $7.59 in its most recent fiscal year.
MICRON TECHNOLOGY INC (MU) has a return on equity (ROE) of 17.2%. This indicates the company generates strong returns for shareholders.
MICRON TECHNOLOGY INC (MU) has a 5-year average gross margin of 27.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for MICRON TECHNOLOGY INC (MU), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MICRON TECHNOLOGY INC (MU) has a book value per share of $48.15, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects market tightness to continue beyond 2027, with demand forecasts from customers continuing to escalate while supply growth remains constrained by limited cleanroom capacity and the time required for greenfield fab construction and ramp. The company is increasing capital expenditure substantially, with fiscal 2026 CapEx raised to approximately $27 billion and fiscal 2027 CapEx expected to increase further, with more than half directed toward construction that will not produce bits until calendar 2028. Startup costs from greenfield facilities are expected to reach $100–200 million per quarter beginning in the fourth quarter of fiscal 2026 and continuing through 2027, creating near-term headwinds to per-bit costs despite long-term efficiency gains. Management remains confident in its product portfolio positioning, particularly in HBM4 yield ramp and next-generation process nodes, and expects margin improvement driven by favorable market conditions and technology transitions, though the company does not project when supply will fully meet demand given the escalating demand vectors from AI, data center, and emerging applications such as robotics.
Based on recent SEC filings and earnings calls, MICRON TECHNOLOGY INC (MU) has provided the following forward guidance: CapEx: ~$27 billion (FY2026); Free cash flow: $30+ billion (Q3 FY2026); Startup costs (quarterly impact): $100 million–$200 million per quarter (Q4 FY2026 through FY2027); Operating expense: $1.6 billion (Q4 FY2026); Operating expense: ~$1.7 billion run rate (FY2027).