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Micron Technology (MU) stock

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NASDAQ: MU Nasdaq Semiconductors Next results ~December 23, 2026

A Fundamentals grade

Micron Technology is a US-listed company in the semiconductors industry. Its financial year ends in August.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$1800

Cash-flow model

Base case. Range ~$1400–$2300 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 115% above it.

Price used: $833.59, November 2, 2026

Micron Technology valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Micron Technology files

Where Micron Technology stands after its latest 10-K

Revenue for the twelve months to September 2026 was $133.2bn, up 256.3% on a year earlier, faster than 167.0% a quarter earlier. That growth ranks 1 of 33 among the semiconductor companies we cover. Free-cash-flow margin rose to 44.3% from 4.5% a year earlier. Operating margin widened to 74.6% from 26.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $1,089 a share, against a share price of $913.

Source: 10-K filed October 9, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 23, 2026 (estimated)

Micron Technology's trailing-twelve-month revenue grew 256.3% year on year, with a free-cash-flow margin of 44.3%. Where it stands out: operating margin of 74.6% ranks 1 of 75 semiconductor companies we cover. Where it lags: days sales outstanding of 87 days ranks 53 of 62 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$1800 per share in the base case (~$1400–$2300 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 256.3% (+89.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $833.59 is 115% below our value per share of $1,800.
  • Fast growth. Revenue grew 256.3% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Growth speeding up. The growth rate is 89.3 points higher than a quarter earlier.
  • High operating margin. 74.6% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Margins widening. Operating margin is up 48.4 points on a year ago.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 82% and a beta of 3.4 against the S&P 500.
  • Weak cash conversion. Free cash flow was 69% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 87 days ranks 53 of 62 semiconductor companies we cover (median 58 days).

Latest results: FY2026 Q4

Filed October 9, 2026
Earnings per share
$33.42 against an average estimate of $31.82: beat by 5.0%
Revenue
$54.23bn, up 379.3% on a year earlier
Share reaction
+3.0% in the first session after the results on September 30, 2026, against 0.0% for the S&P 500
Guidance given
revenue $61.5bn (first quarter of 2027); revenue $61.5bn (first quarter of 2027)
Next report
December 23, 2026; average EPS estimate $38.29

Micron Technology's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.8%
  • 1 week-7.8%
  • 1 month-22.4%
  • This year+192.3%
  • 1 year+272.9%
  • 5 years+1098.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$133B
Operating margin
74.6%
Net margin
63.8%
EPS (TTM, diluted)
$74.34

Growth

Revenue growth
+256.3%
Change in growth rate
+89.3 pts
Share count change
+1.6%

Cash

Free cash flow (TTM)
$59B
FCF margin
44.3%
Stock pay % of revenue
1.0%

Earnings

Last results
September 30, 2026
Next results (est.)
December 31, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Announcement
  4. Announcement
  5. Insider trade
  6. Results
  7. Guidance
  8. Leadership
  9. Announcement
  10. Results
  11. Announcement
  12. Leadership
  13. Announcement
  14. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Micron Technology valuation models and calculator

What the price is pricing in

The share price implies about 8.2% a year of cash-flow growth for five years.That is slower than the 36.9% a year revenue growth Micron Technology has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in8.2%
  • Last 12 months256.3%
  • 3 years a year104.6%
  • 5 years a year36.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($867.68, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$1800
Price used
$867.68close November 3, 2026
Implied change
▲ +106%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Micron Technology's free cash flow after stock-based pay with after-tax interest added back ($39.9B, FY2026 Q4 TTM), growing 78.9% and 14% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$1400–~$2300 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Micron Technology's free cash flow after stock-based pay ( $39.9B, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Micron Technology as an operating company, with every model that fits that kind of business. Cost of equity 13.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.99 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$1800 ~$1400–$2300 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1200 ~$780–$1500 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3300 ~$2900–$5400 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$290 ~$210–$390 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$220 ~$200–$240 Left out: far from the other models (more than 3x away from their median)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2000 ~$1200–$3300 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Micron Technology with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $543$724$966$1283$1697$2232
8.5% $423$555$729$956$1251$1631
10% $351$453$587$761$985$1274

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$16.22$31.17$51.44$43.55$45.17$72.14$56.20$69.16$94.96$121.79$958.01
Market value$16.8bn$36.0bn$63.2bn$49.8bn$51.1bn$82.3bn$63.1bn$75.6bn$106.2bn$137.0bn$1.10tn
+ Net debt (− = net cash)$6.4bn$6.5bn−$1.6bn−$1.3bn−$981m−$987m−$1.4bn$4.8bn$6.4bn$4.9bn−$33.2bn
Enterprise value$23.2bn$42.5bn$61.6bn$48.5bn$50.1bn$81.3bn$61.7bn$80.3bn$112.5bn$141.9bn$1.06tn
Multiples
Price / sales 1.4x1.8x2.1x2.1x2.4x3.0x2.1x4.9x4.2x3.7x8.2x
Price / earnings —7.1x4.5x7.9x19.0x14.0x7.3x—136.5x16.0x12.9x
Price / free cash flow —10.5x7.4x14.6xn/m33.8x20.2x—n/m82.1x18.6x
EV / EBITDA 7.4x4.4x3.1x3.8x5.8x6.5x3.7x40.0x12.4x7.8x9.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard Micron Technology's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 16.6% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 40.7%, moving by 22.1 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 27.5%; its worst year was -37.0%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 10 years, at a median 9.5% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.2% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 23, 2026, after the close. Analysts expect revenue of $61.7bn and EPS of $38.29 (range $35.85 to $40.47) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $176.58 +134% $275.5bn +107%
Next $206.89 +17% $318.9bn +16%

Next year's EPS estimate has moved +27.0% in 90 days, across 36 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +14.8% on 90 days ago. In the last 30 days, 28 analysts raised Micron Technology's forecast and 2 cut it.

Consensus EPS forecast Micron Technology, last 90 days
$140.00 $160.00 $180.00 $200.00 $220.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $153.87 Current fiscal year, 60 days ago: $156.25 Current fiscal year, 30 days ago: $160.04 Current fiscal year, 7 days ago: $176.55 Current fiscal year, Now: $176.58 $176.58 Next fiscal year, 90 days ago: $162.94 Next fiscal year, 60 days ago: $171.02 Next fiscal year, 30 days ago: $179.51 Next fiscal year, 7 days ago: $206.89 Next fiscal year, Now: $206.89 $206.89

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $153.87$162.94
60 days ago $156.25$171.02
30 days ago $160.04$179.51
7 days ago $176.55$206.89
Now $176.58$206.89

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $31.82 $33.42 +5.0%
May 2026 $20.69 $25.11 +21.4%
Feb 2026 $9.16 $12.20 +33.2%
Nov 2025 $3.96 $4.78 +20.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 30, 2026
  • Revenue first quarter of 2027 about $61.5bn GAAP
    “$61.5 billion ± $1.5 billion $61.5 billion ± $1.5 billion” source
  • Revenue first quarter of 2027 about $61.5bn Non-GAAP
    “$61.5 billion ± $1.5 billion $61.5 billion ± $1.5 billion” source
  • Diluted earnings per share first quarter of 2027 about $37.84 GAAP
    “$37.84 ± $1.00 $38.15 ± $1.00” source
  • Diluted earnings per share first quarter of 2027 about $38.15 Non-GAAP
    “$37.84 ± $1.00 $38.15 ± $1.00” source
  • Gross margin first quarter of 2027 about 85.95% GAAP
    “Approximately 85.95% Approximately 86.25%” source
  • Gross margin first quarter of 2027 about 86.25% Non-GAAP
    “Approximately 85.95% Approximately 86.25%” source
Show 2 more items
  • Operating expenses first quarter of 2027 about $2.31bn GAAP
    “Approximately $2.31 billion Approximately $2.06 billion” source
  • Operating expenses first quarter of 2027 about $2.06bn Non-GAAP
    “Approximately $2.31 billion Approximately $2.06 billion” source

How earlier guidance turned out

  • Diluted earnings per share, fourth quarter of 2026 guided about $30.73 Above range: $32.93
  • Gross margin, fourth quarter of 2026 guided about 86% Above range: 86.756164%
  • Revenue, fourth quarter of 2026 guided about $50bn Above range: $54.229bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Micron Technology's revenue by +78.9% next year and +14.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+106.8%, weight 70%) and the company's own record (+13.0%, weight 30%) . How the weights are set.

Analyst recommendations

49 analysts, Oct 2026
Buy4592%
Hold36%
Sell12%

Monthly trend

  1. Oct 202693649
  2. Sep 202693649
  3. Aug 2026935448
  4. Jul 2026931545

Counts of recommendations published by analysts covering Micron Technology, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
0.85
at average volume
Short interest, 1 month
−18%
to October 15, 2026
Held by institutions
80%
of shares
Held by insiders
0.2%
of shares
Employees
61,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +272.9%

$223.52 on October 31, 2025 to $833.59

ThenNowEffect
Revenue (last 12 months) $37.4bn $133.2bn +256.3%
Net margin 22.8% 63.8% +179.3%
P/E multiple 29.4x 11.2x −61.9%
Share count 1125m 1143m −1.6%

Biggest factor: revenue.

Last 3 years +1059.6%

$71.89 on November 3, 2023 to $833.59

ThenNowEffect
Revenue (last 12 months) $15.5bn $133.2bn +757.1%
P/S multiple 5.1x 7.2x +41.5%
Share count 1093m 1143m −4.4%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MU+24%−46%+72%−1%+240%+192%
Industry peers (median)+36%−34%+15%−15%+16%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MU42%42%58%50%75%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MU−31%−50%−18%−45%−41%−39%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 58% from June 18, 2024 to April 4, 2025. Getting back needed a 136% gain, reached on September 12, 2025, 161 days after the low.

Price behaviour

52-week range
$201.14 – $1213.18
From 52-week high
−31.3%
vs 50-day average
−14.6%
vs 200-day average
+11.3%
Volatility (1 year)
82%
Beta vs S&P 500
3.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.6%
After a week
6 up, 6 down
typical move ±10.0%
After a month
6 up, 6 down
typical move ±17.4%
Results releasedNext dayS&P 500 next day5 days21 days
September 30, 2026 +3.0% 0.0% +2.2% −12.3%
June 24, 2026 +15.4% +0.1% −1.9% −12.4%
March 18, 2026 −3.8% −1.6% −17.2% −1.4%
December 17, 2025 +6.9% −0.4% +23.3% +57.0%
September 23, 2025 −1.8% −0.9% +1.6% +20.6%
June 25, 2025 −1.5% +0.8% −4.8% −12.9%
March 20, 2025 −7.2% −0.3% −10.7% −34.5%
December 18, 2024 −19.8% −3.0% −17.3% +0.7%
September 25, 2024 +16.9% +0.2% +6.2% +13.8%
June 26, 2024 −6.3% +0.3% −3.0% −22.4%
March 20, 2024 +16.9% +1.3% +26.9% +13.7%
December 20, 2023 +4.0% −0.5% +4.7% +6.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Micron Technology’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.08× the last 60 days’ realised volatility , richer than 30% of the 229 stocks we screen today.
  • Puts are priced 6 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

MU Micron Technology Grade A $834.05

Sell the $750 put expiring December 4, 2026 (32 days) for $26.20 a share — $2,620 per contract.

Previous session · Bid $26.20, ask $28.15, quoted Mon 2 Nov, 17:30 New York time with MU at $834.05. Option prices move with the shares: check the live chain at your broker before trading.

  • If MU ends above $750: you keep the $2,620 — 3.5% on the $75,000 set aside, or 39.8% a year at that pace.
  • If it ends below $750: you buy 100 shares at an effective $723.8, 13% below today's price and 60% below our value of ~$1800.
$2.6k $0 −$14.5k Break-even $723.8 Price $834.05 Our value ~$1800 →
Profit or loss per contract at expiry, by share price.
Premium
$2,620
Annualised
39.8%
Break-even
$723.8
Max gain
$2,620
Chance of buying
~25%
MU Micron Technology Grade A $834.05

Own 100 shares, sell the $1,800 call expiring December 18, 2026 (46 days) for $0.46 a share — $46.00 per contract.

Previous session · Bid $0.46, ask $0.53, quoted Mon 2 Nov, 17:30 New York time with MU at $834.05. Option prices move with the shares: check the live chain at your broker before trading.

  • If MU ends below $1,800: you keep your shares and the $46.00 — 0.1% extra on the position, 0.4% a year at that pace.
  • If it ends above $1,800: your shares are sold at $1,800, a total return of 115.9% including the premium — at or above our value of ~$1800.
$96.6k $0 −$16.7k Break-even $833.59 Price $834.05 Our value $1,800
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$46.00
Annualised
0.4%
Break-even
$833.59
Max gain
$96,641
Chance of selling
~1%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Micron Technology in five measures

Fundamentals grade A
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Micron Technology
$0 $50B $100B $150B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $16.2B Revenue (TTM), FY24 Q2: $18.3B Revenue (TTM), FY24 Q3: $21.4B Revenue (TTM), FY24 Q4: $25.1B Revenue (TTM), FY25 Q1: $29.1B Revenue (TTM), FY25 Q2: $31.3B Revenue (TTM), FY25 Q3: $33.8B Revenue (TTM), FY25 Q4: $37.4B Revenue (TTM), FY26 Q1: $42.3B Revenue (TTM), FY26 Q2: $58.1B Revenue (TTM), FY26 Q3: $90.3B Revenue (TTM), FY26 Q4: $133.2B $133.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $16.2B
FY24 Q2 $18.3B
FY24 Q3 $21.4B
FY24 Q4 $25.1B
FY25 Q1 $29.1B
FY25 Q2 $31.3B
FY25 Q3 $33.8B
FY25 Q4 $37.4B
FY26 Q1 $42.3B
FY26 Q2 $58.1B
FY26 Q3 $90.3B
FY26 Q4 $133.2B
Revenue growth, TTM YoY Micron Technology
-100% 0% 100% 200% 300% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: -40.4% Revenue growth, TTM YoY, FY24 Q2: -20.6% Revenue growth, TTM YoY, FY24 Q3: 17.6% Revenue growth, TTM YoY, FY24 Q4: 61.6% Revenue growth, TTM YoY, FY25 Q1: 79.8% Revenue growth, TTM YoY, FY25 Q2: 71.1% Revenue growth, TTM YoY, FY25 Q3: 58.2% Revenue growth, TTM YoY, FY25 Q4: 48.9% Revenue growth, TTM YoY, FY26 Q1: 45.4% Revenue growth, TTM YoY, FY26 Q2: 85.5% Revenue growth, TTM YoY, FY26 Q3: 167.0% Revenue growth, TTM YoY, FY26 Q4: 256.3% 256.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 -40.4%
FY24 Q2 -20.6%
FY24 Q3 17.6%
FY24 Q4 61.6%
FY25 Q1 79.8%
FY25 Q2 71.1%
FY25 Q3 58.2%
FY25 Q4 48.9%
FY26 Q1 45.4%
FY26 Q2 85.5%
FY26 Q3 167.0%
FY26 Q4 256.3%
Operating margin (TTM) Micron Technology
-50% 0% 50% 100% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -41.2% Operating margin (TTM), FY24 Q2: -22.8% Operating margin (TTM), FY24 Q3: -7.9% Operating margin (TTM), FY24 Q4: 5.2% Operating margin (TTM), FY25 Q1: 15.8% Operating margin (TTM), FY25 Q2: 19.8% Operating margin (TTM), FY25 Q3: 22.6% Operating margin (TTM), FY25 Q4: 26.1% Operating margin (TTM), FY26 Q1: 32.5% Operating margin (TTM), FY26 Q2: 48.3% Operating margin (TTM), FY26 Q3: 65.6% Operating margin (TTM), FY26 Q4: 74.6% 74.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -41.2%
FY24 Q2 -22.8%
FY24 Q3 -7.9%
FY24 Q4 5.2%
FY25 Q1 15.8%
FY25 Q2 19.8%
FY25 Q3 22.6%
FY25 Q4 26.1%
FY26 Q1 32.5%
FY26 Q2 48.3%
FY26 Q3 65.6%
FY26 Q4 74.6%
FCF margin (TTM) Micron Technology
-40% -20% 0% 20% 40% 60% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: -30.9% FCF margin (TTM), FY24 Q2: -18.1% FCF margin (TTM), FY24 Q3: -6.4% FCF margin (TTM), FY24 Q4: 0.5% FCF margin (TTM), FY25 Q1: 1.9% FCF margin (TTM), FY25 Q2: 1.9% FCF margin (TTM), FY25 Q3: 5.6% FCF margin (TTM), FY25 Q4: 4.5% FCF margin (TTM), FY26 Q1: 11.0% FCF margin (TTM), FY26 Q2: 17.7% FCF margin (TTM), FY26 Q3: 29.0% FCF margin (TTM), FY26 Q4: 44.3% 44.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 -30.9%
FY24 Q2 -18.1%
FY24 Q3 -6.4%
FY24 Q4 0.5%
FY25 Q1 1.9%
FY25 Q2 1.9%
FY25 Q3 5.6%
FY25 Q4 4.5%
FY26 Q1 11.0%
FY26 Q2 17.7%
FY26 Q3 29.0%
FY26 Q4 44.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Micron Technology took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $133B
  2. Cost of revenue $25.7B · 19.3%
  3. Gross profit $108B · 80.7%
  4. Research and development $5.7B · 4.2%
  5. Selling, general and admin $1.9B · 1.5%
  6. Operating income $99.3B · 74.6%
  7. Income tax $14.8B · 11.1%
  8. Net income $85B · 63.8%

Shares of revenue. Source: Micron Technology's 10-K for FY2026, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Sept 2010 2011 Sept 2011 2012 Aug 2012 2013 Aug 2013 2014 Aug 2014 2015 Sept 2015 2016 Sept 2016 2017 Aug 2017 2018 Aug 2018 2019 Aug 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Aug 2023 2024 Aug 2024 2025 Aug 2025 2026 Sept 2026
Income
Revenue 8.5 8.8 8.2 9.1 16.4 16.2 12.4 20.3 30.4 23.4 21.4 27.7 30.8 15.5 25.1 37.4 133.2
Gross profit 2.7 1.8 1.0 1.8 5.4 5.2 2.5 8.4 17.9 10.7 6.6 10.4 13.9 −1.4 5.6 14.9 107.5
EBITDA 3.5 2.9 1.6 2.2 5.4 5.8 3.1 9.7 19.8 12.8 8.7 12.5 16.8 2.0 9.1 18.1 108.8
Operating income 1.6 0.8 −0.6 0.2 3.1 3.0 0.2 5.9 15.0 7.4 3.0 6.3 9.7 −5.7 1.3 9.8 99.3
Net income 1.9 0.2 −1.0 1.2 3.0 2.9 −0.3 5.1 14.1 6.3 2.7 5.9 8.7 −5.8 0.8 8.5 85.0
Diluted EPS $1.85 $0.17 −$1.04 $1.13 $2.54 $2.47 −$0.27 $4.41 $11.51 $5.51 $2.37 $5.14 $7.75 −$5.34 $0.70 $7.59 $74.33
Growth (year on year)
Revenue +76.6% +3.6% −6.3% +10.2% +80.3% −1.0% −23.4% +63.9% +49.5% −23.0% −8.4% +29.3% +11.0% −49.5% +61.6% +48.9% +256.3%
EBITDA +701.6% −16.7% −44.9% +34.3% +147.8% +8.3% −45.8% +209.1% +103.0% −35.2% −32.4% +44.4% +34.6% −88.0% +351.7% +99.5% +500.6%
Operating income — −52.1% −180.4% — +>999% −2.9% −94.4% — +155.5% −50.8% −59.3% +109.2% +54.4% −159.2% — +649.2% +916.8%
Net income — −91.0% — — +155.9% −4.8% −109.5% — +177.8% −55.3% −57.4% +118.1% +48.2% −167.1% — +997.6% +895.1%
Diluted EPS — −90.8% — — +124.8% −2.8% −110.9% — +161.0% −52.1% −57.0% +116.9% +50.8% −168.9% — +984.3% +879.3%
Margins
Gross margin 32.0% 20.0% 11.8% 20.4% 33.2% 32.2% 20.2% 41.5% 58.9% 45.7% 30.6% 37.6% 45.2% −9.1% 22.4% 39.8% 80.7%
EBITDA margin 41.4% 33.3% 19.6% 23.8% 32.7% 35.8% 25.4% 47.9% 65.0% 54.7% 40.4% 45.1% 54.7% 12.9% 36.2% 48.5% 81.7%
Operating margin 18.7% 8.7% −7.4% 2.6% 18.9% 18.5% 1.4% 28.9% 49.3% 31.5% 14.0% 22.7% 31.5% −37.0% 5.2% 26.1% 74.6%
Net margin 21.8% 1.9% −12.5% 13.1% 18.6% 17.9% −2.2% 25.0% 46.5% 27.0% 12.5% 21.2% 28.2% −37.5% 3.1% 22.8% 63.8%
Free-cash-flow margin 29.2% −0.8% 5.0% 4.1% 15.8% 7.3% −21.4% 16.8% 28.0% 14.6% 0.4% 8.8% 10.1% −39.4% 0.5% 4.5% 44.3%
Cash flow
Cash from operations 3.1 2.5 2.1 1.8 5.7 5.2 3.2 8.2 17.4 13.2 8.3 12.5 15.2 1.6 8.5 17.5 89.7
Capital spending 0.6 2.6 1.7 1.4 3.1 4.0 5.8 4.7 8.9 9.8 8.2 10.0 12.1 7.7 8.4 15.9 30.7
Free cash flow 2.5 −0.1 0.4 0.4 2.6 1.2 −2.6 3.4 8.5 3.4 0.1 2.4 3.1 −6.1 0.1 1.7 59.0
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.5 0.6 0.8 1.0 1.3
Free cash flow after stock pay 2.4 −0.1 0.3 0.3 2.5 1.0 −2.8 3.2 8.3 3.2 −0.2 2.1 2.6 −6.7 −0.7 0.7 57.6
Balance sheet
Cash 2.9 2.2 2.5 2.9 4.2 2.3 4.1 5.1 6.5 7.2 7.6 7.8 8.3 8.6 7.0 9.6 38.4
Total debt 2.4 2.0 3.3 6.0 7.1 8.0 10.6 11.6 4.9 5.9 6.6 6.8 6.9 13.3 13.4 14.6 5.2
Net debt (negative = net cash) −0.6 −0.2 0.8 3.2 3.0 5.8 6.4 6.5 −1.6 −1.3 −1.0 −1.0 −1.4 4.8 6.4 4.9 −33.2
Diluted shares 1,051m 1,008m 991m 1,057m 1,198m 1,170m 1,036m 1,154m 1,229m 1,143m 1,131m 1,141m 1,122m 1,093m 1,118m 1,125m 1,143m
Returned to shareholders
Dividends — — — — — — — — — — 0.0 0.0 0.5 0.5 0.5 0.5 0.6
Buybacks 0.0 0.2 0.0 0.0 0.1 0.9 0.1 0.0 0.1 2.7 0.2 1.2 2.4 0.4 0.3 0.0 0.7
Total returned 0.0 0.2 0.0 0.0 0.1 0.9 0.1 0.0 0.1 2.7 0.2 1.2 2.9 0.9 0.8 0.5 1.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · September 3, 2026
What it owns · $195.9bn
Short-term assets $91.1bnLonger-term assets $104.8bn
What it owes, and who funded it · $195.9bn
Short-term liabilities $27.5bnLonger-term liabilities $30.0bnShareholders' equity $138.4bn
  • Short-term assets cover short-term liabilities $91.1bn of assets due within a year against $27.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $91.1bn short-term assets against $30.0bn of longer-dated liabilities.
  • More cash than debt $38.4bn of cash against $3.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 2% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 13% to 2% over five years.
  • A year's operating cash flow covers at least 20% of debt $89.7bn of operating cash flow against $3.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $99.3bn against $106m of interest.

From Micron Technology's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$650M
Dividends (TTM)
$610M
Returned to shareholders
2%
of free cash flow
Buybacks, last 3 fiscal years
$950M
Diluted share count
+1.6%
year over year
Total shareholder yield
0.1%
dividends 0.1% + buybacks 0.1% of market value
Dividend payout ratio
1%
of net income paid out
R&D spending
4.2%
of revenue
Sales & admin spending
1.5%
of revenue
Days sales outstanding
87 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated MU TSM AVGO INTC NVDA QCOM Median
Revenue, last 12 months $133.2bn $122.4bn $89.1bn $59.9bn $303.0bn $44.1bn $1.1bn
Revenue growth, last 12 months 256.3% 35.8% 48.7% 12.1% 83.4% 1.9% 13.7%
Revenue growth, 3-year average 104.6% — 36.0% 4.2% 110.1% 4.5% 3.9%
Revenue growth, latest quarter 379.3% — 85.5% 20.9% 105.9% −4.0% 20.1%
Gross margin 80.7% 59.9% 68.8% 39.9% 74.7% 54.2% 48.3%
Operating margin 74.6% 50.8% 48.0% 2.9% 65.2% 23.2% 4.8%
Operating margin, 3-year average 35.3% 43.7% 37.9% −6.3% 61.7% 24.9% 4.8%
Net margin 63.8% 44.6% 42.9% −20.1% 63.7% 21.0% 5.3%
Cash from operations / revenue 67.3% 59.7% 45.6% 29.2% 44.3% 28.1% 17.4%
Free-cash-flow margin 44.3% 26.1% 44.2% 6.3% 41.9% 23.6% 9.6%
Free-cash-flow margin, 3-year average 16.4% 22.8% 41.9% −12.4% 44.7% 28.1% 8.5%
Stock pay / revenue 1.0% 0.0% 9.5% 3.9% 2.4% 7.4% 5.8%
Change in share count 1.6% 0.0% 0.2% 16.0% −1.0% −3.6% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 256.3% 13.7% 3 of 75
Change in growth rate Growth +89.3pp +3.7pp 3 of 75
Gross margin Profitability 80.7% 48.3% 4 of 73
Operating margin Profitability 74.6% 4.8% 1 of 75
Net margin Profitability 63.8% 5.3% 1 of 75
Free-cash-flow margin Cash generation 44.3% 9.6% 3 of 75
Stock pay as % of revenue Cash generation 1.0% 6.4% 11 of 74
Long-term debt as % of assets Balance sheet 1.4% 14.0% 9 of 47
Change in share count Balance sheet 1.6% 0.9% 43 of 72
Days sales outstanding Balance sheet 87 days 58 days 53 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 3, 2026
Products and services
Line of business Revenue Share YoY
DRAM Products $101B 75.6% ▲ 252.3%
NAND Products $31.8B 23.9% ▲ 273.8%
Other Product Sales $724M 0.5% ▲ 143.8%
Geography
Region Revenue Share YoY
United States $91.3B 68.6% ▲ 278.7%
Taiwan $16.9B 12.7% ▲ 198.8%
China $8.3B 6.3% ▲ 216.0%
Hong Kong $6.3B 4.7% ▲ 452.6%
Other Asia Pacific $5.8B 4.3% ▲ 202.0%
Japan $2.1B 1.6% ▲ 130.8%
Europe $1.7B 1.3% ▲ 174.6%
Other Countries $729M 0.5% ▲ 90.3%

From Micron Technology's 10-K filed October 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1T
Institutions reporting
3,880
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
977 / 120

Top buyers and sellers, Q2 2026: 2,235 institutions bought and 1,546 sold ; the biggest buyer was Jpmorgan Chase & Co (+10.1M shares) and the biggest seller Capital World Investors (−12.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $121B 104.8M 12.0% ▲ 1.6%
Vanguard Capital Management LLC $85B 73.7M 8.4% ▲ 0.7%
State Street Corp $57.8B 50.1M 5.7% ▼ 4.1%
Invesco Ltd. $41.9B 36.3M 4.2% ▲ 1.8%
Capital World Investors $34B 29.5M 3.4% ▼ 29.9%
Geode Capital Management, LLC $31.9B 27.7M 3.2% ▲ 1.0%
FMR LLC $30.8B 26.7M 3.1% ▼ 16.6%
Jpmorgan Chase & Co $29.6B 25.8M 2.9% ▲ 63.8%
Vanguard Portfolio Management LLC $28.5B 24.7M 2.8% ▲ 7.1%
Primecap Management Co $22.2B 19.2M 2.2% ▼ 12.1%
Morgan Stanley $21.3B 18.5M 2.1% ▲ 9.7%
Goldman Sachs Group Inc $20.9B 18.1M 2.1% ▲ 44.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Micron Technology's complete shareholder register. Values are as reported by the filers ; 24 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $7.8M 3 trades by 1 insider, last 12 months Insider sales History → $316M 305 trades by 10 insiders · 83% under pre-set plans
Net ▼ $308M net selling
Insider Date Trade Shares Price Value
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 120 $945.91 $113,509
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 200 $944.98 $188,996
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 240 $943.81 $226,514
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 320 $942.58 $301,626
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 200 $941.00 $188,200
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 560 $939.78 $526,277
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 160 $938.73 $150,197
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 280 $937.64 $262,539
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 200 $936.14 $187,228
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 160 $934.95 $149,592
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 160 $934.05 $149,448
Ray Michael Charles SVP, Chief Legal Officer October 14, 2026 Sell pre-set plan 40 $932.04 $37,282

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 52 trades and filings

In the last 12 months, 7 members of Congress disclosed 9 purchases and 4 sales of Micron Technology shares.

  • John J. McGuire III(R-VA 5):Purchase, $1,001 - $15,000, traded October 1, 2026, filed November 1, 2026
  • John J. McGuire III(R-VA 5):Purchase, $1,001 - $15,000, traded September 25, 2026, filed November 1, 2026
  • John J. McGuire III(R-VA 5):Purchase, $1,001 - $15,000, traded September 24, 2026, filed November 1, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 31, 2026 estimated from the company's past filing pattern, not announced

  • September 30, 2026
  • June 24, 2026
  • March 18, 2026
  • December 17, 2025
  • September 23, 2025
  • June 25, 2025

Recent SEC filings

Data status

When each part of this page on Micron Technology was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Micron Technology in brief

What does Micron Technology do?
Micron Technology is a US-listed company in the semiconductors industry. Its financial year ends in August.
What is Micron Technology's stock ticker?
Micron Technology trades under the ticker MU on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Micron Technology's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Micron Technology reported revenue of $133B, 256.3% higher than a year earlier, according to its SEC filings.
What is Micron Technology's free cash flow?
Micron Technology's free-cash-flow margin is 44.3% of revenue over the trailing twelve months, ranking 3 of the 75 semiconductor companies we cover.
What is Micron Technology's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Micron Technology's free cash flow after stock-based pay gives ~$1800 per share in the base case, and ~$1400–$2300 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Micron Technology's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Micron Technology buying back stock, and does it pay a dividend?
Micron Technology spent $650M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.6% over the year.
What is Micron Technology's market cap?
On September 3, 2026, Micron Technology's market capitalisation was about $1.1T, with a price-to-earnings ratio of 12.9 and net debt of -$33.2B. Market figures come from third-party market data and may be delayed.
Does Micron Technology pay a dividend?
Yes: Micron Technology paid $610M in dividends over the trailing twelve months, a dividend yield of 0.06% and a payout ratio of 0.7%.
How much debt does Micron Technology have?
Micron Technology's debt-to-equity ratio is 2.4%, from its latest balance sheet (12.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Micron Technology's competitors?
In our Semiconductors peer group, the companies closest to Micron Technology are Taiwan Semiconductor Manufacturing Co LTD, Broadcom, Intel, NVIDIA Corporation and Qualcomm. The side-by-side comparison below sets their revenue, margins and growth against Micron Technology's.
Are insiders buying or selling Micron Technology stock?
Over the last 12 months, Micron Technology's directors and officers reported 3 open-market purchases and 305 sales on Form 4. The insider trading page charts every trade.
When is Micron Technology's next earnings date?
Around December 23, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Micron Technology announces its own schedule.