Micron Technology Inc (MU)
Information Technology · Semiconductors · US stock · S&P 500 component
$856.49
▼ -57.18 (6.26%)
Fair valueFair
$982 +14.7% to fair value
$491fair band $836–$1,191$1,474
Day's range
$849.25 – $908.30
52-week range
$192.40 – $1,255.00
About Micron Technology Inc
Micron Technology makes memory and storage chips, mainly DRAM and NAND flash, which are used in data centers, personal computers, smartphones, cars and industrial equipment. It manufactures most of its products in its own fabrication plants and sells them to equipment makers and cloud customers. Earnings tend to move with the memory price cycle and with capital spending needed to keep factories current.
Micron Technology Inc generated $133.2 billion in revenue during the last twelve months. The three-year revenue growth rate is 104.6% a year. Operating margin stands at 74.6%, showing profit left after running costs. Return on invested capital stands at 85%. Net debt to EBITDA is -0.4 times, which means the company holds more cash than debt. A dividend is paid, with a yield of 0.1%. The X-Ray Score is 79 out of 100.
Price chart
52-wk range $192.40 – $1,255.00Volume 31,922,936Daily, split-adjusted
Vitals
Market cap$979.0B
52-week range$192.40 – $1,255.00
Volume (last day)31,922,936
P/E (TTM)11.5
EBIT / EV yield10.6%
Free-cash-flow yield6.0%
Dividend yield0.1%
Revenue (TTM)$133.2B
Net income (TTM)$85.0B
Operating margin74.6%
Return on capital84.5%
Debt incl. leases$5.2B
Cash & securities$43.4B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$982middle half of models $945 – $1,063
Fair
+14.7% to fair value
Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $856
Undervalued < $836Fair $836 – $1,191Overvalued > $1,191
P/E multiple
$883
P/B multiple
$558
P/S multiple
$941
EV/EBITDA multiple · not used
$2,279
EV/EBIT multiple · not used
$1,916
EV/revenue multiple
$949
10-year DCF, EBITDA exit
$1,187
5-year DCF, EBITDA exit
$1,240
10-year DCF, revenue exit
$1,067
5-year DCF, revenue exit
$1,060
10-year DCF, growth exit
$975
5-year DCF, growth exit
$966
Dividend discount, stable · not used
$18
Dividend discount, multi-stage · not used
$22
Earnings power value
$981
Growth the price implies
34.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
87/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield10.6%
Free-cash-flow yield6.0%
Fair value vs price1.1×
Growth
Strong
92/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)104.6%
Growth consistency100%
Profitability
Fair
64/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital84.5%
Operating margin74.6%
Gross profitability54.9%
Financial health
Strong
91/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA-0.4×
Interest coverNo interest cost
Dividends
Weak
47/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.1%
Dividends vs free cash flow1%
Dividend growth6.6%
Quarterly results: last 6 quarters
+36.6%
May '25
+46.0%
Aug '25
+56.7%
Nov '25
+196.3%
Feb '26
+345.7%
May '26
+379.3%
Sep '26
Revenue against the same quarter a year earlier. Latest quarter revenue $54.2B.
Compare with peers
FSLR First Solar, Inc.70 NVDA Nvidia Corp67 AVGO Broadcom Inc.60 MPWR Monolithic Power Syste...58Other Semiconductors companies by X-Ray Score.
SWOT analysis: Micron Technology Inc
Strengthsinside the company
- Return on invested capital is 84.5%, against a median of 12.7% for industry peers.
- Operating margin of 74.6% is well above the 26.0% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 104.6% a year over three years (median -1.2% for industry peers).
- Free cash flow equals 6.0% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 256.3% last year from 104.6% a year over three years.
- Trades at 11.5x earnings, 73% below the 43.0x median of industry peers.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Semiconductors follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MU with peers and sector
Medians of 14 Semiconductors peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): NVDA 67, AVGO 60, AMD 48, INTC 17, TXN 44, MRVL 31.
| Metric | MU | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 79 | 43 | 50 |
| Valuation | 87 | 31 | 50 |
| Growth | 92 | 31 | 54 |
| Profitability | 64 | 41 | 49 |
| Financial health | 91 | 58 | 49 |
| Dividends | 47 | 53 | 51 |
Sector leaders: highest X-Ray Score in Information Technology
MU ranks #1 of 75 in Information Technology and #1 of 15 in Semiconductors by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MU
Each factor is rated by where MU stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 15 Good · 2 Average · 4 Bad of 21
Growth: 2 · 0 · 0
Profitability: 5 · 0 · 0
Financial strength: 4 · 0 · 0
Valuation: 3 · 2 · 0
Cash flow: 1 · 0 · 2
Efficiency: 0 · 0 · 2
| Factor | MU | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +104.6% | Good beats 99% | +9.7% | – | – |
| Revenue growth, last year | +256.3% | Good beats 99% | +13.7% | +48.9% | ▲ Better |
| Profitability | |||||
| Gross margin | 80.7% | Good beats 89% | 57.8% | 39.8% | ▲ Better |
| Operating margin | 74.6% | Good beats 99% | 20.3% | 26.1% | ▲ Better |
| Net margin | 63.8% | Good beats 98% | 17.8% | 22.8% | ▲ Better |
| Return on invested capital | 84.5% | Good beats 92% | 19.4% | – | – |
| Return on equity | 61.4% | Good beats 82% | 21.0% | 15.8% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | -0.4x | Good beats 88% | 0.8x | 0.2x | ▲ Better |
| Interest cover | 937.2x | Good beats 99% | 23.0x | 20.5x | ▲ Better |
| Current ratio | 3.31 | Good beats 89% | 1.57 | 2.89 | ▲ Better |
| Piotroski F-score | 8 / 9 | Good beats 89% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 11.5x | Good beats 97% | 33.6x | 14.5x | ▲ Better |
| Price / book | 7.1x | Average beats 54% | 8.3x | 2.4x | ▼ Worse |
| Price / sales | 7.4x | Average beats 47% | 6.9x | 4.3x | ▼ Worse |
| EV / EBITDA | 8.6x | Good beats 97% | 24.7x | 9.7x | ▲ Better |
| Free cash flow yield | 6.0% | Good beats 85% | 3.4% | 1.2% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 44.3% | Good beats 94% | 22.3% | 4.5% | ▲ Better |
| Cash from operations / net income | 1.06 | Bad beats 20% | 1.39 | 1.90 | ▼ Worse |
| Accruals (lower is better) | −2.4% | Bad beats 30% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.5x | Bad beats 33% | 3.9x | 2.5x | ≈ In line |
| Days sales outstanding | 87 days | Bad beats 16% | 63 days | 70 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 13 Good · ● 0 Average · ● 1 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldGood
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 85/100.
Financials
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $30.8B | $15.5B | $25.1B | $37.4B | $133.2B |
| Operating income | $9.7B | −$5.7B | $1.3B | $9.8B | $99.3B |
| Net income | $8.7B | −$5.8B | $778M | $8.5B | $85.0B |
| Operating cash flow | $15.2B | $1.6B | $8.5B | $17.5B | $89.7B |
| Operating margin | 31.5% | -37.0% | 5.2% | 26.1% | 74.6% |
| Free cash flow | $3.1B | −$6.1B | $121M | $1.7B | $59.0B |
| Diluted EPS | $7.75 | $-5.34 | $0.70 | $7.59 | $74.33 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 1 neutral · 10 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 926.6 | Bearish |
| EMA 10 | 926.0 | Bearish |
| SMA 20 | 996.8 | Bearish |
| EMA 20 | 961.2 | Bearish |
| SMA 50 | 984.0 | Bearish |
| EMA 50 | 969.4 | Bearish |
| SMA 100 | 974.5 | Bearish |
| EMA 100 | 912.2 | Bearish |
| SMA 200 | 729.2 | Bullish |
| EMA 200 | 760.6 | Bullish |
Oscillators (daily)
| RSI (14) | 34.66 | Neutral |
| MACD (12, 26) | -33.16 | Bearish |
| Momentum (12) | -18.07 | Bearish |
| Stochastic %K (14) | 3.02 | Bullish |
| Williams %R (14) | -96.98 | Bullish |
| CCI (20) | -114.9 | Bullish |
Pivot points (classic, last session)
S3 775.3 | S2 812.3 | S1 834.4 | Pivot 871.3 | R1 893.4 | R2 930.4 | R3 952.5 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.57 USD
Yield on today's price
0.07%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.1500 | |
| 0.1500 | |
| 0.1500 | |
| 0.1150 | |
| 0.1150 | |
| 0.1150 | |
| 0.1150 | |
| 0.1150 | |
| 0.1150 | |
| 0.1150 | |
| 0.1150 | |
| 0.1150 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MU
| ETF | Share of the fund |
|---|---|
| VLUE iShares MSCI USA Value Factor | 18.98% |
| MUU Direxion Daily MU Bull 2X | 12.60% |
| FTXL First Trust Nasdaq Semiconductor | 12.14% |
| SOXQ Invesco PHLX Semiconductor | 11.76% |
| SPMO Invesco S&P 500 Momentum | 10.73% |
| XNTK SPDR Morgan Stanley Technology | 9.73% |
| USMC Principal U.S. Mega-Cap | 8.75% |
| SOXX iShares Semiconductor | 8.54% |
The eight funds with the largest weight in MU among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MU stock splits
MU has split its stock 3 times since 1994. The latest was a 2-for-1 split on 2 May 2000.
Full MU stock split history →MU SEC filings
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.