Information Technology · Semiconductors · US stock · price as of 22 Oct 2026
Key indicators
Price
$856.49
52-week range
$192.40 – $1,255.00
Market cap
$979.0B
P/E (trailing)
11.5×
EV / EBITDA
8.6×
Free-cash-flow yield
6.0%
Dividend yield
0.1%
Revenue (last 12 months)
$133.2B
Revenue growth (3y a year)
104.6%
Operating margin
74.6%
Return on invested capital
84.5%
Net debt / EBITDA
-0.4×
Fair value
Fair value (average of valid models)$982.46 middle half of models $945 – $1,063
Versus priceFair+15% to fair value
P/E multiple
$883.09
P/B multiple
$558.49
P/S multiple
$941.00
EV/revenue multiple
$949.42
10-year DCF, EBITDA exit
$1,186.76
5-year DCF, EBITDA exit
$1,239.77
10-year DCF, revenue exit
$1,066.94
5-year DCF, revenue exit
$1,059.97
10-year DCF, growth exit
$974.87
5-year DCF, growth exit
$965.88
Earnings power value
$980.86
Model uncertainty
High
X-Ray Score
79/ 100 · Medium confidence · ahead of 99% of sector peers
Valuation87
Growth92
Profitability64
Financial health91
Dividends47
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Micron Technology Inc an X-Ray Score of 79 out of 100 (medium confidence), ahead of 99% of the S&P 500 stocks in its sector. Its strongest lens is growth (92) and its weakest is dividends (47).
Our fair value (the average of the valid models) is $982.46 (range $945.21 to $1,063.46). At $856.49 the stock trades 13% below that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Micron Technology Inc (MU)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$56.20
$69.16
$94.96
$121.79
$958.01
$856.49
Market cap
$63.1B
$75.6B
$106.2B
$137.0B
$1.10T
$979.0B
P/E
7.3×
–
135.7×
16.0×
12.9×
11.5×
EV / revenue
2.0×
5.1×
4.4×
3.8×
7.9×
7.1×
EV / EBITDA
3.6×
39.4×
12.3×
7.8×
9.7×
8.6×
Price / free cash flow
20.2×
–
877.4×
82.1×
18.6×
16.6×
Free-cash-flow yield
4.9%
−8.1%
0.1%
1.2%
5.4%
6.0%
Price / book
1.3×
1.7×
2.4×
2.5×
7.9×
7.1×
Dividend yield
0.56%
0.67%
0.48%
0.38%
0.06%
0.07%
Fundamentals checklist ● 13 Good · ● 0 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.4%Bad
Free-cash-flow yield6.0%Good
Risk models
Altman Z score10.3×Good
Piotroski F-Score8 of 9Good
Growth
Revenue growth (3y)104.6%Good
Growth consistency100%Good
Balance sheet
Current ratio3.3×Good
Net debt / EBITDA-0.4×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.1×Good
EBIT / EV yield10.6%Good
Profitability
Return on invested capital84.5%Good
Operating margin74.6%Good
Gross profitability54.9%Good
XStocksXray
Micron Technology Inc (MU)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
30,758
15,540
25,111
37,378
133,188
133,188
Gross profit
13,898
-1,416
5,613
14,873
107,504
107,504
Operating income
9,702
-5,745
1,304
9,770
99,340
99,340
Net income
8,687
-5,833
778
8,539
84,969
84,969
Diluted EPS ($)
7.75
-5.34
0.70
7.59
74.33
74.40
Free cash flow
3,114
-6,117
121
1,668
58,963
58,963
Gross margin
45.2%
−9.1%
22.4%
39.8%
80.7%
80.7%
Operating margin
31.5%
−37.0%
5.2%
26.1%
74.6%
74.6%
Net margin
28.2%
−37.5%
3.1%
22.8%
63.8%
63.8%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
66,283
64,254
69,416
82,798
195,888
195,888
Cash
8,262
8,577
7,041
9,642
38,364
38,364
Total debt
6,906
13,330
13,397
14,577
5,179
5,179
Equity
49,907
44,120
45,131
54,165
138,378
138,378
Dividend per share ($)
0.32
0.46
0.46
0.46
0.53
0.53
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
