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Makes DRAM and NAND flash memory chips for PCs, smartphones, data centers and cars.
Makes DRAM and NAND flash memory chips for PCs, smartphones, data centers and cars.
Sells memory, a product whose price swings with supply, so earnings rise and fall with the memory cycle. Data-center demand and HBM, stacked memory placed beside AI processors, are the growth lines. It is the only major memory maker based in the US, competing with Samsung and SK hynix.
Moat: narrow (scale, process know-how). One of only three scaled DRAM makers; memory is commoditized but has high capex/technology barriers to entry.
Headquarters: Boise, Idaho, US · Founded: 1978 · Employees: 61,000
Size Micron Technology (MU) is a United States Information Technology company (Semiconductors) with a market value of $781B, the 16th largest of 3,117 United States companies the cockpit tracks. Shares closed at $690.00 on 6 Nov 2026.
Performance Over six months the shares fell 7.6%, against -12.0% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 10 in its peer set.
Growth Revenue grew 256.3% over the last twelve months (peer median +39.0%); the operating margin is 75.0% (peer median 39.8%).
Valuation It trades at 3.9× forward earnings against a peer median of 24.6× (2nd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +37%, so the hurdle is -30 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 62.2 points above its cost of capital (16.6% WACC).
Backlog Backlog (remaining performance obligations) was $134B at 3 Sep 2026 — 1.0 years of trailing revenue. Backlog detail →
Credit Micron Technology has 7 bonds outstanding ($2.74B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 95 bp.
Short interest Short interest is 2.0% of the free float (15 Oct 2026).
Next results Next results expected around 23 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $133B | $133B | $37.4B | $25.1B | $15.5B |
| Revenue growth | — | +256% | +49% | +62% | — |
| Gross profit | $107B | $108B | $15.0B | $5.79B | -$1.16B |
| EBITDA | $109B | $109B | $18.4B | $9.01B | $2.57B |
| Net income | $85.0B | $85.0B | $8.54B | $778M | -$5.83B |
| Free cash flow | $59.0B | $59.0B | $1.67B | $121M | -$6.12B |
| Capital expenditure | $30.7B | $30.7B | $15.9B | $8.39B | $7.68B |
| Total debt | $5.18B | $5.18B | $15.4B | $14.1B | $14.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Micron Technology MU | $781B | -8% | +256% | 75% | 3.9× | 7.1% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
| Kioxia 285A.T | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% |
| Western Digital WDC | $98.7B | -45% | +21% | 41% | 9.2× | 20.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MU | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.4% | -24.5% | 4th lowest of 11 |
| 6-month return | -7.6% | -12.0% | 5th highest of 10 |
| Distance from 52-week high | -45.0% | -37.6% | 5th lowest of 11 |
| Revenue growth (TTM) | +256.3% | +39.0% | highest of 11 |
| Operating margin | 75.0% | 39.8% | highest of 11 |
| Forward P/E | 3.9× | 24.6× | 2nd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 7.1% | 24.9% | 3rd least demanding of 9 |
| Growth delivered (Del g) | +36.9% | +20.1% | highest of 9 |
| Hurdle (Req g minus delivered) | -29.8 pp | +7.6 pp | least demanding of 9 |
| ROIC minus cost of capital | +62.2 pp | +14.6 pp | 3rd highest of 11 |
| EV / EBITDA | 6.8× | 27.6× | cheapest of 8 |
| Net debt / EBITDA | -0.3× | -0.6× | 4th most indebted of 9 |
| Bond spread | 95 bp | 75 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Micron Technology MU | United States | $781B | -8% | +256% | 75% | 3.9× | 7.1% | +36.9% |
| Advanced Micro Devices AMD | United States | $733B | -1% | +42% | 18% | 30.0× | 60.9% | +28.8% |
| SamsungElec 005930.KS | South Korea | $886B | -14% | +88% | 46% | 4.0× | -7.2% | +7.1% |
| SK hynix 000660.KS | South Korea | $608B | -12% | +220% | 74% | 3.1× | -3.1% | +24.9% |
| ASML ASML.AS | Netherlands | $550B | -6% | +23% | 39% | 31.1× | 28.9% | +18.5% |
| Broadcom AVGO | United States | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% | +21.7% |
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | n/a | n/a | n/a |
| Taiwan Semiconductor Manufactur 2330.TW | Taiwan | $1.67T | -5% | +36% | 58% | 15.0× | 10.1% | +23.3% |
| Intel INTC | United States | $299B | -55% | +12% | 11% | 39.9× | 46.1% | -7.5% |
| Texas Instruments TXN | United States | $253B | -4% | +20% | 41% | 24.6× | 23.3% | +4.1% |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 67.7× | n/a | n/a |
Micron Technology has 7 bonds outstanding with $2.74B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.80%, a spread of 95 bp over government bonds.
Micron Technology reported $134B of remaining performance obligations at 3 Sep 2026 and up 2,580% from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 3.38.