MU

Micron Technology, Inc.

$904.90

+2.97% 2026-10-19

Information TechnologyS&P 500

1M 3M 6M 1Y 2Y

MUSPY

-8.5%

-10.9%

+4.6%

+101.9%

YTD

+217.3%

+347.6%

Grades vs sector

Momentum

98th pct in sector

A+

12-1 return: +376.4%
Percentile within its GICS sector across the S&P 1500.

Growth

100th pct in sector

A+

Revenue growth (YoY): +379.3%
Percentile within its GICS sector across the S&P 1500.

Value

97th pct in sector

A+

Forward E/P: 23.5% · EBITDA/EV: 11.4%
Percentile within its GICS sector across the S&P 1500.

Profitability

96th pct in sector

A+

Profit margin: +63.8% · Return on equity: +88.3%
Percentile within its GICS sector across the S&P 1500.

Revisions

no data

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Held by 2 of 3 live models: Momentum Top 15, Quality Growth.

Momentum Top 15

6.7% of the book · rank 2 of 499

Held Quality Growth

6.7% of the book · rank 2 of 360

Held Momentum Blend

not in the current book

Why it's in Momentum Top 15 #2 of 499

Qualified on 12-1 momentum of +473.9% (its gain from 12 months to 1 month before 2026-09-30). Ranked 2nd of 499 at the 2026-09-30 rebalance.

What would knock it out: Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-16) it ranks 4th.

Why it's in Quality Growth #2 of 360

Qualified on ROIC 61%, revenue +167% (TTM), growth accelerating +219.7 pts, latest quarter 2026-05-28. Ranked 2nd of 360 at the 2026-09-30 rebalance.

What would knock it out: Drops out if it falls outside the top 15 at the next rebalance (Oct 30). In the latest preview (2026-10-16) it ranks 2nd.

Key stats

Market cap$1.0T

P/E (trailing)12.2

P/E (forward)4.4

52-week range192.40 – 1,255.00

Revenue growth (YoY, latest qtr)+379.3%

Dividend yield0.07%

Analyst consensusStrong Buy (46)

Mean price target$1,560.57 (+72%)

Valuation & fundamentals

Bottom line

Leans undervalued

Model read-out from the numbers below, not advice. Score +1 (DCF counts double).

▼DCF (base case)below the price by 51%

▲Forward P/E vs sector4.4x vs median 16.9x

▲Piotroski F-score8/9

▲Altman Z14.4 (safe)

▲Net debt / EBITDA-0.4x

▲Analyst target+72% (46 analysts)

Discounted cash flow

CyclicalValued on average-cycle margins

Bear

$232

-74%

growth 18% · disc. 14.0% · term. 2.0%

Base

$441

-51%

growth 30% · disc. 13.0% · term. 2.5%

Bull

$724

-20%

growth 38% · disc. 12.0% · term. 3.0%

Starting cash flow is mid-cycle: 8.9% average margin × current revenue = 11.8B (last 12 months: 59.0B at a 44% margin). On trailing cash flow the base case would be $2,059.

Reverse DCFfor context, not a signal

Today's price assumes free cash flow grows about 34% a year for 10 years.

Implied

+34%/yr

FCF, last 3 yrs

n/a

FCF, last 5 yrs

+89%/yr

Revenue, last 3 yrs

+105%/yr

Revenue, last 5 yrs

+37%/yr

Same inputs as the DCF above: mid-cycle free cash flow 11.8B, 13.0% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2026; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (FY to 2026-09-03). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 2.23 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)

sector median 35.9× · 4th pct

12.2×
cheaper

Forward P/E

sector median 16.9× · 1st pct

4.4×
cheaper

EV / EBITDA

sector median 20.8× · 10th pct

9.0×
cheaper

Price / sales

sector median 4.6× · 70th pct

7.7×
pricier

Price / book

sector median 5.1× · 68th pct

7.4×
pricier

FCF yield

sector median 3.5% · 72nd pct

5.8%
cheaper

Forward EPS $206.89 vs trailing $74.33 (+178% expected growth). Forward P/E uses analysts' next-12-month estimate.

Backlog (remaining performance obligations)

RPO

$134.0B

as of 2026-09-03

vs a year ago

–

YoY

× TTM revenue

1.01×

coverage

20-05

20-09

20-12

21-03

21-06

26-05

26-09

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin

80.7%

Operating margin

74.6%

FCF margin

44.3%

Net margin

63.8%

Return on equity

61.4%

Return on invested capital

86.3%

Net debt / EBITDA

-0.4×

Current ratio

3.3×

Interest cover

937.2×

Cash conversion (OCF/NI)

1.1×

Piotroski F-score 8/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✗ No share dilution✓ Gross margin improved✓ Asset turnover improved

Altman Z-score 14.4 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target

$1,561

+72%

Analysts

Strong Buy

Range

$361–$3,000

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2026	$133.2B	$85.0B	$59.0B
2025	$37.4B	$8.5B	$1.7B
2024	$25.1B	$778.0M	$121.0M
2023	$15.5B	$-5.8B	$-6.1B
2022	$30.8B	$8.7B	$3.1B
2021	$27.7B	$5.9B	$2.4B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +104.6%.

Earnings

Next report: 2026-12-23 · during market · EPS est 38.28

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-09-30	31.82	33.42	+5.0%
2026-06-24	20.69	25.11	+21.4%
2026-03-18	9.16	12.20	+33.2%
2025-12-17	3.96	4.78	+20.6%
2025-09-23	2.86	3.03	+5.9%
2025-06-25	1.59	1.91	+19.8%
2025-03-20	1.42	1.56	+9.5%
2024-12-18	1.77	1.79	+1.4%

Quarterly revenue

Quarter	Revenue	YoY
2026-05-31	$41.5B	+345.7%
2026-02-28	$23.9B	–
2025-11-30	$13.6B	–
2025-08-31	$11.3B	–
2025-05-31	$9.3B	–

Analyst actions

Rosenblatt

2026-10-13 · main

Buy → Buy
PT $1,900

DA Davidson

2026-10-07 · main

Buy → Buy
PT $3,000

Mizuho

2026-10-01 · main

Outperform → Outperform
PT $1,400

Morgan Stanley

2026-10-01 · reit

Overweight → Overweight
PT $1,200

TD Cowen

2026-10-01 · reit

Buy → Buy
PT $1,600

RBC Capital

2026-10-01 · reit

Outperform → Outperform
PT $1,500

Recent dividends

2026-10-14: $0.150 · 2026-07-06: $0.150 · 2026-03-30: $0.150 · 2025-12-29: $0.115 · 2025-10-03: $0.115 · 2025-07-07: $0.115 · 2025-03-31: $0.115 · 2024-12-30: $0.115