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MICRON TECHNOLOGY INC (MU) USD

Memory and storage semiconductors—DRAM, NAND, and SSD solutions for data centers and devices.

At a glance: strengths & risks
✓Revenue growing (+256%)✓Profit growing (+895%)✓Margins improving (48%→82%)✓Net cash balance sheet

Sector: Technology

US_MU

Price chart

856.49 USDDay -6.26%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
856.49 USD · -6.26%
Market cap
963.6 bn USD

Growth

Δ revenue y/y
379.3%
Δ EBITDA y/y
699.4%

Multiples

P/E (LTM)
11.3x
3y avg: 55.4x
P/B (FY)
7.0x
P/E (ann.)
6.4x
EV/EBITDA (LTM)
8.5x
3y avg: 9.6x
EV/EBITDA (ann.)
5.0x

Cash return

Dividend yield
0.1%
FCF yield (LTM)
6.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+106.5%
↓ details

Liquidity

Daily turnover (US listing)
27.3 bln USD

Shares: yahoo_fundamentals_timeseries/MU

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-03Q3 2026 (3M)OK54.2
y/y 379.3%
43.8
y/y 1097.3%
2.6
y/y 22.9%
46.4
y/y 699.4%
37.7
y/y 1077.8%
44.0-11.1195.9
y/y 136.6%
138.4
y/y 155.5%
71.1%-33.2Link
2026-05-28Q2 2026 (3M)OK41.5
y/y 345.7%
33.3
y/y 1436.1%
2.4
y/y 12.9%
35.7
y/y 737.0%
28.2
y/y 1398.3%
25.4-7.8134.1
y/y 71.1%
100.7
y/y 98.5%
43.5%-7.5SEC EDGAR
2026-02-26Q1 2026 (3M)OK23.9
y/y 196.3%
16.1
y/y 810.0%
2.3
y/y 10.0%
18.4
y/y 378.2%
13.8
y/y 770.8%
11.9-6.4101.5
y/y 39.0%
72.5
y/y 49.0%
84.0%-3.1Link
2025-11-27Q4 2025 (3M)OK13.6
y/y 56.7%
6.1
y/y 182.2%
2.2
y/y 9.0%
8.3
y/y 98.6%
5.2
y/y 180.2%
8.4-5.486.0
y/y 20.3%
58.8
y/y 25.7%
37.1%2.8Link
2025-08-28Q3 2025 (3M)OK11.3
y/y 46.0%
3.7
y/y 140.1%
2.1
y/y 8.2%
5.8
y/y 65.4%
3.2
y/y 260.9%
5.7-5.782.8
y/y 19.3%
54.2
y/y 20.0%
16.3%5.7Link
2025-05-29Q2 2025 (3M)OK9.3
y/y 36.6%
2.2
y/y 201.7%
2.1
y/y 7.1%
4.3
y/y 59.4%
1.9
y/y 467.8%
4.6-2.978.4
y/y 18.3%
50.7
y/y 14.7%
5.1%6.0Link
2025-02-27Q1 2025 (3M)OK8.1
y/y 38.3%
1.8
y/y 828.3%
2.1
y/y 8.1%
3.9
y/y 82.1%
1.6
y/y 99.6%
3.9-4.173.1
y/y 11.2%
48.6
y/y 10.9%
13.3%7.5Link
2024-11-28Q4 2024 (3M)OK8.7
y/y 84.3%
2.2
y/y —
2.0
y/y 6.0%
4.2
y/y 434.2%
1.9
y/y —
3.2-3.271.5
y/y 12.0%
46.8
y/y 9.1%
16.3%7.8Link
2024-08-29Q3 2024 (3M)OK7.8
y/y —
1.5
y/y —
2.0
y/y —
3.5
y/y —
0.9
y/y —
3.4-3.169.4
y/y 8.0%
45.1
y/y 2.3%
1.7%7.0Link
2024-05-30Q2 2024 (3M)OK6.8
y/y 81.5%
0.7
y/y —
2.0
y/y -0.1%
2.7
y/y 1271.3%
0.3
y/y —
2.5-2.166.3
y/y 0.9%
44.2
y/y -2.6%
1.0%6.3Link
2024-02-29Q1 2024 (3M)OK5.8
y/y 57.7%
0.2
y/y —
1.9
y/y -0.9%
2.1
y/y —
0.8
y/y —
1.2-1.465.7
y/y -1.2%
43.9
y/y -7.2%
7.3%6.4Link
2023-11-30Q4 2023 (3M)OK4.7
y/y —
-1.1
y/y —
1.9
y/y —
0.8
y/y —
-1.2
y/y —
1.4-1.863.8
y/y —
42.9
y/y —
-11.3%6.1Link
2023-08-31FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——64.3
y/y —
44.1
y/y —
-13.0%5.4Link
2023-06-01Q2 2023 (3M)OK3.8
y/y —
-1.8
y/y —
2.0
y/y —
0.2
y/y —
-1.9
y/y —
0.0-1.665.7
y/y —
45.4
y/y —
-5.5%4.6Link
2023-03-02Q1 2023 (3M)OK3.7
y/y —
-2.3
y/y —
1.9
y/y —
-0.4
y/y —
-2.3
y/y —
0.3-2.266.5
y/y —
47.3
y/y —
—3.1Link

Net debt structure (leases included, IFRS 16) 2026-09-03

Short-term debt (incl. ST leases)491
Long-term debt (incl. LT leases)2 792
− Cash & equivalents73 480
Net debt-70 197

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20 000020 00040 00060 0002023 q12023 q22024 FY2025 FY2026 q3

Year-over-year change

0%25%50%75%100%2023 q12023 q22024 FY2025 FY2026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-10 000010 00020 00030 00040 0002023 q12023 q22023 H22024 FY2025 FY2026 q3

Net debt / cash ($ mln)

-40 000-30 000-20 000-10 000010 0002023 q12023 q22023 q42024 FY2025 FY2026 q32026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2022–2026 operating cash flow came to 1.90x of reported net profit; after capex, 0.28x. Loss years (2023) are left out of the ratio.
year20222023202420252026
cash flow / profit1.75x—10.93x2.05x1.05x
accruals, % of assets-9.8%-11.5%-11.1%-10.8%-2.4%
Last twelve months (to 2026-09-03): 1.05x of profit came back as operating cash flow.
net debt / EBITDA -0.3x · EBIT covers interest 937.2x · capex 1.8x of depreciation · dividends 3% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Memory cycle indicator

Composite +5 from 7 active signals as of 2026-10: upcycle intact. Each signal scores +1 / 0 / −1 by the rules below; every input enters only from the month it was actually published.
SignalValueScoreSource
Nanya revenue, 3m vs prior 3m+61.9%+1TWSE, monthly
Nanya revenue, 3m yoy+611.7%+1TWSE, monthly
DRAM spot basket, 1m+2.1%+1DRAMeXchange, daily
Micron gross margin, qoq change (pp)+2.2+1SEC 10-Q
Micron inventory days, qoq change+20−1SEC 10-Q
Micron capex / revenue, 4q avg vs 3y median26%+1SEC 10-Q
SK hynix inventory days, qoq change-11+1DART
DRAM spot basket (DDR5 16Gb, DDR4 16Gb, DDR4 8Gb) as of 2026-10-22: 62.031 $, days of history 49
Backtest since 2006, Micron next 6 months, median (share positive, n): composite > 0 16.6% (58.0%, n=115), = 0 1.5% (62.0%, n=32), < 0 11.5% (56.0%, n=96).
2023-11 … 2026-10
Rules: Nanya ±3% over 3 months and yoy sign; spot ±2% per month; Micron gross margin ±1pp; inventory days ±5 (a build scores minus); capex below median = plus, 10pp above = minus. The index is fundamental: it dates the cycle phase, not the share price; in past cycles the stocks turned 1–2 quarters ahead of the fundamentals. Built 2026-10-22.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +59.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-03 vs 2025-08-28)
= (46 392 − 5 803) × 2.35
49 880
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (963 551 + -33 185) ÷ 108 843
8.5x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (8.5 + 12) ÷ 2
10.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 75 907 + 266 + 650 − 0
76 823
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 1.3% × 963 551
−12 847
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (49 880 × 10.3 + 76 823 − 12 847) ÷ 963 551
+59.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • share-count dilution 1.3%/yr (valued at market: -12847)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +256% vs +49% the year before — a +207.5 pp move. 3-year CAGR +105%.
revenue growth by year: 2024 +62% · 2025 +49% · 2026 +256%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 8.5x · 3-year 75th pct 23.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Technology. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
ORACLE CORPUS390.515.4x
INTERNATIONAL BUSINESS MACHINES CORPUS238.619.5x
MICROSOFT CORPUS3972.120.9x
NVIDIA CORPUS5394.826.9x
CISCO SYSTEMS, INC.US423.227.3x
TEXAS INSTRUMENTS INCUS259.928.4x
Apple Inc.US5081.929.8x
Broadcom Inc.US1639.330.0x
APPLIED MATERIALS INC /DEUS324.333.3x
KLA CORPUS213.636.0x
LAM RESEARCH CORPUS326.337.6x
Arista Networks, Inc.US235.150.2x
Group median29.1x
Group average29.6x
This companyUS1027.98.5x

Group median 29.1x; this company 8.5x — a 71% discount.

Group average 29.6x; against the average this company is at a 71% discount.

At the adjusted group median the market cap would be +232% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-140.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2026-07-060.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2026-03-300.15 USDEx-dividend: 0.15 USD per sharePaidYahoo Finance (ex-div)
2025-12-290.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2025-10-030.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2025-07-070.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2025-03-310.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2024-12-300.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2024-10-070.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2024-07-080.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2024-03-280.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2023-12-290.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2023-10-060.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2023-07-070.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2023-04-060.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2022-12-300.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2022-10-070.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2022-07-080.115 USDEx-dividend: 0.115 USD per sharePaidYahoo Finance (ex-div)
2022-04-080.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)
2021-12-310.1 USDEx-dividend: 0.1 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of MICRON TECHNOLOGY INC (MU) — from primary filings.

Frequently asked questions

What is MICRON TECHNOLOGY INC (MU)'s P/E ratio?
MICRON TECHNOLOGY INC (MU) trades at a P/E of 11.3x (price to trailing 12-month earnings).
What is MICRON TECHNOLOGY INC (MU)'s EV/EBITDA?
MICRON TECHNOLOGY INC (MU) trades at 8.5x EV/EBITDA.
What is MICRON TECHNOLOGY INC (MU)'s P/B ratio?
MICRON TECHNOLOGY INC (MU) trades at a P/B of 7.0x.
What is MICRON TECHNOLOGY INC (MU)'s dividend yield?
MICRON TECHNOLOGY INC (MU)'s trailing 12-month dividend yield is 0.1%.
What is MICRON TECHNOLOGY INC (MU)'s return on equity (ROE)?
MICRON TECHNOLOGY INC (MU)'s ROE is 109.0%.
What is MICRON TECHNOLOGY INC (MU)'s market capitalization?
MICRON TECHNOLOGY INC (MU)'s market cap is 963.6 bn USD.

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