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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 (+346% y/y, Q3 2026)✓Profit growing (+1398% y/y, Q3 2026)✓Margins improving (46%→86%, Q3 2026)✓Low leverage (0.3x EBITDA)✗Pricier than own history (EV/EBITDA 16.4 vs avg 10.2)

Sector: Technology

US_MU

Price chart

1 000.26 USDDay -1.61%

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
1 000.26 USD · -1.61%
Market cap
1125.3 bn USD

Growth

Δ revenue y/y
345.7%
Δ EBITDA y/y
737.0%

Multiples

P/E (LTM)
22.3x
3y avg: 77.4x
P/B (FY)
20.8x
P/E (ann.)
10.0x
EV/EBITDA (LTM)
16.4x
3y avg: 10.2x
EV/EBITDA (ann.)
7.8x

Cash return

Dividend yield
0.1%
FCF yield (LTM)
1.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+74.1%
↓ details

Liquidity

Daily turnover (US listing)
26.4 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
2026-05-28Q2 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 —
45.1
y/y —
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
2023-08-31Q3 2023 (3M)OK4.0
y/y —
-1.5
y/y —
1.9
y/y —
0.5
y/y —
-1.4
y/y —
0.2-1.564.3
y/y —
44.1
y/y —
-12.8%3.8stockanalysis.com
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) 2026-05-28

Short-term debt (incl. ST leases)582
Long-term debt (incl. LT leases)5 794
− Cash & equivalents13 908
Net debt-7 532

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10 000010 00020 00030 00040 0002023 q12023 q22024 FY2025 FY

Year-over-year change

0%25%50%75%100%2023 q12023 q22024 FY2025 FY

Cash flow

FCF ($ mln)

-2 00002 0004 0002023 q12023 q22024 FY2025 FY

Net debt / cash ($ mln)

02 0004 0006 0008 0002023 q12023 q22024 FY2025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2020–2025 operating cash flow came to 2.13x of reported net profit; after capex, 0.20x.
year20202021202220242025
cash flow / profit3.09x2.13x1.75x10.93x2.05x
accruals, % of assets-10.5%-11.2%-9.8%-11.1%-10.8%
Last twelve months (to 2026-05-28): 1.02x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · EBIT covers interest 20.5x · capex 1.6x of depreciation · dividends 20% 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 5 active signals as of 2026-09: 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+65.4%+1TWSE, monthly
Nanya revenue, 3m yoy+628.6%+1TWSE, monthly
DRAM spot basket, 1m–0DRAMeXchange, daily
Micron gross margin, qoq change (pp)+10.2+1SEC 10-Q
Micron inventory days, qoq change-10SEC 10-Q
Micron capex / revenue, 4q avg vs 3y median34%+1SEC 10-Q
SK hynix inventory days, qoq change-11+1DART
DRAM spot basket (DDR5 16Gb, DDR4 16Gb, DDR4 8Gb) as of 2026-09-08: 60.925 $, days of history 5
Backtest since 2006, Micron next 6 months, median (share positive, n): composite > 0 11.6% (59.0%, n=115), = 0 3.6% (70.0%, n=27), < 0 5.3% (53.0%, n=100).
2023-10 … 2026-09
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 2026-09-08.

Fundamental value creation

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

Value created per year: +73.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-05-28 vs 2025-05-29)
= (35 682 − 4 263) × 1.80
56 451
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 125 293 + -7 532) ÷ 64 110
17.4x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (17.4 + 12) ÷ 2
14.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 13 582 + 393 + 650 − 0
14 625
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 1.5% × 1 125 293
−17 035
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (56 451 × 14.7 + 14 625 − 17 035) ÷ 1 125 293
+73.6%

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 1.5%/yr (valued at market: -17035)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +49%. 3-year CAGR +7%.
revenue growth by year: 2022 +11% · 2024 -18% · 2025 +49%
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 16.9x · 3-year average 26.5x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-09-300.1 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 22.3x (price to trailing 12-month earnings).
What is MICRON TECHNOLOGY INC (MU)'s EV/EBITDA?
MICRON TECHNOLOGY INC (MU) trades at 16.4x EV/EBITDA.
What is MICRON TECHNOLOGY INC (MU)'s P/B ratio?
MICRON TECHNOLOGY INC (MU) trades at a P/B of 20.8x.
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 43.5%.
What is MICRON TECHNOLOGY INC (MU)'s market capitalization?
MICRON TECHNOLOGY INC (MU)'s market cap is 1125.3 bn USD.

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