MICRON TECHNOLOGY INC: quarterly revenue up 4.5x, and the company became a net lender

24 июня 2026 года MICRON TECHNOLOGY INC раскрыла результаты за третий квартал 2026 финансового года, закончившийся 28 мая 2026 года. Выручка составила 41 456 млн долл., что в 4,5 раза больше, чем годом ранее, а чистая прибыль выросла до 28 243 млн долл.. Компания впервые за долгое время оказалась нетто-кредитором: чистый долг составил минус 7 532 млн долл.. На текущей цене акция выглядит привлекательно: мультипликатор EV/EBITDA 16,7 заметно выше собственного трёхлетнего среднего 10,2, но модель портала оценивает потенциал роста в +75%.

Key takeaways

— Quarterly revenue grew 4.5x thanks to strategic customer agreements in AI

— EBITDA margin reached 86.1% – a record level driven by memory pricing

— Quarterly net profit was $28.2bn, almost 15x higher than a year ago

— The company became a net lender: net debt fell to minus $7.5bn

— Quarterly operating cash flow was $25.4bn, lifting adjusted free cash flow to $18.3bn

— Capex rose to $7.8bn for the quarter, but the company retains high profitability

— Dividend maintained at $0.15 per share, implying a yield of just 0.05%

Attractiveness

Key figures, USD bn

Quarterly revenue grew 4.5x thanks to strategic customer agreements in AI

In the third quarter of fiscal 2026, MICRON TECHNOLOGY INC's revenue reached $41,456 million, 4.5 times higher than $9,301 million a year earlier. Sequential growth was also impressive: from $23,860 million to $41,456 million, or 74%.

The main driver was strategic customer agreements announced in the report, securing long-term demand for memory for AI applications. All business units showed multi-fold growth: Cloud Memory Business Unit revenue rose from $3,386 million to $13,769 million, Core Data Center – from $1,530 million to $11,524 million, Mobile and Client – from $3,255 million to $11,521 million, and Automotive and Embedded – from $1,127 million to $4,634 million.

EBITDA margin reached 86.1% – a record level driven by memory pricing

EBITDA for the third quarter of fiscal 2026 was $35,682 million, corresponding to a margin of 86.1%. A year earlier, the margin was 45.8%. The margin expansion reflects a sharp improvement in memory pricing and operating leverage.

GAAP gross margin reached 84.6% versus 37.7% a year earlier. Operating margin rose to 80.4% from 23.3%. The company attributes this to strong demand for AI products and constrained industry supply.

Quarterly net profit was $28.2bn, almost 15x higher than a year ago

Net profit for the third quarter of fiscal 2026 reached $28,243 million, versus $1,885 million a year earlier. The 15-fold increase was driven not only by record revenue but also by high operating margins.

The company also reported non-GAAP net income of $28,857 million, excluding stock-based compensation and other items. The small gap between GAAP and non-GAAP indicates high earnings quality.

The company became a net lender: net debt fell to minus $7.5bn

At the end of the quarter, MICRON TECHNOLOGY INC's net debt was minus $7,532 million, meaning cash and investments exceeded debt. A quarter earlier, net debt was minus $3,110 million, and a year earlier – $6,050 million.

The company actively repaid debt: over nine months, debt repayments totaled $9,380 million, and it also repurchased shares for $650 million. As a result, the net debt to EBITDA ratio for the trailing twelve months stands at just 0.08.

Quarterly operating cash flow was $25.4bn, lifting adjusted free cash flow to $18.3bn

Operating cash flow in the third quarter of fiscal 2026 reached $25,388 million, more than five times higher than $4,609 million a year earlier. This drove adjusted free cash flow to $18,304 million.

The cash flow growth reflects not only high profitability but also improved working capital management. Over nine months, operating cash flow was $45,702 million versus $11,795 million in the same period last year.

Capex rose to $7.8bn for the quarter, but the company retains high profitability

Capital expenditures in the third quarter of fiscal 2026 were $7,826 million, significantly higher than $2,938 million a year earlier. The company is investing in capacity expansion to meet growing demand for AI memory.

Despite higher capex, profitability remains high: ROE for the trailing twelve months is 43.5%. The company also maintained its dividend at $0.15 per share, which at the current price implies a yield of just 0.05%.

Dividend maintained at $0.15 per share, implying a yield of just 0.05%

The Board of Directors declared a quarterly dividend of $0.15 per share, payable on July 21, 2026. At the current share price of about $1,051.77, the annual yield is only 0.05%.

For income-oriented investors, this is negligible. The company prefers to allocate free cash flow to capex and debt repayment rather than increasing payouts.

Valuation on the latest reported figures

Bottom line

MICRON TECHNOLOGY INC's third-quarter fiscal 2026 report shows exceptional strength: revenue grew 4.5x, EBITDA margin reached 86.1%, and the company became a net lender with net debt of minus $7.5bn. However, these results largely reflect the peak of the memory pricing cycle, and investors have already priced this in: EV/EBITDA of 16.7 versus a three-year average of 10.2. Nevertheless, the portal's model sees +75% upside potential, making the stock attractive for long-term investors who believe in the sustainability of AI demand. The key question is whether the company can maintain high margins after the current cycle ends.