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Micron Technology Inc

Technology · Semiconductors · listed since 1984

977.50$ +5.5% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed delivers reliably

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

Quality, balance sheet and scarcity position are real — but an entry at a price-to-sales ratio of 27 and a price-to-book ratio of 12.7 after plus 761 percent in twelve months is a bet that "this time it's different": that take-or-pay contracts and AI demand permanently suspend the most brutal price cycle in the hardware world. Whoever believes that finds arguments here; whoever takes the roller coaster in the chart of fiscal years 2022 through 2026 seriously waits for evidence beyond a single boom year — say, the first quarters after prices normalize. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Micron is the opposite of a warning-scanner case: a world-class cyclical in record form, with a fortress balance sheet, a genuine scarcity position in the AI boom and, for the first time, contractually secured volumes. But the stock is valued at about $1.58 trillion — 27 times revenue and 12.7 times book value — as if the best quarter in industry history were the new normal. Exactly that permanence is unproven: the boom sits almost entirely in prices whose own five-year history includes crashes by half. The value scanner did its math correctly — whether it did the math at the peak, only the cycle knows. Not investment advice.

Market position & product

One of only three manufacturers worldwide able to build HBM high-performance memory for AI accelerators at scale — and the only one headquartered in the United States. Per the quarterly report, AI demand exceeds industry supply; Micron is actively allocating the scarce goods (10-Q as of May 28, 2026).

Earning power & balance sheet

$41.5 billion in revenue and $28.2 billion in net income in the quarter ended May 28, 2026 (an 84.6 percent gross margin), $45.7 billion in operating cash flow in nine months; $30.1 billion in cash/securities against $5.7 billion of debt, equity of $100.7 billion, an Altman Z around 11.7.

Cyclicality & price dependence

The boom is almost entirely a price boom (DRAM prices +260 percent, volume +20 percent year over year in the third quarter of FY 2026). The company's own five-year history in the 10-K cites price swings down to minus a good 50 percent a year, at times below manufacturing cost; in FY 2023 the gross margin was negative.

Valuation & expectations

A market value of about $1,576 billion, a price-to-sales ratio around 27, price-to-book around 12.7, plus 761 percent in twelve months (data as of July 8, 2026): the price presumes that the best margins in industry history become the permanent state. An optically moderate P/E is, with cyclicals at the peak, the Magic Formula's classic trap.

Contracts & customer structure

Multi-year take-or-pay contracts with price floors and $22 billion in committed customer funds are a genuine structural break — but one customer stood for 17 percent of FY 2025 revenue, the top ten for half, trade receivables swelled to $26.9 billion in nine months, and China remains a double risk (the CAC ban, state-financed rivals CXMT/YMTC complete with patent suits).

Worth Noting

Micron reports in an offset fiscal year (ending late August/early September); "FY 2026" denotes the period from August 29, 2025 through September 3, 2026, and the nine-month figures end on May 28, 2026. Every period in the text is explicitly dated.

The $47.3 billion of FY 2026 net income is a nine-month figure, not a full-year figure; the comparison with the prior full years in the roller-coaster chart is labeled accordingly.

Price and valuation figures are dated July 8, 2026 (about $1,214 per share, about $1,576 billion in market value); analyses are evergreen, daily prices are not a buy argument.

Analyst estimates (about $73 and $149 in earnings per share for the current and the next fiscal year) are consensus forecasts of 37 professionals, not facts — with cyclicals, estimates have historically been revised hardest at turning points.

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MU since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 156.80 $ to 1,213.60 $ · Last price: 977.50 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 1,269.8$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 1,129m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 99.7%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 2.2

Performance

Perf. 1M ?Price performance over the last month. 24.00%
Perf. 3M ?Price performance over the last 3 months. 220.70%
Perf. 6M ?Price performance over the last 6 months. 299.80%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 268.70%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -3.3%
Perf. 1Y ?Price performance over the last 12 months. 511.96%
Perf. 3Y ?Price performance over the last 3 years. 1,314.46%
Perf. 5Y ?Price performance over the last 5 years. 1,249.16%
Perf. 10Y ?Price performance over the last 10 years. 5,634.69%
Perf. Since Inception ?Price performance since the first available trading day (06/01/1984) — with a complete history, that is since the IPO. 72,275.24%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 924.60$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 926.80$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 636.30$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 53.8
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 53.2%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 80.7%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 20.7
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 6.3
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 0.1
P/B ?Price-to-book ratio: market value relative to book equity. 10.3
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 21.8
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 15.8
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 32.4

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 72.6%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 80.4%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 55.9%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 39.8%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 34.9%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 75.1%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.1
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 11.65
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 6 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 196.30%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY).
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 48.85%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 74.56%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 94.10%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 0.05%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 0.53$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 1.2%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 4Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 0Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. Top 10% 99
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. Top 10% 96
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. A (91 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Semiconductors

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Micron Technology Inc MU 1,269.8 20.7 15.8 72.6 80.4 48.9 512.0
NVIDIA Corporation NVDA 5,540.3 30.4 22.4 74.7 65.6 65.5 29.1
Broadcom Inc AVGO 1,652.3 55.2 33.7 75.5 49.0 23.9 1.1
Advanced Micro Devices Inc AMD 943.2 177.7 77.8 55.7 14.4 34.3 242.5
Intel Corporation INTC 546.8 145.4 38.9 6.9 -0.5 337.0
Arm Holdings plc ARM 282.9 267.6 221.2 97.5 7.6 22.8 58.6
Texas Instruments Incorporated TXN 234.9 39.7 26.1 58.3 37.8 13.1 46.9
Marvell Technology Group Ltd MRVL 232.5 79.7 45.0 52.2 14.5 42.1 239.9
Qualcomm Incorporated QCOM 216.2 18.6 14.9 54.2 22.1 13.7 16.6
Median of companies shown 546.8 47.4 33.7 58.3 22.1 23.9 58.6

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 12,399 $M 2016 · Operating income: 168 $M 2016 · Net income: -276 $M 2017 · Revenue: 20,322 $M 2017 · Operating income: 5,868 $M 2017 · Net income: 5,089 $M 2018 · Revenue: 30,391 $M 2018 · Operating income: 14,994 $M 2018 · Net income: 14,135 $M 2019 · Revenue: 23,406 $M 2019 · Operating income: 7,376 $M 2019 · Net income: 6,313 $M 2020 · Revenue: 21,435 $M 2020 · Operating income: 3,003 $M 2020 · Net income: 2,687 $M 2021 · Revenue: 27,705 $M 2021 · Operating income: 6,283 $M 2021 · Net income: 5,861 $M 2022 · Revenue: 30,758 $M 2022 · Operating income: 9,702 $M 2022 · Net income: 8,687 $M 2023 · Revenue: 15,540 $M 2023 · Operating income: -5,745 $M 2023 · Net income: -5,833 $M 2024 · Revenue: 25,111 $M 2024 · Operating income: 1,304 $M 2024 · Net income: 778 $M 2025 · Revenue: 37,378 $M 2025 · Operating income: 9,870 $M 2025 · Net income: 8,539 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 12,399 168 -276 -0.27 3,168 12,080 27,540
2017 20,322 5,868 5,089 4.41 8,153 18,621 35,336
2018 30,391 14,994 14,135 11.50 17,400 32,294 43,376
2019 23,406 7,376 6,313 5.52 13,189 35,881 48,887
2020 21,435 3,003 2,687 2.38 8,306 38,996 53,678
2021 27,705 6,283 5,861 5.14 12,468 43,933 58,849
2022 30,758 9,702 8,687 7.74 15,181 49,907 66,283
2023 15,540 -5,745 -5,833 -5.34 1,559 44,120 64,254
2024 25,111 1,304 778 0.70 8,507 45,131 69,416
2025 37,378 9,870 8,539 7.59 17,525 54,165 82,798

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 8,709.0 $M Q4 2025: Q1 · 8,053.0 $M Q1 2025: Q2 · 9,301.0 $M Q2 2025: Q3 · 11,315.0 $M Q3 2025: Q4 · 13,643.0 $M Q4 2026: Q1 · 23,860.0 $M Q1

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 1.67 8,709 84.30 21.50 3,244 6,450
2025: Q1 1.41 98.00 8,053 38.30 19.70 3,942 736
2025: Q2 1.68 466.80 9,301 36.60 20.30 4,609 7,547
2025: Q3 2.85 260.90 11,315 46.00 28.30 5,730 11,388
2025: Q4 4.60 176.30 13,643 56.70 38.40 8,411 13,800
2026: Q1 12.10 758.10 23,860 196.30 57.80 11,903 6,514

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 11 of our scanner strategies — each hit links to the scanner.

Backtested Scanners

Best Hits

Growth

Quality & Balance Sheet

Aktien.Guide

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 37
Price Target (average) 1,513.11$
Distance to price 54.8% The price target sits 54.8% above the current price.

Distribution of Recommendations

Strong Buy 25
Buy 6
Hold 5
Sell 1
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
08/31/2027 156.07 106.89 – 221.27 244,458 112.5% 36

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 11.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $49.26B
Market cap $1.27T
Free cash flow in year ten $141.91B
Terminal value as a share of market value 58.9%

For comparison: over the past five years free cash flow grew by 82.2% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Sells AI

Micron verkauft Speicherchips, die laut eigenen SEC-Berichten direkt vom KI-Boom getragen werden und nachweislich Umsatzquelle sind: High-Bandwidth Memory (HBM) wird im Geschäftsbericht ausdrücklich als ideal für KI-Anwendungen beschrieben, die Cloud Memory Business Unit (HBM für alle Rechenzentrums-Kunden) erlöste im dritten Quartal 2026 13,8 Milliarden US-Dollar, und das Management führt die massiven Preis- und Margensprünge des Geschäftsjahres 2026 wörtlich auf die KI-getriebene Nachfrage zurück, die das Branchenangebot übersteigt.

View the full file — quotes, sources, reviewed filings
„AI-driven memory and storage growth is outpacing industry supply. In the third quarter of 2026, we continued to benefit from substantial improvements in pricing and margins, reflecting strong demand growth, driven in large part by the continued advancement of AI."

Das KI-getriebene Wachstum bei Speicher und Datenspeicherung übersteigt das Angebot der Branche. Im dritten Quartal 2026 profitierten wir weiterhin von erheblichen Verbesserungen bei Preisen und Margen, die ein starkes Nachfragewachstum widerspiegeln — zu einem großen Teil getrieben vom anhaltenden Fortschritt der KI.

10-Q · 2026-06-25 · View SEC filing

„High-Bandwidth Memory (“HBM”): A 3D stacked DRAM architecture that utilizes through-silicon via (“TSV”) connections for more efficient communication giving it the ability to achieve a higher bandwidth while consuming less power compared to other memory types. This makes it ideal for applications that require high data throughput and energy efficiency, such as AI applications and high-performance computing."

High-Bandwidth Memory („HBM“): eine 3D-gestapelte DRAM-Architektur, die Through-Silicon-Via-Verbindungen („TSV“) für effizientere Kommunikation nutzt und dadurch eine höhere Bandbreite bei geringerem Stromverbrauch als andere Speichertypen erreicht. Das macht sie ideal für Anwendungen, die hohen Datendurchsatz und Energieeffizienz erfordern — etwa KI-Anwendungen und Hochleistungsrechnen.

10-K · 2025-10-03 · View SEC filing

„AI-driven demand is accelerating and is outpacing industry supply. In 2025, we benefited from substantial improvements in DRAM pricing, volumes and margins as compared to 2024, reflecting strong demand growth, driven in part by the continued advancement of AI. During 2025, we shifted a portion of our DRAM supply to the data center and hyperscale cloud markets to meet the strong demand fueled by AI, with emphasis on HBM products, resulting in a revenue mix weighted more prominently toward segments experiencing higher growth."

Die KI-getriebene Nachfrage beschleunigt sich und übersteigt das Angebot der Branche. 2025 profitierten wir von erheblichen Verbesserungen bei DRAM-Preisen, -Volumina und -Margen gegenüber 2024, die ein starkes Nachfragewachstum widerspiegeln — teilweise getrieben vom anhaltenden Fortschritt der KI. Im Laufe des Jahres 2025 verlagerten wir einen Teil unseres DRAM-Angebots in die Märkte für Rechenzentren und Hyperscale-Cloud, um die starke, von KI befeuerte Nachfrage zu bedienen — mit Schwerpunkt auf HBM-Produkten.

10-K · 2025-10-03 · View SEC filing

„Cloud Memory Business Unit (“CMBU”): Focused on memory solutions for large hyperscale cloud customers, and HBM for all data center customers."

Cloud Memory Business Unit („CMBU“): fokussiert auf Speicherlösungen für große Hyperscale-Cloud-Kunden sowie HBM für alle Rechenzentrums-Kunden.

10-Q · 2026-06-25 · View SEC filing

Filings Reviewed: 10-Q 2026-06-25 · 10-Q 2026-03-19 · 10-Q 2025-12-18 · 10-Q 2025-06-26 · 10-K 2025-10-03 · 10-K 2024-10-04

Rated on July 14, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

We reviewed ten Micron earnings call transcripts covering fiscal quarters 2024-Q2 through 2026-Q3 in chronological order. Management met or exceeded its own guidance in all ten quarters and delivered its multiyear HBM commitments from spring 2024 on schedule. Weaknesses appear only at the margins: quietly lowered NAND demand forecasts, a PC refresh cycle that slipped by several quarters, and deliberately sparse HBM detail. From fiscal 2026 onward, late-cycle signals such as superlative rhetoric and serial capex increases accumulate.

Positive delivers reliably 10 calls reviewed, 2024-Q2 through 2026-Q3 · As of August 2, 2026

Guidance met or beaten in ten of ten quarters

In every one of the ten reviewed calls, the completed quarter came in at the high end of or above the previously issued guidance range. Example 2024-Q3: guidance called for 6.6 billion dollars of revenue and 26.5 percent gross margin, delivered were 6.8 billion dollars and about 28 percent. In fiscal 2026 the gaps became extreme: in 2026-Q3, an outlook of 33.5 billion dollars was answered with actuals of 41.5 billion, and gross margin reached 84.9 percent versus a guided 81 percent. Only in 2025-Q2 were revenue and margin merely within the range, while EPS still beat it. Such a flawless ten-quarter track record is rare.

2024 HBM commitments delivered on schedule

In 2024-Q2 and 2024-Q3, management announced several hundred million dollars of HBM revenue for fiscal 2024, multiple billions for 2025, and an HBM market share matching its DRAM share sometime in 2025. All three marks were hit: 2024-Q4 confirmed the annual target, 2025-Q2 reported over 1 billion dollars of HBM revenue in a single quarter, and 2025-Q4 confirmed share parity in calendar Q3 2025 — earlier rather than later versus the most recent framing. The 2025-Q4 commitment to sell out the remaining calendar 2026 HBM supply within months was completed by 2026-Q1. The HBM4 ramp arrived in 2026 as announced in 2025-Q3, with over 1 billion dollars of HBM4 revenue already in 2026-Q3.

NAND forecasts quietly lowered repeatedly

The medium-term NAND demand forecast drifted from low-20s percent (2024-Q2) to high teens (2024-Q3) to mid-teens (2025-Q2). When an analyst challenged the first cut in 2024-Q3, management said there was not much of a difference, citing a rebased comparison year — the further reduction came without comment. Calendar 2024 was also missed: instead of the mid-teens cited in 2024-Q4, actual NAND demand grew only about 10 percent, as conceded in 2025-Q2. The NAND price increases promised in 2024-Q2 for all of calendar 2024 likewise reversed in late 2024, followed by output cuts and new underutilization costs (2025-Q1, 2025-Q2). On DRAM, by contrast, management was consistently too cautious and had to revise upward repeatedly.

PC cycle slipped, Windows 12 argument vanished

In 2024-Q3 and 2024-Q4, management justified the expected PC upturn with a replacement cycle starting in late 2024, the Windows 10 end of support, and the launch of Windows 12. In 2025-Q1 it conceded a pushout of that cycle; Windows 12 never appeared again, and from 2025-Q3 the narrative switched to a Windows 11 upgrade cycle. The 2025 PC unit forecast then swung from mid-single (2025-Q2) to low-single (2025-Q3) back to mid- (2025-Q4) and high-single-digit (2026-Q1). The cycle did arrive — just later and with different reasoning than originally announced. To its credit, the delay itself was communicated openly rather than obscured.

HBM numbers only when they shine

Milestones were actively marketed: over 100 million dollars in 2024-Q3, over 1 billion in 2025-Q2, nearly 2 billion in 2025-Q4, over 1 billion of HBM4 revenue in 2026-Q3. Yet management repeatedly declined to provide regular quarterly figures or an ongoing share number — in response to direct analyst questions in 2024-Q4, 2025-Q1, 2026-Q1, and 2026-Q2. Since reaching its share target in calendar Q3 2025, the HBM share is explicitly no longer disclosed and is described only as mix management. This is openly stated policy rather than covert evasion — but it reduces investors' ability to measure precisely the most important growth pillar.

Late-cycle signals from fiscal 2026 onward

The fiscal 2026 capex envelope rose across four consecutive calls from about 18 billion dollars (2025-Q4) to 20 billion (2026-Q1), above 25 billion (2026-Q2), and about 27 billion (2026-Q3) — each time accompanied by pledges of discipline. In parallel, the language shifted to superlatives such as stellar records and unprecedented, and at the margin peak (guided 86 percent gross margin for 2026-Q4) new far-horizon narratives appeared, such as robotics as a 20-year growth vector (2026-Q2, 2026-Q3). At the same time, the new multiyear contracts (SCAs) per 2026-Q3 lock in floor prices with margins said to exceed the peaks of any prior cycle. We see no contradiction here, but a classic cycle-peak pattern that raises the drop height for future disappointments.

Management promises

  • 2024-Q2 — Several hundred million dollars of HBM revenue in fiscal 2024; HBM margin-accretive from fiscal Q3 onward. 2024-Q3 reported over 100 million dollars of HBM revenue at accretive margins; 2024-Q4 confirmed the annual target was met. kept
  • 2024-Q2 — HBM market share matching the DRAM share sometime in calendar 2025. Per 2025-Q4, reached in calendar Q3 2025 — within the promised window and earlier than the interim refinement to a Q4 run rate required. kept
  • 2024-Q3 — Multiple billions of dollars of HBM revenue in fiscal 2025. 2025-Q2 delivered over 1 billion dollars in a single quarter, 2025-Q4 about 2 billion — the target was clearly exceeded. kept
  • 2024-Q2 — Record revenue and significantly improved profitability in fiscal 2025. Fiscal 2025 delivered 37.4 billion dollars of revenue (up 49 percent) and a 41 percent gross margin (up 17 points). kept
  • 2024-Q4 — Days of inventory approaching the roughly 120-day target by the end of fiscal 2025. Fiscal 2025 ended at 124 days with DRAM below target — as announced, despite an interim rise in 2025-Q2. kept
  • 2025-Q4 — Sell-out of the remaining calendar 2026 HBM supply in the coming months. 2026-Q1 reported completed price and volume agreements for the entire calendar 2026 HBM supply. kept
  • 2025-Q2 — HBM4 volume production in calendar 2026. 2026-Q2 confirmed HBM4 volume shipments underway; 2026-Q3 already reported over 1 billion dollars of HBM4 revenue. kept

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q2 through 2026-Q3.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

7 of 10 Solid growth
  • Revenue grows by more than 15% a year over three years 6.7%
  • More than 10% revenue growth is expected for the coming year 74.6%
  • Share count grows by less than 3% a year 0.1%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 53.3%
  • Gross margin at 40% or higher and without meaningful erosion 39.8%
  • Goodwill from acquisitions does not grow faster than revenue 1.4%
  • Net debt below twice EBITDA 0.3 x EBITDA
  • Operating cash flow covers the profits of the last three years 24,107 m
  • Return on capital at 15% or higher, or up versus two years ago 13.8%
  • Insiders hold at least 10% or are net buyers 0.3%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

7/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 13.0%
  • Exp. sales growth 3Y > 5% 554.0%
  • EBIT growth 10Y > 5% 57.2%
  • Exp. EBIT growth 3Y > 5% 1,956.2%
  • Net debt < 4x EBIT 0.5x
  • EBIT positive, 10Y straight 9
  • Max. EBIT decline < 50% 100.0%
  • Return on equity > 15% 16.2%
  • ROCE > 15% 13.8%
  • Expected return > 10% 1,958.9%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 258 989.59 255,314
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 351 988.10 346,823
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 341 986.24 336,308
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 84 985.40 82,774
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 637 984.12 626,884
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 1,354 983.11 1,331,131
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 716 981.92 703,055
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 458 980.00 448,840
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 1,091 979.20 1,068,307
Aug 21, 2026 Mehrotra Sanjay President and CEO Sell 664 978.02 649,405

View all insider transactions →

The company

About the Company

Micron Technology, Inc. entwickelt, fertigt und vertreibt Speicher- und Storage-Produkte in den USA, Taiwan, Japan, Festlandchina, Hongkong, Europa und international.

Employees
53,000
Headquarters
Boise, ID
Address
8000 South Federal Way, 83716-9632 Boise, United States
Phone
208 368 4000
Website
micron.com
IPO Date
06/01/1984
ISIN
US5951121038
Stock Split
2:1 on 05/02/2000
Stock Split
2:1 on 05/23/1995
Stock Split
5:2 on 04/19/1994

Management

Management
Name Title Birth Year
Sanjay Mehrotra CEO & Chairman 1959
Scott J. DeBoer Ph.D. President & Chief Technology and Products Officer 1966
Manish H. Bhatia President & COO 1972
Mark J. Murphy Executive VP & CFO 1968
Sumit Sadana Senior Advisor to the CEO 1969
Scott R. Allen Corporate VP & Chief Accounting Officer 1968
Anand Bahl Corp. VP & Chief Information Officer
Satya Kumar Corporate VP of Investor Relations & Treasurer
Michael Charles Ray Ph.D. Senior VP, Chief Legal Officer & Corporate Secretary 1968
Michael D. Cordano Executive VP of Worldwide Sales 1964

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 08/26/2026 MICRON TECHNOLOGY INC (MU): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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