Micron Technology (MU)
NASDAQ:MU
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Micron
(NASDAQ:MU)
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Rating:84Outperform
Price Target:
$1,081.00
▲(137.55% Upside)
Action:Reiterated
Date:05/08/26
MU scores well on strong current financial performance (high margins, strong cash flow, improving leverage) and a constructive, upbeat earnings outlook with record-level guidance. The score is tempered by peak-cycle/capex execution risks and overbought technical conditions that raise near-term volatility and pullback risk.
Positive Factors
Strong cash generation & improved balance sheet
Sustained multi‑billion operating cash flow and record quarterly free cash flow materially strengthen financial flexibility. Low net leverage and growing liquidity provide durable capacity to fund fabs, dividends, opportunistic buybacks and R&D through cycles, reducing refinancing risk and supporting strategic optionality.
Negative Factors
Very large, accelerating capital intensity
Multi‑year, massive fab investments materially increase execution and funding risk. Even with strong cash flow, multi‑billion annual CapEx commitments compress free cash flow when projects ramp and raise exposure to delays, cost overruns and demand slippage that can impair returns for years.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & improved balance sheet
Sustained multi‑billion operating cash flow and record quarterly free cash flow materially strengthen financial flexibility. Low net leverage and growing liquidity provide durable capacity to fund fabs, dividends, opportunistic buybacks and R&D through cycles, reducing refinancing risk and supporting strategic optionality.
Read all positive factors
Micron Key Performance Indicators (KPIs)
Any
Revenue by Technology
Shows how much revenue comes from different memory technologies (DRAM, NAND, and other products), revealing which products are driving growth and how exposed Micron is to memory price swings. Tracking technology mix highlights where margins and demand are strongest and where future investment or competitive pressure might matter most.
Shows how much revenue comes from different memory technologies (DRAM, NAND, and other products), revealing which products are driving growth and how exposed Micron is to memory price swings. Tracking technology mix highlights where margins and demand are strongest and where future investment or competitive pressure might matter most.
Data provided by:
The Fly
The FlyMicron (MU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.04T
Dividend Yield0.2%
Average Volume (3M)48.39M
Price to Earnings (P/E)45.3
Beta (1Y)2.64
Revenue Growth85.55%
EPS Growth410.18%
CountryUS
Employees48,000
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)21.46
Shares Outstanding1,127,734,000
10 Day Avg. Volume54,351,967
30 Day Avg. Volume48,387,091
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.51
Price to Sales (P/S)3.64
P/FCF Ratio81.63
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue17.89
Enterprise Value/Gross Profit30.61
Enterprise Value/Ebitda27.99
Forecast
1Y Price Target
$804.26Price Target Upside76.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering30
EPS Forecast (FY)58.87
Revenue Forecast (FY)$108.60B
Micron Business Overview & Revenue Model
Company Description
Micron Technology, Inc. designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Un...
How the Company Makes Money
Micron primarily makes money by selling memory and storage products, with revenue recognized from shipments to customers (typically OEMs, hyperscale/data-center operators, device makers, and channel partners). The company’s key revenue streams are...
Micron Earnings Call Summary
Earnings Call Date:Mar 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jun 24, 2026
Earnings Call Sentiment Positive
The earnings call communicated exceptionally strong and broad-based operating and financial performance — record revenue, record margins, record free cash flow, aggressive upward guidance (Q3 revenue guide ~$33.5B and gross margin ~81%), technology wins (HBM4 shipments, 1γ and G9 ramps), and major balance sheet improvement (net cash, debt reduction, dividend increase). Offsetting risks are meaningful and structural: severe DRAM/NAND supply constraints, tight inventory, very large near-term CapEx (>$25B in FY26 and a further step-up in FY27), potential demand softness in price-sensitive consumer markets, and unspecified terms around long-term SCAs. On balance, the highlights substantially outweigh the lowlights given the magnitude of record results, strong guidance, and clear technology roadmap, while the company is proactively investing to address supply; therefore the overall tone is positive but with notable operational and capital execution risks that management is addressing.Positive Updates
Record Quarterly Revenue
Total fiscal Q2 revenue of $23.9B, up 75% sequentially and up 196% year-over-year; fourth consecutive quarterly revenue record and the largest single-quarter sequential increase in company history (+$10.2B).
Negative Updates
Severe DRAM and NAND Supply Constraints
Management repeatedly cited tight industry supply for both DRAM and NAND that will remain into and beyond 2026, constraining server and other end-market fulfillment and causing allocation (some customers are receiving only ~50–66% of demand).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Total fiscal Q2 revenue of $23.9B, up 75% sequentially and up 196% year-over-year; fourth consecutive quarterly revenue record and the largest single-quarter sequential increase in company history (+$10.2B).
Read all positive updates
Company Guidance
Micron guided fiscal Q3 to record revenue of $33.5B ± $0.75B, gross margin of ~81%, operating expenses of ~$1.4B, and non‑GAAP diluted EPS of $19.15 ± $0.40 (based on 1.15B shares) with an expected tax rate of ~15.1%; Q3 CapEx is ~ $7.0B, fiscal 2026 CapEx is now expected to be above $25.0B, and fiscal 2027 CapEx will “step up meaningfully” (construction‑related CapEx projected to increase by >$10.0B YoY with higher equipment spend). Management said fiscal Q4 OpEx will reflect an extra work week in this 53‑week year and that OpEx will increase in fiscal 2027 to fund R&D, expects materially higher free cash flow in Q3 while prioritizing balance‑sheet strength and disciplined capital allocation (30% dividend increase to $0.15/share; opportunistic buybacks subject to CHIPS restrictions), and excluded trade/geopolitical impacts from guidance; on industry trends, Micron expects calendar‑2026 DRAM bit shipments to grow in the low‑twenties percent range, NAND bit shipments ≈20%, server unit growth in the low‑teens, and Micron’s DRAM/NAND supply to grow roughly in line with the industry.Micron Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 58.12B | 37.38B | 25.11B | 15.54B | 30.76B | 27.70B |
| Gross Profit | 33.96B | 14.87B | 5.61B | -1.42B | 13.90B | 10.42B |
| EBITDA | 37.14B | 18.49B | 8.94B | 2.21B | 16.74B | 12.93B |
| Net Income | 24.11B | 8.54B | 778.00M | -5.83B | 8.69B | 5.86B |
Balance Sheet | ||||||
| Total Assets | 101.51B | 82.80B | 69.42B | 64.25B | 66.28B | 58.85B |
| Cash, Cash Equivalents and Short-Term Investments | 14.62B | 10.31B | 8.11B | 9.59B | 9.33B | 8.63B |
| Total Debt | 10.80B | 15.28B | 14.01B | 13.93B | 7.52B | 7.28B |
| Total Liabilities | 29.05B | 28.63B | 24.29B | 20.13B | 16.38B | 14.92B |
| Stockholders Equity | 72.46B | 54.16B | 45.13B | 44.12B | 49.91B | 43.93B |
Cash Flow | ||||||
| Free Cash Flow | 10.28B | 1.67B | 121.00M | -6.12B | 3.11B | 2.44B |
| Operating Cash Flow | 30.65B | 17.52B | 8.51B | 1.56B | 15.18B | 12.47B |
| Investing Cash Flow | -17.91B | -14.09B | -8.31B | -6.19B | -11.59B | -10.59B |
| Financing Cash Flow | -6.44B | -850.00M | -1.84B | 4.98B | -2.98B | -1.78B |
Micron Technical Analysis
Positive
455.07
Price Trends
557.54
Positive
477.14
Positive
338.60
Positive
Market Momentum
101.83
Negative
78.01
Negative
92.36
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MU, the sentiment is Positive. The current price of 455.07 is below the 20-day moving average (MA) of 751.46, below the 50-day MA of 557.54, and above the 200-day MA of 338.60, indicating a bullish trend. The MACD of 101.83 indicates Negative momentum. The RSI at 78.01 is Negative, neither overbought nor oversold. The STOCH value of 92.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MU.
Micron Risk Analysis
Micron disclosed 33 risk factors in its most recent earnings report. Micron reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Micron Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
90 Outperform | $5.18T | 32.13 | 111.66% | 0.02% | 70.68% | 109.57% | |
84 Outperform | $1.04T | 45.30 | 40.84% | 0.20% | 85.55% | 410.18% | |
82 Outperform | $183.09B | 28.26 | 91.94% | 0.18% | -18.43% | 242.76% | |
80 Outperform | $357.03B | 42.00 | 39.78% | 0.69% | 3.35% | 29.52% | |
78 Outperform | $844.80B | 168.05 | 8.08% | ― | 34.97% | 123.87% | |
63 Neutral | $607.59B | -183.65 | -2.95% | ― | 1.36% | 86.07% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
MU
Micron
971.00
876.77
930.41%
AMD
Advanced Micro Devices
516.10
405.37
366.09%
AMAT
Applied Materials
450.06
294.45
189.23%
INTC
Intel
114.68
95.13
486.60%
NVDA
Nvidia
211.14
76.04
56.29%
WDC
Western Digital
531.21
479.88
934.93%
Micron Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Micron Completes Cash Tender Offers for Senior Notes
Positive
Apr 1, 2026
On March 31, 2026, Micron Technology announced the pricing of cash tender offers for any and all of six tranches of outstanding senior notes maturing between 2031 and 2035, with per-$1,000 consideration ranging from about $1,048 to nearly $1,080 b...
Business Operations and StrategyPrivate Placements and Financing
Micron Launches Cash Tender Offers for Senior Notes
Positive
Mar 25, 2026
On March 25, 2026, Micron Technology, Inc. launched cash tender offers to purchase any and all of six series of outstanding senior notes maturing between 2031 and 2035, with an aggregate principal outstanding in the billions of dollars. The offers...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.