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$848.95
Market Capi
$964B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
0.0x
P/S 26Ei
7.4x
P/S 28Ei
3.7x
EV/EBIT 26Ei
9.4x
EV/EBIT 28Ei
3.3x
P/E 26Ei
12x
P/E 28Ei
5.3x
P/S 26Ei
7.4x
EV/EBIT 26Ei
9.4x
P/E 26Ei
12x
P/S 28Ei
3.7x
EV/EBIT 28Ei
3.3x
P/E 28Ei
5.3x
Revenue
2026E
$110B
Gross Margini
40%
Hist. CAGRi
6.7%
Proj. CAGRi
67%
EBIT
2026E
$78B
Op. Margini
26%
Hist. CAGRi
0.3%
Proj. CAGRi
141%
Net profit
2026E
$67B
Net Margini
23%
Hist. CAGRi
-0.6%
Proj. CAGRi
127%
Business Model
Recent Developments
Average Targeti
$1,486.00+52%
Consensusi
Buy
45 analysts covering
Net cashi
$43B
Div. Yieldi
0.1%
Dilutioni
0.9%
Market Capi
$964B
P/E 26Ei
12x
Adj. P/E (fwd.)i
0.0x
Revenue 26E
$110B
Proj. CAGRi
67%
Gross Margini
40%
EBIT 26E
$78B
Proj. CAGRi
141%
Op. Margini
26%
Net Profit 26E
$67B
Proj. CAGRi
127%
Net Margini
23%
Average Targeti
$1,486.00+52%
Consensusi
Buy
45 analysts covering
Profile
Micron Technology designs, manufactures, and sells memory and storage semiconductors — primarily DRAM, NAND flash, and High Bandwidth Memory (HBM). The company operates 14 manufacturing sites globally and sells across four end markets:
Industry
Micron sells to a concentrated base of large OEMs, hyperscalers, and semiconductor partners. The United States accounts for roughly 65% of net sales, with Taiwan (~15%) and China (~7%) as secondary geographies. Key end customers include major cloud providers, PC and server OEMs, and smartphone manufacturers. The memory industry is classically cyclical — demand surges precede supply overbuild — but HBM has introduced a tighter supply-demand dynamic, where AI compute buildouts are creating sustained scarcity at the high end. Margins are structurally higher in HBM and data center DRAM than in commodity NAND.
Key metrics
Economic moat
Memory manufacturing is one of the most capital-intensive industries in technology, which limits viable competition to three global players — Micron, Samsung, and SK Hynix. Micron's moat is primarily scale and process-node leadership: advanced DRAM and HBM require years of R&D, billions in fab investment, and accumulated process expertise that cannot be replicated quickly. HBM adds a customer lock-in dimension — design wins require co-engineering with GPU vendors and involve multi-year qualification cycles, making switching difficult once production ramps. Intellectual property in memory cell architecture and packaging provides additional barriers, though it requires continuous reinvestment to maintain.
Sanjay Mehrotra
Mehrotra has served as CEO since May 2017 and was appointed Chairman in January 2025, consolidating executive and board leadership. Before Micron, he co-founded SanDisk in 1988 and led it as CEO until its acquisition by Western Digital in 2016 — giving him a rare combination of founder-operator credentials and deep semiconductor industry experience. His tenure at Micron has been defined by a strategic pivot toward higher-margin memory products and a deliberate push into HBM for AI workloads.
Mark Murphy
Murphy joined Micron as CFO in April 2022, bringing experience from prior finance leadership roles in the semiconductor industry. He has overseen the company's capital allocation during its most aggressive capex expansion cycle, with fiscal 2026 spending guided above $25 billion to support advanced DRAM and HBM capacity buildout.
Manish Bhatia
Bhatia has been Chief Operating Officer since October 2017, responsible for global manufacturing, supply chain, and technology transfer across Micron's 14 production sites. His operational tenure spans the company's full transition to leading-edge DRAM nodes and the ramp of HBM3E and HBM4 production capacity.
Scott DeBoer
DeBoer is one of Micron's longest-tenured executives, with the company since January 1995, and has been CTO since 2017. His deep process engineering background underpins Micron's technology roadmap, including the 1-gamma DRAM node and the HBM packaging innovations that are central to the company's competitive positioning.
P/S Ratioi
EV/EBITiEV/EBIT values for 2023 were omitted from this chart because negative or above 250x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
P/E RatioiP/E values for 2023 were omitted from this chart because negative or above 150x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBITEBIT year-over-year growth labels for 2024 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profitNet profit year-over-year growth labels for 2024 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash FlowFree cash flow year-over-year growth labels for 2024 are hidden because the prior comparison year is missing, zero, or negative. Growth rates from missing or non-positive bases are not meaningful.
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Micron reported fiscal Q2 2026 results on March 18, 2026, with revenue of $23.86 billion — nearly tripling year-over-year — driven entirely by AI-related memory demand. The result was a substantial beat against consensus expectations.
Non-GAAP EPS of $12.20 came in roughly 41% ahead of analyst estimates, with gross margin reaching 75% — a dramatic expansion from prior-year levels driven by HBM and data center mix shift.
Data Center revenue surged over 150% year-over-year, with HBM3E sold out through most of 2026. Free cash flow generation in the quarter reached approximately $6.9 billion on an adjusted basis.
Management guided fiscal Q3 to record revenue of approximately $33.5 billion with non-GAAP gross margin of ~81% and EPS near $19 — guidance that far exceeded street expectations and drove a strong post-earnings rally.
Recent developments
At COMPUTEX 2026 (June 2–4), Micron showcased its full AI-optimized memory and storage portfolio, including the HBM4 36GB 12H module positioned for large-language-model inference, claiming a 2.6x inference performance uplift over prior-generation solutions.
Micron began volume shipments of HBM4 in early calendar 2026, with the product designed for NVIDIA's Vera Rubin platform — a significant design win that aligns Micron with the next GPU architecture cycle.
The company unveiled 256GB DDR5 RDIMMs using its 1-gamma process node achieving 9,200 MT/s performance, alongside a 256GB SOCAMM2 module consuming one-third the power and space of conventional alternatives.
Micron also raised its fiscal 2026 capex guidance above $25 billion, reflecting accelerated investment in advanced node capacity to meet surging HBM and data center memory demand.
Debate & sentiment
Bulls point to a structural break from the memory commodity cycle: AI-driven demand for HBM creates supply scarcity economics, multi-year design-win lock-in with hyperscalers, and pricing dynamics that differ meaningfully from traditional DRAM cycles. With HBM production sold out well into 2026 and HBM4 ramping, the margin expansion story has substantial runway.
Bears question whether current forward estimates assume a permanently elevated cycle that may not materialize. The step-change in projected revenue and profitability for 2027–2028 is aggressive even by bull-case standards, and memory has a long history of demand disappointments following capex-driven supply overbuilds.
A secondary concern centers on customer concentration and geopolitical exposure — a significant share of revenue flows through Taiwan and China, and any export restriction escalation or regional supply-chain disruption could impair both revenue and manufacturing operations.
The near-term valuation picture is nuanced: current-year multiples look undemanding given earnings power, but the share price reflects outer-year projections that carry execution and cycle risk. Q3 guidance clarity and the pace of HBM4 production ramp will be the key datapoints to watch heading into the June 24 earnings report.
Consensusi
Buy
Average targeti
$1,486.00+52%
Highest targeti
$2,200.00+126%
Lowest targeti
$361.00-63%
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