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$878.84
Market Capi
$1.1T
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
0.0x
P/S 26Ei
8.1x
P/S 28Ei
3.3x
EV/EBIT 26Ei
10x
EV/EBIT 28Ei
2.9x
P/E 26Ei
13x
P/E 28Ei
4.4x
P/S 26Ei
8.1x
EV/EBIT 26Ei
10x
P/E 26Ei
13x
P/S 28Ei
3.3x
EV/EBIT 28Ei
2.9x
P/E 28Ei
4.4x
Revenue
2026E
$130B
Gross Margini
40%
Hist. CAGRi
6.7%
Proj. CAGRi
93%
EBIT
2026E
$98B
Op. Margini
26%
Hist. CAGRi
0.3%
Proj. CAGRi
178%
Net profit
2026E
$83B
Net Margini
23%
Hist. CAGRi
-0.6%
Proj. CAGRi
180%
Business Model
Recent Developments
Average Targeti
$1,521.76+42%
Consensusi
Buy
48 analysts covering
Net cashi
$147B
Div. Yieldi
0.1%
Dilutioni
0.9%
Market Capi
$1.1T
P/E 26Ei
13x
Adj. P/E (fwd.)i
0.0x
Revenue 26E
$130B
Proj. CAGRi
93%
Gross Margini
40%
EBIT 26E
$98B
Proj. CAGRi
178%
Op. Margini
26%
Net Profit 26E
$83B
Proj. CAGRi
180%
Net Margini
23%
Average Targeti
$1,521.76+42%
Consensusi
Buy
48 analysts covering
Profile
Micron Technology designs, manufactures, and sells memory and storage semiconductors — primarily DRAM, NAND flash, and High Bandwidth Memory (HBM). The company reorganized its reporting structure around four customer-facing business units:
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. The memory industry is classically cyclical — demand surges precede supply overbuild — but HBM has introduced a tighter supply-demand dynamic, with AI compute buildouts creating sustained scarcity at the high end and multi-year supply agreements dampening the historical boom-bust swing.
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 multi-year qualification cycles — and the shift toward multi-year, take-or-pay Strategic Customer Agreements is now reinforcing that lock-in with contracted volume and pricing commitments on both sides.
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, having previously served as CFO of Qorvo, a semiconductor company. He has overseen the company's capital allocation during its most aggressive capex expansion cycle, with fiscal 2026 spending guided to approximately $27 billion to support advanced DRAM and HBM capacity buildout.
Manish Bhatia
Bhatia has led Micron's global operations since joining the company in 2017 and was named President and Chief Operating Officer in August 2026, a newly expanded role with direct accountability for the company's operating P&L across capital investment, manufacturing execution, and customer demand, pricing, and delivery. He previously oversaw manufacturing, supply chain, and technology transfer across Micron's production network.
Scott DeBoer
DeBoer is one of Micron's longest-tenured executives, with the company since January 1995, and was named President and Chief Technology and Products Officer in August 2026, expanding his prior CTO mandate to include oversight of Micron Research Labs alongside the company's memory and storage technology roadmap. His deep process engineering background underpins Micron's technology roadmap, including the 1-gamma DRAM node and HBM4E development targeted for 2027.
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
Fiscal third-quarter 2026 revenue (quarter ended May 28, 2026, reported June 24, 2026) came in at $41.46 billion, up sharply from $9.30 billion a year earlier as AI-driven memory demand accelerated. Non-GAAP diluted EPS reached $25.11, with GAAP diluted EPS of $24.67, both far above the year-ago quarter.
The standout was data-center-related demand: combined revenue from the two segments serving cloud and enterprise data-center customers roughly doubled quarter over quarter, driven by HBM and high-capacity DRAM shipments to hyperscale customers.
Management guided fiscal fourth-quarter 2026 revenue to $50.0 billion (±$1.0 billion) with non-GAAP EPS of $31.00 (±$1.00) and gross margin near 86%, citing multi-year Strategic Customer Agreements as a source of improved revenue durability and pricing visibility.
Recent developments
On August 26, 2026, Micron restructured its senior leadership: Manish Bhatia was named President and Chief Operating Officer and Dr. Scott DeBoer was named President and Chief Technology and Products Officer, with DeBoer taking on oversight of Micron Research Labs; Sumit Sadana, previously Chief Business Officer, moved to a Senior Advisor role.
Micron has continued expanding HBM production capacity, reportedly adding roughly 60,000 wafers per month of HBM output with a target of around 100,000 wafers per month by year-end, aimed at narrowing the capacity gap with Samsung and SK Hynix.
In early September 2026, Taiwanese labor unions representing close to 10,000 workers at Micron's Taiwan operations — a major share of its DRAM output — threatened strike action over a bonus dispute, seeking a large one-time payout for fiscal 2026 and a share of operating profit in future bonus arrangements.
Micron confirmed it will report fiscal fourth-quarter and full-year 2026 results on September 30, 2026.
Debate & sentiment
Bulls point to Micron's shift from a purely commodity memory cycle toward contracted, take-or-pay Strategic Customer Agreements that lock in volume and pricing across multiple years, extending supply visibility into 2027 and beyond and reducing the historical boom-bust swing in profitability.
Skeptics counter that fiscal 2026 capital spending guided to approximately $27 billion, with fiscal 2027 spending guided even higher, is being committed well ahead of confirmed multi-year demand — a classic setup for a supply glut if AI infrastructure buildout slows or competitors add capacity faster than expected.
The unresolved Taiwan labor dispute adds a near-term swing factor: a prolonged strike at a facility responsible for a large share of Micron's DRAM output could tighten an already constrained HBM and DRAM supply chain further, cutting either way for near-term shipments and cost.
Consensusi
Buy
Average targeti
$1,521.76+42%
Highest targeti
$2,200.00+105%
Lowest targeti
$361.00-66%
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