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Micron
(NASDAQ:MU)
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Rating:82Outperform
Price Target:
$1,236.00
▲(32.48% Upside)
Action:Reiterated
Date:10/01/26
MU scores well primarily on strengthened financial performance (strong rebound and conservative balance sheet) and positive technical momentum (price above key moving averages with bullish MACD). Valuation is supportive with a reasonable P/E and solid dividend yield, while the earnings call adds confidence via committed shipments and expected margin expansion—tempered by ongoing cyclicality, capacity constraints, and some segment softness.
Positive Factors
Conservative balance sheet
A conservative balance sheet gives Micron greater capacity to withstand memory downturns, continue technology investment, and fund capacity expansion without excessive financial strain. Growing assets and equity further strengthen resilience as the company navigates a cyclical industry.
Negative Factors
Severe earnings cyclicality
Micron’s results remain highly exposed to memory pricing and volume cycles, making strong current profitability difficult to extrapolate across the full cycle. A downturn in demand or pricing could quickly reduce margins and earnings, creating material variability in operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A conservative balance sheet gives Micron greater capacity to withstand memory downturns, continue technology investment, and fund capacity expansion without excessive financial strain. Growing assets and equity further strengthen resilience as the company navigates a cyclical industry.
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
$1.21T
Dividend Yield0.05%
Average Volume (3M)24.71M
Price to Earnings (P/E)14.1
Beta (1Y)2.50
Revenue Growth256.33%
EPS Growth884.73%
CountryUS
Employees53,000
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)75.31
Shares Outstanding1,129,393,200
10 Day Avg. Volume26,717,198
30 Day Avg. Volume24,714,547
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)7.80
Price to Sales (P/S)8.11
P/FCF Ratio18.31
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue7.96
Enterprise Value/Gross Profit9.87
Enterprise Value/Ebitda9.70
Forecast
1Y Price Target
$1,595.58Price Target Upside71.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering27
EPS Forecast (FY)172.67
Revenue Forecast (FY)$274.26B
Micron Business Overview & Revenue Model
Company Description
Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, ...
How the Company Makes Money
Micron primarily makes money by selling memory and storage products—mainly DRAM and NAND—into end markets through a mix of direct sales to large original equipment manufacturers (OEMs) and cloud/data-center customers, sales to original design manu...
Micron Earnings Call Summary
Earnings Call Date:Sep 30, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Dec 23, 2026
Earnings Call Sentiment Positive
The call was strongly constructive, with management citing robust and broadening AI-driven demand, more than 75% of fiscal 2027 shipments committed, expanding supply agreements, favorable pricing and mix, technology leadership, and continued investment in future capacity. The main challenges were sequential mobile and client bit shipment declines, NAND growth below the industry average, decelerating DRAM supply growth, clean room constraints, and start-up costs. The highlights significantly outweighed the lowlights.Positive Updates
Strong Demand Outlook Through 2028
Micron said stronger demand drivers are supporting its outlook for fiscal 2027 and 2028, including server units continuing to grow into 2027 and rapidly growing agentic AI creating a CPU-driven demand stream. More than 75% of fiscal 2027 shipments are already committed, and extended supply agreements provide additional confidence in long-term demand.
Negative Updates
Sequential Mobile and Client Bit Shipment Decline
Micron reported a sequential bit shipment decline in its mobile and client business unit for the second consecutive quarter, even though revenue grew due to higher pricing and favorable mix.
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Demand Outlook Through 2028
Micron said stronger demand drivers are supporting its outlook for fiscal 2027 and 2028, including server units continuing to grow into 2027 and rapidly growing agentic AI creating a CPU-driven demand stream. More than 75% of fiscal 2027 shipments are already committed, and extended supply agreements provide additional confidence in long-term demand.
Read all positive updates
Company Guidance
Management said more than 75% of fiscal year '27 shipments are committed, server units are growing strongly in the high teens, and market conditions are expected to remain tight through '28, with no line of sight to when supply and demand balances; for the balance of fiscal '27, it expects margin expansion relative to Q1 from continued price increases, albeit at a more moderate pace, better mix and strong financial performance. The company has 26 SCA agreements covering both DRAM and NAND, representing 35% of sales by 2030, with DRAM volume a little bit less than that, approximately 35%, and NAND bit volume a little bit more; about 3/4 of SCA revenue has a defined pricing framework and about 1 quarter is open to periodic negotiations or pricing that move with market dynamics. China exposure is expected to be in the single-digit range in fiscal '27, HBM shipments are expected to grow faster than conventional DRAM through 2028, and NAND industry growth is expected to be in the mid-20% range in calendar '27 and '28. First quarter guidance factors in a single-digit sequential bit growth and double-digit for cost for both DRAM and NAND, while excluding the incentive comp effects, the year-over-year R&D increase will be over $1 billion in '27; first wafer output from the Idaho facility is expected mid-calendar '27, and a new clean room will come online in the second half of calendar year '28.Micron Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
72
Positive
| Breakdown | Aug 2026 | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 133.19B | 37.38B | 25.11B | 15.54B | 30.76B |
| Gross Profit | 107.50B | 14.87B | 5.61B | -1.42B | 13.90B |
| EBITDA | 109.41B | 18.49B | 8.94B | 2.21B | 16.74B |
| Net Income | 84.97B | 8.54B | 778.00M | -5.83B | 8.69B |
Balance Sheet | |||||
| Total Assets | 195.89B | 82.80B | 69.42B | 64.25B | 66.28B |
| Cash, Cash Equivalents and Short-Term Investments | 43.43B | 10.31B | 8.11B | 9.59B | 9.33B |
| Total Debt | 5.18B | 15.28B | 14.01B | 13.93B | 7.52B |
| Total Liabilities | 57.51B | 28.63B | 24.29B | 20.13B | 16.38B |
| Stockholders Equity | 138.38B | 54.16B | 45.13B | 44.12B | 49.91B |
Cash Flow | |||||
| Free Cash Flow | 58.96B | 1.67B | 121.00M | -6.12B | 3.11B |
| Operating Cash Flow | 89.67B | 17.52B | 8.51B | 1.56B | 15.18B |
| Investing Cash Flow | -61.64B | -14.09B | -8.31B | -6.19B | -11.59B |
| Financing Cash Flow | 630.00M | -850.00M | -1.84B | 4.98B | -2.98B |
Micron Technical Analysis
Positive
932.97
Price Trends
958.91
Positive
957.10
Positive
685.66
Positive
Market Momentum
33.44
Negative
57.26
Neutral
65.07
Neutral
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 932.97 is below the 20-day moving average (MA) of 1027.37, below the 50-day MA of 958.91, and above the 200-day MA of 685.66, indicating a bullish trend. The MACD of 33.44 indicates Negative momentum. The RSI at 57.26 is Neutral, neither overbought nor oversold. The STOCH value of 65.07 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $1.21T | 14.13 | 91.77% | 0.05% | 256.33% | 884.73% | |
79 Outperform | $238.77B | 88.96 | 16.22% | 0.09% | 30.62% | ― | |
78 Outperform | $1.70T | 44.98 | 43.91% | 0.72% | 48.69% | 99.97% | |
69 Neutral | $9.51B | 8.23 | 32.04% | 0.71% | 69.56% | 260.84% | |
63 Neutral | $44.16B | 112.91 | 6.90% | 2.23% | 20.93% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $630.79B | -55.07 | -10.76% | 2.63% | 7.47% | 55.56% |
* Technology Sector Average
MU
Micron
1,063.96
878.45
473.54%
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362.51
28.58
8.56%
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Micron Corporate Events
Business Operations and StrategyExecutive/Board Changes
Micron Reshapes Leadership Team for AI-Driven Growth
Positive
Aug 26, 2026
On August 26, 2026, Micron Technology, Inc. announced promotions for two long-time executives to newly expanded leadership roles intended to sharpen execution and align the organization with accelerating AI-driven demand for advanced memory. Manis...
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.