Micron Technology

MU · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

MU · Last close · October 26, 2026

$903.70

Micron Technology's revenue rose 256.3% to $133.2 billion in fiscal 2026. Its operating margin was 74.6%, up from 26.1% a year earlier. Free cash flow was $59.0 billion, up 3434.9%. It paid out $1.3 billion in dividends and buybacks, 2% of free cash flow. The diluted share count rose 1.6%.

Read our report: Micron's revenue rose 256% to $133.2 billion as memory prices climbed

Micron Technology, Inc. Latest fiscal year ended September 3, 2026 10-K filed October 9, 2026 · 0000723125-26-000023 Updated October 9, 2026

Revenue

$133.2B

256.3%

Operating margin

74.6%

48.5 pts

Net income

$85.0B

895.1%

Free cash flow

$59.0B

3434.9%

Return on capital

106.8%

90.9 pts

Market cap

$1.03T

Oct 26 close

P/E

12.2x

On $74.33 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Micron Technology does

Micron makes memory and storage chips. Its main products are DRAM, a fast memory that loses its contents when the power is turned off, and NAND, which keeps data without power and goes into solid-state drives (SSDs), smartphones and other devices. It also makes NOR chips. It sells mainly through its own sales force, and also through distributors, retailers and independent sales representatives.

Micron reports four business units as its segments. The Cloud Memory unit sells memory to large cloud companies and high-bandwidth memory (HBM), a stacked DRAM used for AI, to all data center customers; its revenue was $43.09 billion in fiscal 2026. The Core Data Center unit sells data center SSDs and memory to equipment makers, enterprises and AI-focused cloud providers ($37.59 billion). The Mobile and Client unit serves phones and PCs ($36.60 billion), and the Automotive and Embedded unit serves cars, industrial and consumer devices ($15.89 billion). In each of the last three years, approximately one-half of its revenue came from its top ten customers. It names Samsung Electronics, SK hynix, Kioxia, Sandisk, CXMT and YMTC among its competitors.

Micron makes its chips in its own plants in Taiwan, Singapore, Japan, the United States, Malaysia, China and India. As of September 3, 2026, it had approximately 61,000 employees, located primarily in Asia, North America and Europe. It sold consumer products under the Crucial brand until an exit from that business was announced in December 2025.

Its biggest risks, as it describes them

Swings in the average prices it gets for its memory and storage chips.
Intense competition, and the need to keep developing and producing new memory and storage technologies and products.
Not earning the expected returns on new factory capacity, or losing government incentives that come with conditions.
Its revenue being concentrated with certain customers and end markets.
Export restrictions, tariffs and other government actions limiting which customers or markets it can sell to.

From Micron Technology's annual report on Form 10-K, filed October 9, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 36.9% a year and net income 36.7% a year, as buybacks cut the share count by 1%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Micron Technology yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Micron Technology's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Micron Technology's cash from operations minus depreciation in fiscal 2026 (free cash flow before spending to grow: capital spending was 3.2 times depreciation, which holds its free cash flow down) of $80.2B, net cash of $38.3B at September 3, 2026 and 1,143 million diluted shares, from its filings. The scenarios are fitted to Micron Technology: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 104.6% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Semiconductors), plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2026: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at September 3, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Micron Technology's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 13% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $903.70
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Micron Technology's P/E today, 12.2×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Micron Technology's earnings per share of $74.33 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 27.3×, the middle of Micron Technology's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Nvidia, Broadcom, Qualcomm.

Earnings growth in the years ahead (% a year) Starts at Micron Technology's revenue growth over the last 3 years, 104.6% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $903.70
Value at this multiple, against the last close: —
Micron Technology's P/E at the last close: 12.2×

Company	Last close	Earnings per share	P/E today
BroadcomAVGO	$329.17	$7.84	42.0×
NvidiaNVDA	$216.00	$7.91	27.3×
QualcommQCOM	$179.60	$8.75	20.5×
Micron TechnologyMU	$903.70	$74.33	12.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	9.3	9.6	8.1	10.3	43.4
Debt incl. finance leases	6.9	13.3	13.4	14.6	5.2
Net debt (negative means net cash)	−2.4	3.7	5.3	4.3	−38.3
Net debt to EBITDA	−0.1x	1.9x	0.6x	0.2x	−0.3x
Debt to equity	0.1x	0.3x	0.3x	0.3x	0.0x
Interest coverage	51.3x	−14.8x	2.3x	20.5x	937.2x
Current ratio	2.9x	4.5x	2.6x	2.5x	3.3x
Quick ratio	2.0x	2.7x	1.7x	1.8x	2.9x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $7.8 million of Micron Technology shares on the open market, and 12 insiders sold $398.3 million, $344.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 16, 2026	Scott J DeboerPres. & Chief Tech & Prod Offr	Sold plan	28,545	$900.00	$25.7 million	Form 4
Oct 14, 2026	Michael Charles RaySVP, Chief Legal Officer	Sold plan	6,288	$929.64	$5.8 million	Form 4
Oct 14, 2026	Michael Charles RaySVP, Chief Legal Officer	Sold plan	40	$947.29	$37,892	Form 4
Aug 21, 2026	Sanjay MehrotraPresident and CEO, Director	Sold plan	40,000	$968.90	$38.8 million	Form 4
Aug 18, 2026	Sumit SadanaEVP and Chief Business Officer	Sold	15,000	$934.29	$14.0 million	Form 4
Jul 24, 2026	Sanjay MehrotraPresident and CEO, Director	Sold plan	31,285	$926.83	$29.0 million	Form 4
Jul 24, 2026	Sanjay MehrotraPresident and CEO, Director	Sold plan	8,715	$951.72	$8.3 million	Form 4
Jul 23, 2026	Scott R. AllenCvp, Chief Accounting Officer	Sold	879	$1,000.00	$879,000	Form 4
Jul 1, 2026	April S ArnzenEVP and Chief People Officer	Sold plan	40,000	$1,083.94	$43.4 million	Form 4
Jun 30, 2026	Lynn A DugleDirector	Sold	1,300	$1,150.43	$1.5 million	Form 4
Jun 26, 2026	Sanjay MehrotraPresident and CEO, Director	Sold plan	28,506	$1,149.28	$32.8 million	Form 4
Jun 26, 2026	Sanjay MehrotraPresident and CEO, Director	Sold plan	11,494	$1,180.96	$13.6 million	Form 4

The latest 12 of 37 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 9	7 of 9	8 of 9
Accruals ratio	−11.6%	−11.8%	−3.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Micron Technology side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Micron Technology	FY26	256.3%	74.6%	44.3%	106.8%	−0.3x	8
Nvidia	FY26	65.5%	60.4%	44.8%	—	—	4	Compare
Broadcom	FY25	23.9%	39.9%	42.1%	19.9%	1.4x	7	Compare
Intel	FY25	−0.5%	−4.2%	−9.4%	−0.8%	1.0x	6	Compare
Qualcomm	FY25	13.7%	27.9%	28.9%	23.7%	0.3x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	20.3	30.4	23.4	21.4	27.7	30.8	15.5	25.1	37.4	133.2
Revenue growth	63.9%	49.5%	−23.0%	−8.4%	29.2%	11.0%	−49.5%	61.6%	48.9%	256.3%
Gross profit	8.4	17.9	10.7	6.6	10.4	13.9	−1.4	5.6	14.9	107.5
Research and development	1.8	2.1	2.4	2.6	2.7	3.1	3.1	3.4	3.8	5.7
Operating income	5.9	15.0	7.4	3.0	6.3	9.7	−5.7	1.3	9.8	99.3
Net income	5.1	14.1	6.3	2.7	5.9	8.7	−5.8	0.8	8.5	85.0
Diluted EPS (US$)	4.41	11.51	5.51	2.37	5.14	7.75	−5.34	0.70	7.59	74.33
Diluted shares (millions)	1,154	1,229	1,143	1,131	1,141	1,122	1,093	1,118	1,125	1,143
Cash flow
Cash from operations	8.2	17.4	13.2	8.3	12.5	15.2	1.6	8.5	17.5	89.7
Capital expenditure	4.7	8.9	9.8	8.2	10.0	12.1	7.7	8.4	15.9	30.7
Free cash flow	3.4	8.5	3.4	0.1	2.4	3.1	−6.1	0.1	1.7	59.0
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.5	0.5	0.5	0.5	0.6
Share buybacks	0.0	0.1	2.7	0.2	1.2	2.4	0.4	0.3	0.0	0.7
Acquisitions	2.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	0.2	0.2	0.2	0.3	0.4	0.5	0.6	0.8	1.0	1.3
Balance sheet at fiscal year end
Cash and short-term investments	5.1	6.8	8.0	8.1	8.6	9.3	9.6	8.1	10.3	43.4
Debt incl. finance leases	9.9	3.8	4.5	6.6	6.8	6.9	13.3	13.4	14.6	5.2
Total assets	35.3	43.4	48.9	53.7	58.8	66.3	64.3	69.4	82.8	195.9
Total liabilities	15.8	10.1	12.0	14.7	14.9	16.4	20.1	24.3	28.6	57.5
Shareholders' equity	18.6	32.3	35.9	39.0	43.9	49.9	44.1	45.1	54.2	138.4
Margins and ratios
Gross margin	41.5%	58.9%	45.7%	30.6%	37.6%	45.2%	−9.1%	22.4%	39.8%	80.7%
Operating margin	28.9%	49.3%	31.5%	14.0%	22.7%	31.5%	−37.0%	5.2%	26.1%	74.6%
Net margin	25.0%	46.5%	27.0%	12.5%	21.2%	28.2%	−37.5%	3.1%	22.8%	63.8%
Free cash flow margin	16.8%	28.0%	14.6%	0.4%	8.8%	10.1%	−39.4%	0.5%	4.5%	44.3%
Return on capital	27.2%	54.5%	20.9%	7.7%	14.8%	19.7%	−9.5%	1.7%	15.9%	106.8%
Return on equity	33.1%	55.5%	18.5%	7.2%	14.1%	18.5%	−12.4%	1.7%	17.2%	88.3%
Return on assets	16.2%	35.9%	13.7%	5.2%	10.4%	13.9%	−8.9%	1.2%	11.2%	61.0%
Net debt to EBITDA	0.5x	−0.1x	−0.3x	−0.2x	−0.1x	−0.1x	1.9x	0.6x	0.2x	−0.3x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Micron Technology's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Micron Technology.