MU · Micron Technology Inc
Price & Indicators
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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our published analysis of this company-
Research ThesisAMD at 171.1× earnings is the cycle's most multiple-expanding bet, and Q2 2026 is the bar
Advanced Micro Devices trades at 171.1× on +34.3% revenue growth against Nvidia at 31.7× on +125.9% and Broadcom at 63.6× on +143% AI semiconductor growth, with the $11.2B Q2 2026 guide and initial Helios volume in Q3 now the only thing standing between the multiple holding and a re-rating toward Broadcom's 63.6×.
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Research ThesisMicron's FQ4-26 guide of $50.0B and 86% gross margin: a single quarter larger than every full year through FY2024, with SK hynix's P&T7 build as the contestable mirror
Micron's FQ4-26 guided band exceeds every full fiscal year through FY2024 on a revenue base that has reset free cash flow to $18.3B in Q3 2026 and operating cash flow to $25.39B; the bull case rests on DRAM/NAND pricing, HBM4E absorption, and SCA lock-in holding ahead of SK hynix's Cheongju P&T7 advanced-packaging acceleration funded by a US$26.5B ADR allotment.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Consolidated gross margin | 85% | the third quarter of 2026 filing | — |
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| adjusted free cash flow non-GAAP | $18.3B | FQ3-26 | +838.5% |
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| Cash, marketable investments, and restricted cash | $30.2B | FQ3-26 | +147.1% |
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| Investments in capital expenditures, net non-GAAP | $7.1B | FQ3-26 | +166.9% |
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| Operating cash flow | $25.39B | FQ3-26 | +450.8% |
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| Non-GAAP diluted earnings per share non-GAAP | $1.56 | FQ2-25 | — |
| Non-GAAP gross margin non-GAAP | $3.05B | FQ2-25 | — |
| Non-GAAP gross margin percent of revenue non-GAAP | 37.9% | FQ2-25 | — |
| Non-GAAP net income non-GAAP | $1.78B | FQ2-25 | — |
| Non-GAAP operating expenses non-GAAP | $1.05B | FQ2-25 | — |
| Non-GAAP operating income non-GAAP | $2.01B | FQ2-25 | — |
| Restructure charges | $171M | fiscal 2023 filing | — |
| Facility underutilization costs | $165M | first quarter of 2024 filing | — |
| Lower costs from sale of inventory written down in prior periods | $605M | First Quarter 2024 filing | — |
| EBU operating margin | 11% | fiscal 2023 filing | — |
| Inventory NRV write-down impact on gross margin | -$987M | fiscal 2023 filing | — |
| MBU operating margin | -48% | fiscal 2023 filing | — |
| SBU operating margin | -74% | fiscal 2023 filing | — |
| Non-GAAP weighted-average common shares outstanding - Diluted non-GAAP | 1.09B | Year Ended August 31, 2023 | — |
| Provision to write down inventory to NRV | -$1.83B | Year Ended August 31, 2023 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Semiconductors — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MU
this stock
Micron Technology Inc
|
$1.09T | +238.7% | +49.5% | 21.9 | 2.6% |
|
NVDA
Nvidia Corp
|
$5.20T | +15.1% | +65.5% | 32.9 | 1.2% |
|
TSM
Taiwan Semiconductor Manufacturing Co Ltd
|
$2.17T | +37.9% | — | — | 0.6% |
|
AVGO
Broadcom Inc.
|
$1.75T | +6.5% | +18.2% | 61.3 | 1.3% |
|
SKHY
SK hynix Inc.
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$1.16T | — | — | — | 0.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MU | -0.5% | +5.0% | +134.3% | +17.5% | +238.7% |
| SPY | -1.4% | +3.6% | +11.6% | +2.5% | +12.3% |
| vs SPY | +0.9% | +1.4% | +122.7% | +15.0% | +226.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.