MU
Micron Technology, Inc.

Micron Technology, Inc.MU

Technology · Semiconductors
690.00USD
+5.12%
Nov 08, 2026
MU overview ready
Supplier of High-Bandwidth and Server Memory for AI Infrastructure
Micron is a direct manufacturer of HBM, server DRAM, LPDDR, NAND, and data-center memory products whose qualified supply is used in AI accelerators and large-scale AI-server deployments.
Primary theme is lagging
Memory / Storage is lagging (-31.1pp vs SPY over 21 sessions; 0 of 12 members ahead of SPY).
Price trend is broken
Longer-term context reads extended trend, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Cyclicality and volatility in semiconductor demand.
Market Nov 6Filing Sep 3Price action Nov 7Research Oct 21

Conviction Level

PriceAction6.0BusinessPerformance9.0BusinessQuality7.0Valuation3.5ThemeMomentum1.0Accelerating — Revenue growth has accelerated across 4 consecutive quarters, rising from +57% to +379% year over year. Diluted EPS is up 1062% year over year at $32.87. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−31.1pp
Theme return
−36.0%
Beating SPY
0 of 12
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads extended trend, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryConstructive

Structure is constructive, but price remains well extended from the long-term weekly base and the earlier reset has already been partly recovered — a workable rather than ideal entry location.

Key Financials

Market Cap
$780.7B
Avg Volume (60D)
27.8M
60 sessions
Revenue Growth YoY
+256.3%
FY2026 vs FY2025
Gross Margin
+80.7%
Trailing twelve months
Operating Margin
+74.6%
Trailing twelve months
Free Cash Flow Yield
+7.6%
Distance from 200DMA
-8.8%
Next Earnings
2026-12-23
P/E
9.2x
EV / EBITDA
6.8x
EV / Sales
5.6x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 3, 2026
Filed balance-sheet data as of Sep 3, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 4 consecutive quarters, rising from +57% to +379% year over year. Diluted EPS is up 1062% year over year at $32.87.

Latest reported: Q4 FY2026, ended Sep 3
Revenue growthAccelerating
+379%
$54.2B in Q4 FY2026 · YoY
YoY growth, last 4 quarters
  1. +57%
  2. +196%
  3. +346%
  4. +379%
Earnings growthGrowing
+1062%
Diluted EPS $32.87 vs $2.83 a year earlier · GAAP, from the earnings release
Diluted EPS YoY (GAAP), last 4 quarters
  1. +175%
  2. +756%
  3. +1369%
  4. +1062%
Operating marginExpanding
80.7%
+48.4 pp YoY · gross margin 86.8% (+42.1 pp)

Business Quality

7.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Both valuation perspectives agree this company is cheap. The published stance is held at fair because cyclical earnings may be at a cycle peak, inflating the earnings the multiple is measured against.
Micron Technology, Inc. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

What changed

  • MU fell 17.5% in one session
    MU closed -17.5% against a broad market that moved -4.4%.
    2026-11-05

Company Research

Thesis
Micron is a direct manufacturer of HBM, server DRAM, LPDDR, NAND, and data-center memory products whose qualified supply is used in AI accelerators and large-scale AI-server deployments.
Opportunity
Moderate opportunity
AI-training and inference clusters require increasingly large quantities of high-bandwidth and server memory, making qualified HBM, advanced DRAM, packaging capacity, and related memory supply a performance and deployment bottleneck.
Key risk
Cyclicality and volatility in semiconductor demand.

Economic classification

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Business & Markets

Technology · Semiconductors
What they do

Micron Technology, Inc. designs, manufactures, and sells semiconductor memory and storage products globally through multiple business units focused on cloud, data center, mobile, automotive, and embedded markets.

How it earns

The company generates revenue primarily through transactional sales of semiconductor memory and storage products to device manufacturers and data center operators.

Products & services
DRAM products including High-Bandwidth Memory (HBM), DDR, low-power DRAM, graphics DRAM
NAND products including solid state drives and managed NAND
Customers & end markets
Cloud and data center operators
Mobile device manufacturers
Automotive and embedded systems manufacturers
Market position

Leader in semiconductor memory manufacturing with a broad portfolio including HBM, DRAM, and NAND products.

Demand drivers
High cyclicality

Semiconductor memory demand is highly cyclical and sensitive to technology adoption cycles and end-market demand fluctuations.