Very little debt to repay and plenty of cash on hand, so it is hard to shake.
Metrics · D/E ~6% · Current Ratio 3.42
💲Is the price expensive now?
Not cheap (fair to slightly pricey)
Because it is a good, popular company, those expectations are already priced in.
Metrics · P/E 27.5 · P/B 25.1
💡AI memory demand drove TTM revenue +167%, with record Q3 and an 85% gross margin. Debt is low, but memory is cyclical, so a 27x P/E may reflect peak earnings.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: Company filings · TradingView · S&P Global (margins, debt, liquidity, P/B are TTM), as of 2026-06-25
Business Summary · Key Value Metrics
Designs and manufactures DRAM and NAND memory chips. Its core products are HBM (high-bandwidth memory) for data centers and AI accelerators, plus DRAM for servers, PCs, and mobile. FY2025 (ended Aug 2025) revenue was $37.4B with $9.8B operating income (26% margin). AI demand has driven TTM revenue to $90.3B (as of the May 2026 fiscal Q3).
Current Price
$1213.56
+15.74%+$165.05· Close 2026-06-25
Analyst Consensus Target (external reference)
$1461.35
Avg. of 52 external analysts · TradingView (52-analyst consensus, Strong Buy) · cross-referenced with S&P Global Market Intelligence
P/E (TTM)
27.5x
TTM · reflects Q3 earnings surge
ROE
66.6%
TTM · reflects Q3
Operating Margin
65.7%
TTM (Q3 gross margin 84.9%)
Net Margin
55.9%
TTM
Revenue Growth
+167.0%
TTM YoY · Q3 +4x
Market Cap
$1.37T
As of 2026-06-25
Economic Moat · Key Business Segments
DRAM is an oligopoly led by Samsung, SK Hynix, and Micron; by Q1 2026 revenue, share was Samsung 38.6% > SK Hynix 28.8% > Micron 22.4%. In HBM (high-bandwidth memory), SK Hynix leads at ~62%, while Micron at ~21% has moved ahead of Samsung (~17%). In Q1 2026 Micron announced volume production of 12-high 36GB HBM4 for NVIDIA's next-gen Vera Rubin, and its HBM capacity is sold out through 2026. Capital-intensive advanced nodes and long-term customer relationships form the entry barrier (sources: company IR · Counterpoint · TrendForce and industry).
DRAM oligopoly
Samsung, SK Hynix, and Micron form the oligopoly. Micron's DRAM share is ~22% (by Q1 2026 revenue).
HBM/AI memory tailwind
~21% HBM share, ahead of Samsung. Producing HBM4 for NVIDIA's Vera Rubin; 2026 volume sold out.
Capital-intensive nodes
Leading-edge DRAM/NAND processes require huge capex, creating high barriers to entry.
Vertically integrated manufacturing
Combined design and manufacturing (IDM), with diversified fabs in the U.S., Japan, and elsewhere.
10-Year Financial Trends
Memory is cyclical, so revenue swings widely: FY2016 was a loss on $12.4B revenue; FY2018 boomed to $30.4B ($15.0B operating income); FY2023 had a downcycle loss ($15.5B revenue, -$5.7B operating); FY2025 set a record $37.4B ($9.8B operating income). AI/HBM demand lifted FQ3 2026 revenue to $41.5B (4x year-ago $9.3B, above a $35.8B estimate), with $25.11 diluted EPS and 84.9% gross margin. Data-center revenue $11.5B, 7x YoY. TTM revenue hit $90.3B (+167% YoY); Q4 guidance ~$50B. EPS: losses in FY2016/FY2023, $11.51 FY2018, $7.59 FY2025 (SEC EDGAR 10-K · company IR · CNBC · stockanalysis).
9-Year CAGR: Revenue +13% · Operating Income +57% (volatile; low-base effect from FY2016's $0.17B trough) · Net Income To profit · EPS To profit
Sources: SEC EDGAR (10-K, 8-K) · company IR · stockanalysis · macrotrends. Figures on a fiscal-year (late-Aug/early-Sep) GAAP basis. EPS is diluted. As a cyclical memory maker, Micron posted losses in FY2016 and FY2023 and recurring high profits in booms (FY2018, FY2022, FY2025). ROE is net income ÷ average equity, excluding the loss years (2016, 2023). P/E is fiscal year-end (Aug) price ÷ diluted EPS, excluding loss years, with approximate historical prices (FY2024: ~$95 price on $0.70 EPS, temporarily very high; FY2025: ~$113 price). TTM (May 2026 fiscal Q3) profitability is at an AI-cycle peak.
Mega-Cap Value Metric Comparison
Memory (Micron) and logic (NVDA, AVGO) are different businesses but are grouped together in the AI-chip value chain. After the Q3 surge, Micron's TTM operating margin of 65.7% edged past NVIDIA (64.0%), and its 66.6% ROE trails only NVDA (114%). Its 27.5x TTM P/E has fallen below NVIDIA (30.0x) and is far below AMD (174.8x). In DRAM the order is Samsung > SK Hynix > Micron, but in HBM Micron is ahead of Samsung (P/E, ROE, margins = TTM · sources: TradingView · company IR · industry).
Metric
★ MU
NVDA
AMD
P/E (TTM)
27.5
30.0
174.8
ROE
66.6%
114.3%
8.1%
Operating Margin
65.7%
64.0%
11.7%
Revenue YoY Growth
+167.0%
+70.7%
+35.0%
P/E, ROE, operating margin = TTM; revenue growth = TTM YoY · sources: TradingView · company IR, as of 2026-06-25. Micron is memory (cyclical); NVDA and AMD are non-memory logic. Figures reflect the current AI-cycle peak.
Key Risk Factors (from 10-K)
●
Memory-cycle dependence— Results swing sharply with DRAM/NAND price cycles. As in FY2023's -$5.7B operating loss, a downcycle can turn results to a loss. The current phase is an AI-boom peak.Source: Company 10-K Risk Factors
●
Valuation and share-price overheating— The stock jumped ~12x from a 52-week low of $103 to a high of $1,255. The Q3 surge cut the TTM P/E from 53x to 27x, but this may reflect peak-cycle earnings (P/B 25x). A cooling cycle risks a joint de-rating of earnings and the share price.Source: TradingView
●
HBM competition and share— SK Hynix leads HBM at ~62%, and competition with SK Hynix and Samsung is intensifying in next-gen HBM4. Whether Micron holds its ~20% share is a key variable.Source: Industry · company IR
●
Geopolitics and export controls— U.S.-China tensions, China's procurement restrictions on some Micron products, and other geopolitical risks, plus a heavy capex burden.Source: Company 10-K · regulators
✦ ValueCrab Dashboard PreviewMU $1,213.56 +15.74% · as of 2026-06-25
Q. What are Micron's (MU) key value-investing metrics?P/E (TTM) 27.5, ROE 66.6%, operating margin 65.7% (FY2025 full-year 26%), net margin 55.9%, TTM revenue +167%. As a cyclical memory business, FY2016 and FY2023 were loss years (sources: TradingView · company IR · SEC, as of 2026-06-25).
Q. What is the analyst price-target consensus for Micron?The average target across 52 analysts is about $1,461.35 (TradingView consensus, Strong Buy), roughly +20.4% above the current $1,213.56. These are external consensus figures, not our own estimates. Sources: TradingView · S&P Global, 2026-06.
Q. The stock is up ~12x in a year — is that from a split?No. Micron had no stock split in this period; the surge reflects booming AI/HBM memory demand lifting both earnings and the share price together. It rose from a 52-week low of $103 (August 2025) to a high of $1,255. That said, memory is cyclical and has swung between booms and busts before.
Q. Is a 27x P/E expensive? Why was the P/E over 100x in FY2024?Memory is cyclical, so when EPS shrinks at an earnings trough the P/E looks very high (FY2024: ~$95 year-end price on $0.70 EPS, over 100x), while in booms it looks low. The current 27x TTM P/E reflects the Q3 earnings surge and can look low at an earnings peak. We do not offer a valuation judgment.
Q. Who are Micron's main competitors?In memory (DRAM/HBM), Samsung and SK Hynix; in the AI-chip value chain, it is grouped with NVIDIA (NVDA), Broadcom (AVGO), and AMD. DRAM share runs Samsung > SK Hynix > Micron, and HBM runs SK Hynix > Micron > Samsung.