Very little debt to repay and plenty of cash on hand, so it is hard to shake.
Metrics · D/E ~4% · Current Ratio 3.31
💲Is the price expensive now?
Not a heavy price burden
The price is set low relative to its earning power.
Metrics · P/E 14.5 · P/B 8.8
💡AI memory demand lifted FY2026 revenue 3.6x to $133.2B. Debt is minimal, but memory is cyclical, so a 14.5x P/E may reflect peak earnings.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: Company filings · stockanalysis · S&P Global (margins, debt, liquidity, P/B are TTM; quarter ended 2026-09-03 = FY2026), as of 2026-10-02
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. AI demand drove FY2026 (ended Sep 3, 2026) revenue to $133.2B with $99.3B operating income (75% margin), 3.6x FY2025 revenue ($37.4B).
Current Price
$1,074.89
-2.05%-$22.50· Close 2026-10-02
Analyst Consensus Target (external reference)
$1,522.00
Avg. of 49 external analysts · S&P Global Market Intelligence (49-analyst price-target consensus, Strong Buy) · via stockanalysis
P/E (TTM)
14.5x
TTM · reflects the FY2026 earnings surge
ROE
88.3%
TTM (= FY2026)
Operating Margin
74.6%
TTM (FQ4 gross margin 86.8%)
Net Margin
63.8%
TTM
Revenue Growth
+256.3%
TTM YoY · FQ4 +379%
Market Cap
$1.21T
As of 2026-10-02
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: FY2016 was a loss on $12.4B revenue; FY2018 boomed ($30.4B, $15.0B operating income); FY2023 posted a -$5.7B operating loss; FY2025 reached $37.4B. AI/HBM demand then lifted FY2026 (ended Sep 3, 2026) revenue to $133.2B (+256%), operating income to $99.3B (74.6% margin) and diluted EPS to $74.33. FQ4 was a record $54.2B (~4.8x YoY) at an 86.8% gross margin. FQ1 FY2027 guidance: $61.5B ±$1.5B revenue, $37.84 GAAP EPS (SEC EDGAR 10-K · company 8-K · stockanalysis).
10-Year Growth
Revenue$133B · CAGR +23.2%
Operating Income$99.3B · CAGR +36.9%
EPS$74.33 · CAGR +36.9%
10-Year Valuation
P/E (year-end)12.9x · avg 24.8x
ROE88.3% · avg 28.2%
Operating Margin74.6% · avg 24.7%
📊 Annual Data Table (MU) — expand/collapse
Year
Revenue (B$)
Op. Income (B$)
EPS ($)
P/E (x)
ROE (%)
Op. Margin (%)
2017
20.32
5.87
4.41
7
33.2
28.9
2018
30.39
14.99
11.51
4.2
55.5
49.3
2019
23.41
7.38
5.51
8.2
18.5
31.5
2020
21.44
3
2.37
19
7.2
14
2021
27.71
6.28
5.14
14
14.1
22.7
2022
30.76
9.7
7.75
7
18.5
31.5
2023
15.54
-5.75
-5.34
—
—
-37
2024
25.11
1.3
0.7
135.7
1.7
5.2
2025
37.38
9.77
7.59
14.9
17.2
26.1
2026
133.19
99.34
74.33
12.9
88.3
74.6
— = no data for that year/metric (P/E omitted before EPS turned positive)
9-Year CAGR: Revenue +23.2% · Operating Income +36.9% · Net Income +36.7% · EPS +36.9%
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. Series cover the 10 years FY2017–FY2026. As a cyclical memory maker, Micron posted losses in FY2016 and FY2023 and recurring high profits in booms (FY2018, FY2022, FY2025–26). ROE is net income ÷ average equity, excluding the loss year 2023. P/E is fiscal year-end price ÷ diluted EPS, excluding loss years, with approximate historical prices (FY2024: ~$95 price on $0.70 EPS, temporarily very high; FY2025: ~$113; FY2026: $958.16). FY2026 (= TTM) profitability is at an AI-cycle peak.
Mega-Cap Value Metric Comparison
Memory (Micron) and logic (NVDA, AMD) are different businesses but are grouped together in the AI-chip value chain. With FY2026 results, Micron's TTM operating margin of 74.6% is well ahead of NVIDIA (65.2%), and its 88.3% ROE trails only NVDA (117.2%). Its 14.5x TTM P/E is about half NVIDIA's (29.6x) and far below AMD (162.7x). 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)
14.5
29.6
162.7
ROE
88.3%
117.2%
10.2%
Operating Margin
74.6%
65.2%
15.7%
Revenue YoY Growth
+256.3%
+83.4%
+39.5%
P/E, ROE, operating margin = TTM; revenue growth = TTM YoY · sources: TradingView · company IR, as of 2026-10-02 (Micron's operating margin is company GAAP). 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: FY2026's 74.6% operating margin far exceeds even the FY2018 boom (49%).Source: Company 10-K Risk Factors
●
Valuation and share-price overheating— The stock jumped ~7x from a 52-week low of $179.61 to a high of $1,255. The FY2026 earnings surge cut the TTM P/E to 14.5x, but this may reflect peak-cycle earnings (P/B 8.8x). 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 $1,074.89 -2.05% · as of 2026-10-02
My Portfolio example
Growth
Earnings
Dividend
Cash
Revenue 10Y trend$133B · CAGR +23.2%
$133B$0.0B
20172026
P/E (TTM)14.5x
ROE88.3%
Operating Margin74.6%
Net Margin63.8%
Revenue Growth+256.3%
Market Cap$1.21T
Revenue CAGR 9Y+23.2%
EPS CAGR 9Y+36.9%
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Value Investing FAQ (MU)
Q. What are Micron's (MU) key value-investing metrics?P/E (TTM) 14.5, ROE 88.3%, operating margin 74.6% (FY2026 full year = TTM), net margin 63.8%, TTM revenue +256%. As a cyclical memory business, FY2016 and FY2023 were loss years (sources: stockanalysis · company IR · SEC, as of 2026-10-02).
Q. What is the analyst price-target consensus for Micron?The average target across 49 analysts is about $1,522 (S&P Global consensus, Strong Buy), roughly +41.6% above the current $1,074.89. These are external consensus figures, not our own estimates. Sources: S&P Global · stockanalysis, 2026-10.
Q. The stock is up nearly 6x 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 $179.61 (October 2025) to a high of $1,255 (June 2026). That said, memory is cyclical and has swung between booms and busts before.
Q. Is a 14.5x 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 14.5x TTM P/E reflects the FY2026 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.