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Micron Technology
S&P 500 Nasdaq 100
🏹 Trader: | BRS 71 Forming View all →
$337.2B
Market Cap
20.0
P/E
0.46
PEG
53.7%
ROCE
130.9%
ROE
0.13
D/E
35.8%
OPM
-19.6%
% from 52W High
98
α RS
🔍 MU is showing a high-conviction setup because it matches 28 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still rolling over, and RS Rating is 98 (top decile vs market). Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 28/39 · Technology in Leading quadrant · RS Rating 98
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🌏 Global Investor Returns
Currency-adjusted total returns for MU including FX impact
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📈 Price History
Ratio Health
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By Category
📊 Sector Averages
About

Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and internationally. It operates through the Cloud Memory Business Unit; Core Data Center Business Unit; Mobile and Client Business Unit; and Automotive and Embedded Business Unit segments. The company provides memory products, including dynamic random access memory components and modules, CXL-based memory, LPDDR components and modules, graphics memory, high-bandwidth memory, and data center memory products; multichip packages (MCP) comprising embedded multimedia card-based, universal flash storage-based, and NAND-based MCPs; and technology leadership products that include 1y DRAM and G9 NAND technologies. It also offers storage products, such as data center solid-state drives (SSD), client SSD storage, and auto and industrial SSD storage; managed NAND; NAND flash; NOR flash; and memory cards. In addition, the company provides design tools, including FBGA and part decoders; DRAM power calculators; NAND power calculators; simulation models; chipset compatibility guides; serial presence-detection tools; cross-reference tools; UFSparm; SSD firmware; software and drivers; storage executive software; and obsolete part catalogs. It markets its semiconductor memory and storage products under the Micron and Crucial brands. The company serves the data center, PC, graphics, networking, automotive, industrial, and consumer embedded markets, as well as the smartphone and other mobile-device markets. It sells its products through its direct sales force, independent sales representatives, distributors, and retailers; web-based customer direct sales channel; and channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding MU
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 2.16M $730.7M 1.14% Mar 2026
David Tepper Appaloosa LP 1.67M $562.5M 9.48% Mar 2026
Steve Cohen Point72 Asset Management 567.6K $191.7M 0.25% Mar 2026
Stan Druckenmiller Duquesne Family Office 23.4K $7.9M 0.23% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q3 2026
Revenue
$41.5B
+346% YoY
Operating Income
$33.7B
+1,253% YoY
Operating Margin
81.2%
+54.4pp YoY
Net Income
$28.9B
+1,223% YoY
What Went Right
  • Record revenue of $41.5B, up 346% YoY and above high end of guidance; data center revenue on an annualized run rate surpassed $100B.
  • Signed 16 Strategic Customer Agreements with ~$100B of remaining performance obligations and ~$22B of customer deposits/commitments, covering ~20% of DRAM and ~1/3 of NAND volume.
  • Record non-GAAP gross margin of 84.9%, non-GAAP EPS of $25.11, and record quarterly free cash flow of $18.3B.
What to Watch
  • Management sees DRAM and NAND supply tight beyond 2027, with no line of sight to supply catching up with demand due to greenfield fab lead times, HBM trade-ratio pressure, and slower node bit-growth.
  • FQ4 gross margin guidance of ~86% already reflects a meaningful moderation in the rate of price increases, implying pricing growth is decelerating.
  • SCA RPOs are based on minimum committed volumes and minimum pricing, so reported RPO understates expected revenue; customer deposits are not prepayments and will be returned in the latter half of the agreements.
Management Guidance
  • FQ4 revenue: $50.0B ± $1.0B
  • FQ4 non-GAAP: gross margin ~86%, operating expenses ~$1.65B, EPS $31.00 ± $1.00
  • FQ4 capex ~$10B, FY26 capex ~$27B; FY27 non-GAAP operating expenses expected to rise ~$1B; tax rate ~15%
Investor Lens
The thesis is stronger after this call. Micron delivered record revenue, gross margin and EPS, and the SCAs add unprecedented multi-year demand visibility — $100B of RPO at conservative floor pricing and $22B of customer deposits. Even at floor prices, Micron expects gross margins above any prior cycle peak. The main caveats are structural supply constraints, rising cost per bit, and moderating price increases, but the SCA framework meaningfully de-risks the cycle.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record Q3 with revenue +346% YoY and SCA-driven business transformation.
Revenue
Fiscal Q3 revenue was a record $41.5B, up 346% YoY and 74% sequentially. DRAM revenue was $31.3B, or 76% of total, while NAND revenue was $9.9B, or 24%; data center SSD revenue exceeded $5B, more than doubling sequentially.
Profitability
Non-GAAP net income was $28.9B, up roughly 1,223% YoY, with diluted EPS of $25.11, up 106% sequentially. GAAP net income was $28.2B, or $24.67 per diluted share.
Margins
Non-GAAP gross margin was a record 84.9%, up 10pp sequentially, and non-GAAP operating margin was 81.2%, up 54pp YoY. The FQ4 gross margin outlook of ~86% reflects a moderation in the pace of price increases.
Balance Sheet
Operating cash flow was $25.4B, capex was $7.1B, and free cash flow was a record $18.3B. Cash and marketable investments ended at $30.2B; total debt was reduced $4.4B to $5.7B, leaving net cash of $24.4B.
Key Risks
Management flagged that supply tightness is expected to persist beyond 2027, with greenfield fab construction times, HBM trade-ratio effects and rising complexity constraining bit supply growth. FQ4 pricing momentum is moderating, and fiscal 2027 opex and capex are expected to increase as Micron pulls in clean-room capacity.
Outlook
FQ4 revenue is guided to $50B ± $1B, with gross margin around 86%, opex about $1.65B and EPS of $31 ± $1. Capex is expected to be roughly $10B in FQ4 and about $27B for fiscal 2026, while DRAM and NAND market tightness extends beyond calendar 2027.
Generated by AI · Q3 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q3 2026 Q3 2026 2026-06-24
Record Q3 results with revenue up 74% sequentially and 346% year-over-year, driven by AI demand and tight supply. 16 multi-year SCAs signed, covering up to 40% of revenue at floor price, with margins above prior peaks. Supply-demand tightness expected to persist beyond 2027.
Q2 2026 Q2 2026 2026-03-18
Record Q2 results with revenue up 196% year-over-year and all business units at new highs, driven by AI demand and tight supply. Q3 guidance projects further records, with gross margin expected at 81%. Strategic investments and capacity expansions are underway to address ongoing supply constraints.
Q1 2026 Q1 2026 2025-12-17
Fiscal Q1 2026 saw record revenue, gross margin, and EPS, driven by strong AI-related demand and tight supply. Guidance for Q2 and the full year points to continued record performance, with supply constraints expected to persist and significant CapEx increases to expand capacity.
Q4 2025 Q4 2025 2025-09-23
Fiscal Q4 2025 set records for revenue, gross margin, and EPS, with strong year-over-year growth driven by data center and AI demand. Fiscal 2026 guidance projects further records, with tight DRAM supply, robust end-market demand, and higher CapEx planned.
Q3 2025 Q3 2025 2025-06-25
Record Q3 revenue and profitability driven by strong AI and data center demand, with all key metrics exceeding guidance. Q4 outlook projects further record revenue and margin expansion, supported by robust DRAM growth and continued strategic investments in AI-focused technologies.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

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Information Sources:
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