| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 74 | 12.2x | 17.3x | Top tier | |
Growth | 99 | 256.3% | 7.1% | Top tier | |
Quality | 92 | 79.4% | 4.5% | Top tier | |
Safety | 94 | — | 2.6x | Top tier | |
Capital Return | 83 | 0.06% | 0.06% | Top tier | |
Momentum | 89 | 423.6% | -1.6% | Top tier | |
Sentiment | 40 | 22 | 3 | Bottom tier |
The floor: what the company is worth if growth stopped today
37% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Micron Technology produces DRAM and NAND memory chips and generates revenue by supplying memory and storage for data centers, computers, and phones, including HBM memory used with AI accelerators. Its business performance is determined by the volume of memory shipped, pricing, and product mix, with a focus on higher-performance products and memory content in advanced devices. On the 2026-09-30 call, management explained that agent-based AI applications are expanding demand for DDR and LP memory and SSDs associated with central processing units, alongside accelerator demand for HBM.
In quarter 4 of fiscal year 2026, whose results were filed on 2026-09-30, revenue reached $54.2 billion, net income was $37.7 billion, and diluted earnings per share were $33.36, with operating cash flow of $44.0 billion. Annual revenue growth was 379.3%, while gross margin reached 86.8% and operating margin reached 81.7%. By comparison, quarter 4 of fiscal year 2025, whose results were filed on 2025-10-03, recorded revenue of $11.3 billion, a gross margin of 44.7%, and an operating margin of 32.3%. Regarding the business mix, management confirmed that bit shipments declined sequentially in the mobile and computer unit, despite higher revenue supported by pricing and mix, while expecting HBM shipments to grow faster than conventional DRAM through 2028.
Revenue for the last 12 months through 2026-09-03 was approximately $133.2 billion, net income was $85.0 billion, and free cash flow was $59.0 billion. Operating cash flow was $89.7 billion, equivalent to 106% of net income, supporting the strength of cash generation accompanying the results. On the balance sheet for quarter 4 of fiscal year 2026, cash and investments totaled $38.4 billion against total debt of $4.7 billion; these resources provide the capacity to fund expansion, while converting factory spending into actual production remains dependent on construction, qualification, and equipment installation timelines.
Q4 FY2026
When: 2026-12-16
Annual revenue growth compared with the 379.3% level
Gross margin compared with the 86.8% level
The median target of 20 analysts is $1500, within a range of $1200 to $2200, an estimate that incorporates growth expectations, while the consensus average is $1554.23 with an aggregate buy recommendation. The discounted cash flow model estimates a value of $1352, within a range of $1175 to $1584, based on expected cash flows and a discount rate of 14.2%, following analysts' earnings estimates; the value based on the industry multiple is $1008, within a range of $383 to $2208, valuing sales at a median multiple of 8.7 across 109 companies. The no-growth value is $589, supported by holding current after-tax operating profit constant in perpetuity at a discount rate of 14.2%. Analyst targets and the cash flow model are closer to each other than they are to the no-growth value, while the industry-multiple value reflects pricing in line with peers; the differences illustrate how much expansion expectations add, with analyst targets tending toward optimism and the cash flow model tending toward conservatism. Micron ranks 11 among 172 companies within the industry on EL7's valuation axis, which measures its financial valuation position relative to peers, with a score of 94 out of 100 for the period ended 2026-09-03.
Figures in the text are as of 2026-10-04; the live price is shown at the top of the page.
Management explained on the 2026-09-30 call that agent-based AI applications also run on central processing units and require LP and DDR memory and SSDs. The demand Micron serves therefore extends to server memory and storage, alongside HBM associated with accelerators. Revenue in quarter 4 of fiscal year 2026, whose results were filed on 2026-09-30, was approximately $54.2 billion, but continued expansion depends on converting customer needs into actual shipments.
Management announced on 2026-09-30 that there were 26 strategic supply agreements covering DRAM and NAND, after adding 10 agreements during quarter 4 of fiscal year 2026, whose results were filed on 2026-09-30. It said customers had committed to more than 75% of fiscal year 2027 shipments and that the agreements extend through 2030. Approximately three-quarters of agreement revenue is subject to a defined pricing framework, with floors and ceilings in most priced frameworks, while approximately a quarter remains subject to periodic negotiation or market movements. This structure increases demand and pricing visibility, but it does not mean that all revenue is protected at the same price or that the company benefits fully from every price increase.
Automated analysis for informational purposes only — not investment advice.
Last 12 months to 2026-09-03
Conversion of earnings into operating cash compared with the 106% level
During the last 12 months through 2026-09-03, net income reached $85.0 billion and operating cash flow was $89.7 billion. Operating cash flow is equivalent to 106% of net income, while free cash flow reached $59.0 billion. In quarter 4 of fiscal year 2026, whose results were filed on 2026-09-30, cash and investments totaled $38.4 billion against debt of $4.7 billion. These figures support internal funding capacity, while the timing of returns from new factories remains dependent on equipment installation, qualification, and demand.
On 2026-09-23, the U.S. International Trade Commission announced the opening of investigation 337-TA-1523 concerning a complaint involving 4 patents and covering DDR5 DIMM modules, their components, and products containing them. Its scope covers servers and computing and storage systems, while a 2026-09-29 news report referred to a request to block imports of Micron chips used in Nvidia, Google, and Broadcom products. The Commission has not issued a ruling establishing infringement, so the risk remains tied to the outcome of the legal proceeding and any resulting restrictions on the affected products.
Annual revenue growth reached 379.3% in quarter 4 of fiscal year 2026, whose results were filed on 2026-09-30, but management confirmed a sequential decline in bit shipments in the mobile and computer unit. Revenue in this unit increased due to pricing and mix, with stronger demand for memory content and performance in advanced computers and flagship phones. Meanwhile, management said HBM would grow faster than conventional DRAM through 2028, illustrating the different growth drivers across end markets.