Micron Technology (MU)
Information Technology · $1.21T market cap · SEC CIK 0000723125
fundamentals score out of 100
Next reports on Mar 16, 2027, with analysts expecting $38.77 in earnings per share.
The case for MU
- Earns 71% on shareholder equity.
- 56% of revenue drops through to net profit.
- Holds more cash ($9.7B) than long-term debt ($8.8B).
- Earnings per share up 700.7%.
- Revenue up 167% on the year. A jump that size is often a deal or an accounting change, so check the filing.
- Has compounded revenue at 11.8% a year over five years.
The case against
- Priced at 13.5× sales, which leaves no room for a stumble.
- Swings harder than the market (beta 2.37).
- Only 20% of FY2025's $8.5B profit arrived as free cash.
- Free cash flow is only 0.1% of its market value, a thin cash return for the price.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 41 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 82 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 80 |
| Momentumhow the price has behaved lately | 70 |
| Stabilityhow violently it moves, what it owes and what it pays you | 29 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 24.1× |
|---|---|
| Price / book | 10.34× |
| Price / sales | 13.5× |
| Revenue growth (YoY) | +167.0% |
| EPS growth (YoY) | +700.7% |
| Gross margin | 73% |
| Operating margin | 66% |
| Net margin | 56% |
| Return on equity | 71% |
| Debt / equity | 0.06× |
| Current ratio | 3.42 |
| Dividend yield | 0.60% |
| Beta | 2.37 |
| 52-week range | $154.65 – $1,255 |
| Position in that range | 86% of the way up |
| 3-month return | -7.9% |
| 1-year return | +541.5% |
Five years of financials, as filed
Pulled from Micron Technology's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $37.4B | $25.1B | $15.5B | $30.8B | $27.7B |
| Gross profit | $14.9B | $5.6B | -$1.4B | $13.9B | $10.4B |
| Operating income | $9.8B | $1.3B | -$5.7B | $9.7B | $6.3B |
| Net income | $8.5B | $778M | -$5.8B | $8.7B | $5.9B |
| Operating cash flow | $17.5B | $8.5B | $1.6B | $15.2B | $12.5B |
| Capital expenditure | $15.9B | $8.4B | $7.7B | $12.1B | $10.0B |
| Total assets | $86.0B | $71.5B | $63.8B | $67.9B | $61.2B |
| Total liabilities | $27.2B | $24.7B | $20.9B | $18.6B | $15.3B |
| Shareholder equity | $58.8B | $46.8B | $42.9B | $49.3B | $45.9B |
| Cash | $9.7B | $6.7B | $8.1B | $9.6B | $8.7B |
| Long-term debt | $8.8B | $11.3B | $12.0B | $9.4B | $6.1B |
| Free cash flow | $1.7B | $121M | -$6.1B | $3.1B | $2.4B |
| Gross margin | 39.8% | 22.4% | -9.1% | 45.2% | 37.6% |
| Operating margin | 26.1% | 5.2% | -37.0% | 31.5% | 22.7% |
| Net margin | 22.8% | 3.1% | -37.5% | 28.2% | 21.2% |
| Diluted shares | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
Share count is essentially flat over 4 years.
What Micron Technology says it does
, Overview. Industry Conditions AI-driven demand is accelerating and is outpacing industry supply. In 2025, we benefited from substantial improvements in DRAM pricing, volumes and margins as compared to 2024, reflecting strong demand growth, driven in part by the continued advancement of AI. During 2025, we shifted a portion of our DRAM supply to the data center and hyperscale cloud markets to meet the strong demand fueled by AI, with emphasis on HBM products, resulting in a revenue mix weighted more prominently toward segments experiencing higher growth. The pivot to higher-growth segments, together with our strong execution, robust overall industry DRAM demand, and constrained supply, has led to improved profitability across our DRAM portfolio. In 2025, NAND revenue increased from 2024 on higher bit shipments due to demand growth. The 2025 NAND gross margin percentage increased from 2024 due to cost reductions. We continue to…
Risk factors MU lists in its 10-K
- Issuer Purchase of Equity Securities
- Common Stock Repurchase Authorization
- Total number of shares purchased as part of publicly announced plans or programs
- Approximate dollar value of shares that may yet be purchased under publicly announced plans or programs
- Note: Management cautions that the stock price performance information shown in the graph above may not be indicative of current stock price levels or future stock price performance
- or 53-week period ending on the Thursday closest to August 31. Fiscal 2025, 2024, and 2023 each contained 52 weeks. All tabular dollar amounts are in millions, except per share amounts
- Percentages of total revenue may not total 100% due to rounding
- Operating Income (Loss) by Business Unit
- Percentages reflect operating income (loss) as a percentage of revenue for each business unit
- Selling, General, and Administrative
- Recently Adopted Accounting Standards
- Recently Issued Accounting Standards
- Foreign Currency Exchange Rate Risk
- Consolidated Statements of Operations