olivLaw · US equity research
Micron Technology, Inc. MU
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Micron Technology is a global maker of semiconductor memory and storage, including DRAM, NAND and NOR. In fiscal 2026 revenue reached 133.19 billion USD, up from 37.38 billion a year earlier, and GAAP net income was 84.97 billion USD. AI-driven demand has outpaced supply, which has driven strong increases in selling prices.
At the close of 03 Nov 2026, Micron Technology, Inc. (MU) stock was 855.10 USD (+2.58% on the day), with market capitalisation 967.5 bn USD, P/E 11.5 on diluted EPS of 74.33 USD over the last 12 months, dividend yield 0.06%, beta 2.56, 52-week range 201.37–1,213.56 USD. Latest reported quarter (Q4 2026): revenue of 54.2 bn USD (+379.3% YoY), net income of 37.7 bn USD (+1,077.8% YoY), diluted EPS 32.90 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.4
- weak (30–45)
- Bollinger (20, 2)
- 800.29 – 1,058.84
- in the lower half of the band · %B 0.21 · band width 27.8%
- SMA 50 / 200
- 974.94 / 751.78
- mixed trend
- MACD (12, 26, 9)
- -32.75 / -26.71
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.4% | −2.0% | −18.5 pp | — |
| 3 months | −4.2% | −2.2% | −2.0 pp | — |
| 6 months | +33.6% | +4.3% | +29.3 pp | — |
| Year to date | +199.6% | +10.6% | +189.0 pp | — |
| 1 year | +264.3% | +10.5% | +253.9 pp | +54.8% |
| 3 years | +1,078.1% | +73.7% | +1,004.5 pp | +181.8% |
| 5 years | +1,083.7% | +61.7% | +1,022.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 03 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.7 bn | 8.1 bn | 9.3 bn | 11.3 bn | 13.6 bn | 23.9 bn | 41.5 bn | 54.2 bn |
| Cost of revenue | 5.4 bn | 5.1 bn | 5.8 bn | 6.3 bn | 6.0 bn | 6.1 bn | 6.4 bn | 7.2 bn |
| Gross profit | 3.3 bn | 3.0 bn | 3.5 bn | 5.1 bn | 7.6 bn | 17.8 bn | 35.1 bn | 47.0 bn |
| Research & development | 888.0 m | 898.0 m | 965.0 m | 1.0 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.9 bn |
| SG&A | 288.0 m | 285.0 m | 318.0 m | 314.0 m | 337.0 m | 344.0 m | 407.0 m | 859.0 m |
| Operating income | 2.2 bn | 1.8 bn | 2.2 bn | 3.7 bn | 6.1 bn | 16.1 bn | 33.3 bn | 43.8 bn |
| Depreciation & amortisation | 2.0 bn | 2.1 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.3 bn | 2.4 bn | 2.6 bn |
| Interest expense | 118.0 m | 112.0 m | 123.0 m | 124.0 m | 74.0 m | 32.0 m | 0 | 0 |
| Pre-tax income | 2.2 bn | 1.8 bn | 2.1 bn | 3.6 bn | 6.1 bn | 16.2 bn | 33.2 bn | 44.2 bn |
| Income tax | 283.0 m | 177.0 m | 235.0 m | 429.0 m | 829.0 m | 2.4 bn | 5.0 bn | 6.6 bn |
| Net income | 1.9 bn | 1.6 bn | 1.9 bn | 3.2 bn | 5.2 bn | 13.8 bn | 28.2 bn | 37.7 bn |
| Diluted EPS | 1.67 | 1.41 | 1.68 | 2.83 ≈ | 4.60 | 12.07 | 24.67 | 32.90 ≈ |
| Operating cash flow | 3.2 bn | 3.9 bn ≈ | 4.6 bn ≈ | 5.7 bn | 8.4 bn | 11.9 bn ≈ | 25.4 bn ≈ | 44.0 bn |
| Capex | 3.2 bn | 4.1 bn ≈ | 2.9 bn ≈ | 5.7 bn | 5.4 bn | 6.4 bn ≈ | 7.8 bn ≈ | 11.1 bn |
| Dividends paid | 131.0 m | 130.0 m ≈ | 131.0 m ≈ | 130.0 m | 134.0 m | 132.0 m ≈ | 171.0 m ≈ | 173.0 m |
| Share repurchases | 0 | 0 ≈ | 0 ≈ | 0 | 300.0 m | 350.0 m ≈ | 0 ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 39 percentile of its own 36-quarter history (min 3.1, median 14.3, max 44.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.4 bn | 21.4 bn | 27.7 bn | 30.8 bn | 15.5 bn | 25.1 bn | 37.4 bn | 133.2 bn |
| Revenue YoY | −23.0% | −8.4% | +29.3% | +11.0% | −49.5% | +61.6% | +48.9% | +256.3% |
| Net income | 6.3 bn | 2.7 bn | 5.9 bn | 8.7 bn | -5.8 bn | 778.0 m | 8.5 bn | 85.0 bn |
| Net income YoY | −55.3% | −57.4% | +118.1% | +48.2% | −167.1% | unavailable | +997.6% | +895.1% |
| Diluted EPS | 5.51 | 2.37 | 5.14 | 7.75 | -5.34 | 0.70 | 7.59 | 74.33 |
| Diluted EPS YoY | −52.1% | −57.0% | +116.9% | +50.8% | −168.9% | unavailable | +984.3% | +879.3% |
| net % | 27.0% | 12.5% | 21.2% | 28.2% | -37.5% | 3.1% | 22.8% | 63.8% |
| Free cash flow | 3.4 bn | 83.0 m | 2.4 bn | 3.1 bn | -6.1 bn | 121.0 m | 1.7 bn | 59.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 03 Sept 2026
- Cash
- 38.4 bn USD
- Financial debt
- 3.3 bn USD
- Net debt
- -35.1 bn USD
- Equity
- 138.4 bn USD
- Total assets
- 195.9 bn USD
- Debt / equity
- 0.02x
- Current ratio
- 3.31x
- ROE
- 88.3%
- ROA
- 61.0%
- FCF margin
- 44.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 27.7 bn | 30.8 bn | 15.5 bn | 25.1 bn | 37.4 bn | 133.2 bn | SEC (XBRL)· 09 Oct 2026verified |
| Cost of revenue | 17.3 bn | 16.9 bn | 17.0 bn | 19.5 bn | 22.5 bn | 25.7 bn | SEC (XBRL)· 09 Oct 2026verified |
| Gross profit | 10.4 bn | 13.9 bn | -1.4 bn | 5.6 bn | 14.9 bn | 107.5 bn | SEC (XBRL)· 09 Oct 2026verified |
| Research & development | 2.7 bn | 3.1 bn | 3.1 bn | 3.4 bn | 3.8 bn | 5.7 bn | SEC (XBRL)· 09 Oct 2026verified |
| SG&A | 894.0 m | 1.1 bn | 920.0 m | 1.1 bn | 1.2 bn | 1.9 bn | SEC (XBRL)· 09 Oct 2026verified |
| Operating income | 6.3 bn | 9.7 bn | -5.7 bn | 1.3 bn | 9.8 bn | 99.3 bn | SEC (XBRL)· 09 Oct 2026verified |
| Depreciation & amortisation | 6.2 bn | 7.1 bn | 7.8 bn | 7.8 bn | 8.4 bn | 9.5 bn | SEC (XBRL)· 09 Oct 2026verified |
| EBITDA | 12.5 bn ≈ | 16.8 bn ≈ | 2.0 bn ≈ | 9.1 bn ≈ | 18.1 bn ≈ | 108.8 bn ≈ | SEC (XBRL)· 09 Oct 2026derived |
| Interest expense | 183.0 m | 189.0 m | 388.0 m | 562.0 m | 477.0 m | 106.0 m | SEC (XBRL)· 09 Oct 2026verified |
| Pre-tax income | 6.2 bn | 9.6 bn | -5.7 bn | 1.2 bn | 9.7 bn | 99.7 bn | SEC (XBRL)· 09 Oct 2026verified |
| Income tax | 394.0 m | 888.0 m | 177.0 m | 451.0 m | 1.1 bn | 14.8 bn | SEC (XBRL)· 09 Oct 2026verified |
| Net income | 5.9 bn | 8.7 bn | -5.8 bn | 778.0 m | 8.5 bn | 85.0 bn | SEC (XBRL)· 09 Oct 2026verified |
| Diluted EPS | 5.14 | 7.75 | -5.34 | 0.70 | 7.59 | 74.33 | SEC (XBRL)· 09 Oct 2026verified |
| Weighted average diluted shares | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 09 Oct 2026verified |
| Dividend per share | 0.10 | 0.32 | 0.46 | 0.46 | 0.46 | 0.53 | SEC (XBRL)· 09 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.8 bn | 8.3 bn | 8.6 bn | 7.0 bn | 9.6 bn | 38.4 bn | SEC (XBRL)· 09 Oct 2026verified |
| Receivables | 4.9 bn | 4.8 bn | 2.0 bn | 5.4 bn | 7.2 bn | 31.8 bn | SEC (XBRL)· 09 Oct 2026verified |
| Inventories | 4.5 bn | 6.7 bn | 8.4 bn | 8.9 bn | 8.4 bn | 10.4 bn | SEC (XBRL)· 09 Oct 2026verified |
| Current assets | 19.9 bn | 21.8 bn | 21.2 bn | 24.4 bn | 28.8 bn | 91.1 bn | SEC (XBRL)· 09 Oct 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 09 Oct 2026verified |
| Intangibles (excl. goodwill) | 349.0 m | 421.0 m | 404.0 m | 416.0 m | 453.0 m | — | SEC (XBRL)· 03 Oct 2025verified |
| Total assets | 58.8 bn | 66.3 bn | 64.3 bn | 69.4 bn | 82.8 bn | 195.9 bn | SEC (XBRL)· 09 Oct 2026verified |
| Accounts payable | 5.3 bn | 6.1 bn | 4.0 bn | 7.3 bn | 9.6 bn | 22.6 bn | SEC (XBRL)· 09 Oct 2026verified |
| Short-term debt | 155.0 m | 103.0 m | 278.0 m | 431.0 m | 560.0 m | 491.0 m | SEC (XBRL)· 09 Oct 2026verified |
| Long-term debt | 6.0 bn | 6.0 bn | 12.0 bn | 11.3 bn | 11.5 bn | 2.8 bn | SEC (XBRL)· 09 Oct 2026verified |
| Current liabilities | 6.4 bn | 7.5 bn | 4.8 bn | 9.2 bn | 11.5 bn | 27.5 bn | SEC (XBRL)· 09 Oct 2026verified |
| Total liabilities | 14.9 bn | 16.4 bn | 20.1 bn | 24.3 bn | 28.6 bn | 57.5 bn | SEC (XBRL)· 09 Oct 2026verified |
| Equity | 43.9 bn | 49.9 bn † | 44.1 bn † | 45.1 bn † | 54.2 bn † | 138.4 bn † | SEC (XBRL)· 09 Oct 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 12.5 bn | 15.2 bn | 1.6 bn | 8.5 bn | 17.5 bn | 89.7 bn | SEC (XBRL)· 09 Oct 2026verified |
| Capex | 10.0 bn | 12.1 bn | 7.7 bn | 8.4 bn | 15.9 bn | 30.7 bn | SEC (XBRL)· 09 Oct 2026verified |
| Free cash flow | 2.4 bn ≈ | 3.1 bn ≈ | -6.1 bn ≈ | 121.0 m ≈ | 1.7 bn ≈ | 59.0 bn ≈ | SEC (XBRL)· 09 Oct 2026derived |
| Investing cash flow | -10.6 bn | -11.6 bn | -6.2 bn | -8.3 bn | -14.1 bn | -61.6 bn | SEC (XBRL)· 09 Oct 2026verified |
| Financing cash flow | -1.8 bn | -3.0 bn | 5.0 bn | -1.8 bn | -850.0 m | 630.0 m | SEC (XBRL)· 09 Oct 2026verified |
| Dividends paid | 0 | 461.0 m | 504.0 m | 513.0 m | 522.0 m | 610.0 m | SEC (XBRL)· 09 Oct 2026verified |
| Share repurchases | 1.2 bn | 2.4 bn | 425.0 m | 300.0 m | 0 | 650.0 m | SEC (XBRL)· 09 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 95 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 967.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation93
- Quality100
- Growth100
- Returns36
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 892.21 – 2,071.55 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)892.21 – 1,345.17 (Mid 1,068.97)WACC 9.3% · starting FCFF 59.1 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 4.4%
- Peers: EV/Sales1,754.54 – 2,071.55 (Mid 1,922.28)7 companies used · median multiple 16.1x · quartiles 14.6x – 17.3xADI, AMAT, AMD, AVGO, MRVL, NVDA, TXN
- Peers: EV/EBITDAunavailable · not enough peers
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 95/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 80.7% | 100 (on a fixed band) | 11% |
| EBIT margin · Quality | 74.6% | 100 (vs peers) | 9% |
| FCF margin · Quality | 44.3% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 104.6% | 100 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 256.3% | 100 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 6% |
| EV/Sales · Valuation | 7.0x | 88 (vs peers) | 17% |
| FCF yield · Valuation | 6.1% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.1% | 36 (on a fixed band) | 4% |
Score groups
- Balance sheet100/100 · 2/2 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality100/100 · 3/3 factors with a value
- Returns36/100 · 1/1 factors with a value
- Valuation93/100 · 2/2 factors with a value
Memo
Micron Technology, Inc. (MU). Latest full fiscal year: 2026; data up to 2026-09-03.
Figures computed from the financial statements: revenue 133.2 bn USD in 2026; YoY growth 256.3%; net margin 63.8%; ROE 88.3%; net debt/EBITDA -0.3x.
The estimated value range is 1,323.38–1,708.36 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1,495.62 USD, the price of 855.10 USD leaves a potential of 74.9% (value / price − 1) and a margin of safety of 42.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 95/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 80.7%
- EBIT margin: 74.6%
- FCF margin: 44.3%
- Revenue CAGR 3Y: 104.6%
- Revenue growth (YoY): 256.3%
- Net debt / EBITDA: -0.3x
- Current ratio: 3.3x
- EV/Sales: 7.0x
- FCF yield: 6.1%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 8 companies
Only companies with a capitalisation between 121.1 bn and 7,752.4 bn (within 8× of the company's); 88 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,981.2 bn | 26.1 | 117.2% | 63.7% | +65.5% | +17% / +342% |
| AVGOBroadcom Inc. | 1,585.5 bn | 42.4 | 44.2% | 42.9% | +23.9% | −18% / +259% |
| MUMicron Technology, Inc. | 967.5 bn | 11.5 | 88.3% | 63.8% | +256.3% | +264% / +1,078% |
| AMDAdvanced Micro Devices Inc | 790.0 bn | 124.5 | 10.1% | 15.6% | +34.3% | +122% / +299% |
| INTCIntel Corporation | 321.8 bn | — | -10.9% | -20.1% | −0.5% | +49% / +35% |
| AMATApplied Materials Inc | 303.1 bn | 32.9 | 41.1% | 30.1% | +4.4% | +51% / +155% |
| TXNTexas Instruments Inc | 285.5 bn | 40.5 | 39.7% | 34.3% | +13.0% | +86% / +105% |
| ADIAnalog Devices Inc | 203.4 bn | 49.8 | 12.2% | 29.8% | +16.9% | +58% / +129% |
| MRVLMarvell Technology, Inc | 150.8 bn | 56.8 | 16.5% | 27.9% | +42.1% | +92% / +209% |
1- and 3-year price returns: for MU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 564.56 Total return -34% · Per year -34% | 993.54 Total return 16% · Per year 16% | 1,490.31 Total return 74% · Per year 74% |
| 3 years | 669.66 Total return -22% · Per year -8% | 1,313.96 Total return 54% · Per year 15% | 2,146.05 Total return 151% · Per year 36% |
| 5 years | 794.32 Total return -7% · Per year -1% | 1,737.71 Total return 104% · Per year 15% | 3,090.31 Total return 262% · Per year 29% |
- Exit P/E± 328.49
- Net margin± 229.94
- Annual revenue growth± 171.49
- Annual dilution± 19.32
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Micron Technology is a global maker of semiconductor memory and storage, including DRAM, NAND and NOR. In fiscal 2026 revenue reached 133.19 billion USD 2, up from 37.38 billion a year earlier 2, and GAAP net income was 84.97 billion USD 2. AI-driven demand has outpaced supply, which has driven strong increases in selling prices.
SWOT
Strengths
- Leading position in DRAM, NAND and NOR memory, with advanced products such as HBM4 and leading-edge process nodes 1.
- Very high gross margins in fiscal 2026, supported by higher average selling prices and manufacturing cost reductions 1.
- Strong operating cash flow that finances capacity expansion and technology investment 2.
Weaknesses
Opportunities
Threats
- Geopolitical tensions and trade restrictions could disrupt manufacturing, shipments or access to certain markets 1.
- Falling prices, if supply grows faster than demand, could sharply reduce revenue and margins 1.
- New market entrants or changes in tax and trade rules could weaken competitive position and raise costs 1.
Risks
- Volatile selling priceshigh
DRAM and NAND prices could fall quickly if demand slows, and in some past periods prices were below manufacturing costs 1.
- Geopolitical exposurehigh
Operations and customers in Asia and elsewhere could be affected by conflict, export restrictions, tariffs and political instability 1.
- Forecasting AI demandmedium
Demand linked to artificial intelligence can vary significantly, and costs incurred in anticipation of it may not be recovered 1.
- Capacity expansion executionmedium
Delays in moving to new fabs or new nodes could affect deliveries and margins 1.
- Tax changesmedium
Tax reforms in several jurisdictions and the global minimum tax could raise the effective tax burden 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI-related memory stays high and strategic agreements deepen, revenue and margins could remain well above past levels 12.
- Technology leadership in HBM and advanced nodes could let the company capture a larger share of memory content in new AI platforms 1.
- Strong operating cash flow could fund capacity and technology investment without excessive reliance on debt 2.
What would break the thesis
- Current margins are very high compared with history, and a return of prices to earlier levels could sharply reduce profitability 1.
- Faster supply growth or new entrants could trigger an oversupply cycle with pressure on prices 1.
- Heavy exposure to Asia and to customers outside the United States could amplify the effect of geopolitical tensions or new trade restrictions 1.
What to watch
- Revenue and gross margin guidance for the first quarter of fiscal 2027Q1 2027
- Trend in DRAM and NAND average selling prices2027
- Pace of HBM4 and HBM4E volume ramp2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Micron designs and manufactures DRAM, NAND and NOR memory, sold as components, modules, SSDs, managed NAND, multi-chip packages and wafers 1. Production takes place in wholly-owned facilities and, for some processes, through subcontractors, and the company keeps investing in proprietary technology that raises bit density per wafer and lowers cost per bit 1. Sales run through a direct sales force, distributors, retailers and independent representatives 1. In fiscal 2026 DRAM generated 100.68 billion USD and NAND 31.79 billion USD 1.
The company is organised into four business units: Cloud Memory (CMBU), Core Data Center (CDBU), Mobile and Client (MCBU) and Automotive and Embedded (AEBU) 1. Each unit manages its own products and markets, from HBM and DDR5 for data centers to LPDDR for phones and solutions for automotive and industrial use 1. Customer relationships rest on early collaboration in the product life cycle and on long-term strategic agreements 12.
Market context
The semiconductor memory market is intensely competitive and cyclical, and prices can swing sharply from year to year 1. Over the past five fiscal years annual changes in DRAM and NAND average selling prices ranged from an increase of about 200% to a decrease of about 50% 1. AI-driven demand has grown faster than the industry's ability to add supply, and fiscal 2026 revenue rose 256% from the prior year 1.
About 70% of fiscal 2026 revenue came from products shipped to customer locations outside the United States 1. Operations are concentrated in Taiwan, Singapore, Japan, Malaysia, China and India, which exposes the market to geopolitical risk 1.
Trends
- AI memory demandmixed
Demand for HBM, DDR5 and LPDDR for data centers and edge AI supports revenue and margins, but its pace can change quickly and the company says it is difficult to forecast 1.
- Tight supply and higher pricestailwind
Supply growing more slowly than demand lifted prices and margins in fiscal 2026, but higher prices can reduce demand or attract new entrants 1.
- Transition to new process nodesmixed
Moving to newer generations such as 1-gamma DRAM and G9 NAND could lower cost per bit, but carries yield risk and possible delays in reaching volume 1.
- Strategic customer agreementsmixed
Multi-year commitments can add stability and visibility, but they limit flexibility on pricing and could create pressure if the market turns 12.
Competitive position
Micron competes with other large DRAM and NAND producers in markets where suppliers operate at global scale and invest heavily in capacity 1. The sources note that high prices could attract new entrants to the memory market, which could weaken the company's competitive position 1.
- Samsung Electronics
Global DRAM and NAND producer, cited as a potential rival in data center and mobile memory; not directly listed on a US exchange.
- SK hynix
Important supplier of HBM and DRAM for AI workloads, competing in the same market segments.
- Kioxia
NAND memory maker with competitive pressure in data center and consumer storage.
- New memory entrants
Entry of new producers could intensify competition if high prices attract investment in capacity.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Prediction: This Is What a $5,000 Investment in Micron Technology Will Be Worth by 2028Yahoo Finance — News · 23 Sept 2026 · EN
- Why Gabelli Global Growth Fund Added Micron Technology (MU) in Q2Yahoo Finance — News · 22 Sept 2026 · EN
- Accenture vs. Micron Technology: Which Technology Stock Is a Better Buy in 2026?Yahoo Finance — News · 18 Sept 2026 · EN
- Why Was Micron Technology Stock Up Today?Yahoo Finance — News · 17 Sept 2026 · EN
- Micron Technology Is Ramping Up Production of High-Bandwidth Memory. Here's Why That Could Send the Stock to New Heights This YearYahoo Finance — News · 14 Sept 2026 · EN
- Micron Technology Shares Fall 5.2% as Semiconductor Stocks DeclineYahoo Finance — News · 14 Sept 2026 · EN
- Will Micron Technology Stock Soar to $1,500 After Sept. 30?Yahoo Finance — News · 13 Sept 2026 · EN
- Broadcom vs. Micron Technology: Which Technology Stock Is a Better Buy in 2026?Yahoo Finance — News · 12 Sept 2026 · EN
- Micron Technology (MU) Rose on Elevated Demand for High-Bandwidth MemoryYahoo Finance — News · 08 Sept 2026 · EN
- Why Micron Technology Stock Surged 16.5% Last MonthYahoo Finance — News · 08 Sept 2026 · EN
- Is Micron Technology Stock Running Out of Steam?Yahoo Finance — News · 07 Sept 2026 · EN
- Do You Think Micron Technology’s (MU) Return Drivers May Falter AheadYahoo Finance — News · 07 Sept 2026 · EN
- Recent News From Nvidia and SK Hynix Reveals Exactly What the Market Expects for Micron Technology's FutureYahoo Finance — News · 05 Sept 2026 · EN
- How Micron Technology (MU) is Shaping the AI LandscapeYahoo Finance — News · 03 Sept 2026 · EN
- Is Micron Technology Stock Outperforming the Nasdaq?Yahoo Finance — News · 01 Sept 2026 · EN
- Micron Technology (MU) Gains Driven by Earnings UpgradesYahoo Finance — News · 31 Aug 2026 · EN
- Micron Technology Stock Finally Looks Like a Contrarian OpportunityYahoo Finance — News · 31 Aug 2026 · EN
- Jim Cramer Said Micron Technology, Inc. (NASDAQ:MU) Fell Because Of Samsung’s Share BuybacksYahoo Finance — News · 28 Aug 2026 · EN
- Micron Technology Doubles Capex as AI Memory Shortage DeepensYahoo Finance — News · 27 Aug 2026 · EN
- Micron Technology Has Fantastic News for Memory Stock InvestorsYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 09 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Annual report09 Oct 2026
- Current report30 Sept 2026Results of operations · Financial statements and exhibits
- Current report26 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report25 Jun 2026
- Current report24 Jun 2026Results of operations · Financial statements and exhibits
- Current report09 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report01 Apr 2026Other events · Financial statements and exhibits
- Current report25 Mar 2026Other events · Financial statements and exhibits
- Quarterly report19 Mar 2026
- Current report18 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-09-03 · SEC / Micron Technology, Inc. · 09 Oct 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Micron Technology, Inc. · 30 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.