Stocks · Semiconductors

Micron Technology, Inc. (MU)

$928.35

+2.73% last session

Market value

$1.02tn

P/E ratio

12.1

Dividend yield

0.60%

52-week range

$193–$1,255

What Micron Technology, Inc. does

is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, Mobile, Storage, and Embedded. The company's product portfolio encompasses a range of memory and data storage technologies.

Semiconductors · based in the US · listed since 1984Biggest source of revenue: DRAM (76%) · breakdownCompany website ↗

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tap a grade for the details

AGrowthGrowing fast

Sales growth, last 12 months256.3% · 100/100

Sales growth a year, 5 years36.9% · 100/100

Earnings per share growth a year, 5 years70.7% · 100/100

AProfitabilityHighly profitable

Net profit margin63.8% · 100/100

Return on equity92% · 100/100

Return on capital, 10-year average19.6% · 87/100

AFinancial strengthRock solid

Net debt ÷ operating profitmore cash than debt · 97/100

Interest cover937× · 100/100

Current ratio (short-term assets ÷ debts)3.31 · 100/100

AValuationLooks cheap

P/E against its own 10-year history44th percentile · 56/100

Free cash flow yield5.7% · 82/100

PEG (P/E ÷ growth)0.2 · 100/100

Our base-case value vs price65% · 100/100

BMomentumRising

Share price, last 12 months324.5% · 100/100

Share price, last 3 months−4.7% · 35/100

Price

+321.4% over 1Y

27 Oct 2026$927.44

Daily closing prices. Source: Twelve Data.

Bull vs bear

The numbers lean bullish (18 vs 5)

The bull case

A proven grower●●●

Revenue up 26.8% a year for 10 years.

Very high returns on capital●●○

Averages 20% after tax, a sign of a durable advantage (a 'moat').

Growth is speeding up●●○

Revenue growth over the last 12 months (256%) is well above its 5-year average (37%).

Margins widening●●○

Operating margin up from -37.0% to 74.6% in three years.

Shareholder-friendly management●●○

Passes 6 of 7 capital-allocation checks.

Our cash-flow model sees value●●○

Base case 65% above today's price.

The bear case

Cyclical revenue●●○

Revenue fell in 3 of the last 10 years: results can swing with the economy.

Buybacks don't shrink the share count●○○

Spent $8.2bn, yet the share count rose 10.3%: buybacks mostly offset shares handed to staff

Recoveries can take years●○○

Took 92 months to recover after the 1984 fall.

A bumpy ride●○○

Beta 2.4: typically moves 2.4× as much as the market.

Can you answer every bear point? Put your answers in your thesis under risks.

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Ten years of results, revenue by product and region, a management scorecard, bear/base/bull valuations, analyst targets, every SEC filing explained, and a thesis that checks itself after each report. Free.

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Micron Technology, Inc. (MU)

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Bull vs bear

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