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Micron Technology

MU Nasdaq Semiconductors Financials FY2017–FY2026

Micron Technology's revenue rose 256.3% to $133.2 billion in fiscal 2026. Its operating margin was 74.6%, up from 26.1% a year earlier. Free cash flow was $59.0 billion, up 3434.9%. It paid out $1.3 billion in dividends and buybacks, 2% of free cash flow. The diluted share count rose 1.6%.

Last close · Oct 23, 2026

$877.55

2.5%
Value it Compare
Revenue Total sales reported in the income statement.
$133.2B
256.3% vs prior year
Operating margin Operating income as a share of revenue.
74.6%
48.5 pts
Net income Profit after all expenses, interest and tax.
$85.0B
895.1%
Free cash flow Cash from operations minus capital spending.
$59.0B
3,435.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
106.8%
90.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$1.00T
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Micron Technology does

Micron makes memory and storage chips. Its main products are DRAM, a fast memory that loses its contents when the power is turned off, and NAND, which keeps data without power and goes into solid-state drives (SSDs), smartphones and other devices. It also makes NOR chips. It sells mainly through its own sales force, and also through distributors, retailers and independent sales representatives.

Micron reports four business units as its segments. The Cloud Memory unit sells memory to large cloud companies and high-bandwidth memory (HBM), a stacked DRAM used for AI, to all data center customers; its revenue was $43.09 billion in fiscal 2026. The Core Data Center unit sells data center SSDs and memory to equipment makers, enterprises and AI-focused cloud providers ($37.59 billion). The Mobile and Client unit serves phones and PCs ($36.60 billion), and the Automotive and Embedded unit serves cars, industrial and consumer devices ($15.89 billion). In each of the last three years, approximately one-half of its revenue came from its top ten customers. It names Samsung Electronics, SK hynix, Kioxia, Sandisk, CXMT and YMTC among its competitors.

Micron makes its chips in its own plants in Taiwan, Singapore, Japan, the United States, Malaysia, China and India. As of September 3, 2026, it had approximately 61,000 employees, located primarily in Asia, North America and Europe. It sold consumer products under the Crucial brand until an exit from that business was announced in December 2025.

Legal name
Micron Technology, Inc.
Fiscal year ends
September 3, 2026
Latest annual report
10-K · Oct 9, 2026
Accession · CIK
0000723125-26-000023
0000723125

Revenue and margins

Micron Technology had $133.2B of revenue in fiscal 2026, up 256.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 36.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $59.0B in fiscal 2026, 44.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Micron Technology returned $1.3B to shareholders in fiscal 2026, 2% of free cash flow. The diluted share count rose 1.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Micron Technology yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $38.3B and divides by 1,143.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today 11.8x · peers 26.7x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Micron Technology can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $9.3B$9.6B$8.1B$10.3B$43.4B
Debt incl. finance leases $6.9B$13.3B$13.4B$14.6B$5.2B
Net debt / EBITDA −0.1x1.9x0.6x0.2x−0.4x
Debt / equity 0.1x0.3x0.3x0.3x0.0x
Interest coverage 51.3x−14.8x2.3x20.5x937.2x
Current ratio 2.9x4.5x2.6x2.5x3.3x
Quick ratio 2.0x2.7x1.7x1.8x2.9x
Total assets $66.3B$64.3B$69.4B$82.8B$195.9B
Total liabilities $16.4B$20.1B$24.3B$28.6B$57.5B
Shareholders' equity $49.9B$44.1B$45.1B$54.2B$138.4B
Net debt (− = net cash) −$2.4B$3.7B$5.3B$4.3B−$38.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$214M

7 insiders

Of sales under plans

92%

$197M

DateInsiderTradeSharesPriceValueFiling
Oct 16, 2026 Scott J DeboerPres. & Chief Tech & Prod Offr Sold plan 28,545 $900.00 $25.7M Form 4
Oct 14, 2026 Michael Charles RaySVP, Chief Legal Officer Sold plan 6,288 $929.64 $5.8M Form 4
Oct 14, 2026 Michael Charles RaySVP, Chief Legal Officer Sold plan 40 $947.29 $0.0M Form 4
Aug 21, 2026 Sanjay MehrotraPresident and CEO, Director Sold plan 40,000 $968.90 $38.8M Form 4
Aug 18, 2026 Sumit SadanaEVP and Chief Business Officer Sold 15,000 $934.29 $14.0M Form 4
Jul 24, 2026 Sanjay MehrotraPresident and CEO, Director Sold plan 31,285 $926.83 $29.0M Form 4
Jul 24, 2026 Sanjay MehrotraPresident and CEO, Director Sold plan 8,715 $951.72 $8.3M Form 4
Jul 23, 2026 Scott R. AllenCvp, Chief Accounting Officer Sold 879 $1,000.00 $0.9M Form 4
Jul 1, 2026 April S ArnzenEVP and Chief People Officer Sold plan 40,000 $1,083.94 $43.4M Form 4
Jun 30, 2026 Lynn A DugleDirector Sold 1,300 $1,150.43 $1.5M Form 4
Jun 26, 2026 Sanjay MehrotraPresident and CEO, Director Sold plan 28,506 $1,149.28 $32.8M Form 4
Jun 26, 2026 Sanjay MehrotraPresident and CEO, Director Sold plan 11,494 $1,180.96 $13.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✓
F-score 7 / 97 / 98 / 9
Accruals ratio −11.6%−11.8%−3.4%
Altman Z'' 5.436.0710.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Micron Technology MU $1.00T 256.3% 74.6% 44.3% 106.8% — 8
Nvidia NVDA $5.12T 65.5% 60.4% 44.8% — 26.7x 4 Compare →
Broadcom AVGO $1.57T 23.9% 39.9% 42.1% 19.9% 41.0x 7 Compare →
Intel INTC $443.8B −0.5% −4.2% −9.4% −0.8% — 6 Compare →
Qualcomm QCOM $188.0B 13.7% 27.9% 29.0% 23.7% 20.1x 6 Compare →

Stories about Micron Technology

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $20.3B $30.4B $23.4B $21.4B $27.7B $30.8B $15.5B $25.1B $37.4B $133.2B
Gross profit $8.4B $17.9B $10.7B $6.6B $10.4B $13.9B −$1.4B $5.6B $14.9B $107.5B
Research and development $1.8B $2.1B $2.4B $2.6B $2.7B $3.1B $3.1B $3.4B $3.8B $5.7B
Operating income $5.9B $15.0B $7.4B $3.0B $6.3B $9.7B −$5.7B $1.3B $9.8B $99.3B
Interest expense $601M $342M $128M $194M $183M $189M $388M $562M $477M $106M
Pretax income $5.2B $14.3B $7.0B $3.0B $6.2B $9.6B −$5.7B $1.2B $9.7B $99.7B
Income tax $114M $168M $693M $280M $394M $888M $177M $451M $1.1B $14.8B
Net income $5.1B $14.1B $6.3B $2.7B $5.9B $8.7B −$5.8B $778M $8.5B $85.0B
Diluted EPS $4.41 $11.51 $5.51 $2.37 $5.14 $7.75 −$5.34 $0.70 $7.59 $74.33
Diluted shares 1.15B 1.23B 1.14B 1.13B 1.14B 1.12B 1.09B 1.12B 1.13B 1.14B
Cash flow
Cash from operations $8.2B $17.4B $13.2B $8.3B $12.5B $15.2B $1.6B $8.5B $17.5B $89.7B
Capital expenditure $4.7B $8.9B $9.8B $8.2B $10.0B $12.1B $7.7B $8.4B $15.9B $30.7B
Free cash flow $3.4B $8.5B $3.4B $83.0M $2.4B $3.1B −$6.1B $121M $1.7B $59.0B
Depreciation and amortization $3.9B $4.8B $5.4B $5.7B $6.2B $7.1B $7.8B $7.8B $8.4B $9.5B
Stock-based compensation $215M $198M $243M $328M $378M $514M $596M $833M $972M $1.3B
Acquisitions $2.6B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $36.0M $71.0M $2.7B $176M $1.2B $2.4B $425M $300M $0.0M $650M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $461M $504M $513M $522M $610M
Dividends and buybacks $36.0M $71.0M $2.7B $176M $1.2B $2.9B $929M $813M $522M $1.3B
Balance sheet
Cash and short-term investments $5.1B $6.8B $8.0B $8.1B $8.6B $9.3B $9.6B $8.1B $10.3B $43.4B
Total debt $9.9B $3.8B $4.5B $6.2B $6.0B $6.0B $12.0B $11.3B $11.5B $2.8B
Finance lease liabilities $0.0M $0.0M $591M $486M $804M $886M $1.3B $2.1B $3.0B $2.4B
Current assets $12.5B $16.0B $16.5B $18.0B $19.9B $21.8B $21.2B $24.4B $28.8B $91.1B
Current liabilities $5.3B $5.8B $6.4B $6.6B $6.4B $7.5B $4.8B $9.2B $11.5B $27.5B
Inventory $3.1B $3.6B $5.1B $5.4B $4.5B $6.7B $8.4B $8.9B $8.4B $10.4B
Property and equipment, net $19.4B $23.7B $28.2B $31.0B $33.2B $38.5B $37.9B $39.7B $46.6B $63.3B
Total assets $35.3B $43.4B $48.9B $53.7B $58.8B $66.3B $64.3B $69.4B $82.8B $195.9B
Total liabilities $15.8B $10.1B $12.0B $14.7B $14.9B $16.4B $20.1B $24.3B $28.6B $57.5B
Shareholders' equity $18.6B $32.3B $35.9B $39.0B $43.9B $49.9B $44.1B $45.1B $54.2B $138.4B
Margins
Gross margin 41.5% 58.9% 45.7% 30.6% 37.6% 45.2% −9.1% 22.4% 39.8% 80.7%
Operating margin 28.9% 49.3% 31.5% 14.0% 22.7% 31.5% −37.0% 5.2% 26.1% 74.6%
EBITDA margin 47.9% 65.0% 54.7% 40.4% 45.1% 54.7% 12.9% 36.2% 48.5% 81.7%
Net margin 25.0% 46.5% 27.0% 12.5% 21.2% 28.2% −37.5% 3.1% 22.8% 63.8%
FCF margin 16.8% 28.0% 14.6% 0.4% 8.8% 10.1% −39.4% 0.5% 4.5% 44.3%
Returns
Return on capital 27.2% 54.5% 21.0% 7.7% 14.8% 19.7% −9.5% 1.7% 15.9% 106.8%
Return on capital employed 22.3% 44.4% 18.4% 6.7% 12.6% 17.5% −9.7% 2.2% 14.9% 82.9%
Return on equity 33.2% 55.5% 18.5% 7.2% 14.1% 18.5% −12.4% 1.7% 17.2% 88.3%
Return on assets 16.2% 35.9% 13.7% 5.2% 10.4% 13.9% −8.9% 1.2% 11.2% 61.0%
Growth
Revenue growth 63.9% 49.6% −23.0% −8.4% 29.3% 11.0% −49.5% 61.6% 48.9% 256.3%
Net income growth — 177.8% −55.3% −57.4% 118.1% 48.2% −167.2% — 997.6% 895.1%
EPS growth — 161.0% −52.1% −57.0% 116.9% 50.8% −168.9% — 984.3% 879.3%
FCF growth — 149.2% −60.0% −97.6% 2,837.4% 27.7% −296.4% — 1,278.5% 3,435.0%
Share count change 11.4% 6.5% −7.0% −1.1% 0.9% −1.7% −2.6% 2.3% 0.6% 1.6%
Financial health
Net debt / EBITDA 0.5x −0.2x −0.3x −0.2x −0.2x −0.1x 1.9x 0.6x 0.2x −0.4x
Debt / equity 0.5x 0.1x 0.1x 0.2x 0.2x 0.1x 0.3x 0.3x 0.3x 0.0x
Interest coverage 9.8x 43.8x 57.6x 15.5x 34.3x 51.3x −14.8x 2.3x 20.5x 937.2x
Current ratio 2.3x 2.8x 2.6x 2.7x 3.1x 2.9x 4.5x 2.6x 2.5x 3.3x
Quick ratio 1.8x 2.2x 1.8x 1.9x 2.4x 2.0x 2.7x 1.7x 1.8x 2.9x
Capital allocation
Capex / revenue 23.3% 29.2% 41.8% 38.4% 36.2% 39.2% 49.4% 33.4% 42.4% 23.1%
Stock comp / revenue 1.1% 0.7% 1.0% 1.5% 1.4% 1.7% 3.8% 3.3% 2.6% 1.0%
Payouts / FCF 1.1% 0.8% 80.1% 212.1% 49.2% 92.9% — 671.9% 31.3% 2.1%
Quality scores
Piotroski F-score 8.0 8.0 4.0 5.0 8.0 8.0 4.0 7.0 7.0 8.0
Altman Z'' 4.7 9.2 7.6 6.6 7.5 7.9 5.5 5.4 6.1 10.3
Accruals ratio −9.8% −8.3% −14.9% −11.0% −11.7% −10.4% −11.3% −11.6% −11.8% −3.4%

Source: SEC EDGAR XBRL filings (CIK 0000723125). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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