MU Nasdaq Semiconductors Financials FY2017βFY2026
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.
Hi! I read Micron Technologyβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+256.3%
Yes. Sales grew 256.3% last year.
Does it make a profit?
63.8%
Yes. It keeps 63.8% of every sale as profit.
Does profit turn into cash?
44.3%
Yes. 44.3% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
8 / 9
Solid. It passes 8 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Micron Technology had $133.2B of revenue in fiscal 2026, up 256.3% on the year before. Over five years, revenue changed +36.9% a year on average. Its operating margin was 74.6%, up 48.5Β pts: of every 100 in sales, about 75 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Micron Technology made $85.0B of net profit in fiscal 2026. From fiscal 2017 to 2026, diluted EPS grew 36.9% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $59.0B in fiscal 2026, 44.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Micron Technology returned $1.3B to shareholders in fiscal 2026, 2% of free cash flow. The diluted share count rose 1.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $7.8M and sold $398M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$7.8M
1 insider
Sold, 12 months
$398M
12 insiders
Of sales under plans
86%
$344M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 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 | 40 | $947.29 | $0.0M | Form 4 |
| Oct 14, 2026 | Michael Charles RaySVP, Chief Legal Officer | Sold plan | 6,288 | $929.64 | $5.8M | 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 |
| Jun 26, 2026 | Alexis BjorlinDirector | Sold | 25 | $1,132.33 | $0.0M | Form 4 |
| May 29, 2026 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 2,561 | $975.63 | $2.5M | Form 4 |
| May 29, 2026 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 37,439 | $960.38 | $36.0M | Form 4 |
| May 11, 2026 | Steven J GomoDirector | Sold | 2,000 | $787.04 | $1.6M | Form 4 |
| May 1, 2026 | Michael Charles RaySVP, Chief Legal Officer | Sold plan | 7,601 | $534.30 | $4.1M | Form 4 |
| May 1, 2026 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 40,000 | $536.26 | $21.5M | Form 4 |
| Apr 14, 2026 | Michael D CordanoEVP, Worldwide Sales | Sold | 3,407 | $435.00 | $1.5M | Form 4 |
| Apr 10, 2026 | Sumit SadanaEVP and Chief Business Officer | Sold | 24,000 | $421.35 | $10.1M | Form 4 |
| Apr 9, 2026 | Michael D CordanoEVP, Worldwide Sales | Sold | 3,407 | $420.81 | $1.4M | Form 4 |
| Apr 1, 2026 | April S ArnzenEVP and Chief People Officer | Sold plan | 40,000 | $347.39 | $13.9M | Form 4 |
| Feb 2, 2026 | Sumit SadanaEVP and Chief Business Officer | Sold | 25,000 | $429.89 | $10.7M | Form 4 |
| Jan 27, 2026 | Michael Charles RaySVP, Chief Legal Officer | Sold plan | 12,268 | $409.68 | $5.0M | Form 4 |
| Jan 22, 2026 | Manish H BhatiaEVP, Global Operations | Sold | 26,623 | $391.04 | $10.4M | Form 4 |
| Jan 14, 2026 | Teyin M LiuDirector | Bought | 11,600 | $337.22 | $3.9M | Form 4 |
| Jan 13, 2026 | Teyin M LiuDirector | Bought | 11,600 | $337.07 | $3.9M | Form 4 |
| Jan 6, 2026 | Scott R. AllenCVP, Chief Accounting Officer | Sold | 2,000 | $337.50 | $0.7M | Form 4 |
| Dec 22, 2025 | April S ArnzenEVP and Chief People Officer | Sold plan | 15,000 | $277.09 | $4.2M | Form 4 |
| Dec 19, 2025 | Steven J GomoDirector | Sold | 5,000 | $263.63 | $1.3M | Form 4 |
| Nov 7, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 3,743 | $233.39 | $0.9M | Form 4 |
| Nov 6, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 8,757 | $241.34 | $2.1M | Form 4 |
| Oct 30, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 10,602 | $225.23 | $2.4M | Form 4 |
| Oct 30, 2025 | Mark J. MurphyEVP & Chief Financial Officer | Sold plan | 126,000 | $225.31 | $28.4M | Form 4 |
| Oct 29, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 11,898 | $230.53 | $2.7M | Form 4 |
| Oct 27, 2025 | Scott J DeboerEVP, CTO and Products Officer | Sold plan | 82,000 | $222.81 | $18.3M | Form 4 |
| Oct 27, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 22,500 | $220.72 | $5.0M | Form 4 |
| Oct 21, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 19,761 | $203.12 | $4.0M | Form 4 |
| Oct 20, 2025 | Scott R. AllenCVP, Chief Accounting Officer | Sold | 8,800 | $210.02 | $1.8M | Form 4 |
| Oct 20, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 2,739 | $211.19 | $0.6M | Form 4 |
| Oct 16, 2025 | Michael Charles RaySVP, Chief Legal Officer | Sold plan | 3,682 | $201.63 | $0.7M | Form 4 |
| Oct 7, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 21,563 | $188.47 | $4.1M | Form 4 |
| Oct 6, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 10,800 | $194.44 | $2.1M | Form 4 |
| Oct 3, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 5,137 | $190.51 | $1.0M | Form 4 |
| Oct 1, 2025 | Sanjay MehrotraPresident and CEO, Director | Sold plan | 15,000 | $180.86 | $2.7M | Form 4 |
| Sep 30, 2025 | April S ArnzenEVP and Chief People Officer | Sold plan | 15,000 | $164.04 | $2.5M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Micron Technology has $38.3B more cash than debt.
Cash, debt and the ratios that show how comfortably Micron Technology can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| 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 | β0.1x | 1.9x | 0.6x | 0.2x | β0.4x |
| Debt / equity | 0.1x | 0.3x | 0.3x | 0.3x | 0.0x |
| Interest coverage | 51.3x | β14.8x | 2.3x | 20.5x | 937.2x |
| Current ratio | 2.9x | 4.5x | 2.6x | 2.5x | 3.3x |
| Quick ratio | 2.0x | 2.7x | 1.7x | 1.8x | 2.9x |
| 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 (β = net cash) | β$2.4B | $3.7B | $5.3B | $4.3B | β$38.3B |
KIRA Β· Its return on capital was 106.8%: every 100 invested in the business earned about 107 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Micron Technology passes 8 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 7 / 9 | 8 / 9 |
| Accruals ratio | β11.6% | β11.8% | β3.4% |
| Altman Z'' | 5.43 | 6.07 | 10.26 |
What does the share cost, and how does it compare?
KIRA Β· At $903.70 a share, the company is worth $1.03T.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
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.
Value per share
β
Reference multiples: today 11.8x Β· peers 26.7x Β· sector 33.5x.
KIRA Β· Micron Technology grew sales faster than 4 of its 4 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Micron Technology MU | $1.03T | 256.3% | 74.6% | 44.3% | 106.8% | β | 8 | |
| Nvidia NVDA | $5.25T | 65.5% | 60.4% | 44.8% | β | 27.3x | 4 | Compare β |
| Broadcom AVGO | $1.61T | 23.9% | 39.9% | 42.1% | 19.9% | 42.0x | 7 | Compare β |
| Intel INTC | $461.8B | β0.5% | β4.2% | β9.4% | β0.8% | β | 6 | Compare β |
| Qualcomm QCOM | $192.0B | 13.7% | 27.9% | 29.0% | 23.7% | 20.5x | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$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 | β$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 | β$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 | β$5.8B | $778M | $8.5B | $85.0B |
| Diluted EPS | $4.41 | $11.51 | $5.51 | $2.37 | $5.14 | $7.75 | β$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 | β$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% | β9.1% | 22.4% | 39.8% | 80.7% |
| Operating margin | 28.9% | 49.3% | 31.5% | 14.0% | 22.7% | 31.5% | β37.0% | 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% | β37.5% | 3.1% | 22.8% | 63.8% |
| FCF margin | 16.8% | 28.0% | 14.6% | 0.4% | 8.8% | 10.1% | β39.4% | 0.5% | 4.5% | 44.3% |
| Returns | ||||||||||
| Return on capital | 27.2% | 54.5% | 21.0% | 7.7% | 14.8% | 19.7% | β9.5% | 1.7% | 15.9% | 106.8% |
| Return on capital employed | 22.3% | 44.4% | 18.4% | 6.7% | 12.6% | 17.5% | β9.7% | 2.2% | 14.9% | 82.9% |
| Return on equity | 33.2% | 55.5% | 18.5% | 7.2% | 14.1% | 18.5% | β12.4% | 1.7% | 17.2% | 88.3% |
| Return on assets | 16.2% | 35.9% | 13.7% | 5.2% | 10.4% | 13.9% | β8.9% | 1.2% | 11.2% | 61.0% |
| Growth | ||||||||||
| Revenue growth | 63.9% | 49.6% | β23.0% | β8.4% | 29.3% | 11.0% | β49.5% | 61.6% | 48.9% | 256.3% |
| Net income growth | β | 177.8% | β55.3% | β57.4% | 118.1% | 48.2% | β167.2% | β | 997.6% | 895.1% |
| EPS growth | β | 161.0% | β52.1% | β57.0% | 116.9% | 50.8% | β168.9% | β | 984.3% | 879.3% |
| FCF growth | β | 149.2% | β60.0% | β97.6% | 2,837.4% | 27.7% | β296.4% | β | 1,278.5% | 3,435.0% |
| Share count change | 11.4% | 6.5% | β7.0% | β1.1% | 0.9% | β1.7% | β2.6% | 2.3% | 0.6% | 1.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.5x | β0.2x | β0.3x | β0.2x | β0.2x | β0.1x | 1.9x | 0.6x | 0.2x | β0.4x |
| 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 | β14.8x | 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% | β | 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 | β9.8% | β8.3% | β14.9% | β11.0% | β11.7% | β10.4% | β11.3% | β11.6% | β11.8% | β3.4% |
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 β not investment advice. Check the original filings before relying on any figure.
