Micron Technology vs Qualcomm
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The short version
- Micron Technology is the larger business, with $133.2B of revenue in fiscal 2026 against $44.3B for Qualcomm, about 3.0 times as much.
- Micron Technology grew revenue faster (256.3%, against 13.7%).
- Micron Technology kept more of each dollar of sales as operating profit (74.6% operating margin, against 27.9%).
- Micron Technology turned more of its sales into free cash flow (44.3% FCF margin, against 29.0%).
- Micron Technology earned a higher return on the capital invested in it (106.8%, against 23.7%).
| Latest fiscal year | MU · FY26 | QCOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.00T | $188.0B |
| Revenue | $133.2B | $44.3B |
| Free cash flow | $59.0B | $12.8B |
| Net income | $85.0B | $5.5B |
| Growth | ||
| Revenue growth | 256.3% | 13.7% |
| 5-year growth | 36.9% | 13.5% |
| Share count change | 1.6% | −2.2% |
| Profitability | ||
| Gross margin | 80.7% | 55.4% |
| Operating margin | 74.6% | 27.9% |
| Net margin | 63.8% | 12.5% |
| FCF margin | 44.3% | 29.0% |
| Return on capital | 106.8% | 23.7% |
| Return on equity | 88.3% | 23.3% |
| Balance sheet | ||
| Net debt | −$38.3B | $4.7B |
| Net debt / EBITDA | −0.4x | 0.3x |
| Dividends and buybacks | $1.3B | $12.6B |
| Valuation & quality | ||
| P/E | — | 20.1x |
| Piotroski F-score | 8 | 6 |
Revenue
FY17
MU $20.3B
QCOM $22.3B
FY18
MU $30.4B
QCOM $22.6B
FY19
MU $23.4B
QCOM $24.3B
FY20
MU $21.4B
QCOM $23.5B
FY21
MU $27.7B
QCOM $33.6B
FY22
MU $30.8B
QCOM $44.2B
FY23
MU $15.5B
QCOM $35.8B
FY24
MU $25.1B
QCOM $39.0B
FY25
MU $37.4B
QCOM $44.3B
FY26
MU $133.2B
QCOM —
MU
QCOM
Operating margin
FY17
MU 28.9%
QCOM 11.6%
FY18
MU 49.3%
QCOM 2.8%
FY19
MU 31.5%
QCOM 31.6%
FY20
MU 14.0%
QCOM 26.6%
FY21
MU 22.7%
QCOM 29.2%
FY22
MU 31.5%
QCOM 35.9%
FY23
MU −37.0%
QCOM 21.7%
FY24
MU 5.2%
QCOM 25.9%
FY25
MU 26.1%
QCOM 27.9%
FY26
MU 74.6%
QCOM —
MU
QCOM
Free cash flow
FY17
MU $3.4B
QCOM $4.3B
FY18
MU $8.5B
QCOM $3.1B
FY19
MU $3.4B
QCOM $6.4B
FY20
MU $83.0M
QCOM $4.4B
FY21
MU $2.4B
QCOM $8.6B
FY22
MU $3.1B
QCOM $6.8B
FY23
MU −$6.1B
QCOM $9.8B
FY24
MU $121M
QCOM $11.2B
FY25
MU $1.7B
QCOM $12.8B
FY26
MU $59.0B
QCOM —
MU
QCOM
Return on capital
FY17
MU 27.2%
QCOM —
FY18
MU 54.5%
QCOM —
FY19
MU 21.0%
QCOM 88.4%
FY20
MU 7.7%
QCOM 70.3%
FY21
MU 14.8%
QCOM 80.8%
FY22
MU 19.7%
QCOM 75.4%
FY23
MU −9.5%
QCOM 30.8%
FY24
MU 1.7%
QCOM 38.6%
FY25
MU 15.9%
QCOM 23.7%
FY26
MU 106.8%
QCOM —
MU
QCOM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.