Micron Technology, Inc. (MU) Company Research

Last Updated: 13 May 2026

Micron Technology is the only US-headquartered manufacturer of both DRAM and NAND flash memory at scale. After a brutal FY2023 downcycle, Micron has emerged as one of the fastest-growing large-cap semiconductor companies in the world, driven by an AI-fuelled memory supercycle and its leading position in High Bandwidth Memory (HBM). As of May 2026 the stock trades near $750, up roughly 120% year-to-date.

1. Company Snapshot

Field	Value
Full name	Micron Technology, Inc.
Ticker	NASDAQ: MU
Sector / Industry	Technology — Semiconductors (Memory)
Founded	1978, Boise, Idaho, USA
Headquarters	Boise, Idaho, USA
Employees (FY2025)	~43,000
CEO	Sanjay Mehrotra (since 2017)
Market cap (May 2026)	~$864bn
Share price (13 May 2026)	~$747
52-week range	~$290 – $800+
Dividend (annual)	$0.46/share ($0.115 quarterly)
Fiscal year end	Last Thursday of August
FY2025 revenue	$37.4bn (+49% YoY)
Primary products	DRAM (HBM3E, HBM4, DDR5, LPDDR5), NAND (QLC/TLC SSDs)
Key customers	NVIDIA, Apple, AWS, Microsoft, Google, major OEMs

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

• AI memory supercycle: HBM demand is structurally unconstrained — Micron sold out its entire 2026 HBM production before mid-year and HBM4 is ramping in calendar Q2 2026 with yields ahead of schedule.
• Explosive revenue growth: Q1 FY2026 revenue hit $13.64bn (+57% YoY); Q2 FY2026 came in at $23.86bn (+196% YoY), with Q3 FY2026 guidance of $33.5bn implying another step-change higher.
• Only US-based DRAM/NAND producer: CHIPS Act funding of $6.165bn in grants plus $7.5bn in loans de-risks its $20bn FY2026 capex plan and establishes US supply-chain primacy.
• Margin expansion: Gross margin expanded from 22.6% in FY2024 to ~38.6% in FY2025 and 56.8% in Q1 FY2026, driven by HBM pricing power and NAND cost reductions.
• New fabs securing long-run supply: First Idaho fab wafer output pulled in to mid-2027; New York megafab on schedule for 2030; India assembly and test facility in pilot production.

Bear Case

• Memory cycle risk: Micron’s revenues fell 49% in FY2023 and have historically swung violently with the commodity memory cycle; a demand softening could rapidly reverse margins.
• Concentration risk: NVIDIA represents a disproportionate share of HBM revenue; any shift in NVIDIA’s GPU roadmap or alternate sourcing would materially impact Micron.
• Chinese competition: CXMT and YMTC are rapidly scaling leading-edge DRAM and NAND capacity with heavy state subsidies, threatening to create significant oversupply.
• Export controls exposure: US restrictions on chip sales to China reduce Micron’s addressable market and could escalate, while China has already restricted Micron sales to certain domestic critical-infrastructure customers.
• Capex intensity: A $20bn annual capex run-rate requires sustained high prices; any downcycle would pressure free cash flow while fixed investment obligations remain.

3. What Does This Company Do

Micron designs and manufactures DRAM and NAND flash memory semiconductors, sold into virtually every compute market from data centres and AI accelerators to smartphones, automobiles, and industrial equipment. It operates four reportable business segments:

Segment	% of revenue	What it is
CNBU — Compute & Networking	~46%	High-bandwidth DRAM for data centres, AI/HPC workloads, and HBM3E/HBM4 for NVIDIA GPUs and other AI accelerators. Fastest-growing segment.
MBU — Mobile	~22%	LPDDR5/5X and high-density NAND for smartphones and tablets. Major customers include Apple and Samsung Mobile.
SBU — Storage	~19%	QLC and TLC NAND in enterprise SSDs (Micron 9550), consumer SSDs, and component NAND for OEMs and hyperscalers.
EBU — Embedded	~13%	DRAM and NAND for automotive (ADAS, infotainment), industrial IoT, and smart home devices. Long product lifecycles and sticky customer relationships.

Micron’s manufacturing process spans the full value chain: wafer fabrication (fabs in Boise Idaho, Manassas Virginia, Hiroshima Japan, Singapore, and Taichung Taiwan), assembly and test (Penang Malaysia, Singapore, India), and design centres worldwide. Its 1-alpha and 1-beta DRAM nodes compete directly with Samsung and SK Hynix; its 232-layer NAND competes with SK Hynix/Solidigm and Kioxia/Sandisk.

4. Business Model

How Micron makes money. Micron is a capital-intensive manufacturer of commodity and specialty memory chips. Revenue is primarily product sales — no meaningful software or services layer. Pricing is set by global supply/demand dynamics for DRAM and NAND, which makes Micron’s financials highly cyclical. In upcycles (like FY2025–FY2026) margins expand dramatically; in downcycles (FY2023) the company can post multi-billion-dollar net losses.

HBM as a premium revenue driver. High Bandwidth Memory commands significant price premiums over standard DRAM (estimates range from 5–8× per-bit price uplift). Micron has secured binding long-term supply agreements for its entire 2026 HBM production with hyperscalers and AI chip makers, providing rare revenue visibility in an otherwise volatile commodity market.

Cost structure. Micron’s cost of goods sold is dominated by depreciation of fabrication equipment, raw materials (silicon wafers, chemicals), and direct labour. Process node advancement (shrinking transistors) is the primary lever for reducing per-bit production costs. Its 1-gamma DRAM node and next-generation EUV-patterned processes are expected to deliver meaningful cost reductions from FY2027 onward.

Capital allocation. Micron invests heavily in capex ($20bn guided for FY2026), returns modest cash via a stable $0.115/quarter dividend (unchanged since FY2021), and conducts opportunistic share buybacks. The balance sheet carries ~$12.9bn of long-term debt, offset by significant cash and short-term investments.

Government partnerships. The CHIPS and Science Act grants ($6.165bn) and loans ($7.5bn) from the US Department of Commerce materially reduce the capital risk of Micron’s US domestic manufacturing expansion. India’s semiconductor incentive scheme has also supported Micron’s assembly and test facility in Gujarat.

5. Financial Health

Annual Financials

Fiscal year	Revenue	YoY %	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021 (ended 2 Sep 2021)	$27.7bn	+29%	$5.17	$6.06	$0.46	~$5.7bn
FY2022 (ended 1 Sep 2022)	$30.8bn	+11%	$7.75	$9.65	$0.46	~$6.6bn
FY2023 (ended 31 Aug 2023)	$15.5bn	−49%	−$5.36	−$5.47	$0.46	~$13.3bn
FY2024 (ended 29 Aug 2024)	$25.1bn	+62%	$0.70	$1.30	$0.46	~$12.9bn
FY2025 (ended 28 Aug 2025)	$37.4bn	+49%	$7.61	$8.35	$0.46	~$12.9bn

Quarterly Financials (Most Recent First)

Quarter	Revenue	GAAP EPS	Adjusted EPS
Q2 FY2026 (ended 27 Feb 2026)	$23.86bn	$12.07	$12.20
Q1 FY2026 (ended 27 Nov 2025)	$13.64bn	$4.60	$4.78
Q4 FY2025 (ended 28 Aug 2025)	$8.94bn	$1.79	$1.79
Q3 FY2025 (ended 29 May 2025)	$9.91bn	$1.91	$1.91
FY2025 full year total	$37.4bn	$7.61	$8.35

Q3 FY2026 guidance (quarter ending ~May 2026): revenue ~$33.5bn (±$400m), adj. EPS ~$19.15 (±$0.20). Results expected ~24 June 2026.

6. Valuation

*Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.*

Metric	Value (approx., May 2026)
Market cap	~$864bn
Share price	~$747
Trailing P/E (GAAP)	~37× (based on FY2025 GAAP EPS $7.61 + H1 FY2026 GAAP EPS $16.67)
P/E (forward)	~8× (based on consensus FY2026 adj. EPS estimates)
Price/Sales (TTM)	~14× (based on run-rate annualised Q1+Q2 FY2026)
Price/Book	~9×
Dividend yield	~0.06% (at ~$747 price)
YTD performance (2026)	+~120% (from ~$340 at 1 Jan 2026)
52-week high	~$800+
52-week low	~$290
Analyst consensus	~90% Buy; Street-high target $1,000 (D.A. Davidson)

Note: Because Micron is deeply cyclical, trailing P/E can be misleading at cycle peaks. Memory investors typically look at forward EV/EBITDA or through-cycle normalised earnings. The current forward P/E of ~8× reflects both exceptional near-term earnings power and market scepticism about how long this upcycle will last.

7. What Are They Building

HBM4 — next-generation AI memory. Micron’s HBM4, with industry-leading speeds exceeding 11 Gbps per pin, began volume shipments in Q2 FY2026 (calendar Q1 2026), ahead of both Samsung and SK Hynix. HBM4 targets the next wave of AI accelerators including NVIDIA’s Blackwell Ultra and Rubin platforms, as well as AMD MI400 and custom silicon from hyperscalers. HBM4 delivers roughly 50% more bandwidth than HBM3E while the base die (logic interposer) is now manufactured on leading-edge TSMC nodes — a structural shift in how HBM is made.

1-gamma DRAM node. Micron is the only memory maker to have qualified EUV (extreme ultraviolet) lithography for DRAM production. Its 1-gamma node, entering production in FY2026, uses EUV patterning across multiple layers, enabling smaller cells, lower power, and better yields than competitor equivalent processes. The 1-gamma node underpins both HBM4 and next-generation DDR5/LPDDR6 products.

EUV adoption and process leadership. Samsung has faced EUV yield challenges and SK Hynix relies on EUV for fewer layers than Micron. Micron’s EUV manufacturing expertise, developed partly through its IMFT (IM Flash Technologies) legacy, gives it a potential multi-quarter process technology lead entering the back half of the decade.

Idaho fab expansion. Micron is building two new DRAM fabs in Boise, Idaho. The first fab is expected to produce first wafers in mid-2027, pulled in from prior estimates of H2 2027, with $6.165bn in CHIPS Act grants helping fund construction. A second Idaho fab will break ground in 2026 and be operational by end-2028. Together these will roughly triple US DRAM capacity.

New York megafab. Micron broke ground on a multi-fab campus in Clay, New York (near Syracuse) in early 2026. The NY complex, partially funded by $7.5bn in CHIPS Act loans, is expected to supply customers from 2030 onward, representing the largest private investment in New York State history.

India assembly and test facility. Micron’s semiconductor assembly and test facility (ATMP) in Sanand, Gujarat, India, began pilot production and is ramping through 2026. Partially funded by the Indian government’s semiconductor incentive scheme, this facility supports NAND packaging for Asian markets and diversifies Micron’s supply chain away from geopolitically sensitive nodes.

China trade risks. China accounted for roughly 11% of Micron’s FY2025 revenue following the 2023 ban on sales of certain Micron products to Chinese critical-infrastructure operators. US export controls on advanced memory (including HBM) to China remain in place and could tighten further. Micron has partially replaced lost Chinese volume with accelerated data-centre demand elsewhere, but China-related regulatory risk remains a material overhang.

8. Competitive Landscape

The global memory industry is a near-oligopoly: three players (Samsung, SK Hynix, Micron) control ~95% of DRAM supply, while NAND is more fragmented. Micron is the smallest of the three DRAM majors by revenue but the only US-domiciled producer.

Peer	Market cap	Key metric
Samsung Electronics (KRX: 005930)	~$1.1tn (May 2026)	World’s largest DRAM & NAND producer by volume; also makes logic chips via Samsung Foundry
SK Hynix (KRX: 000660)	~$883bn (May 2026)	First to commercialise HBM3E at scale for NVIDIA H100/H200
Kioxia Holdings (Tokyo: 285A)	~$90bn (2026)	World’s #3 NAND manufacturer
Sandisk (NASDAQ: SNDK)	~$15–20bn est.	Spun off from Western Digital; #4 NAND globally
CXMT (ChangXin Memory Technologies)	Private (Chinese state-backed)	Targeting DDR4/LPDDR5 at ~20nm node; rapidly scaling
YMTC (Yangtze Memory Technologies)	Private (Chinese state-backed)	232-layer NAND in production; reportedly 300-layer in development

9. Leadership and Ownership

Key Executives

• Sanjay Mehrotra — President & CEO: Former co-founder and CEO of SanDisk. Has led Micron since 2017, navigating two full memory cycles and overseeing the company’s transition to HBM leadership.
• Mark Murphy — CFO: Joined Micron in 2020 from Texas Instruments; leads capital allocation strategy and investor relations.
• Sumit Sadana — EVP & Chief Business Officer: Responsible for global business strategy, product portfolio, and customer relationships including the HBM supply agreements.
• Scott DeBoer — EVP & CTO: Leads technology development including EUV adoption and 1-gamma node development.
• Michael D. Cordano — EVP, Chief Operating Officer: Oversees global manufacturing operations across US, Japan, Singapore, and Taiwan fabs.

Recent Insider Transactions (Form 4 Filings)

Name	Date	Type	Shares	Price	Value	Plan Type
Sanjay Mehrotra (CEO)	01 May 2026	Sale (open market)	40,000	~$511–$545	~$21.5m	Rule 10b5-1 plan
Sumit Sadana (EVP & CBO)	10 Apr 2026	Sale (open market)	24,000	$421.35	~$10.1m	Rule 10b5-1 plan
Michael D. Cordano (EVP & COO)	09 Apr 2026	Sale (open market)	3,407	$420.81	~$1.43m	Non-derivative, open market
Director (disclosed in filing)	13–14 Jan 2026	Purchase	23,200	~$337.00	~$7.8m	Open market purchase

Source: SEC EDGAR Form 4 filings. All CEO/EVP sales were executed under pre-arranged Rule 10b5-1 trading plans, indicating these were scheduled in advance and not reactions to near-term expectations. The director purchase in January 2026 is notable positive-signal insider activity.

Institutional Ownership

Major institutional shareholders include Vanguard Group (~9%), BlackRock (~7%), State Street (~5%), and various large active funds. Micron is a constituent of the S&P 500, Nasdaq-100, and multiple semiconductor ETFs (SOXX, SMH) which drive significant passive ownership flows.

10. Risks and Challenges

• Memory cycle risk (Macro/Cyclical): Micron’s revenues collapsed 49% in FY2023 and the company posted a $5.8bn net loss. The current upcycle is exceptional but memory markets are notoriously prone to oversupply; any significant capex additions by Samsung or SK Hynix beyond the current constrained environment could compress bit prices rapidly.
• China competition — CXMT (Geopolitical/Competitive): ChangXin Memory Technologies is scaling DDR4 and LPDDR5 production with heavy Chinese state subsidies. While currently 1–2 nodes behind Micron, CXMT’s cost structure and captive domestic market create long-run commodity DRAM pricing pressure.
• China competition — YMTC (Geopolitical/Competitive): YMTC’s 232-layer NAND competes in the higher-density segments. US export controls on equipment limit its node progression, but YMTC has shown an ability to innovate around restrictions.
• US export control escalation (Regulatory): The US government has repeatedly tightened semiconductor export rules since 2022. Any extension of HBM or advanced NAND export restrictions to additional countries could reduce Micron’s addressable market and invite retaliatory measures from China.
• China sales ban (Regulatory): China’s Cyberspace Administration of China (CAC) barred Micron from selling to critical infrastructure operators in China in May 2023. This ban continues to affect China revenues.
• Samsung and SK Hynix pricing power (Competitive): Samsung and SK Hynix together control ~70–75% of DRAM supply. If either player decides to restart aggressive capacity additions or cut prices to defend market share, Micron’s revenue and margin trajectory would be materially impacted.
• Customer concentration (Business): NVIDIA is believed to represent a significant portion of Micron’s HBM revenue. Any change to NVIDIA’s GPU roadmap, a shift to alternate memory suppliers, or regulatory action against NVIDIA would flow directly through to Micron.
• Capex intensity and debt (Financial): At $20bn annual capex, Micron must sustain high memory prices to generate positive free cash flow. The company carries ~$12.9bn in long-term debt and has significant lease and operating obligations. A downcycle while fabs are under construction would create meaningful financial stress.
• Fab construction and execution risk (Operational): Building multiple greenfield fabs simultaneously across the US, India, and existing Asian sites creates execution risk. CHIPS Act funding comes with domestic content and workforce requirements that could affect timelines and costs.
• Geopolitical risk — Taiwan and Japan (Geopolitical): Micron operates significant manufacturing in Taiwan (Taichung) and Japan (Hiroshima). Cross-strait tensions or regional instability could disrupt production in ways that would be difficult to quickly replace with US domestic capacity.

11. Recent Developments

• 12 May 2026 — MU stock hits fresh all-time highs near $800, up ~120% year-to-date, as Wall Street analysts raise targets ahead of Q3 FY2026 results. D.A. Davidson reiterates a Street-high $1,000 price target. CNBC, May 2026
• 18 Mar 2026 — Micron reports record Q2 FY2026 results: revenue $23.86bn (+196% YoY), GAAP EPS $12.07, adj. EPS $12.20. Operating cash flow $11.9bn. Company issues Q3 FY2026 revenue guidance of ~$33.5bn. Micron IR
• 12 Feb 2026 — Micron CFO confirms volume shipments of HBM4 chips have begun, sending MU shares up 9% in a single session. HBM4 features speeds exceeding 11 Gbps, targeting NVIDIA Blackwell Ultra and Rubin GPU platforms.
• 08 Jan 2026 — Micron breaks ground on the Clay, New York megafab campus, backed by $7.5bn in CHIPS Act loans, targeted to supply customers from 2030.
• 17 Dec 2025 — Micron reports record Q1 FY2026 results: revenue $13.64bn (+57% YoY), GAAP EPS $4.60, adj. EPS $4.78. Gross margin 56.8%. Free cash flow $3.9bn — a new quarterly record. Micron IR
• Q4 2025 — Micron confirms its entire 2026 HBM production is sold out under binding supply agreements. CEO Sanjay Mehrotra states the company can fulfil only 50–67% of key customer HBM demand in the medium term, reflecting the severity of the AI memory shortage.
• Oct 2025 — Micron pulls in the timeline for first wafer output from its first Idaho fab to mid-2027, approximately six months ahead of prior guidance, attributed to efficient CHIPS Act capital deployment.
• Aug 2025 — Micron reports FY2025 full-year results: revenue $37.4bn (+49% YoY), GAAP EPS $7.61, adj. EPS $8.35. CNBU segment drove the majority of growth as HBM3E revenue scaled rapidly through the fiscal year. Micron IR
• May 2023 — China’s Cyberspace Administration of China bans Micron products from certain critical infrastructure operators in China, citing national security concerns. The ban continues to affect China revenues.

12. Key Dates Coming Up

• 20 May 2026 (8:40 a.m. EDT) — Presentation at J.P. Morgan Global Technology, Media and Communications Conference.
• 24 Jun 2026 — Q3 FY2026 earnings release and conference call. Revenue guidance ~$33.5bn; adj. EPS guidance ~$19.15 (per Q2 FY2026 press release, 18 Mar 2026).
• Late Aug 2026 — FY2026 fiscal year end (Micron's fiscal year ends on the last Thursday of August).
• Late Sep / Early Oct 2026 — Q4 FY2026 and full-year earnings release expected.
• Jan 2027 — Annual General Meeting (typically held in January each year).
• Mid-2027 — Idaho Fab 1 (Boise) first wafer output targeted; timeline pulled forward from H2 2027.
• 2030 — New York Clay megafab first memory supply targeted.

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Disclaimer: This article is produced for informational and educational purposes only and does not constitute financial advice, investment advice, or a recommendation to buy or sell any security. The information presented is sourced from publicly available company filings, press releases, and third-party sources believed to be reliable but is not independently verified. Past performance is not indicative of future results. Memory markets are highly cyclical and Micron’s financial results may vary materially from forward projections. Always conduct your own research and consult a qualified financial adviser before making investment decisions. ChartsView.co.uk is not regulated by the Financial Conduct Authority.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.