Micron Technology, Inc. (MU) Company Research

# Micron Technology, Inc. (MU) — Company Research **Last Updated:** 10 May 2026 Micron Technology, Inc. designs, manufactures and sells DRAM, NAND and NOR memory and storage products, sold under the Micron and Crucial brands into the cloud/data-centre, mobile, client, automotive and embedded markets. In fiscal 2025 (year ended 28 August 2025) Micron delivered $37,378m of revenue, up 48.85% year-on-year, with $14,873m of gross profit (a 39.79% gross margin per JSON), $9,809m of operating income, $8,539m of net income and diluted EPS of $7.59 — a swing of $14,372m of net income from the FY2023 trough of -$5,833m (JSON). The shares closed the most recent session at $746.81, printing a fresh 52-week high of $747.21 intraday — well above the 52-week low of $90.93 — putting market capitalisation at approximately $842bn against an enterprise value of approximately $838bn. Cash and equivalents were $9,642m against $15,278m of total debt at fiscal 2025 year-end (JSON). The shares are in the headlines this week with TheStreet (recent_news, 9 May 2026) reporting that Micron "rose 15% in a single session on May 8" and "almost 40%" over five trading sessions, while The Motley Fool (recent_news, 9 May 2026) leads with "Micron Stock Is Up 700% Over the Past Year" linked to the AI-memory cycle that drove the FY2025 results above and FY2026 results to date. --- ## 1. Company Snapshot | Field | Value | |---|---| | Company | Micron Technology, Inc. | | Ticker | MU (NMS / Nasdaq Global Select) | | Sector / Industry | Technology / Semiconductors | | Country | United States | | Headquarters | 8000 South Federal Way, Boise, Idaho | | Website | https://www.micron.com | | CEO | Mr. Sanjay Mehrotra (Chairman, President and CEO) | | Employees | ~53,000 | | Market capitalisation | ~$842.2 billion | | Enterprise value | ~$838.4 billion | | Shares outstanding | 1,127,734,051 | | Float | 1,123,583,990 | | Latest annual revenue (FY2025, ended 28 Aug 2025) | $37,378m | | Latest annual net income (FY2025) | $8,539m | | Cash & equivalents (28 Aug 2025) | $9,642m | | CIK | 0000723125 | *Per the FY2025 10-K (Item 1, filed 2025-10-03): Micron is "an industry leader in innovative memory and storage solutions" delivering "DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands." In the fourth quarter of fiscal 2025 the company reorganised into four reportable segments — Cloud Memory Business Unit (CMBU), Core Data Center Business Unit (CDBU), Mobile and Client Business Unit (MCBU) and Automotive and Embedded Business Unit (AEBU).* --- ## 2. Bull Case vs Bear Case **Bull case** - Memory super-cycle has arrived in reported numbers: revenue +48.85% YoY in FY2025 to $37,378m, net income $8,539m vs $778m the year prior and -$5,833m two years prior (JSON). Gross margin expanded to 39.79% in FY2025 from 22% in FY2024 and -9% in FY2023 *(per the FY2025 10-K, Item 7, filed 2025-10-03)*. - AI-driven mix shift to higher-value DRAM: *per the FY2025 10-K (Item 7, filed 2025-10-03)*, "AI-driven demand is accelerating and is outpacing industry supply"; CMBU revenue grew 257% YoY in FY2025 to $13,524m as Micron "shifted a portion of our DRAM supply to the data center and hyperscale cloud markets to meet the strong demand fueled by AI, with emphasis on HBM products." - HBM ramp on schedule: *per the FY2025 10-K (Item 1, filed 2025-10-03)*, "In the fourth quarter of 2025, HBM3E 12-high represented the majority of our HBM shipments" and "we delivered samples of HBM4 36GB 12-high to multiple key customers"; HBM4 "remains on schedule for volume production in calendar 2026." - Cash generation step-change: $17,525m of operating cash flow in FY2025 vs $8,507m in FY2024 and $1,559m in FY2023 (JSON); FY2025 free cash flow of $1,668m after $15,857m of capex (JSON) — capex-heavy because of the U.S. and Asian fab build-outs documented in MD&A. - Government incentive backstop on U.S. capex: *per the FY2025 10-K (Item 7, filed 2025-10-03)*, "On December 9, 2024, we entered into direct funding agreements with the U.S. Department of Commerce for up to $6.1 billion in direct funding pursuant to the CHIPS Act," subsequently amended in June 2025 to add a Manassas $275m grant — total CHIPS Act direct funding of "up to $6.4 billion." On top of that, Micron receives a 35% investment tax credit on qualifying U.S. investments placed in service after 31 December 2025 (raised from 25% under the One Big Beautiful Bill Act enacted 4 July 2025), plus an in-principle $5.5bn New York state package over 20+ years. - Recent price action and AI-cycle commentary: TheStreet (recent_news, 9 May 2026) reports the stock "rose 15% in a single session on May 8" and "almost 40%" over five trading sessions, returning "137% year-to-date." The Motley Fool (recent_news, 9 May 2026) headlines "Micron Stock Is Up 700% Over the Past Year" linking to "a multidecade growth cycle for artificial intelligence (AI) and robotics." **Bear case** - Memory remains a deeply cyclical commodity industry: *per the FY2025 10-K (Item 1A, filed 2025-10-03)*, "In the past five years, annual percentage changes in DRAM average selling prices have ranged from plus low 40% to a minus high 40% range. In the past five years, annual percentage changes in NAND average selling prices have ranged from plus low 30% to a minus low 50% range." FY2023's $5,833m net loss (JSON) is the recent illustration of how violently the cycle can reverse. - Customer concentration is rising with the AI cycle: *per the FY2025 10-K (Item 8, Note 28, filed 2025-10-03)*, "Revenue from one customer was 17% (primarily included in the CMBU segment) of total revenue for 2025"; in FY2024 the largest customer was 10%, with no customer above 10% in FY2023. The HBM customer base is structurally narrower than commodity DRAM, concentrating both the upside and the downside. - Geographic and geopolitical exposure: *per the FY2025 10-K (Item 1A, filed 2025-10-03)*, "approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States" and "A majority of our DRAM production output in 2025 was from our fabrication facilities in Taiwan." The 2023 China Cyberspace Administration ("CAC") decision that "critical information infrastructure operators in China may not purchase Micron products" still constrains the China business. - Competitive supply additions including state-backed entrants: *per the FY2025 10-K (Item 1, filed 2025-10-03)*, named competitors include Samsung Electronics, SK hynix, Kioxia, Sandisk, CXMT and YMTC, with the disclosure that "we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC." - Capex is at record levels and will stay there: *per the FY2025 10-K (Item 7, filed 2025-10-03)*, "We estimate capital expenditures for property, plant, and equipment, net of proceeds from government incentives, to be approximately $4.5 billion in first quarter of 2026… this level serves as a reasonable quarterly baseline for the planned capital expenditures for 2026." That implies an ~$18bn run-rate capex programme (after netting government incentives) on top of the $15,857m FY2025 capex (JSON) — and the Idaho/New York/Singapore/Hiroshima/Gujarat projects are committed multi-year builds. - Buyback effectively suspended in FY2025 with debt-paydown prioritised: *per the FY2025 10-K (Item 8, Note 15, filed 2025-10-03)*, "No shares were repurchased in 2025"; through 28 August 2025 only $7.19bn had been deployed against the $10bn standing authorisation. JSON shows $0 of stock buybacks in FY2025 vs -$300m in FY2024 and -$2,432m in FY2022. Capital allocation is being skewed to capex and debt repayment rather than EPS support. --- ## 3. What Does This Company Actually Do? In plain English, Micron makes the chips that store data — specifically DRAM (volatile, fast, used as a CPU/GPU's working memory) and NAND (non-volatile, used as long-term storage in SSDs and phones) — and sells them into the data centre, mobile, PC, automotive and embedded markets. The product portfolio is now organised around four reportable business units after a fourth-quarter FY2025 reorganisation. *Per the FY2025 10-K (Item 7, filed 2025-10-03)*, the FY2025 revenue mix by business unit was: - **Cloud Memory Business Unit (CMBU)** — $13,524m, **36%** of total revenue (up from 15% in FY2024). Memory solutions for hyperscale cloud customers, including HBM, high-capacity DIMMs, low-power server DRAM, DDR5/DDR4, LPDDR5 and GDDR6. Growth driver in FY2025: "increases in DRAM bit shipments and average selling prices driven by accelerating AI demand in cloud server markets for HBM, high-capacity dual in-line memory modules ('DIMMS'), and low-power server DRAM." - **Mobile and Client Business Unit (MCBU)** — $11,859m, **32%** of total revenue (down from 46% in FY2024 by share, although +2% in dollars). LPDDR5/LPDDR4 mobile DRAM, managed NAND, plus Crucial-branded SSDs (BX500 SATA, P3 Plus PCIe) and client SSDs (2500/2550/2650/3500 series) for OEM PCs. - **Core Data Center Business Unit (CDBU)** — $7,229m, **19%** of total revenue (vs 20% in FY2024 by share, +45% in dollars). Mid-tier cloud, enterprise and OEM data-centre DRAM (predominantly DDR5 and DDR4) plus the data-centre SSD line-up (5400/6500 ION/7450/7500/9550 series, plus the new 6550 ION SSD on G8 NAND and the first PCIe Gen6 SSDs on G9 NAND). - **Automotive and Embedded Business Unit (AEBU)** — $4,753m, **13%** of total revenue (vs 18% in FY2024 by share, +3% in dollars). LPDDR5/LPDDR4, managed NAND, DDR4/DDR3, GDDR6 and NOR products for automotive infotainment and ADAS, industrial automation, IoT and consumer embedded applications. - **All other** — $13m (rounded to ~0% of total). Total FY2025 revenue: $37,378m. ```svg-revenue-mix-donut Revenue mix (FY2025 by business unit per FY2025 10-K Item 7): - CMBU (Cloud Memory): 36% - MCBU (Mobile and Client): 32% - CDBU (Core Data Center): 19% - AEBU (Automotive/Embedded): 13% Total: 100% ``` *Per the FY2025 10-K (Item 1, filed 2025-10-03)*, the underlying technology mix was: "Total reported DRAM revenue was $28.58 billion in 2025, $17.60 billion in 2024, and $10.98 billion in 2023" (i.e., DRAM was ~76% of FY2025 revenue) and "Total reported NAND revenue was $8.50 billion in 2025, $7.23 billion in 2024, and $4.21 billion in 2023" (~23% of FY2025 revenue). The remainder is NOR and other product categories. Geographically, *per the FY2025 10-K (Item 8, Note 29, filed 2025-10-03)*, FY2025 revenue by customer headquarters was: U.S. $24,113m, Taiwan $5,672m, Mainland China (excluding Hong Kong) $2,639m, Other Asia Pacific $1,913m, Hong Kong $1,138m, Japan $895m, Europe $625m, Other $383m. The U.S.-headquartered customer concentration of $24,113m on $37,378m of revenue is ~65%, reflecting that U.S. hyperscaler memory orders drove the FY2025 mix shift. *Per the FY2025 10-K (Item 1A, filed 2025-10-03)*: "approximately 80% of our revenue in 2025 was from products shipped to customer locations outside the United States" — i.e., the customer is headquartered in the U.S. but the device ships to a contract manufacturer outside the U.S. --- ## 4. The Business Model Micron designs and fabricates memory chips at scale and sells them — predominantly to a small number of large OEM, hyperscaler and contract-manufacturer customers — at prices that are set by the global memory cycle and (for high-end products like HBM) by bilateral negotiation. The unit economics are determined by per-bit manufacturing cost, technology node leadership and product mix. *Per the FY2025 10-K (Item 1, filed 2025-10-03)*, "We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes" with primary fabs in "Taiwan, Singapore, Japan, the United States, Malaysia, China, and India." **Margins.** Headline gross margin was 39.79% in FY2025 (JSON), operating margin 26.24%, net margin 22.84%, ROE 15.76%, ROA 10.31%, FCF yield 0.20% (all JSON). *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: "Our consolidated gross margin percentage improved to 40% for 2025 from 22% for 2024 as a result of improvements in margins for both DRAM and NAND products. DRAM margins improved primarily due to increases in average selling prices, an increased mix of higher-margin products, including HBM, and manufacturing cost reductions driven by improvements in product and process technology." For DRAM: "Sales of DRAM products increased 62% primarily due to a low-40% range increase in average selling prices and a mid-teen percentage increase in bit shipments." For NAND: "Sales of NAND products increased 18% primarily due to a high-teen percentage increase in bit shipments." **Operating cost stack.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*, FY2025 operating expenses were R&D $3,798m (10% of revenue, +11% YoY) and SG&A $1,205m (3% of revenue, +7% YoY), plus restructure and asset impairments of $39m and other operating expense (net) of $61m. R&D growth was "primarily due to increases in employee compensation, depreciation expense, and higher volumes of development and pre-qualification wafers"; SG&A was up "primarily due to an increase in employee compensation and professional services." **Tax.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*, the FY2025 effective tax rate was 11.6% (vs 36.4% in FY2024 and -3.1% in FY2023 on the pre-tax loss). The structurally low rate reflects "tax incentive arrangements" in jurisdictions outside the U.S., principally Singapore — "The effect of tax incentive arrangements reduced our tax provision by $1.05 billion (benefiting our diluted earnings per share by $0.93) for 2025." The same source flags two pending tax-law overhangs: the One Big Beautiful Bill Act enacted 4 July 2025 ("primarily are effective for us beginning in 2026 and 2027") and Singapore's Pillar Two legislation enacted 27 November 2024 ("which will apply to us starting in 2026"). **Subsidy / regulatory-credit dependency — quantified.** Micron's U.S. capex programme is materially supported by federal grants and tax credits, both of which are partly contingent. *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: "On December 9, 2024, we entered into direct funding agreements with the U.S. Department of Commerce for up to $6.1 billion in direct funding pursuant to the CHIPS Act for a planned fab in Boise, Idaho, and two planned fabs in Clay, New York. On June 11, 2025, we entered into amendments to the direct funding agreements to add a second planned fab in Boise, Idaho… On June 11, 2025, we also entered into a direct funding agreement with the U.S. Department of Commerce for up to $275 million in direct funding to expand and modernize our fab in Manassas, Virginia. The grants under the funding agreements represent total CHIPS Act grants of up to $6.4 billion." On top of grants: "we receive a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act" (raised from 25% by the OBBBA for assets placed in service after 31 December 2025) and "a non-binding term sheet with the State of New York that provides for up to $5.5 billion in funding for the planned four-fab facility over the next 20-plus years." For FY2025, *per the FY2025 10-K (Item 7, filed 2025-10-03)*, Micron "received $2.01 billion of proceeds from government incentives to offset capital expenditures" — i.e., government incentives reduced FY2025 net capex by ~$2.0bn (vs $315m in FY2024 and $710m in FY2023). The incentives are "conditional, in part, upon meeting certain business operations and employment thresholds" and are "subject to reduction, termination, or clawback." **Moat and supply chain.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "As of August 28, 2025, we have been granted over 60,000 patents and we owned approximately 15,000 active U.S. patents and 7,500 active foreign patents." Process-technology leadership is the recurring theme: "In 2025, we began shipping the industry's first 1γ (1-gamma) production node, which is our first DRAM node incorporating EUV lithography" and on NAND, "the majority of our NAND bit production in 2025 was on leading-edge Micron G8 and G9 NAND nodes." On the constraint side, "only a limited number of suppliers are capable of delivering certain materials, components, and services that meet our standards and, in some cases, materials, components, or services are provided by a single or sole source" — and *per the same Item 1*, "China is a predominant producer of these materials" for the rare-earth elements used in semiconductor production. **Capital model.** *Per the FY2025 10-K (Item 8, Note 15, filed 2025-10-03)*: "Our Board of Directors has authorized the discretionary repurchase of up to $10 billion of our outstanding common stock… Through August 28, 2025, we had repurchased an aggregate of $7.19 billion under the authorization. No shares were repurchased in 2025. We repurchased 3.2 million shares of our common stock for $300 million in 2024." Quarterly dividend "of $0.115 per share" was maintained in each quarter of 2025; the FY2025 cash outflow for dividends per JSON was $522m. --- ## 5. Financial Health **Five-year P&L and balance-sheet trend** (JSON is the source of truth for the line items below; FY2021 lines are not populated in the JSON record). | Fiscal year ended | Revenue | Operating income | Net income | Diluted EPS | Diluted shares (m) | Cash & equivs | Total debt | Total equity | Operating cash flow | Free cash flow | Stock buybacks | |---|---|---|---|---|---|---|---|---|---|---|---| | 28 Aug 2025 (FY2025) | $37,378m | $9,809m | $8,539m | $7.59 | 1,125 | $9,642m | $15,278m | $54,165m | $17,525m | $1,668m | $0 | | 29 Aug 2024 (FY2024) | $25,111m | $1,305m | $778m | $0.70 | 1,118 | $7,041m | $14,007m | $45,131m | $8,507m | $121m | -$300m | | 31 Aug 2023 (FY2023) | $15,540m | -$5,745m | -$5,833m | -$5.34 | 1,093 | $8,577m | $13,933m | $44,120m | $1,559m | -$6,117m | -$425m | | 1 Sep 2022 (FY2022) | $30,758m | $9,709m | $8,687m | $7.75 | 1,122 | $8,262m | $7,516m | $49,907m | $15,181m | $3,114m | -$2,432m | | FY2021 | not in JSON | not in JSON | not in JSON | not in JSON | n/a | n/a | n/a | n/a | n/a | n/a | n/a | The four-year arc reveals the classic memory cycle: revenue $30,758m → $15,540m → $25,111m → $37,378m and operating income $9,709m → -$5,745m → $1,305m → $9,809m. *Per the FY2025 10-K (Item 7, filed 2025-10-03)*, the FY2023 trough reflected industry oversupply and "$1,831m" of inventory write-downs; FY2024 results then benefited from "$987 million of benefit due to lower costs from the sale of inventories written down to their net realizable value in 2023." Total debt has roughly doubled over the cycle (FY2022 $7,516m → FY2025 $15,278m per JSON) as Micron borrowed to fund counter-cyclical capex through the downturn. Diluted-share count rose modestly (1,122m → 1,125m) — buybacks in FY2025 were zero per the 10-K and JSON, the smallest capital return in years, as cash was diverted to capex and debt repayment. **Quarterly trajectory** (JSON; the most recent five quarters with full income-statement detail). | Quarter end | Revenue | Gross profit | Gross margin | Operating income | Net income | EPS (diluted) | Operating cash flow | Free cash flow | |---|---|---|---|---|---|---|---|---| | 28 Feb 2026 (FY26 Q2) | $23,860m | $17,755m | 74.41% | $16,135m | $13,785m | $12.07 | $11,903m | $5,516m | | 30 Nov 2025 (FY26 Q1) | $13,643m | $7,646m | 56.04% | $6,136m | $5,240m | $4.60 | $8,411m | $3,022m | | 31 Aug 2025 (FY25 Q4) | $11,315m | $5,054m | 44.66% | $3,693m | $3,201m | $2.83 | $5,730m | $72m | | 31 May 2025 (FY25 Q3) | $9,301m | $3,508m | 37.72% | $2,169m | $1,885m | $1.68 | $4,609m | $1,671m | | 28 Feb 2025 (FY25 Q2) | $8,053m | $2,963m | 36.79% | $1,773m | $1,583m | $1.41 | $3,942m | -$113m | ```svg-revenue-gross-margin Quarterly revenue ($m, bars) and gross margin (%, line) — last 5 reported quarters per JSON: FY25 Q2 (Feb 25) | $8,053 | 36.79% FY25 Q3 (May 25) | $9,301 | 37.72% FY25 Q4 (Aug 25) | $11,315 | 44.66% FY26 Q1 (Nov 25) | $13,643 | 56.04% FY26 Q2 (Feb 26) | $23,860 | 74.41% ``` The five-quarter trail shows revenue almost tripling (from $8.05bn to $23.86bn) and gross margin expanding by ~38 percentage points, consistent with the AI-led DRAM/HBM mix shift documented in FY2025 MD&A and continuing into FY2026. The most recent quarter (FY26 Q2, ended 28 Feb 2026) is reported in JSON at $23,860m of revenue with a 74.41% gross margin — a step-change from the prior quarter that should be read in conjunction with the underlying 10-Q for that period (filed 19 March 2026, accession 0000723125-26-000006). **Liquidity, debt and capital structure.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: "Cash and marketable investments totaled $11.94 billion as of August 28, 2025" (JSON-defined narrow cash & equivalents was $9,642m, the difference being marketable securities not separately captured in the JSON narrow line). "As of August 28, 2025, $5.20 billion of our cash and marketable investments was held by our foreign subsidiaries." On debt, *per the same source*, Micron used FY2025 financing-activity cash to prepay several maturities — "$4.62 billion of repayments of debt, which included the prepayment of the 2026 Notes, 2026 Term Loan A, 2027 Notes, 2027 Term Loan A, and a portion of the 2029 Term Loan A borrowings" — partially offset by "$4.43 billion of proceeds from the issuance of the 2029 Term Loan A, 2032 Notes, 2035 A Notes, and 2035 B Notes." Per JSON, total debt was $15,278m at FY2025 close (long-term portion $11,533m), debt-to-equity 0.2821 and current ratio 2.518. The 10-K's "fixed-rate debt with an aggregate carrying value of $10.55 billion" (per Item 7A) is principal-only on fixed-rate notes, lower than the JSON $15,278m total which captures additional financing — JSON's $15,278m is the primary total-debt figure throughout this report. **Capex outlook.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: "We estimate capital expenditures for property, plant, and equipment, net of proceeds from government incentives, to be approximately $4.5 billion in first quarter of 2026. While quarterly expenditures may fluctuate, this level serves as a reasonable quarterly baseline for the planned capital expenditures for 2026." --- ## 6. Valuation & Market Data | Metric | Value | Source / note | |---|---|---| | Share price | $746.81 | JSON, as of 2026-05-10T03:47:14Z | | Previous close | $646.47 | JSON | | Day open / high / low | $676.43 / $747.21 / $676.365 | JSON | | Daily volume | 64,140,362 | JSON | | 10-day average volume | 47,714,420 | JSON | | 52-week high | $747.21 | JSON (intraday today) | | 52-week low | $90.93 | JSON | | Market capitalisation | $842,203,070,464 (~$842.2bn) | JSON | | Enterprise value | $838,412,075,008 (~$838.4bn) | JSON | | Shares outstanding | 1,127,734,051 | JSON | | Float | 1,123,583,990 | JSON | | Beta | 1.919 | JSON | | P/E (trailing, calculated) | 98.39 | JSON; $746.81 / FY2025 EPS basis used in `_calc_notes` | | Trailing P/E (yfinance variant) | 35.21 | JSON `price.trailing_pe_yfinance` | | Forward P/E (yfinance variant) | 7.34 | JSON `price.forward_pe_yfinance` | | P/B | 15.55 | JSON | | P/S (trailing) | 22.53 | JSON | | EV / Revenue | 22.43 | JSON | | EV / EBITDA proxy | 85.47 | JSON; D&A unavailable in source data, JSON uses operating income as proxy denominator and labels this as a proxy in `_calc_notes` | | FCF yield | 0.20% | JSON; FCF over market cap | | Gross margin | 39.79% | JSON | | Operating margin | 26.24% | JSON | | Net margin | 22.84% | JSON | | ROE | 15.76% | JSON | | ROA | 10.31% | JSON | | Debt / equity | 0.2821 | JSON | | Current ratio | 2.518 | JSON | | Dividend yield (indicated) | 0.08% | JSON | | Short interest / put-call / days-to-cover | not disclosed in this report's source data | JSON does not carry these fields | ChartsView publishes raw numbers only and does not editorialise on whether these levels look cheap or expensive. The very wide gap between the JSON's calculated trailing P/E (98.39, on the calculation methodology described in `_calc_notes`) and the yfinance-sourced trailing P/E (35.21) and forward P/E (7.34) reflects three things: the share price has run from $90.93 to $747.21 over the trailing 52 weeks (per JSON), FY2025 GAAP EPS was an order of magnitude above FY2024's ($7.59 vs $0.70 per JSON), and the forward yfinance multiple presumably uses a forward EPS estimate substantially above trailing. --- ## 7. What Are They Building / What's Coming? **Process-technology roadmap.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "In 2025, we began shipping the industry's first 1γ (1-gamma) production node, which is our first DRAM node incorporating EUV lithography and offers further improvements in power efficiency, performance, and bit density compared to our prior DRAM node products. The majority of our DRAM bit production in 2025 was on our leading-edge 1ß (1-beta) node." On NAND: "In 2024, we began volume production of Micron G9 NAND, representative of the industry's ninth-generation 3D NAND node. The majority of our NAND bit production in 2025 was on leading-edge Micron G8 and G9 NAND nodes." **HBM and AI memory.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "In the fourth quarter of 2025, HBM3E 12-high represented the majority of our HBM shipments. This enhanced version of HBM delivers faster data rates, improved thermal response, and a higher monolithic die density within the same package footprint as previous generations. In 2025, we delivered samples of HBM4 36GB 12-high to multiple key customers to power next-generation AI platforms." HBM4 production timing: *per the FY2025 10-K (Item 1, filed 2025-10-03)*, "Our HBM4 technology is advancing and remains on schedule for volume production in calendar 2026." **Server-DRAM innovations.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "In 2024, we qualified and began shipping our 128GB DDR5 server module, built on a monolithic 32GB DRAM die and powered by our 1ß node. This innovative product provides an industry alternative to existing 3D TSV-based solutions to address the rigorous speed and capacity demands of memory-intensive generative AI applications. In 2025, we began volume production of LPDDR5 in a small outline compression attached memory module ('SOCAMM') form factor to enable easier server manufacturability and serviceability and to help drive broader LPDDR adoption in the server market." **Data-centre SSDs.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "In 2025, we qualified and began shipping our 9550 series SSD to meet the growing demands of AI, high-performance computing, and many other workloads… In 2025, we also qualified and began shipping our 6550 ION SSD, which delivers lower power while providing better performance and better data center footprint efficiency with more density per rack for data centers. Both products utilized Micron's G8 NAND and internally designed and vertically integrated engineering capability consisting of a controller, firmware, NAND, and DRAM. We also strengthened our portfolio with our first G9-based data center products, including our PCIe Gen6 SSDs." **Mobile and automotive.** On mobile (*per the FY2025 10-K, Item 1, filed 2025-10-03*): "In 2025, we began shipping qualification samples of our first LPDDR5X memory built on the 1γ node, engineered to accelerate AI applications on flagship smartphones." On automotive: "In 2025, we announced the production readiness of our first automotive LPDDR5X DRAM product that supports the increasing performance requirements of AI-driven applications in vehicles. Additionally, our 4150 SSD became our first enterprise SSD product that is automotive-qualified and is now sampling at target customers." **U.S. fab expansion.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: "Following the enactment of the CHIPS Act, we announced plans to invest in leading-edge memory manufacturing sites in Idaho and New York, based on CHIPS Act support through grants and investment tax credits. As part of this plan, in September 2022, we broke ground on a leading-edge memory manufacturing fab in Boise, Idaho. Construction of the fab began in October 2023, with first DRAM wafer output projected in the second half of calendar 2027. In June 2025, in connection with certain amendments to our CHIPS Act agreements, we announced plans for a second leading-edge memory manufacturing fab in Idaho to serve growing market demand fueled by AI." For New York: "construction of a leading-edge DRAM memory manufacturing site, consisting of up to four fabs to be built over the next 20-plus years, in Clay, New York. We continue to work with state and federal authorities for approval to start ground preparation, and anticipate production to ramp after the completion of the second Idaho fab." **International capacity.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: - "**India:** our construction is progressing for the assembly and test facility in Gujarat to address demand in the latter half of this decade." - "**Japan:** we are modernizing our Hiroshima manufacturing facility to support the production of DRAM using EUV lithography." - "**Singapore:** we broke ground on an HBM advanced packaging facility to meaningfully expand our total advanced packaging capacity beginning in calendar 2027." - "**Taiwan:** we are modernizing our production capacity for DRAM and HBM products to meet rising market demand." **R&D footprint.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "Our R&D centers are located in Boise, Idaho; San Jose, California; India; Japan; Taiwan; Singapore; China; Italy; Mexico; Germany; Malaysia; and other sites in the United States." --- ## 8. Competitive Landscape *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. ('CXMT'); and Yangtze Memory Technologies Co., Ltd. ('YMTC')." | Competitor | Memory focus | Notes | |---|---|---| | Samsung Electronics | DRAM, NAND, HBM | Largest memory supplier globally; integrated foundry/logic business; named first in Item 1 competitor list | | SK hynix | DRAM, NAND, HBM | Korean integrated DRAM and NAND maker; the other large HBM3E/HBM4 supplier alongside Samsung and Micron | | Kioxia Holdings | NAND, SSDs | Japanese NAND specialist (formerly Toshiba Memory) | | Sandisk Corporation | NAND, SSDs | NAND business of the former Western Digital memory portfolio | | CXMT (ChangXin Memory Technologies) | DRAM | Mainland China DRAM entrant; flagged by Micron as state-supported supply risk | | YMTC (Yangtze Memory Technologies) | NAND | Mainland China NAND entrant; same state-support flag | *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: Micron does not publish market-share figures in the 10-K, but it notes that competitors "may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may operate in jurisdictions with lower labor and compliance costs and may have a larger market share and greater resources." On state competitors specifically: "we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC." China-market dynamics: *per the FY2025 10-K (Item 7, filed 2025-10-03)*, "In 2023, China's Cyberspace Administration (the 'CAC') conducted a cybersecurity review of our products sold in China and decided that our products presented a cybersecurity risk. The CAC determined that critical information infrastructure operators in China may not purchase Micron products. The CAC decision has impacted our business, particularly in the domestic data center and networking markets in China." Per Note 29 (Item 8), Mainland-China customer revenue (excluding Hong Kong) was $2,639m in FY2025 vs $3,045m in FY2024 and $2,181m in FY2023 — i.e., still below pre-CAC levels but partially recovered from the FY2023 trough. A sourced market-share comparison chart is not produced in this report — Micron's 10-K does not disclose share percentages for its named competitors, and per ChartsView's primary-source-only rule we do not impute share figures. --- ## 9. Leadership and Ownership **CEO and chair.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: Sanjay Mehrotra, 67, "joined us in May 2017 as our President, Chief Executive Officer, and Director" and "has served as Chairman of our Board of Directors since January 2025." Mehrotra "co-founded and led SanDisk Corporation as a start-up in 1988 until its eventual sale in May 2016, serving as its President and Chief Executive Officer from January 2011 to May 2016." Per the same Item 1, he holds a BS and MS in Electrical Engineering and Computer Science from UC Berkeley and is a Stanford GSB Executive Program graduate. **Other named executive officers** (*per the FY2025 10-K, Item 1, filed 2025-10-03*): - **Mark J. Murphy, EVP and CFO** — joined April 2022; previously CFO of Qorvo (2016–2022) and Delphi Automotive PLC; Marine Corps veteran; Harvard MBA. - **Manish Bhatia, EVP, Global Operations** — joined October 2017; previously EVP Silicon Operations at Western Digital. - **Scott J. DeBoer, EVP, Chief Technology and Products Officer** — joined February 1995; PhD Electrical Engineering, Iowa State. - **Sumit Sadana, EVP and Chief Business Officer** — joined June 2017; ex-SanDisk Chief Strategy Officer. - **April S. Arnzen, EVP and Chief People Officer** — joined December 1996; named Chief People Officer October 2020. - **Michael D. Cordano, EVP, Worldwide Sales** — joined January 2025; previously President and COO of Western Digital (2015–2020) and most recently Partner at Prime Impact Capital. - **Michael Ray, SVP, Chief Legal Officer and Corporate Secretary** — joined January 2024; previously Chief Legal Officer of Western Digital. - **Scott R. Allen, CVP and Chief Accounting Officer** — joined September 2020; ex-NetApp. **Top institutional holders** (JSON, as of 31 December 2025): | Holder | Shares | % of shares | Reported value | |---|---|---|---| | Vanguard Group Inc | 106,608,094 | 9.45% | ~$79.6bn | | BlackRock Inc. | 100,701,543 | 8.93% | ~$75.2bn | | Capital World Investors | 58,249,125 | 5.17% | ~$43.5bn | | State Street Corporation | 52,749,817 | 4.68% | ~$39.4bn | | FMR, LLC (Fidelity) | 39,596,338 | 3.51% | ~$29.6bn | | Geode Capital Management, LLC | 25,997,769 | 2.31% | ~$19.4bn | | Primecap Management Company | 24,794,936 | 2.20% | ~$18.5bn | | Norges Bank | 22,541,101 | 2.00% | ~$16.8bn | | Capital International Investors | 22,056,387 | 1.96% | ~$16.5bn | | Morgan Stanley | 16,396,655 | 1.45% | ~$12.2bn | Top-10 institutional ownership totals to ~41.6% of shares outstanding per JSON. Note that the JSON-reported "value" column reflects share holding × a reference price as of 31 December 2025 reporting date and is included verbatim from the JSON record. **Recent insider transactions** (JSON; ten most recent reported entries — JSON does not specify the transaction code (P/S) for any of the ten, so direction is not asserted in the table below). | Date | Insider | Position | Shares | Reported value | |---|---|---|---|---| | 2026-05-01 | Sanjay Mehrotra | Chief Executive Officer | 40,000 | $21,450,555 | | 2026-05-01 | Michael Charles Ray | Officer (Chief Legal Officer) | 7,601 | $4,061,207 | | 2026-04-14 | Michael D. Cordano | Officer (EVP Worldwide Sales) | 3,407 | $1,482,045 | | 2026-04-10 | Sumit Sadana | Officer (Chief Business Officer) | 24,000 | $10,112,400 | | 2026-04-09 | Michael D. Cordano | Officer | 3,407 | $1,433,700 | | 2026-04-01 | April S. Arnzen | Officer (Chief People Officer) | 40,000 | $13,895,762 | | 2026-03-31 | Mark Teyin Liu | Director | 97 | $0 | | 2026-02-02 | Sumit Sadana | Officer | 25,000 | $10,747,266 | | 2026-01-27 | Michael Charles Ray | Officer | 12,268 | $5,025,987 | | 2026-01-22 | Manish H. Bhatia | Officer | 26,623 | $10,410,771 | The transaction code field is blank in the JSON record for every entry above, so this report does not assert whether each entry is a purchase, a discretionary sale, or a sale executed under a Rule 10b5-1 plan. The reported per-share imputed values (e.g., Mehrotra's 40,000 shares at ~$536/share imputed; Sadana's 24,000 at ~$421/share; Arnzen's 40,000 at ~$347/share) are below the most recent close of $746.81, suggesting most are dispositions executed at then-prevailing market prices over February–May 2026 — but readers should consult the underlying Form 4 filings on SEC EDGAR for the definitive transaction codes and 10b5-1 plan details. --- ## 10. Risks and Challenges *Per the FY2025 10-K (Item 1A, filed 2025-10-03)*, the headline risk factor categories are: business/operations/industry risks; intellectual-property and litigation risks; laws-and-regulations risks; and capitalisation/financial-markets risks. The specific items below are paraphrased or quoted directly from Item 1A. **Memory-cycle volatility (industry risk).** *Per the FY2025 10-K (Item 1A, filed 2025-10-03)*: "In the past five years, annual percentage changes in DRAM average selling prices have ranged from plus low 40% to a minus high 40% range. In the past five years, annual percentage changes in NAND average selling prices have ranged from plus low 30% to a minus low 50% range. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future." The FY2023 result (revenue down 49% YoY, $5,833m net loss per JSON) is a recent illustration of the cycle. **AI-demand forecasting risk.** *Per the FY2025 10-K (Item 1A, filed 2025-10-03)*: "Although AI is a relatively new demand driver for our products, it is evolving rapidly, and the expected timing and amount of investments related to AI can change significantly. As a result, it may be difficult to accurately forecast such demand and we may incur costs in anticipation of demand that ultimately does not materialize. If such demand does materialize, but is lower than expected, we may not be able to reduce our costs in response, which would adversely impact our gross margins." **Customer concentration.** *Per the FY2025 10-K (Item 8, Note 28, filed 2025-10-03)*: "Revenue from one customer was 17% (primarily included in the CMBU segment) of total revenue for 2025." More broadly, *per the FY2025 10-K (Item 1, filed 2025-10-03)*: "In each of the last three years, approximately one-half of our total revenue was from our top ten customers." **Geopolitical and Taiwan-concentration risk.** *Per the FY2025 10-K (Item 1A, filed 2025-10-03)*: "Political, economic, or other actions may adversely affect our operations in Taiwan. A majority of our DRAM production output in 2025 was from our fabrication facilities in Taiwan, and any loss of output could have a material adverse effect on us." On China specifically: "Following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong." **Supply-chain and rare-earths risk.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "Certain materials are primarily available in a limited number of countries, including rare earth elements, minerals, and metals… China is a predominant producer of these materials. China has in the past restricted export of certain of these materials and may in the future continue to restrict, expand restrictions, or stop exporting these or other materials." **Competitive supply additions.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC." **Capex and execution risk on multi-year fab builds.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "Semiconductor fabs are complex, capital-intensive projects and require specialized knowledge, expertise, experience, and skill sets to construct and operate. Our construction projects are highly dependent on available sources of materials and specialized equipment, as well as labor, skilled sub-contractors, and other service providers… In the United States and in certain other regions, fab building has been uncommon in recent years. Concurrent semiconductor expansion projects across the industry introduce significant competition for the limited pool of construction talent." **Government-incentive contingency.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: "Funding of certain significant capital projects is also dependent on the receipt of government incentives. Our incentives are conditioned upon achieving or maintaining certain outcomes and satisfying compliance requirements and are subject to reduction, termination, or clawback." Given the $6.4bn of CHIPS Act direct funding, the up-to-$5.5bn New York state package, and the 35% U.S. investment tax credit on qualified post-2025 capex, any future change in U.S. policy posture toward CHIPS-Act commitments would directly affect Micron's net capex burden. **Tariff and trade-restriction risk.** *Per the FY2025 10-K (Item 1, filed 2025-10-03)*: "Sales of our memory and storage products, and the transfer of related technical information and know-how, including support, are subject to laws and regulations governing international trade, including, but not limited to, export control, customs, and sanctions regulations… The laws and regulations that govern international trade change frequently, sometimes without advance notice." **Tax-law overhangs.** *Per the FY2025 10-K (Item 7, filed 2025-10-03)*: "On July 4, 2025, the One Big Beautiful Bill Act ('OBBBA') was enacted… The aggregate impact of the OBBBA remains uncertain." Separately: "On November 27, 2024, Singapore enacted legislation to implement Pillar Two, which will apply to us starting in 2026." Singapore tax incentives reduced the FY2025 tax provision by $1.05bn; any erosion of that benefit would compress reported EPS. **Dividend and buyback variability.** *Per the FY2025 10-K (Item 1A, filed 2025-10-03)* — among the capitalisation/financial-markets risks listed in the Risk Factor Summary — is "fluctuations in the amount and frequency of our common stock repurchases and payment of cash dividends and resulting impacts." JSON shows $0 of buybacks in FY2025, the smallest figure across the four years of full data, with capital instead routed to capex and debt repayment. --- ## 11. Recent Developments The most recent items first. - **9 May 2026 — TheStreet, "Micron stock sends a strong signal amid chip shortage."** "Micron Technology stock went parabolic last week, rising 15% in a single session on May 8. Over the last five trading sessions, the chip stock has risen almost 40% and returned 137% year-to-date." The article frames the move in the context of broader semiconductor supply tightness. https://www.thestreet.com/investing/stocks/micron-mu-stock-sends-a-strong-signal-amid-chip-shortage - **9 May 2026 — Motley Fool, "Micron Stock Is Up 700% Over the Past Year. Its Shares Still Look Relatively Cheap."** Headline summary (recent_news): "The memory company believes it's on the cusp of a multidecade growth cycle for artificial intelligence (AI) and robotics." https://www.fool.com/investing/2026/05/09/micron-stock-is-up-700-over-the-past-year-its-shar/ - **9 May 2026 — 24/7 Wall St., "Apple dominated the 2026 chip war. Google's partners are left to buy scraps."** Sector-context piece on AI silicon supply that references the broader memory and foundry landscape Micron operates in. https://247wallst.com/investing/2026/05/09/apple-dominated-the-2026-chip-war-googles-partners-are-left-to-buy-scraps/ - **8 May 2026 — Barron's, "Review & Preview: Still Going Strong."** "The S&P 500 and Nasdaq Composite closed Friday at new highs once again. It's their 15 and 11th record closes of the year, respectively." Broader market-context backdrop for the MU rally. https://www.barrons.com/articles/stocks-today-corporate-earnings-interest-rate-9ef4f458?siteid=yhoof2&yptr=yahoo - **8 May 2026 — Motley Fool, "Stock Market Today, May 8: Nasdaq Gains 1.7% on AI Demand and Strong Jobs Data."** Same broader-market backdrop on a day Micron rose 15% intraday per the TheStreet item above. https://www.fool.com/coverage/stock-market-today/2026/05/08/stock-market-today-may-8-nasdaq-gains-1-7-on-ai-demand-and-strong-jobs-data/ **Recent SEC filings of substance** (JSON `sec_filings[]`): - **8-K, 1 April 2026** — accession 0001104659-26-038249. Filed at 8000 South Federal Way; investors should consult the form for the disclosed item. https://www.sec.gov/Archives/edgar/data/723125/000110465926038249/tm2610810d1_8k.htm - **8-K, 25 March 2026** — accession 0001104659-26-034174. https://www.sec.gov/Archives/edgar/data/723125/000110465926034174/tm269755d1_8k.htm - **10-Q, 19 March 2026** — accession 0000723125-26-000006. Quarterly report for the period ended 26 February 2026 (the fiscal Q2 reflected in JSON quarterly data). https://www.sec.gov/Archives/edgar/data/723125/000072312526000006/mu-20260226.htm - **8-K, 18 March 2026** — accession 0000723125-26-000004; this 8-K immediately preceded the 19 March 10-Q. https://www.sec.gov/Archives/edgar/data/723125/000072312526000004/mu-20260318.htm - **8-K, 21 January 2026** — accession 0001104659-26-005366. https://www.sec.gov/Archives/edgar/data/723125/000110465926005366/tm263707d1_8k.htm - **10-Q, 18 December 2025** — accession 0000723125-25-000046. Quarterly report for fiscal Q1 2026. https://www.sec.gov/Archives/edgar/data/723125/000072312525000046/mu-20251127.htm - **DEF 14A, 25 November 2025** — accession 0000723125-25-000038. Annual proxy statement. https://www.sec.gov/Archives/edgar/data/723125/000072312525000038/mu-20251125.htm - **10-K, 3 October 2025** — accession 0000723125-25-000028. The FY2025 10-K cited throughout this report. https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/mu-20250828.htm --- ## 12. Key Dates Coming Up | Event | Date | Source | |---|---|---| | Next earnings (fiscal Q3 2026) | 2026-06-24 | JSON `calendar.next_earnings_date` | | Most recent ex-dividend date | 2026-03-30 | JSON `calendar.ex_dividend_date` | | Most recent dividend payment date | 2026-04-15 | JSON `calendar.dividend_date` | The next regular dividend declaration will appear via 8-K and on the investor-relations page after the next Board meeting. The next 10-Q is expected in the days after the 24 June 2026 earnings release. All construction milestones referenced in Section 7 (first DRAM wafer output from the Idaho fab in H2 calendar 2027; HBM advanced packaging facility in Singapore beginning calendar 2027) are multi-year and are reported in MD&A rather than via standalone calendar items. --- ## Source-data reconciliation notes (for editorial reference; not for publication) - **Operating income (FY2025).** JSON `financials_annual[0].operating_income = $9,809m`; the FY2025 10-K (Item 7, filed 2025-10-03) reports consolidated operating income of $9,770m on the same revenue and gross-margin lines, with the gap attributable to the $39m restructure-and-impairment line being included in JSON's `operating_expenses` definition vs separately broken out in MD&A. JSON precedence applies and $9,809m is used as the headline number throughout this report. - **Cash position.** JSON `cash_and_equivalents = $9,642m` (narrow definition); FY2025 10-K (Item 7) reports "Cash and marketable investments totaled $11.94 billion as of August 28, 2025" (broader definition that includes marketable securities). Both values are reported in their proper definitional context; JSON's narrow figure is the primary headline used. - **Total debt.** JSON `total_debt = $15,278m` (broader definition that includes finance leases and other financing items); FY2025 10-K (Item 7A) references "fixed-rate debt with an aggregate carrying value of $10.55 billion" (principal-only on fixed-rate notes). JSON's $15,278m is the primary total-debt figure. - **FY2025 buybacks.** JSON shows $0 of stock buybacks in FY2025; FY2025 10-K (Item 8, Note 15) confirms "No shares were repurchased in 2025." Consistent. - **Dividends.** JSON FY2025 dividends paid -$522m (cash-flow line); FY2025 10-K records four quarterly dividends of $0.115/share. Consistent at the per-share rate.