Micron Technology, Inc. (MU) Company Research

Last Updated: 4 September 2026

Micron Technology is the only American-headquartered manufacturer of both DRAM and NAND flash memory, and it is currently living through the most violent upcycle in the industry's history. Revenue in the quarter ended 28 May 2026 was $41.46bn — more than four times the $9.30bn Micron reported in the same quarter a year earlier — on gross margins of 84.6%. The cause is a structural shortage of high-bandwidth memory (HBM) and conventional DRAM created by AI data-centre construction, and Micron has responded by selling out its entire calendar-2026 HBM output, locking in roughly $100bn of minimum contracted revenue and committing more than $250bn of US investment through 2035. This report sets out what the filings actually say, without price targets or analyst ratings. Micron's fiscal 2026 year ended in early September 2026 but has not yet been reported; the most recent reported period throughout is fiscal Q3 2026, reported on 24 June 2026.

1. Company Snapshot

Field	Value
Ticker / exchange	MU — Nasdaq Global Select Market
Headquarters	8000 S. Federal Way, Boise, Idaho, USA (Delaware incorporated)
Founded	1978
CEO / Leadership	Sanjay Mehrotra, Chairman and Chief Executive Officer. Mark Murphy, EVP and Chief Financial Officer. Manish Bhatia became President and Chief Operating Officer on 26 Aug 2026.
Employees	Approximately 53,000 as of 28 Aug 2025 (FY2025 Form 10-K, latest company disclosure)
Revenue (FY2025, year ended 28 Aug 2025)	$37,378m
Net income (FY2025, GAAP)	$8,539m
Most recent reported quarter	Fiscal Q3 2026, ended 28 May 2026, reported 24 Jun 2026: revenue $41,456m, GAAP diluted EPS $24.67
Market capitalisation	Approximately $1.08 trillion (3 Sep 2026 close of $958.16 on 1,129.4m shares)
Fiscal year end	The Thursday nearest 31 August. FY2026 ended 3 Sep 2026 and has not yet been reported.
Dividend	$0.15 per share per quarter, raised 30% from $0.115 on 18 Mar 2026

2. Bull and Bear Case

Bull Case

• Contracted revenue, not spot hope: Micron disclosed with Q3 FY2026 results that 14 of its 16 Strategic Customer Agreements carry cumulative revenue at minimum price of approximately $100bn over their remaining terms. That converts a notoriously spot-priced commodity into something closer to a backlog.
• HBM is sold out and the mix is shifting: the entire calendar-2026 HBM output is committed, HBM4 revenue has already passed $1bn, and the HBM4 12-high ramp is running roughly twice as fast as HBM3E 12-high did. Cloud and core data-centre business units together were 61.0% of revenue in Q3 FY2026, at 83% and 87% gross margin respectively.
• Balance sheet transformed inside nine months: long-term debt fell from $14,017m at 28 Aug 2025 to $5,140m at 28 May 2026 through tender offers and prepayments, while cash and short-term investments rose from $10,307m to $26,022m and total equity nearly doubled to $100,724m.
• 1-gamma node leadership: Micron was first in the industry to ship the 1-gamma DRAM node and expects it to become the highest-volume node in company history. It underpins 16Gb LPDDR5X already ramping at a leading smartphone OEM, 256GB DDR5 RDIMM samples, and the HBM4E generation targeted for volume production in calendar 2027.
• Capital return is contractually about to loosen: buybacks have been constrained by CHIPS Act direct-funding conditions, with only $650m repurchased under the programme in the first nine months of FY2026. Management has said it intends to increase capital return from 9 Dec 2026, the second anniversary of the CHIPS agreements, and over time to return 100% of excess cash.

Bear Case

• This is a cycle, and Micron says so: the company's own risk disclosure states that over the past five fiscal years annual DRAM average selling prices have moved between an increase in the low-40% range and a decrease in the high-40% range. DRAM ASPs rose approximately 140% in the first nine months of FY2026. Reversion from that level would be brutal.
• FY2023 is the reference point, not FY2025: three fiscal years ago revenue halved to $15,540m and the company lost $5.34 per share on a GAAP basis. The same asset base produced both outcomes.
• Capital intensity is escalating faster than revenue guidance: FY2026 capex is guided to approximately $27bn and FY2027 above the mid-$40bn range, mostly construction. New Idaho and New York fabs will carry depreciation for years before contributing revenue.
• Third place in the HBM4 race: NVIDIA has certified Samsung, SK hynix and Micron for the Vera Rubin platform, but SK hynix is reported to hold roughly 60–70% of that volume and Samsung 25–30%, leaving Micron the remainder. Micron is the smallest of the three qualified suppliers on the highest-value product.
• Customer and end-market concentration: Micron disclosed that in FY2025 more than half of total revenue came from its top ten customers and approximately one-half of revenue was concentrated in the data-centre end market. The exit from China's server market removed roughly $3.4bn of prior-year revenue and narrowed the customer set further.

3. Business Segments

Micron reports four business units. The structure has been unchanged through FY2025 and FY2026, with prior-year comparatives presented on the same basis. Figures below are for fiscal Q3 2026, the quarter ended 28 May 2026.

Segment	% of revenue	What it is
Cloud Memory Business Unit (CMBU)	33.2% ($13,769m)	HBM and high-capacity DRAM sold to hyperscale cloud operators. 83% gross margin, 78% operating margin in the quarter.
Core Data Center Business Unit (CDBU)	27.8% ($11,524m)	Server DRAM modules and data-centre SSDs for enterprise and non-hyperscale cloud. 87% gross margin.
Mobile and Client Business Unit (MCBU)	27.8% ($11,521m)	LPDDR mobile DRAM, client SSDs and PC memory. 87% gross margin.
Automotive and Embedded Business Unit (AEBU)	11.2% ($4,634m)	Automotive, industrial and embedded memory and storage, including UFS 4.1 automotive NAND. 79% gross margin.
All Other	0.02% ($8m)	Residual activity not allocated to a business unit.

By technology in the same quarter: DRAM $31,328m (75.6% of revenue), NAND $9,943m (24.0%) and other products, primarily NOR flash, $185m (0.4%).

4. Business Model and Moat

How it makes money. Micron designs and manufactures memory and storage semiconductors in its own fabrication plants and sells them to cloud operators, server OEMs, smartphone makers, PC builders and automotive suppliers. Revenue is the product of bits shipped and average selling price per bit. Because the marginal cost of an additional wafer is largely fixed once a fab is built, the model is enormously operationally geared: in fiscal Q3 2026 a 346% year-on-year revenue increase produced an operating margin of 80.4%, against 23.3% in the comparable prior-year quarter.

Where the defensibility sits. There are only three companies in the world capable of manufacturing leading-edge DRAM at scale — Samsung, SK hynix and Micron — and the barrier is not patents but capital and process yield. A leading-edge memory fab is a multi-year, tens-of-billions commitment with no salvage value if the node is wrong. Micron's 1-gamma node, shipped first in the industry, and its advanced HBM packaging capacity are the current expressions of that lead.

What has changed structurally. HBM is not a commodity in the way conventional DRAM is. It is qualified per customer, per platform, and it is sold under multi-year agreements at negotiated minimum prices — Micron's 16 Strategic Customer Agreements carry roughly $100bn of minimum contracted revenue. That is a different business model from the spot DRAM market that produced the FY2023 collapse, and it is why the company has been willing to commit more than $250bn of US investment through 2035.

Where the model is weakest. Micron does not control demand. It controls supply, and supply decisions are made three to five years ahead of the revenue they serve. The exit from China's server market and the wind-down of the Crucial consumer brand both narrow the customer base at precisely the moment capacity is being expanded.

5. Financial Health

All figures below are taken from Micron's quarterly earnings press releases, Forms 10-Q and 10-K, and the SEC XBRL company facts dataset. Fiscal years end on the Thursday nearest 31 August.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021 (ended 2 Sep 2021)	$27,705m	+29.3%	$5.14	$6.06	$0.10	$6,621m
FY2022 (ended 1 Sep 2022)	$30,758m	+11.0%	$7.75	$8.35	$0.315	$6,803m
FY2023 (ended 31 Aug 2023)	$15,540m	−49.5%	−$5.34	−$4.45	$0.46	$13,052m
FY2024 (ended 29 Aug 2024)	$25,111m	+61.6%	$0.70	$1.30	$0.46	$12,966m
FY2025 (ended 28 Aug 2025)	$37,378m	+48.9%	$7.59	$8.29	$0.46	$14,017m

Long-term debt above is the non-current balance as tagged in each Form 10-K. It fell sharply after the fiscal year end: at 28 May 2026 non-current long-term debt was $5,140m and current debt $582m, for total debt of $5,722m, following cash tender offers settled on 3 Apr 2026 and a series of note prepayments from October 2025 onwards.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 FY2026 (ended 28 May 2026)	$41,456m	$25.11	$24.67
Q2 FY2026 (ended 26 Feb 2026)	$23,860m	$12.20	$12.07
Q1 FY2026 (ended 27 Nov 2025)	$13,643m	$4.78	$4.60
Q4 FY2025 (ended 28 Aug 2025)	$11,315m	$3.03	$2.83
FY2025 full year (ended 28 Aug 2025)	$37,378m	$8.29	$7.59

Cash flow and balance sheet, taken from the Q3 FY2026 Form 10-Q and the FY2025 Form 10-K. For the nine months to 28 May 2026: operating cash flow $45,702m, expenditures for property, plant and equipment $19,602m, depreciation and amortisation $6,862m. For FY2025: operating cash flow $17,525m, capital expenditure $15,857m, depreciation and amortisation $8,352m. At 28 May 2026 Micron held cash and equivalents of $24,995m plus short-term investments of $1,027m, with a further $4,106m of long-term marketable investments; total equity was $100,724m and inventories $8,567m.

Guidance for fiscal Q4 2026, given on 24 Jun 2026: revenue of $50.0bn plus or minus $1.0bn, gross margin of approximately 86%, and non-GAAP diluted EPS of $31.00 plus or minus $1.00 on roughly 1.15bn diluted shares. Management said free cash flow in the quarter is expected to exceed $30bn.

6. Valuation Metrics

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

Metric	Value
Share price (3 Sep 2026 close)	$958.16
Market cap	~$1,082bn (1,129.4m shares outstanding at 28 May 2026 × $958.16)
Trailing P/E (GAAP)	~21.7x (trailing twelve-month GAAP diluted EPS of $44.24 = nine-month FY2026 $41.40 plus Q4 FY2025 $2.84). On trailing non-GAAP EPS of $45.12 the same calculation gives approximately 21.2x.
P/E (forward)	~13.1x on FY2026 non-GAAP EPS of approximately $73.09, derived from nine-month actual non-GAAP EPS of $42.09 plus company guidance midpoint of $31.00 for Q4 FY2026. Micron issues no full-year EPS guidance beyond the current quarter.
P/S (TTM)	~12.0x (market cap ~$1,082bn / trailing twelve-month revenue $90,274m)
Enterprise value	~$1,062bn (market cap ~$1,082bn + total debt $5,722m − cash and short-term investments $26,022m, per the 28 May 2026 balance sheet. Excludes $4,106m of long-term marketable investments.)
EV/EBITDA (TTM)	~15.6x (EV ~$1,062bn / EBITDA $68,254m; EBITDA = trailing operating income $59,243m + depreciation and amortisation $9,011m, both built from the cash flow statement and income statement across Q4 FY2025 and the first nine months of FY2026)
P/FCF	~41.3x (market cap ~$1,082bn / free cash flow $26,172m; FCF = trailing operating cash flow $51,432m − trailing capital expenditure $25,260m). The ratio is high because Micron is spending roughly half its operating cash flow on capacity.
Price/book	~10.7x (market cap ~$1,082bn / total equity $100,724m at 28 May 2026)
52-week high	$1,255.00
52-week low	$125.66
Short interest (% of float)	~2.67% (30,016,025 shares short at the 14 Aug 2026 settlement date against a float of 1,125.6m shares)
Days to cover	0.7

Two cautions on these figures. First, the trailing multiples are calculated on earnings generated during the steepest part of an upcycle, and Micron's own filings document DRAM price swings of more than 40% in either direction within a single year. Second, the forward multiple relies on one quarter of company guidance, not a full year. Readers can compare the live picture using ChartsView Live Charts.

7. What Are They Building

Micron spent $1,316m on research and development in fiscal Q3 2026 alone, and $3,737m across the first nine months of FY2026 — already approaching the $3,798m spent in the whole of FY2025.

Memory roadmap. HBM4, built on the 1-beta DRAM node, is in high-volume shipment for the lead customer's platform, with qualification samples at multiple end-customers and revenue already past $1bn. HBM4E, built on 1-gamma, is in development with volume production expected in calendar 2027. On the 1-gamma node itself, Micron has shipped qualification samples of 256GB DDR5 RDIMMs using advanced 3D die stacking, is ramping 16Gb LPDDR5X at a leading smartphone OEM, is sampling 24Gb LP5X to multiple smartphone customers, and has shipped first 1-gamma DDR5 samples to a robotaxi customer.

Storage roadmap. G9 NAND now supports a PCIe Gen6 high-performance SSD in high-volume production, a 245TB QLC SSD in shipment, a Gen5 QLC client SSD qualified at a lead customer, and the first volume shipments of G9-based UFS 4.1 automotive NAND.

Manufacturing. The Idaho ID1 fab is projected to produce first DRAM wafers in mid-calendar 2027, with ID2 construction beginning in 2026 for initial output in late calendar 2028. Micron broke ground on the first of up to four Clay, New York DRAM fabs in January 2026, supplying from 2030 and beyond. In Singapore the company broke ground on an HBM advanced packaging facility in January 2025, materially expanding packaging capacity from the first half of calendar 2027, and on an additional wafer fab in January 2026. The Gujarat assembly and test facility in India has commenced commercial shipments and ramps through 2026, and Hiroshima is being modernised for future DRAM nodes. The overall US commitment now exceeds $250bn through 2035, targeting 40% of Micron DRAM manufactured in the United States by the mid-2030s, backed by up to $6.4bn of CHIPS Act grants, a 35% investment tax credit and a non-binding New York State term sheet for up to $5.5bn.

8. Competitors and Market Position

Market capitalisations below were re-checked live on 3–4 September 2026. Non-US figures are converted at spot rates of 1,353 KRW and 156.3 JPY to the dollar.

Peer	Market cap (September 2026)	Key 2025 metric
Samsung Electronics (005930.KS)	~$1,247bn (KRW 1,687.6tn)	Number one in DRAM at approximately 38.5–39% revenue share in Q2 calendar 2026 on $37.32bn of DRAM revenue, and approximately 28% of NAND revenue (TrendForce)
SK hynix (000660.KS)	~$878bn (KRW 1,187.6tn)	Number two in DRAM at approximately 26–28.8% share in Q2 calendar 2026 on $27.98bn of DRAM revenue; reported to hold roughly 60–70% of NVIDIA Vera Rubin HBM4 volume
Sandisk (SNDK)	~$228bn	Pure-play NAND following the 2025 separation from Western Digital; trailing twelve-month revenue approximately $20.2bn
Kioxia Holdings (285A.T)	~$191bn (JPY 29.9tn)	NAND revenue of approximately $10.72bn in Q2 calendar 2026, up 79.9% quarter on quarter, for roughly 13.6% share (TrendForce)
Western Digital (WDC)	~$159bn	Hard-disk-only after the Sandisk separation; trailing twelve-month revenue approximately $12.9bn

Micron's own position: approximately 22.4% of DRAM revenue in Q2 calendar 2026 on TrendForce's $21.75bn estimate, or approximately 25% on Counterpoint's basis, which places Micron within roughly one percentage point of SK hynix for second place. In NAND, Micron held approximately 14% share in the same quarter, moving into third place. On HBM4 for the Vera Rubin platform, Micron is the third qualified supplier behind SK hynix and Samsung. The upstream customer of consequence is NVIDIA, which certified all three suppliers for Vera Rubin HBM4 in early June 2026 and has requested 16-high HBM samples by the fourth quarter of 2026.

9. Insider Activity

Chairman and Chief Executive Officer Sanjay Mehrotra has been selling steadily throughout 2026 under Rule 10b5-1 trading plans, at a consistent 40,000 shares per month. He terminated an 8 Nov 2025 plan on 30 Jan 2026 and adopted a new plan covering up to 200,000 shares. The single notable purchase of the year was made by a director rather than an officer. All transactions below are taken from Forms 4 filed with the SEC under CIK 0000723125.

Name	Date	Type	Shares	Price	Value	Plan Type
Sanjay Mehrotra (Chairman and CEO)	21 Aug 2026	Sale	40,000	$968.90	$38.76m	Rule 10b5-1
Sumit Sadana (then EVP and Chief Business Officer)	18 Aug 2026	Sale	15,000	$934.29	$14.01m	Discretionary
Sanjay Mehrotra (Chairman and CEO)	24 Jul 2026	Sale	40,000	$932.25	$37.29m	Rule 10b5-1
April Arnzen (EVP and Chief People Officer)	1 Jul 2026	Sale	40,000	$1,083.94	$43.36m	Rule 10b5-1
Lynn Dugle (Lead Independent Director)	30 Jun 2026	Sale	1,300	$1,150.43	$1.50m	Discretionary
Sanjay Mehrotra (Chairman and CEO)	26 Jun 2026	Sale	40,000	$1,158.38	$46.34m	Rule 10b5-1
Manish Bhatia (now President and COO)	22 Jan 2026	Sale	26,623	$391.04	$10.41m	Discretionary
Teyin M. Liu (Director)	13–14 Jan 2026	Open-market purchase	23,200	~$337.07	$7.82m	Discretionary

The pattern is one-directional apart from the January purchase: officers and directors have been consistent net sellers into strength across 2026, the majority under pre-arranged plans adopted before the run in the share price. Remaining Form 4 activity in the period was routine tax withholding on vesting and small director stock-unit accruals.

10. Key Risks

• Memory price cyclicality: Micron's own risk factors state that annual DRAM average selling price changes over the past five fiscal years have ranged from an increase in the low-40% range to a decrease in the high-40% range. DRAM ASPs rose approximately 140% across the first nine months of FY2026 and NAND ASPs approximately 130%. The entire earnings base rests on prices that the company itself documents as violently mean-reverting.
• Capital intensity and expansion execution: FY2026 capex of approximately $27bn and FY2027 capex guided above the mid-$40bn range are committed against demand that will not appear until 2027–2030. Micron carried $2.93bn of property, plant and equipment purchase obligations at 28 May 2026. The named risk factor is realising expected returns from capacity expansions.
• China exposure and export controls: Micron is exiting the server and data-centre chip market in mainland China following the 2023 Cyberspace Administration of China ban, removing revenue that was approximately $3.4bn, or roughly 12% of the total, in the prior fiscal year. YMTC has filed multiple patent infringement suits in China and the United States covering 3D NAND, DDR5 DRAM and SSDs. Tariffs, trade restrictions and further government action remain live risks.
• Customer and end-market concentration: in FY2025 more than half of total revenue came from the top ten customers and approximately one-half of revenue came from the data-centre end market. HBM4 volumes are concentrated on a small number of AI accelerator platforms controlled by a single dominant buyer.
• Competitive position in HBM: Samsung and SK hynix are both qualified on the same NVIDIA HBM4 platform and hold the large majority of that volume. SK hynix has a multi-year co-development agreement with NVIDIA. Separately, China's CXMT has reached roughly 7% of the DRAM market and is growing.
• Government incentive conditions and clawback: CHIPS Act grants of up to $6.4bn and the New York State term sheet for up to $5.5bn are conditioned on outcomes and compliance and are subject to reduction, termination or clawback. The same agreements currently restrict share repurchases.
• Labour action in Taiwan: Micron's Taiwanese unions, representing roughly 10,000 of about 15,000 employees in Taoyuan and Taichung, moved toward a strike vote in September 2026 over profit-sharing, after more than 80% of surveyed members backed action in an August internal poll.
• Litigation: ongoing YMTC and Netlist patent actions, a securities class action in the District of Idaho, and a New York state petition filed on 16 Jan 2026 challenging the environmental review for the Clay fabs and seeking to annul permits.

11. Recent Developments

• 01 Sep 2026 — Taiwan unions move toward strike action. Unions in Taoyuan and Taichung, with roughly 10,000 members, said they would proceed toward a strike unless the bonus system is overhauled, demanding a one-off FY2026 bonus and, from FY2027, a scheme allocating 15% of operating profit to bonuses paid quarterly. Micron Taiwan has said this year's performance bonus will be its highest ever.
• 26 Aug 2026 — Q4 and full-year FY2026 results scheduled, and senior leadership reshuffled. Results will be released on 30 Sep 2026. On the same day Manish Bhatia was appointed President and Chief Operating Officer, Dr Scott DeBoer became President and Chief Technology and Products Officer, Sumit Sadana moved to Senior Advisor to the CEO, and Sanjay Mehrotra's title became Chairman and Chief Executive Officer.
• 09 Jul 2026 — up to $3bn of strategic investment in the US semiconductor supply chain. This included $500m of strategic financing to GlobalWafers for its 300mm wafer fab in Sherman, Texas, alongside a ten-year wafer supply agreement. Micron simultaneously raised its total US commitment to more than $250bn through 2035, targeting 40% of its DRAM manufactured in the United States by the mid-2030s.
• 24 Jun 2026 — record fiscal Q3 2026 results. Revenue of $41.46bn at an 84.6% GAAP gross margin, GAAP diluted EPS of $24.67. Micron disclosed that 14 of 16 Strategic Customer Agreements carry approximately $100bn of cumulative minimum-price revenue over their remaining terms, that HBM4 revenue had already exceeded $1bn, and that FY2027 capex would exceed the mid-$40bn range.
• 09 Jun 2026 — Dr Alexis Black Björlin appointed to the board. She is Chief Strategy Officer at General Catalyst and previously ran NVIDIA's DGX Cloud business.
• 07 Jun 2026 — NVIDIA certifies Micron for Vera Rubin HBM4. Samsung, SK hynix and Micron all passed certification, though reported volume allocation favours SK hynix and Samsung heavily.
• 03 Apr 2026 — cash tender offers settled across six senior note series. Together with prepayments of the 2028, 2029A, 2029B and 2030 notes and the 2029 Term Loan A, these reduced non-current long-term debt from $14,017m to $5,140m over nine months.
• 18 Mar 2026 — quarterly dividend raised 30% to $0.15 per share. First paid on 15 Apr 2026. Management has indicated an intention to increase capital return further from 9 Dec 2026, when CHIPS Act buyback restrictions ease.

12. Key Dates

• 16 Sep 2026 — US Federal Open Market Committee interest-rate decision, flagged in market commentary as a nearer-term driver for the memory complex than the earnings print itself. Track it on the ChartsView Economic Calendar.
• 30 Sep 2026 — fiscal Q4 and full-year 2026 results and conference call, 2:30pm Mountain time, confirmed by Micron on 26 Aug 2026. This is the first report of the completed FY2026 year.
• Expected Oct 2026 — next quarterly dividend declaration, record date and payment date. The $0.15 per share dividend declared on 24 Jun 2026 had a record date of 6 Jul 2026 and was paid on 21 Jul 2026; the next declaration is expected alongside the 30 Sep 2026 results and has not been announced.
• 09 Dec 2026 — second anniversary of the CHIPS Act definitive agreements, the date from which management has said it intends to step up capital return.
• Expected Dec 2026 — fiscal Q1 2027 results, based on the prior-year pattern of a late-December report.
• Expected 2027 — first DRAM wafer output from the Idaho ID1 fab, projected for mid-calendar 2027, and volume production of HBM4E on the 1-gamma node.

No investor day has been announced for 2026. A strike vote by Micron's Taiwanese unions was described as possible during September 2026 but no date has been published.

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