Micron Technology Inc.
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+ FollowMarket Cap$898.61B
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Earnings Call Q4 2026
September 30, 2026 - AI Summary
Demand outlook tightening further into 2027–2028 (good; but uncertain balance)
- Management said demand drivers are stronger than previously expected, led by server DRAM growth into FY27 and agentic AI accelerating CPU-driven memory demand (high attach rate across LP/DDR/SSD).
- They highlighted >75% of FY27 shipments already committed, and SCA customer conversations extending out to 2028, supporting confidence in demand durability.
- On the supply/demand balance, they explicitly said they do not have line of sight to when balance will occur, implying continued “tightness” risk persists rather than a clear timing to normalization.
Supply growth constrained (surprising vs CapEx), driven by HBM mix + clean room bottlenecks (good for pricing; key risk for investors)
- They reiterated structural supply constraints:
- HBM growing faster than conventional DRAM through 2028 → HBM share increases (and higher HBM trade ratios as it moves toward HBM4/HBM4E) dampen effective bit growth.
- Clean room space constraints: meaningful capacity growth lags because clean rooms take time to build/qualify/equip, often requiring several quarters after opening.
- Surprise: they expect DRAM supply growth to decelerate next year (FY27) despite visible industry investment—attributed to HBM mix/trade ratio effects and clean room timing/constraints.
- Bottom line: tight supply is viewed as a structural feature, not a short-lived cycle.
Margin / earnings guidance framing for FY27 and tightness into FY28 (moderately good; watch offsets)
- CFO said FY27 still expects margin expansion after Q1, driven by continued price increases (but at a more moderate pace than earlier phases).
- Also expects better mix / product mix working favorably as part of sustaining profitability.
- Key offsets include start-up costs; however, they stated these are being managed and tight market conditions should remain supportive through FY28.
- Investors should note: explicit “tight through 2028” commentary is stronger than typical, but they did not give a precise margin rate for 2028—rather a “supportive” environment.
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$1554.37
95.5% upside
Current Fair Value
95.5% upsideUndervalued by 95.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $898.61 Billion |
|---|---|
| Enterprise Value | $865.42 Billion |
| Annual dividend | $0.56 |
| Dividend yield | 0.06% |
| Earnings per Share | $75.38 |
| Beta | 2.23 |
| Outstanding Shares | 1,130,000,000 |
Return
| Return on Equity | 61.41% |
|---|---|
| Return on Assets | 43.38% |
| Return on Invested Capital | 59.42% |
Valuation & Multiples
| P/E Ratio | 11.75 |
|---|---|
| PEG | 1.09 |
| Price to Sales | 6.8 |
| Price to Book Ratio | 6.52 |
| Enterprise Value to Revenue | 6.5 |
| Enterprise Value to EBIT | 8.65 |
| Enterprise Value to Net Income | 10 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.04 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 30, 2026
EPS Estimate
$31.77
Consensus analyst estimateRevenue Estimate
$51.33 B
Consensus analyst estimateNext Earnings Call
Expected Date
December 16, 2026
EPS Estimate
$35.10
Consensus analyst estimateRevenue Estimate
$59.07 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.49, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4892▼ 129.94% |
|---|---|
| Total Calls | 463,494▼ 99.43% |
| Total Puts | 226,750▼ 99.84% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.49%▼ 75.02% |
|---|---|
| Total Invested | $41.68B▼ 95.90% |
| Investors Holding | 1,762▼ 2413.00% |
About Micron Technology Inc.
53,000 employees
CEO: Sanjay Mehrotra
Micron Technology, Inc. is engaged in the global development, manufacturing, and sale of various memory and data storage products. The company's operations are structured across four key divisions: Compute and Networking, Mobile, Storage...