Micron Technology Inc.

Micron Technology Inc.

MU

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Market Cap$1.28T
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Micron Technology Inc.Micron Technology Inc.52.90.04%33%23.80.1

Earnings Call Q3 2026

June 24, 2026 - AI Summary

Q3 results: record profitability and demand tightness - Micron delivered exceptional fiscal Q3 results exceeding the high end of guidance: revenue $41.5B (+74% sequential, +346% YoY), gross margin 84.9% (+10 pts sequential; new record), and non-GAAP EPS $25.11 (+106% sequential). - DRAM: $31.3B revenue ( +343% YoY, 76% of total revenue ); sequential DRAM revenue +67% with bit shipments low-single-digit up and prices up low-60%. - NAND: $9.9B revenue ( +361% YoY, 24% of total revenue ); sequential revenue +99% with bit shipments mid-single-digit up and prices up mid-80%.
Strategic Customer Agreements (SCAs): the biggest “business model” shift - Micron has now signed 16 Strategic Customer Agreements across data center + auto, expected to fundamentally transform the business model. - Terms: typically 5-year (calendar 2026–2030); automotive generally 3-year. - Coverage: represents ~20% of DRAM volume and ~1/3 of NAND volume over the period; when fully executed, Micron expects ~half or more of company revenue under SCAs. - Take-or-pay + pricing floors/ceilings designed to preserve profitability in tight supply: - ~40% of revenue expected to be under agreements with fixed or ceiling-priced terms (ceilings near current CQ2; floors protect margins). - 14 of 16 SCAs have ~$100B cumulative revenue at minimum pricing; this implies a *floor-price* revenue level far below expected actual revenue, but with high floor gross margins (above prior peak cycle levels). - RPO disclosed (accounting metric): over $5B RPO at end of fiscal Q3, and ~$100B for SCAs signed so far (including after Q3) based on conservative minimum volume × minimum price; RPO is not total future revenue and should not be treated as revenue guarantee.
Cash/deposits and capital discipline: strong liquidity, but deposits are not free cashflow - Under SCAs signed so far, Micron expects $22B of cash deposits + financial commitments, of which ~$18B are cash deposits. - Deposits are held by Micron during contract performance, show up in financing cash flows, do not affect free cash flow, and are expected to be returned to customers over time (weighted to the back half of agreements). - Management emphasized deposits are unrestricted, supporting flexibility, but customers will receive them back—so they’re not a substitute for dividends/buybacks.

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$1072.60

Target Price by Analysts

11.6% downsideMicron Technology Target Price DetailsTarget Price
$381.72

Current Fair Value

68.5% downside

Overvalued by 68.5% based on the discounted cash flow analysis.

Share Statistics

Market cap$1.28 Trillion
Enterprise Value$1.28 Trillion
Dividend Yield$0.49 (0.04%)
Earnings per Share$7.65
Beta2.17
Outstanding Shares1,125,000,000

Return

Return on Equity33.28%ROE
Return on Assets23.76%
Return on Invested Capital32.66%

Valuation & Multiples

P/E Ratio52.9P/E Ratio
PEG6.86PEG
Price to Sales23.8Price to Sales
Price to Book Ratio18.96Price to Book Ratio
Enterprise Value to Revenue21.97
Enterprise Value to EBIT44.83
Enterprise Value to Net Income52
Total Debt to Enterprise0.01
Debt to Equity0.15Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
June 24, 2026
EPS Estimate
$21.39
Average shareholder expectation
Revenue Estimate
$35.91 B
Average shareholder expectation

Next Earnings Call

Expected Date
July 1, 2026
EPS Estimate
$18.78
Average shareholder expectation
Revenue Estimate
$33.16 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio1.6075 1.11%
Total Calls63,517,535 43.67%
Total Puts102,102,074 44.67%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %74.99% 3.46%
Total Invested$383.67B 52.36%
Investors Holding3,180 336.00%

ESG Score

No data

About Micron Technology Inc.

CEO: Sanjay Mehrotra

Relevant Senate Committees

Joint Committee on Taxation

This committee provides crucial analysis and 'revenue estimates' for all tax legislation. Its work directly influences corporate tax structures, capital investment incentives, and overall tax burdens, significantly impacting Micron's financial strategy and profitability.

Finance

This powerful committee controls taxation and trade. Its decisions on corporate tax policy (e.g., R&D credits, international tax rates) and trade policies (tariffs, export controls) directly impact Micron's profitability, investment, and global operations.

Appropriations

This committee directly allocates discretionary federal spending. Its subcommittees determine precise funding for defense programs, scientific research (e.g., CHIPS Act appropriations), and infrastructure projects that are major end-markets for Micron's products.

Judiciary

This committee oversees antitrust laws and intellectual property (IP), which are critically important for the semiconductor industry regarding mergers, competition, and the protection of Micron's extensive patent portfolio and trade secrets.

Armed Services

This committee oversees the Department of Defense and authorizes the NDAA. Micron's memory and storage products are critical components for advanced military systems, defense contractors, and emerging military technologies, directly impacting their procurement.

Select Committee on Intelligence

Members receive classified briefings on global threats, defense, and cybersecurity. This information can influence demand for advanced, secure memory and storage solutions used in critical national security applications, directly impacting a segment of Micron's business.

Commerce, Science, and Transportation

This committee's vast jurisdiction over interstate commerce, 'Big Tech' (major customers for memory), and science funding directly impacts the demand for advanced semiconductors and related R&D initiatives (e.g., CHIPS Act implementation).

Foreign Relations

The global semiconductor industry is highly sensitive to U.S. foreign policy, sanctions (e.g., export controls on technology to specific countries), and international trade agreements. This committee directly impacts Micron's international sales, supply chains, and competitive landscape.