MU Micron Technology Inc.
Loading price history…
Daily prices, adjusted for splits. P/E and P/S value each day on the results published by then; a gap in P/E means the trailing year had no profit.
Semiconductors · Boise, ID · micron.com
Micron Technology designs and manufactures semiconductor memory and storage solutions, including dynamic random access memory, NAND flash, and solid-state drives. The company generates revenue by marketing these hardware components globally to customers in the data center, personal computing, mobile device, automotive, and industrial markets.
Bull case
The company converts a substantial share of its revenue into free cash flow after share-based compensation and generates returns on capital well above its financing costs. It also experiences a tailwind from supplying the memory consumed by artificial intelligence workloads, standing to benefit further if advanced memory proves to be an industry supply bottleneck.
- The price assumes about +7% a year cash-flow growth; it delivered +270% a year over three years.
- Turns 43% of revenue into free cash after stock pay.
- Returns on capital run well above its cost of capital.
- Annual revenue growth rose from +49% to +256%.
Bear case
The measurements do not currently make a distinct case against the business, though its position relies heavily on the ongoing expansion of artificial intelligence infrastructure spending.
- Its sector cycle (AI Infrastructure CapEx) is in saturation.
Features
- V-WIDE-MOAT Wide moat Returns on capital run well above its cost of capital.
- V-ACCELERATING Growth accelerating Annual revenue growth rose from +49% to +256%. Shared by most companies we track
- H-FORTRESS Fortress balance sheet It holds more cash than debt and is profitable.
- F-UPSIDE Analyst upside Analysts' average target is 51% above the price.
AI impact
Supplies what AI runs on Tailwind
The company sells memory and storage chips that power artificial intelligence workloads in data centres, benefiting from strong hardware demand. However, its business increasingly relies on the ongoing expansion of artificial intelligence infrastructure to sustain sales.
Where AI helps it
- Sells what AI workloads consume
Where AI could hurt it
- Depends on the AI build-out continuing
In the company's words
Overall cloud growth continues to be driven by strong demand for generative AI capabilities by enterprises across multiple verticals, sovereign AI, and the shift of both infrastructure and workloads from on-premises to the cloud.
Data Center SSDs and NAND : The rapid proliferation of AI, cloud computing, and big data are fueling demand for high-performance and high-capacity storage in data centers.
Assessed by AI from the company's own annual report filed 9 Oct 2026. A reading of the business, not a forecast or a recommendation.
Valuation position
MU is at the 44th percentile of its own valuation history. This is a relative measurement, not a price target or recommendation, and it assumes the business is still the one its history describes.
Price ladder
The measured price sits in the Reference zone. These are reference zones, not buy instructions or forecasts that the prices will be reached.
What the price assumes
The measured price implies roughly +7.4% annual cash-flow growth, between +1.0% and +12.2% under other reasonable assumptions. Over the last three years it delivered +269.8% a year.
An estimate that depends on its assumptions, not a forecast.
Quality versus peers
Each dimension is shown on its own; they are not combined into a score.
Current analyst snapshot
Shown for reference only; not used in any measurement.
What would have to break
- Not triggered — Revenue decline
- Not triggered — Margin break
- Not triggered — Cash burn with rising debt
- Not triggered — Heavy dilution
- Not triggered — Warning language in filings
News
No recent brief on this company.