# Micron Technology, Inc. (MU)

> Source: Nexqual · https://nexqual.com/MU · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Micron Technology, Inc. (MU), nexqual.com/MU" · informational, not investment advice.

**Price:** USD 856.49 (-6.26% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 913.67 · day 849.25–908.3 · 52w 192.59–1,255 · market cap $969B · NMS

## Key facts
- Last four reported quarters (through Sep 3, 2026): revenue $133B, net income $85.0B (63.8% margin), free cash flow $59.0B (SEC filings).
- Valuation: P/E 11.4x (avg 56.1x at the last 3 fiscal year-ends), EV/EBITDA 8.5x, net cash $40.2B.
- 5 of 80 tracked superinvestors hold MU (13F, Q2 2026): 2 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $292M; 8 not under a Rule 10b5-1 plan ($31.0M); 12 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.94 on a 1–5 scale) (49 analysts), mean target USD 1,561.91 (range 361–3,000).
- Total return with dividends: 1Y +314.8% vs S&P 500 +14.9%; 5Y +1199.4% vs S&P 500 +80.3%.
- Next earnings: 2026-12-23, EPS estimate USD 38.28, revenue estimate $61.7B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $30.8B | $15.5B | $25.1B | $37.4B | $133B | $133B |
| Gross profit | $13.9B | -$1.42B | $5.61B | $14.9B | $108B | — |
| Operating income | $9.70B | -$5.75B | $1.30B | $9.77B | $99.3B | $99.3B |
| Net income | $8.69B | -$5.83B | $778M | $8.54B | $85.0B | $85.0B |
| EPS (diluted) | $7.75 | -$5.34 | $0.70 | $7.59 | $74.33 | — |
| Free cash flow | $3.11B | -$6.12B | $121M | $1.67B | $59.0B | $59.0B |
| Gross margin | 45.2% | -9.1% | 22.4% | 39.8% | 80.7% | — |
| Operating margin | 31.5% | -37.0% | 5.2% | 26.1% | 74.6% | 74.6% |
| Net margin | 28.2% | -37.5% | 3.1% | 22.8% | 63.8% | 63.8% |
| Revenue growth | +11.0% | -49.5% | +61.6% | +48.9% | +256.3% | — |
| Cash + short-term investments | $9.33B | $9.59B | $8.11B | $10.3B | $43.4B | — |
| Total debt | $6.12B | $12.3B | $11.8B | $12.1B | $3.28B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 3, 2026)
P/E 11.4x · P/S 7.3x · EV/EBITDA 8.5x · EV/Sales 7.0x · P/FCF 16.4x · P/B 7.0x · FCF yield 6.08% · Earnings yield 8.77% · Dividend yield (paid, TTM) 0.06% · Buyback yield (TTM) 0.07% · Net cash $40.2B · EV $929B
P/E at fiscal year-ends: Sep 2026 14.3x, Aug 2025 15.7x, Aug 2024 138.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold MU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Tepper | Appaloosa Management | 15.06% | $1.13B | Reduced -41.4% |
| Ruane Cunniff | Ruane Cunniff LP | 0.04% | $2.5M | Unchanged |
| Lee Ainslie | Maverick Capital | 0.02% | $1.9M | New position |
| Bill Nygren | Oakmark Funds | <0.01% | $208K | New position |
| Mairs & Power | Mairs & Power Funds | <0.01% | $473K | Reduced -40.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Deboer Scott J | Pres. & Chief Tech & Prod Offr | 28,545 | $25.7M | 16.2% | Yes (adopted July 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-14 | Ray Michael Charles | SVP, Chief Legal Officer | 40 | $38K | 0.1% | Yes (adopted January 30, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-14 | Ray Michael Charles | SVP, Chief Legal Officer | 6,288 | $5.8M | 10% | Yes (adopted January 30, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-21 | Mehrotra Sanjay | President and CEO | 40,000 | $38.8M | 4.4% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-18 | Sadana Sumit | EVP and Chief Business Officer | 15,000 | $14.0M | 6.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-24 | Mehrotra Sanjay | President and CEO | 8,715 | $8.3M | 0.9% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-24 | Mehrotra Sanjay | President and CEO | 31,285 | $29.0M | 9.1% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-23 | Allen Scott R. | CVP, Chief Accounting Officer | 879 | $879K | 2.5% | No | Too little history (no open-market trades in 2024) |
| 2026-07-01 | Arnzen April S | EVP and Chief People Officer | 40,000 | $43.4M | 31.8% | Yes (adopted December 19, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-30 | Dugle Lynn A | Director | 1,300 | $1.5M | 7.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-26 | Bjorlin Alexis | Director | 25 | $28K | 7.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-26 | Mehrotra Sanjay | President and CEO | 11,494 | $13.6M | 1.2% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-26 | Mehrotra Sanjay | President and CEO | 28,506 | $32.8M | 7.4% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Mehrotra Sanjay | President and CEO | 2,561 | $2.5M | 0.3% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Mehrotra Sanjay | President and CEO | 37,439 | $36.0M | 8.8% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11 | Gomo Steven J | Director | 2,000 | $1.6M | 10.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-01 | Mehrotra Sanjay | President and CEO | 40,000 | $21.5M | 3.7% | Yes (adopted January 30, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Ray Michael Charles | SVP, Chief Legal Officer | 7,601 | $4.1M | 10.2% | Yes (adopted January 30, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-14 | Cordano Michael D | EVP, Worldwide Sales | 3,407 | $1.5M | 7.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-10 | Sadana Sumit | EVP and Chief Business Officer | 24,000 | $10.1M | 9.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 49 analysts; mean target USD 1,561.91 (low 361, high 3,000).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Rosenblatt | Maintained | Buy | $1900 |
| 2026-10-22 | Needham | Reiterated | Buy | $1650 |
| 2026-10-13 | Rosenblatt | Maintained | Buy | $1900 |
| 2026-10-07 | DA Davidson | Target raised | Buy | $2100 → $3000 |
| 2026-10-01 | Mizuho | Target raised | Outperform | $1300 → $1400 |
| 2026-10-01 | Morgan Stanley | Reiterated | Overweight | $1200 |
| 2026-10-01 | TD Cowen | Reiterated | Buy | $1600 |
| 2026-10-01 | RBC Capital | Reiterated | Outperform | $1500 |
| 2026-10-01 | DA Davidson | Target raised | Buy | $2000 → $2100 |
| 2026-10-01 | Rosenblatt | Target raised | Buy | $1500 → $1900 |
| 2026-10-01 | Cantor Fitzgerald | Reiterated | Overweight | $2000 |
| 2026-10-01 | Needham | Reiterated | Buy | $1650 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +314.8% | +1199.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +316.9% | +66.8% |
| Volatility (annualized) | 80.6% | 55.3% |
| Max drawdown | -39.1% (Jun 2026→Jul 2026) | -54.0% (Jun 2024→Mar 2025) |

## Peers (Semiconductors)
SKHY (SK hynix Inc.) USD 131.69 -8.07% · AMD (Advanced Micro Devices, Inc.) USD 507.93 -8.10% · AVGO (Broadcom Inc.) USD 323.24 -4.31% · INTC (Intel Corporation) USD 85.49 -8.04% · TSM (Taiwan Semiconductor Manufactur) USD 412.35 -4.52% · TXN (Texas Instruments Incorporated) USD 279.5 -1.81%

## More
Full page: https://nexqual.com/MU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MU's own 10-K filed 2026-10-09 (https://www.sec.gov/Archives/edgar/data/723125/000072312526000023/mu-20260903.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Samsung Electronics | "We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.;" |

Other companies that name MU in their own reports (relationship from MU's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Penguin Solutions, Inc. (PENG) | 10-K 2026-10-20 | "Our semiconductor suppliers include many of the world's largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Co…" |
| competitor | Sandisk Corp (SNDK) | 10-K 2026-08-17 | "We compete with vertically-integrated suppliers such as Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd. and numerous smaller compa…" |
| supplier | LAM RESEARCH CORP (LRCX) | 10-K 2026-08-07 | "Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Ta…" |
| supplier | AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) | 10-K 2026-05-27 | "We have served over 100 customers in the grid market since our inception, including a variety of U.S based power utilities, Huntington Ingalls Shipbuilding, Innomotics LLC, the U.S. Navy, Capital Powe…" |
| supplier | Silicon Motion Technology CORP (SIMO) | 20-F 2026-04-30 | "Our customers constituting more than 10% of our net revenue were (i) Micron, SK Hynix and AFASTOR in 2023, (ii) Micron, Kioxia, PHISEMI and AFASTOR in 2024 and (iii) PHISEMI, Kioxia, AFASTOR, and Micr…" |
| supplier | ONE STOP SYSTEMS, INC. (OSS) | 10-K 2026-03-18 | "We apply the component technology provided by Intel, AMD, NVIDIA, Micron, Broadcom, Microchip, and others to deliver solutions to provide true value to our customers." |
| partner | CHEMUNG FINANCIAL CORP (CHMG) | 10-K 2026-03-13 | "Major partners in the initiative include Applied Materials, Micron, IBM, and Tokyo Electron, and the facility aims to complement the existing semiconductor supply chain presence of companies such as A…" |
| partner | Silvaco Group, Inc. (SVCO) | 10-K 2026-03-12 | "Loss on debt extinguishment includes losses incurred related to the extinguishment of our note purchase agreement with Micron Technology Inc. (the "Micron Note") and our loan facility with East West B…" |
| customer | Owlet, Inc. (OWLT) | 10-K 2026-03-09 | "The global semiconductor market is currently experiencing a structural shortage of NAND flash as major suppliers (such as Samsung, SK Hynix, and Micron) prioritize capital expenditure for High-Bandwid…" |
| competitor | EVERSPIN TECHNOLOGIES INC. (MRAM) | 10-K 2026-03-04 | "Our principal competitors to our Toggle MRAM products include companies that offer nonvolatile SRAM (NVSRAM), SRAM, and FRAM products, such as Infineon, Fujitsu, Integrated Silicon Solution (ISSI), Ma…" |
| supplier | Adeia Inc. (ADEA) | 10-K 2026-02-26 | "These agreements are typically for specified periods of time, and our customers include Kioxia, Micron, Samsung, SanDisk, SK Hynix, Sony, ST Microelectronics, and UMC." |
| customer | NVIDIA CORP (NVDA) | 10-K 2026-02-25 | "We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung." |
| customer | Fortinet, Inc. (FTNT) | 10-K 2026-02-25 | "Our limited source components for particular appliances and suppliers of those components include specific types of CPUs from Intel and AMD, network and wireless chips from Broadcom, Marvell, Qualcomm…" |

## Revenue by business segment (quarter ended 2026-09-03)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| CDBU | $18.00B | 33.2% | +1041.5% | $15.32B | 85.1% |
| CMBU | $16.28B | 30.0% | +258.4% | $12.42B | 76.3% |
| MCBU | $13.11B | 24.2% | +248.8% | $11.48B | 87.6% |
| AEBU | $6.82B | 12.6% | +375.9% | $5.42B | 79.4% |
| All other | $6.0M | 0.0% | +500.0% | -$3.0M | -50.0% |
| Corporate costs (not allocated) | — | — | — | -$885.0M | — |
| Total revenue | $54.23B | 100% | — | $43.75B | 80.7% |

## Revenue by product line (quarter ended 2026-09-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| DRAM | $39.77B | 73.3% | +342.7% |
| NAND | $14.10B | 26.0% | +526.2% |
| Other (primarily NOR) | $356.0M | 0.7% | +350.6% |
| Total revenue | $54.23B | 100% | — |

## Revenue by region (fiscal year ended 2026-09-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $91.32B | 68.6% | +278.7% |
| Taiwan | $16.95B | 12.7% | +198.8% |
| Mainland China (excluding Hong Kong) | $8.34B | 6.3% | +216.0% |
| Hong Kong | $6.29B | 4.7% | +452.6% |
| Other Asia Pacific | $5.78B | 4.3% | +202.0% |
| Japan | $2.07B | 1.6% | +130.8% |
| Europe | $1.72B | 1.3% | +174.6% |
| Other | $729.0M | 0.5% | +90.3% |
| Total revenue | $133.19B | 100% | — |

## Customer concentration

Period ended 2025-08-28: 17% of revenue from unnamed direct customers (10-K, filed 2026-10-09).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $38.28 | $34.88 | +9.7% | $61.74B | 30 |
| Next quarter (ends 2027-02-28) | $42.24 | $37.72 | +12.0% | $67.06B | 29 |
| Current fiscal year (ends 2027-08-31) | $176.55 | $153.87 | +14.7% | $275.51B | 35 |
| Next fiscal year (ends 2028-08-31) | $206.89 | $162.94 | +27.0% | $318.88B | 36 |