Micron Technology, Inc.MU
NasdaqGS•Technology•Semiconductors
Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and internationally. It operates through the Cloud Memory Business Unit; Core Data Center Business Unit; Mobile and Client Business Unit; and Automotive and Embedded Business Unit segments. The company provides memory products, including dynamic random access memory components and modules, CXL-based memory, LPDDR components and modules, graphics memory, high-bandwidth memory, and data center memory products; multichip packages (MCP) comprising embedded multimedia card-based, universal flash storage-based, and NAND-based MCPs; and technology leadership products that include 1y DRAM and G9 NAND technologies. It also offers storage products, such as data center solid-state drives (SSD), client SSD storage, and auto and industrial SSD storage; managed NAND; NAND flash; NOR flash; and memory cards. In addition, the company provides design tools, including FBGA and part decoders; DRAM power calculators; NAND power calculators; simulation models; chipset compatibility guides; serial presence-detection tools; cross-reference tools; UFSparm; SSD firmware; software and drivers; storage executive software; and obsolete part catalogs. It markets its semiconductor memory and storage products under the Micron and Crucial brands. The company serves the data center, PC, graphics, networking, automotive, industrial, and consumer embedded markets, as well as the smartphone and other mobile-device markets. It sells its products through its direct sales force, independent sales representatives, distributors, and retailers; web-based customer direct sales channel; and channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.
Micron Technology, Inc. (MU) reported trailing twelve months revenue of $58.12B as of February 2026, a 85.5% increase year-over-year. Quarterly revenue reached $23.86B, reflecting continued top-line momentum.
Micron Technology, Inc. generated $24.11B in TTM net income, with quarterly EBITDA of $18.52B. The operating margin expanded from 22.0% to 67.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (67.6%) and net margin (57.8%) indicates moderate non-operating costs. Net margin has improved from 19.7% a year ago, signaling stronger bottom-line efficiency.
MU trades at a P/E of 19.5x (in line with broad market averages) and a P/S of 8.1x. The price-to-book ratio of 6.5x indicates a significant premium over book value.
The company generated $6.51B in free cash flow over the trailing twelve months, a 785.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $101.51B in total assets with $7.34B in long-term debt against $72.46B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~30.8%, suggesting durable pricing power and cost discipline.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~172.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~42.3% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.5x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation