Micron's revenue has expanded roughly eight-fold from $6.8 billion in 2024Q3 to $54.2 billion in 2026Q4 as AI-driven HBM and DDR5 demand drove gross margin to an unprecedented 86.8% and operating margin to 80.7%, while the balance sheet has been fundamentally repaired — total debt fell from $13.9 billion to $4.7…
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth has decelerated to 3.8% year-over-year in 2026Q4 despite gross margin surging to 86.8% and operating margin to 80.7%, an outlier spread versus Seagate's 33.6% that may indicate pricing gains are approaching cyclical extremes rather than reflecting a structurally superior model.
Micron's HBM capacity for 2026 is reportedly sold out, driven by insatiable demand for AI computing power.
Q2 FY2026 revenue surged by 196% year-over-year to $23.86 billion, with non-GAAP EPS increasing by 682%.
Micron has secured a five-year Strategic Customer Agreement, ensuring multiyear demand visibility.
The semiconductor memory market is cyclical, and a downturn could lead to oversupply and price erosion.
Micron faces significant competition in the memory chip market, which could impact pricing and market share.
Success relies on the ramp-up of HBM4 production; any delays could negatively affect stock performance.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Sep 30, 2026 | $33.42+5.2% vs $31.77 | $54.2B+5.6% vs $51.3B |
Q3 2026 Jun 24, 2026 | $25.11+19.7% vs $20.98 | $41.5B+15.4% vs $35.9B |
Q2 2026 Mar 18, 2026 | $12.20+32.8% vs $9.19 | $23.9B+19.5% vs $20.0B |
Q4 2025 Dec 17, 2025 | $4.78+20.7% vs $3.96 | $13.6B+5.7% vs $12.9B |
President Trump's investment team sold Micron stock in August. Micron's fundamentals remain strong, and the stock trades below five times forward earnings.
Micron Technology (NASDAQ: MU) stock could fall towards $650 by November 20, 2026, according to an analysis by TradingShot.
Micron could derive gains from three places. Micron is increasing its production capacity, but that may not be enough to meet demand.
The bulk of the Q3 earnings season is over, with results from roughly 12% of S&P 500 members remaining. Including the still-to-come reports, Q3 earnings are on pace to grow +28.4% year-over-year on +14.4% higher revenues, the 8th straight quarter of double-digit earnings growth for the index.
Benchmark MU against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Micron Technology, Inc. (MU)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $690.00 | $779.28B | 9.31 | 256.33% | 63.8% | 91.77% | 0.08% | |
| $56.28 | $283.88B | -24.82 | -0.47% | -20.09% | -9.9% | — | |
| $263.78 | $90.92B | 10.11 | 35.7% | 69.2% | 113.77% | 0.17% | |
| $460.99 | $103.37B | 24.33 | 34.06% | 31.86% | 245.11% | 0.6% | |
| $78.21 | $1.93B | 13.78 | -3.65% | 7.49% | 10.37% | 2.17% | |
| $23.79 | $1.24B | -2.34 | -12.21% | -89.8% | -66.17% | — |
Micron Technology, Inc. (MU) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Micron Technology, Inc. (MU) SEC filings — annual & quarterly reports (10-K, 10-Q)
Sep 30, 2026·SEC
Jun 24, 2026·SEC
Jun 9, 2026·SEC
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Micron Technology, Inc. (MU) stock FAQ — growth, dividends, profitability & financials explained
Micron Technology, Inc. (MU) reported $133.19B in revenue in fiscal year 2026, which is also its trailing twelve months. That is 3689% more than the $3.52B of fiscal year 1997.
Micron Technology, Inc. (MU) grew revenue by 256.3% over the trailing twelve months, compared with the twelve months before.
Yes. Micron Technology, Inc. (MU) earned $84.97B in net income over the trailing twelve months (a 63.8% net margin).
Micron Technology, Inc. (MU) does not currently pay a meaningful dividend.
Micron Technology, Inc. (MU) had a return on equity (ROE) of 91.8% over the trailing twelve months. That is well above the market's typical 10-15%.
Micron Technology, Inc. (MU) generated $58.96B in free cash flow over the trailing twelve months.
