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Micron Technology, Inc. (MU)

Surévalué
TechnologySemiconductorsUnited States

Fondamental

74

Prix

$1065.11

Capitalisation boursière

$1.22T

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Micron makes memory and storage chips — DRAM, which computers and servers use to hold data they are actively working with, and NAND flash, which stores data long-term in solid-state drives and phones. It is one of only three companies in the world with the scale to manufacture advanced memory competitively, alongside Samsung and SK Hynix. Demand today is increasingly driven by AI servers, which need far more high-bandwidth memory per unit than a standard computer.

Comment l'entreprise gagne de l'argent

Micron sells chips outright to computer, phone, and server makers at prices set largely by the broader memory market, since DRAM and NAND are close to commodities: when the industry has more supply than buyers need, prices for everyone fall sharply, and when supply is tight they rise just as sharply. Fiscal 2025 revenue jumped 49% mostly on higher prices and the newer high-bandwidth memory used in AI accelerators, illustrating how much results depend on where the industry sits in its cycle rather than on unit sales alone.

Chiffre d'affaires par segment

Cloud Memory Business Unit36.2%

High-bandwidth memory and DRAM sold to the largest cloud and AI computing customers, the fastest-growing and now largest part of Micron.

Mobile Client Business Unit31.7%

Memory chips for smartphones and personal computers, Micron's largest business by revenue but growing the slowest of the four.

Core Data Center Business Unit19.3%

DRAM and NAND sold to traditional enterprise and data-center server makers outside the largest hyperscale cloud AI buyers.

Automotive and Embedded Business Unit12.7%

Memory and storage for cars, industrial equipment and connected devices, sold under long product lifecycles distinct from consumer electronics.

Avantage concurrentiel

Économies d'échelle · Étroit

Building a competitive memory fab costs tens of billions of dollars, which has narrowed the industry to three real players worldwide — Micron, Samsung and SK Hynix — and keeps new entrants out. That scale advantage protects Micron's position but does not give it pricing power: DRAM and NAND are still largely interchangeable between suppliers, so prices are set by the whole industry's supply, not by any one company.

Ce qui stimule la demande

Cyclique

Memory has one of the most pronounced boom-and-bust cycles in technology: prices can double or halve within a year as manufacturers add or cut capacity slower than demand shifts. AI data-center buildouts are currently driving a strong upcycle, but the same industry has swung from shortage to oversupply repeatedly over the past two decades.

Principaux risques

  • Severe price cyclicality — Memory prices can swing sharply within a single year based on industry-wide supply and demand, and a downturn can turn a very profitable year into a loss-making one quickly.
  • Customer concentration — The ten largest customers together generate roughly half of total revenue; losing or renegotiating terms with even one of them would have a large effect on results.
  • Heavy, ongoing capital spending — Staying competitive requires continuous, multi-billion-dollar investment in new fabs and equipment years before that capacity generates revenue, regardless of where prices sit in the cycle at the time.
  • Export controls and China exposure — US restrictions on advanced chip technology and China's own restrictions on Micron products in response have already cost the company sales in one of its largest markets.

Concentration des clients

Micron's ten largest customers together have accounted for roughly half of total revenue in each of the last three fiscal years, though no single customer's individual share is broken out.

Les arguments en faveur

Buyers argue that AI data centers need far more memory per server than before, that a three-player industry structure gives Micron real pricing power in an upcycle, and that fiscal 2025's 49% revenue growth shows the current cycle still has room to run.

Les arguments contre

Sellers fear that memory has always been a boom-and-bust business and today's AI-driven prices will eventually invite more supply and fall again, that half of revenue riding on ten customers leaves Micron exposed to any one of them slowing orders, and that China's restrictions on Micron chips could deepen if trade tensions escalate further.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: 23.6Score: 79Market cap: $254.75B

Spun out of Western Digital, Sandisk sells NAND flash, SSDs and removable memory products that overlap directly with Micron's storage and Crucial-branded consumer lines.

Samsung Electronics Co., Ltd. (삼성전자)005930.KS

The largest maker of both DRAM and NAND flash, Samsung sells the same DRAM, HBM and SSD product lines to the same server, PC and smartphone customers Micron supplies.

SK hynix Inc. (에스케이하이닉스)000660.KS

SK hynix is Micron's closest rival in DRAM and in high-bandwidth memory (HBM) for AI accelerators, bidding for the same qualification slots at the same data-centre and GPU customers.

Kioxia Holdings Corporation (キオクシア)285A.T

Kioxia competes head-on in NAND flash and enterprise and client SSDs, the storage half of Micron's business, selling to the same data-centre and consumer-device buyers.

ChangXin Memory Technologies, Inc. (长鑫存储技术有限公司)Not tracked

China's main DRAM producer, named by Micron itself, is expanding commodity DDR and mobile DRAM capacity and takes volume in the same price-sensitive segments, especially inside China.

Yangtze Memory Technologies Co., Ltd. (长江存储科技有限责任公司)Not tracked

YMTC is China's NAND flash champion and competes for the same SSD and embedded-storage sockets in smartphones, PCs and servers, chiefly with Chinese device makers.

Bilan & Liquidités

Chiffre d'affaires

$90.27B

12 derniers mois (au 28/05/2026)

Résultat net

$50.47B

12 derniers mois (au 28/05/2026)

Flux de trésorerie libre

$1.67B

Capitaux propres totaux

$54.16B

Passif total

$28.63B

Ratio de liquidité général

3.42

Couverture des intérêts

257.58

Dette/EBITDA

0.35

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralSurévalué

Juste valeur

$823.12

Prix actuel

$1065.11

Marge de sécurité

-29.4%

Fourchette de juste valeur

$535.03 - $1111.21

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$1515.54
Flux de trésorerie actualisés (DCF):$147.06
Multiple de résultat (P/E):$288.30
Formule de croissance de Graham:$2275.42
Valeur de la capacité bénéficiaire (EPV):$233.79
P/B justifié:$238.24
Actualisation des dividendes (Gordon):$3.61
P/FFO, les fonds provenant de l'exploitation:$239.29
Bénéfices de milieu de cycle:$362.27
Multiple sur le chiffre d'affaires:$402.42
Consensus des analystes:Achat fort (53B / 4H / 1S)
Dernière surprise sur les résultats:+17.33%

Indicateurs de valorisation

Ratio P/E

24.11

ROE

15.8%

Ratio P/B

11.94

P/FCF

45.96

Marge brute

72.6%

ROIC

40.8%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

40.8%

WACC

17.4%

ROIC − WACC

+23.4 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (21)

  • EPS shows upward trend
  • Price CAGR 47.55%
  • ROIC 40.8%
  • Gross Margin 72.6%
  • Debt/Equity ratio
  • Operating Margin 65.6%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 70.5%
  • Revenue Growth 5Y 11.8%
  • Analyst Consensus 91% Buy
  • Earnings Surprise avg 16.2%
  • PEG Ratio 0.90
  • Earnings Quality (OCF/NI) 1.02
  • Share Dilution 1.2%
  • Net Margin Trend 55.9% vs 18.4%
  • Piotroski F-Score 7/9

Échoué (5)

  • P/FCF 45.96
  • P/B Ratio 11.94
  • CapEx intensity
  • Price below Graham Number
  • DCF valuation (Overvalued)

Indisponible (1)

  • Dividend Payout NaN%

Score F de Piotroski

7/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.02

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

1.2%

Le nombre d'actions est stable

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Sanjay MehrotraCEO & Chairman66
Dr. Scott J. DeBoer Ph.D.President & Chief Technology and Products Officer59
Mr. Manish H. BhatiaPresident & COO53
Mr. Mark J. MurphyExecutive VP & CFO57
Mr. Sumit SadanaSenior Advisor to the CEO56
Mr. Scott R. AllenCorporate VP & Chief Accounting Officer57
Mr. Anand BahlCorp. VP & Chief Information Officer-
Mr. Satya KumarCorporate VP of Investor Relations & Treasurer-
Mr. Michael Charles Ray Ph.D.Senior VP, Chief Legal Officer & Corporate Secretary57
Mr. Michael D. CordanoExecutive VP of Worldwide Sales61

Risque d'audit

1

Risque du conseil

7

Risque de rémunération

6

Risque droits des actionnaires

1

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2025-10-03

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-06-25

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-09-30

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for MU, sourced from Markets Gazette.

  • 38m agoPOSITIVE
    Nvidia, AMD e Intel salgono dopo i risultati di Micron: perché il titolo MU scende?

    Micron Technology Inc. reported fiscal fourth-quarter results that surpassed earnings expectations, with adjusted EPS of $33.42 and revenues of $54.23 billion, alongside a robust forecast of approximately $61.5 billion for the current quarter. This performance signals continued strong demand for AI infrastructure, boosting confidence across the semiconductor sector. While Micron's stock saw a slight pre-market dip, the overall positive sentiment from its results propelled shares of competitors like Nvidia and AMD higher, with Intel also experiencing gains. The company's long-term supply agreements have seen financial commitments rise to $32 billion, underscoring significant industry-wide investment.

  • 8h agoNEGATIVE
    Ricavi Micron quadruplicati a $54 billion, ma il titolo è sceso: ecco perché

    Micron Technology reported record fourth-quarter results on October 1st, 2026, with revenues quadrupling to $54.23 billion from $11.32 billion year-over-year, significantly surpassing Wall Street estimates. The company's net income reached an impressive $37.7 billion, translating to $32.87 per share. This surge is attributed to the booming AI infrastructure market and high demand for High-Bandwidth Memory (HBM), with data center sales increasing 11-fold. Despite these stellar financial figures, the stock price declined, indicating potential investor concerns about future growth sustainability or market saturation despite the current AI chip demand.

  • 13h agoPOSITIVE
    US Stock Futures Advance, Dollar Strengthens: Markets Wrap

    Micron Technology Inc. provided an optimistic forecast, significantly boosting sentiment across the technology sector and driving US stock-index futures higher. This positive outlook from a key semiconductor player suggests a potential rebound or continued strength in demand for memory chips, which are foundational to many tech products. Asian technology shares also saw gains, indicating a broader positive reaction. While Treasuries held losses and the dollar strengthened, the primary driver for market optimism appears to be Micron's forward-looking guidance, signaling potential opportunities for investors in the tech and semiconductor spaces.

  • 20h agoNEUTRAL
    Micron annuncia oggi i risultati del quarto trimestre: cosa aspettarsi

    Micron Technology (MU) shares saw a modest 0.49% rise on Wednesday as markets awaited its fiscal fourth-quarter earnings report. Analysts project robust revenue and earnings growth, with consensus estimates from LSEG and Bloomberg pointing to earnings per share of $31.61 on revenues of $51.07 billion. While the strong performance is anticipated, investor focus will likely be on Micron's fiscal year 2027 guidance and its ability to sustain high memory pricing and margins, driven by the ongoing artificial intelligence demand. The market's reaction will hinge on the forward-looking outlook rather than just the historical results.

  • 2d agoPOSITIVE
    Perché le azioni di Micron, SK Hynix e SanDisk sono in rialzo martedì?

    Micron Technology, alongside SK Hynix and SanDisk, saw its stock price surge on Tuesday, driven by escalating optimism surrounding artificial intelligence (AI) spending. This positive momentum was bolstered by reports indicating that Anthropic, a prominent AI firm, is preparing for a potential IPO that could value the company at over $2 trillion. Furthermore, Anthropic's projected expenditure of up to $518 billion on cloud, computing, and infrastructure is anticipated to create substantial new demand for semiconductor and memory suppliers like Micron. This news suggests a strong growth outlook for memory chip manufacturers.

  • 2d agoNEUTRAL
    Micron e SanDisk in rialzo nel premarket, ma la minaccia macro per la tech peggiora

    Micron Technology Inc. (MU) and Western Digital Corp. (WDC), parent of SanDisk, saw pre-market gains of approximately 1.8% and 1.0% respectively. This resilience in the memory chip sector occurs despite rising US Treasury yields nearing two-decade highs, with the 10-year yield approaching 5.27%. The broader tech sector faces headwinds from elevated yields and a 72% probability of another Federal Reserve rate hike in October. While memory market fundamentals remain robust, the challenging bond market environment increases valuation risk for tech investors. Despite these macro pressures, memory shortages are seen as a protective factor for companies like Micron.

via Markets Gazette