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Micron Technology, Inc. (MU)

割高
TechnologySemiconductorsUnited States

ファンダメンタル

74

株価

$1065.11

時価総額

$1.22T

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

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.

競争優位性(moat)

規模の経済 · 狭い

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.

需要を左右する要因

景気循環型

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.

主なリスク

  • 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.

顧客集中度

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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 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.

貸借対照表と流動性

売上高

$90.27B

直近12か月(2026/5/28まで)

純利益

$50.47B

直近12か月(2026/5/28まで)

フリーキャッシュフロー

$1.67B

自己資本合計

$54.16B

負債合計

$28.63B

流動比率

3.42

利払い倍率

257.58

負債/EBITDA

0.35

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース割高

適正価値

$823.12

現在株価

$1065.11

安全マージン

-29.4%

適正価値レンジ

$535.03 - $1111.21

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$1515.54
ディスカウンテッド・キャッシュフロー(DCF):$147.06
利益倍率(P/E):$288.30
グレアムの成長公式:$2275.42
収益力価値(EPV):$233.79
正当化されたP/B:$238.24
配当割引モデル(ゴードン):$3.61
P/FFO(運用から生まれる資金):$239.29
中間サイクル利益:$362.27
売上高倍率:$402.42
アナリスト・コンセンサス:強い買い (53B / 4H / 1S)
直近の決算サプライズ:+17.33%

バリュエーション指標

P/E レシオ

24.11

ROE

15.8%

P/B レシオ

11.94

P/FCF

45.96

粗利益率

72.6%

ROIC

40.8%

収益性レーダー

価値創造(経済的モート)

ROIC

40.8%

WACC

17.4%

ROIC − WACC

+23.4 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(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

不合格(5)

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

データなし(1)

  • Dividend Payout NaN%

Piotroski F-スコア

7/9

財務健全性が高い

score
criteria

利益の質

1.02

高品質:利益はキャッシュに裏付けられている

株式希薄化

1.2%

株式数は安定している

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
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

監査リスク

1

取締役会リスク

7

報酬リスク

6

株主権利リスク

1

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2025-10-03

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-06-25

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-30

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for MU, sourced from Markets Gazette.

  • 33m 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