Micron Technology, Inc. (MU)
合理估值基本面
73
价格
$1090.30
市值
$1.22T
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
High-bandwidth memory and DRAM sold to the largest cloud and AI computing customers, the fastest-growing and now largest part of Micron.
Memory chips for smartphones and personal computers, Micron's largest business by revenue but growing the slowest of the four.
DRAM and NAND sold to traditional enterprise and data-center server makers outside the largest hyperscale cloud AI buyers.
Memory and storage for cars, industrial equipment and connected devices, sold under long product lifecycles distinct from consumer electronics.
护城河
规模效应 · 狭窄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.
需求驱动因素
周期性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.
主要风险
- 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.
客户集中度
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.
看多理由
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.
看空理由
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
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
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.
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 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 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.
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.
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.
资产负债表与流动性
营收
$90.27B
最近12个月（截至2026/5/28）
净利润
$50.47B
最近12个月（截至2026/5/28）
自由现金流
$1.67B
股东权益合计
$54.16B
负债合计
$28.63B
流动比率
3.42
利息覆盖率
257.58
债务/EBITDA
0.35
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$1001.57
当前价格
$1090.30
安全边际
-8.9%
公允价值区间
$651.02 - $1352.12
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
24.84
ROE
15.8%
市净率（P/B）
12.30
P/FCF
47.36
毛利率
72.6%
ROIC
40.8%
盈利能力雷达图
价值创造（经济护城河）
ROIC
40.8%
WACC
17.4%
ROIC − WACC
+23.4 pp
ROIC 超过资本成本：公司正在为股东创造价值。
基本面分析标准
通过（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
未通过（5）
- P/FCF 47.36
- P/B Ratio 12.30
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
股份数量稳定
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Sanjay Mehrotra | CEO & Chairman | 66 |
| Dr. Scott J. DeBoer Ph.D. | President & Chief Technology and Products Officer | 59 |
| Mr. Manish H. Bhatia | President & COO | 53 |
| Mr. Mark J. Murphy | Executive VP & CFO | 57 |
| Mr. Sumit Sadana | Senior Advisor to the CEO | 56 |
| Mr. Scott R. Allen | Corporate VP & Chief Accounting Officer | 57 |
| Mr. Anand Bahl | Corp. VP & Chief Information Officer | - |
| Mr. Satya Kumar | Corporate VP of Investor Relations & Treasurer | - |
| Mr. Michael Charles Ray Ph.D. | Senior VP, Chief Legal Officer & Corporate Secretary | 57 |
| Mr. Michael D. Cordano | Executive VP of Worldwide Sales | 61 |
审计风险
1
董事会风险
7
薪酬风险
6
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for MU, sourced from Markets Gazette.
- 1d agoNEUTRALWhy Micron’s big earnings report isn’t lifting the stock
Micron Technology Inc. reported earnings that met but did not exceed expectations, a departure from previous quarters where the company consistently surpassed estimates. While the company's performance remains solid, the market's reaction suggests a shift in sentiment. Investors may be recalibrating their expectations for future growth given the increasing competition and evolving market dynamics in the semiconductor industry. The stock's muted response indicates that current valuations may already reflect the company's anticipated performance, leaving little room for upside surprise.
- 1d agoPOSITIVENvidia, 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.
- 2d agoNEGATIVERicavi 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.
- 2d agoPOSITIVEUS 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.
- 2d agoNEUTRALMicron 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.
via Markets Gazette