NASDAQ · MU

Micron Technology, Inc.

Technology · Semiconductors

$980.71▲ 5.85% ($54.16)today

As of 11:22 AM ET

52-week

$154.65$1,255.00

Market cap

$1.11T

P/E

What the market price implies · Reverse DCF

To support a price of $980.71, this model requires revenue to grow by 37.88%/yr over the next 10 years, compounded annually.

Historical revenue grew by 7.77%/yr over the past 4 years. The required annual growth rate is 30.11 percentage points higher.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

37.88%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$980.71

Estimated value / share

$370.35

Base scenario

This estimate is 62.24% below the price used.

USD · TTM ending 2026-05-28

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 40% · Ending margin 30% · Discount rate 17.1%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 3:22 PM UTC
Financial statement period: TTM ending 2026-05-28
Data refreshed: Sep 17, 2026, 3:22 PM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inModerate confidence

Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.

1Y Price: 512.6%Revenue (TTM): 166.98%FCF (TTM): 1,291.39%P/FCF: 73rd pct

What changed

The stock rose 512.6% over the last year. Revenue grew 166.98% over the trailing twelve months. Operating margin moved from 22.59% to 65.74%. Free cash flow grew 1,291.39% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (73rd percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 65.74% — continued expansion would be needed to justify the premium. Revenue growth of 166.98% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions.

CEOSanjay Mehrotra

SectorTechnology

IndustrySemiconductors

Employees53,000

IPO dateJun 1, 1984

https://www.micron.com

Market multiples

Forward P/E—

EV/EBITDA7.67

Enterprise value$141.79B

Stock splits

May 2, 2000↑ Forward

Every 1 shares became 2

+100%

May 23, 1995↑ Forward

Every 1 shares became 2

+100%

Apr 19, 1994↑ Forward

Every 2 shares became 5

+150%

Profitability & growth

Revenue growth345.72%

Gross margin (FY2025)39.79%▲17.4ppvs FY2024

Operating margin (FY2025)26.41%▲21.2ppvs FY2024

ROE66.64%▲49.4ppvs FY2025

Analyst consensus

RatingBuy

Target price$1,547.71▲57.82%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Sep 30, 2026

Q3 FY26 · EPS est $31.16 · Revenue est $50.42B

View

Dividends

$0.53/shareQuarterly6yr growth streakSafe

MU pays a dividend with a 0.05% dividend yield, 6 consecutive years of growth, growing at 5.53% annually, covered 3.2× by free cash flow.

Dividend Yield

0.05%

Annual Div / Share

$0.53

5yr CAGR

+5.53%

Doubles every ~12.9yr

Payout Ratio

1.12%

Safe

Dividend Growth Rate

3yr CAGR

+4.83%

5yr CAGR

+5.53%

10yr CAGR

+5.53%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.53+15.2%

2025$0.46+0.0%

2024$0.46+0.0%

2023$0.46+10.8%

2022$0.42+315.0%

1995$0.10+60.0%

1994$0.06—

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$1/yr

$0/mo

In 5 yrs

$1/yr+31%

$0/mo

In 10 yrs

$1/yr+71%

$0/mo

Today	In 5 yrs	In 10 yrs
$1/yr $0/mo	$1/yr+31% $0/mo	$1/yr+71% $0/mo

Yield-on-cost grows from 0.05% → 0.09% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 3.2× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Strong dividend growth rate

The 5-year CAGR of 5.53% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NASDAQ · MU

Micron Technology, Inc.

Technology · Semiconductors

$980.71▲ 5.85% ($54.16)today

As of 11:22 AM ET

52-week

$154.65$1,255.00

Market cap

$1.11T

P/E

What the market price implies · Reverse DCF

To support a price of $980.71, this model requires revenue to grow by 37.88%/yr over the next 10 years, compounded annually.

Historical revenue grew by 7.77%/yr over the past 4 years. The required annual growth rate is 30.11 percentage points higher.

Selected forecast · Base scenario

19.61%/yr · actual 10-year annualized revenue growth

Year 1 growth: 40%

Market-implied · Base operating assumptions + edited margins

37.88%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$980.71

Estimated value / share

$370.35

Base scenario

This estimate is 62.24% below the price used.

USD · TTM ending 2026-05-28

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 40% · Ending margin 30% · Discount rate 17.1%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 3:22 PM UTC
Financial statement period: TTM ending 2026-05-28
Data refreshed: Sep 17, 2026, 3:22 PM UTC · provider

Why this method?

There is not a stable run of positive FCFF to anchor a direct cash-flow CAGR, so the model should start from revenue and margin assumptions instead.

Is FCFF positive and has it been for 3+ consecutive years? Only 1 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inModerate confidence

Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.

1Y Price: 512.6%Revenue (TTM): 166.98%FCF (TTM): 1,291.39%P/FCF: 73rd pct

What changed

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (73rd percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Performance

Return analysis

Company profile

Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions.

CEOSanjay Mehrotra

SectorTechnology

IndustrySemiconductors

Employees53,000

IPO dateJun 1, 1984

https://www.micron.com

Market multiples

Forward P/E—

EV/EBITDA7.67

Enterprise value$141.79B

Stock splits

May 2, 2000↑ Forward

Every 1 shares became 2

+100%

May 23, 1995↑ Forward

Every 1 shares became 2

+100%

Apr 19, 1994↑ Forward

Every 2 shares became 5

+150%

Profitability & growth

Revenue growth345.72%

Gross margin (FY2025)39.79%▲17.4ppvs FY2024

Operating margin (FY2025)26.41%▲21.2ppvs FY2024

ROE66.64%▲49.4ppvs FY2025

Analyst consensus

RatingBuy

Target price$1,547.71▲57.82%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Sep 30, 2026

Q3 FY26 · EPS est $31.16 · Revenue est $50.42B

View

Dividends

$0.53/shareQuarterly6yr growth streakSafe

MU pays a dividend with a 0.05% dividend yield, 6 consecutive years of growth, growing at 5.53% annually, covered 3.2× by free cash flow.

Dividend Yield

0.05%

Annual Div / Share

$0.53

5yr CAGR

+5.53%

Doubles every ~12.9yr

Payout Ratio

1.12%

Safe

Dividend Growth Rate

3yr CAGR

+4.83%

5yr CAGR

+5.53%

10yr CAGR

+5.53%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.53+15.2%

2025$0.46+0.0%

2024$0.46+0.0%

2023$0.46+10.8%

2022$0.42+315.0%

1995$0.10+60.0%

1994$0.06—

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$1/yr

$0/mo

In 5 yrs

$1/yr+31%

$0/mo

In 10 yrs

$1/yr+71%

$0/mo

Today	In 5 yrs	In 10 yrs
$1/yr $0/mo	$1/yr+31% $0/mo	$1/yr+71% $0/mo

Yield-on-cost grows from 0.05% → 0.09% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 3.2× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Strong dividend growth rate

The 5-year CAGR of 5.53% meaningfully outpaces inflation, compounding real income growth for long-term holders.

Risks to Watch

No strong risk signal stands out from the latest period pair.