Micron Technology Inc.
MUFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$23.9B
Q2 FY2026 · +208% YoY
TTM ROIC
37%
FY2025 · NOPLAT / Book Invested Capital (Equity + Debt - Cash) · WACC ~11% · Moat spread +26pp
Financial Snapshot
ticker: MU step: 04 generated: 2026-05-12 source: quick-research
Micron Technology, Inc. (MU) — Financial Snapshot
Note: Micron's fiscal year ends in late August. "FY2025" = fiscal year ended Aug 2025.
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $15.5B | $25.1B | $37.4B | +49% |
| DRAM Revenue | $11.6B | $17.6B | $28.6B | +62% (HBM-driven) |
| NAND Revenue | $3.4B | $6.6B | $7.5B | +14% |
| Non-GAAP Gross Margin | -9% | 35% | 50%+ | massive expansion |
| Non-GAAP Operating Margin | -36% | 23% | 35%+ | |
| Non-GAAP Net Income | -$5.8B | $4.0B | $8.5B | +112% |
| Non-GAAP EPS | -$5.34 | $3.55 | $7.65 | record |
Quarterly Trajectory (FY2026)
| Quarter | Revenue | Gross Margin |
|---|---|---|
| Q1 FY26 (Nov 2025) | $13.6B (+57% YoY) | 56.8% |
| Q2 FY26 (Feb 2026) | $23.9B (record) | 74.9% |
| Q3 FY26 guide | growing | ~81% (guidance) |
HBM + AI Memory Detail
| Metric | Value |
|---|---|
| FY25 HBM Revenue | $8B annualized in FQ4 |
| HBM + High-Cap DIMMs + LP-Server DRAM | $10B (5x growth) |
| Cloud Memory Revenue Q2 FY26 | $7.75B (vs $2.95B FQ2 FY25) |
| Data Center % of Revenue | 56%+ by YE 2025 |
| HBM Market Share | ~20-21% (vs SK Hynix 62%, Samsung remainder) |
2026 Strategic Moves
| Move | Impact |
|---|---|
| Exited "Crucial" consumer brand (Feb 2026) | 100% wafer capacity to enterprise + AI |
| 5-year HBM supply agreement (volume + pricing) | First long-term contracted memory |
| FY26 CapEx | $25B+ (nearly 2x FY25) |
| New US fab buildouts | Idaho + NY (~$200B+ multi-year) |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$14B |
| Capital Expenditures | ~$13.5B |
| Free Cash Flow | ~$0.5B (heavy CapEx) |
| Cash & Investments | ~$10B |
| Total Debt | ~$15B |
| Net Debt/EBITDA | ~0.3x |
Key Ratios (approximate, May 2026)
- P/E (forward): ~10x | EV/Sales: ~3x | Dividend Yield: ~0.4%
- ROIC: ~25% (cycle peak)
- FCF Margin: low — capex absorbing most cash (intentional)
Growth Profile
FY25 revenue +49% to $37.4B. Q1 FY26 +57%, Q2 FY26 $23.9B record. Gross margin trajectory: 35% (FY24) → 50%+ (FY25) → 75% (Q2 FY26) → 81% (Q3 FY26 guide). HBM demand sold out industry-wide through 2026. Crucial divestiture concentrates capacity on AI/enterprise. $25B CapEx investment positions for HBM4 + HBM4E supremacy in 2027-2028.
Forward Estimates
- FY2026E Revenue: ~$95-100B (consensus, +160%+ — extraordinary cycle peak)
- FY2026E EPS: ~$25-30 (consensus, +220-290%)
- FY2027E Revenue: ~$110B+
- FY2027E EPS: ~$32+ (assumes HBM4 ramp continues)
- Memory cycle risk: Always a multi-year cycle — peak likely 2026-27
Capital Return
- Dividend $0.46 annual = small ($500M paid)
- Buybacks moderated for CapEx investment
- $25B CapEx absorbs FCF — investing for next cycle
- Stock up 120% YTD — primary return mechanism
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $MU.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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