MICRON TECHNOLOGY INC
$778.31
−20.13 (−2.52%) · delayed · Nov 13, 2026
Five-year price
52w $192.59 to $1,255.00
- Market cap
- $880.6B
- Enterprise value
- $845.5B
- P/E
- 10.5×
- 28.3× on 3y avg EPS
- EV / EBIT
- 8.5×
- FCF yield
- 6.7%
- ROIC
- 81.9%
- Debt / equity
- 0.02
- Piotroski F
- 8/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
50
- ●ROIC > 12% (5y avg)5y avg ROIC 21.6%
- ●ROE > 15% (5y avg)5y avg ROE 16.6%
- ○Stable operating marginsMargin volatility 36.4% (σ, 5y)
- ○Earnings convert to cashFCF / net income 35% (5y avg)
- ●Growing revenueRevenue CAGR 5y 36.9%
- ○Shrinking share countDiluted shares 0.2% over 5y
Value
60
- ●P/E below 15P/E 10.5
- ●EV/EBIT below 12EV/EBIT 8.5
- ●FCF yield above 6%FCF yield 6.7%
- ○Price below Graham NumberGraham Number $452.27
- ○P/B below 3P/B 6.4
Safety
100
- ●Debt / equity below 0.5D/E 0.02
- ●Debt payable in < 4 yrs of earningsNet debt $-35.1B
- ●Interest coverage > 8xCoverage 937.2x
- ●Current ratio > 1.5Current ratio 3.31
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $133.2B
- ●Strong condition (current ratio ≥ 2)Current ratio 3.31
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 286%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 28.3
- ○P/E × P/B ≤ 22.5Product 179.8
Valuation lab
What do you have to believe?
At $778.31, the market is pricing in about 1.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$35.1B · 1131M shares · 5y revenue CAGR 36.9%
Intrinsic value
$3,098.80
Price
$778.31
Margin of safety
75%
What the price implies
The market is paying for 1.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 20,322 | 30,391 | 23,406 | 21,435 | 27,705 | 30,758 | 15,540 | 25,111 | 37,378 | 133,188 |
| Gross profit | 8,436 | 17,891 | 10,702 | 6,552 | 10,423 | 13,898 | (1,416) | 5,613 | 14,873 | 107,504 |
| Operating income | 5,868 | 14,994 | 7,376 | 3,003 | 6,283 | 9,702 | (5,745) | 1,304 | 9,770 | 99,340 |
| Operating margin | 28.9% | 49.3% | 31.5% | 14.0% | 22.7% | 31.5% | -37.0% | 5.2% | 26.1% | 74.6% |
| Pre-tax income | 5,196 | 14,307 | 7,048 | 2,983 | 6,218 | 9,571 | (5,658) | 1,240 | 9,654 | 99,671 |
| Income tax | 114 | 168 | 693 | 280 | 394 | 888 | 177 | 451 | 1,124 | 14,761 |
| Net income | 5,089 | 14,135 | 6,313 | 2,687 | 5,861 | 8,687 | (5,833) | 778 | 8,539 | 84,969 |
| EPS (diluted) | 4.41 | 11.51 | 5.51 | 2.37 | 5.14 | 7.75 | -5.34 | 0.70 | 7.59 | 74.33 |
| Diluted shares | 1,154 | 1,229 | 1,143 | 1,131 | 1,141 | 1,122 | 1,093 | 1,118 | 1,125 | 1,143 |
Who owns it