IMPORTANT DISCLAIMER: Blank Capital Research ("BCR") is a technology platform, not a registered investment advisor or broker-dealer. The algorithmically generated signals, scores, and rankings provided on this site ("God Mode" Signals) are for informational and research purposes only and do not constitute financial advice, investment recommendations, or an offer to sell or solicit an offer to buy any securities.
HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
RISK OF LOSS: Trading in financial markets involves a high degree of risk and may result in the loss of your entire investment. Data provided by third-party sources (Intrinio, Snowflake) is believed to be reliable but is not guaranteed for accuracy or completeness. Past performance is not indicative of future results.
Relative valuation derived from Technology sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
31.0%
Sector: -1.4%
Dividend Analysis audit
GROWTH
0.20%
Trailing Yield
$0.20
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
4%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
Sign up for free access to institutional-quality research tools.
Based on our 6-factor quantitative model, MICRON TECHNOLOGY INC (MU) receives a "Hold" rating with a composite score of 52.5/100, ranked #778 out of 4446 stocks. Key factor scores: Quality 50/100, Value 56/100, Momentum 76/100. This is quantitative analysis only — not investment advice.
MICRON TECHNOLOGY INC (MU) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does MICRON TECHNOLOGY INC Do?
Micron Technology, Inc. designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels. The company offers memory products for the cloud server, enterprise, client, graphics, and networking markets, as well as for smartphone and other mobile-device markets; SSDs and component-level solutions for the enterprise and cloud, client, and consumer storage markets; other discrete storage products in component and wafers; and memory and storage products for the automotive, industrial, and consumer markets. It markets its products through its direct sales force, independent sales representatives, distributors, and retailers; and web-based customer direct sales channel, as well as through channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho. MICRON TECHNOLOGY INC (MU) is classified as a mega-cap stock in the Technology sector, specifically within the Electronic Equipment industry. The company is led by CEO Sanjay Mehrotra and employs approximately 48,000 people, headquartered in Boise, Idaho. With a market capitalization of $414.8B, MU is one of the largest companies in the Technology sector.
MICRON TECHNOLOGY INC (MU) Stock Rating — Hold (April 2026)
As of April 2026, MICRON TECHNOLOGY INC receives a Hold rating with a composite score of 52.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.MU ranks #778 out of 4,446 stocks in our coverage universe. Within the Technology sector, MICRON TECHNOLOGY INC ranks #77 of 584 stocks, placing it in the top quartile of its Technology peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
MU Stock Price and 52-Week Range
MICRON TECHNOLOGY INC (MU) currently trades at $419.20. The stock lost $2.31 (0.5%) in the most recent trading session. The 52-week high for MU is $471.34, which means the stock is currently trading -11.1% from its annual peak. The 52-week low is $61.54, putting the stock 581.2% above its annual trough. Recent trading volume was 36.3M shares, indicating strong institutional interest and high liquidity.
Is MU Overvalued or Undervalued? — Valuation Analysis
MICRON TECHNOLOGY INC (MU) carries a value factor score of 56/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 18.93x, compared to the Technology sector average of 45.27x — a discount of 58%. The price-to-book ratio stands at 5.88x, versus the sector average of 3.16x. The price-to-sales ratio is 7.76x, compared to 1.06x for the average Technology stock. On an enterprise value basis, MU trades at 16.24x EV/EBITDA, versus 12.79x for the sector.
Overall, MU's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
MICRON TECHNOLOGY INC Profitability — ROE, Margins, and Quality Score
MICRON TECHNOLOGY INC (MU) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 31.0%, compared to the Technology sector average of -1.4%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 22.2% versus the sector average of -1.0%.
On a margin basis, MICRON TECHNOLOGY INC reports gross margins of 51.2%, compared to 50.9% for the sector. The operating margin is 39.5% (sector: -0.5%). Net profit margin stands at 34.0%, versus -1.5% for the average Technology stock. Revenue growth is running at 174.0% on a trailing basis, compared to 14.2% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
MU Debt, Balance Sheet, and Financial Health
MICRON TECHNOLOGY INC has a debt-to-equity ratio of 40.0%, compared to the Technology sector average of 43.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 2.90x, indicating strong short-term liquidity. Total debt on the balance sheet is $8.84B.
MU has a beta of 2.19, meaning it is more volatile than the broader market — a $10,000 investment in MU would be expected to move 118.6% more than the S&P 500 on any given day. The stability factor score for MICRON TECHNOLOGY INC is 33/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
MICRON TECHNOLOGY INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, MICRON TECHNOLOGY INC reported revenue of $54.86B and earnings per share (EPS) of $12.25. Net income for the quarter was $22.49B. Gross margin was 51.2%. Operating income came in at $26.21B.
In Q2 2026, MICRON TECHNOLOGY INC reported revenue of $23.86B and earnings per share (EPS) of $12.25. Net income for the quarter was $13.79B. Gross margin was 74.4%. Revenue grew 196.3% year-over-year compared to Q2 2025. Operating income came in at $16.14B.
In Q1 2026, MICRON TECHNOLOGY INC reported revenue of $13.64B and earnings per share (EPS) of $4.66. Net income for the quarter was $5.24B. Gross margin was 56.0%. Revenue grew 56.7% year-over-year compared to Q1 2025. Operating income came in at $6.14B.
In FY 2025, MICRON TECHNOLOGY INC reported revenue of $37.38B and earnings per share (EPS) of $7.65. Net income for the quarter was $8.54B. Gross margin was 39.8%. Revenue grew 48.9% year-over-year compared to FY 2024. Operating income came in at $9.77B.
Over the past 8 quarters, MICRON TECHNOLOGY INC has demonstrated a growth trajectory, with revenue expanding from $25.11B to $54.86B. Investors analyzing MU stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
MU Dividend Yield and Income Analysis
MICRON TECHNOLOGY INC (MU) currently pays a dividend yield of 0.2%. At this yield, a $10,000 investment in MU stock would generate approximately $$20.00 in annual dividend income. With a net margin of 34.0%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
MU Momentum and Technical Analysis Profile
MICRON TECHNOLOGY INC (MU) has a momentum factor score of 76/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 21/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
MU vs Competitors — Technology Sector Ranking and Peer Comparison
Comparing MU against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full MU vs S&P 500 (SPY) comparison to assess how MICRON TECHNOLOGY INC stacks up against the broader market across all factor dimensions.
MU Next Earnings Date
No upcoming earnings date has been announced for MICRON TECHNOLOGY INC (MU) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy MU? — Investment Thesis Summary
MICRON TECHNOLOGY INC presents a balanced picture with arguments on both sides. Price momentum is positive at 76/100, suggesting the trend favors buyers. High volatility (stability score 33/100) increases portfolio risk.
In summary, MICRON TECHNOLOGY INC (MU) earns a Hold rating with a composite score of 52.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on MU stock.
We'll email you when stocks you follow change their composite rating.
Institutional Research Dossier
MICRON TECHNOLOGY INC (MU) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Micron Technology (MU) receives a Buy rating based on its strong momentum, improving profitability, and attractive valuation relative to the technology sector. The company's recent financial performance, particularly the surge in revenue and net income, suggests a robust recovery and positions it favorably to capitalize on the growing demand for memory and storage solutions. While the memory industry is cyclical and capital intensive, Micron's strategic focus on high-value solutions and improving operational efficiency supports a positive outlook.
However, investors should be aware of the inherent volatility in the semiconductor industry and the potential for fluctuations in demand and pricing. Despite these risks, Micron's current valuation, coupled with its strong growth trajectory and improving profitability, makes it an attractive investment opportunity. The key takeaway is that Micron is well-positioned to benefit from the increasing demand for memory and storage solutions, but investors must carefully monitor industry dynamics and competitive pressures.
Business Strategy & Overview
Micron Technology operates in the dynamic memory and storage industry, designing, manufacturing, and selling DRAM, NAND, and NOR memory products. These products are essential components in a wide range of applications, including cloud servers, enterprise storage, mobile devices, automotive systems, and industrial equipment. Micron's business is structured around four key segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit, each targeting specific market segments with tailored memory and storage solutions.
The company's strategy revolves around technological innovation, cost optimization, and strategic partnerships. Micron invests heavily in research and development to stay at the forefront of memory technology, focusing on developing high-performance, low-power solutions that meet the evolving needs of its customers. This includes advancements in DRAM technology, such as High Bandwidth Memory (HBM) for AI applications, and NAND technology, such as 3D NAND for solid-state drives (SSDs). Micron also focuses on improving its manufacturing processes to reduce costs and enhance efficiency, which is crucial in the highly competitive memory market.
Micron's go-to-market strategy involves a combination of direct sales, independent sales representatives, distributors, and retailers. The company also utilizes a web-based customer direct sales channel to reach a broader customer base. Strategic partnerships with key players in the technology industry are also essential for Micron's success. These partnerships enable Micron to integrate its memory and storage solutions into a wider range of products and applications, expanding its market reach and strengthening its competitive position.
The memory and storage industry is characterized by cyclical demand patterns, intense competition, and rapid technological advancements. Micron faces competition from other major memory manufacturers, such as Samsung and SK Hynix, as well as from emerging players in the storage market. To succeed in this environment, Micron must continuously innovate, optimize its cost structure, and adapt to changing market conditions. The company's recent focus on high-value solutions, such as HBM for AI and enterprise-class SSDs, reflects its efforts to differentiate itself and capture higher margins.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
174.0%
Sector: 14.2%
+1122% VS SCTR
Economic Moat Analysis
Micron's economic moat can be classified as Narrow. While the company operates in a capital-intensive industry with significant barriers to entry, its competitive advantages are not insurmountable. The primary sources of Micron's moat are its technological expertise and intellectual property, which allow it to develop advanced memory and storage solutions. However, these advantages are constantly challenged by competitors who also invest heavily in R&D.
The memory industry is characterized by rapid technological advancements, and companies that fail to innovate quickly risk falling behind. Micron has a strong track record of innovation, but it faces intense competition from other major players, such as Samsung and SK Hynix, who also possess significant technological capabilities. This limits Micron's ability to sustain a wide moat based solely on technology.
While Micron benefits from some degree of switching costs, particularly for enterprise customers who have integrated Micron's memory and storage solutions into their systems, these costs are not prohibitive. Customers can switch to alternative suppliers if they offer superior performance or lower prices. This limits Micron's pricing power and reduces the stickiness of its customer relationships.
Micron's scale provides some cost advantages, but these are not sufficient to create a wide moat. The company's manufacturing facilities are highly efficient, but other major players in the industry also have similar scale and cost structures. This limits Micron's ability to consistently undercut its competitors on price.
In summary, Micron's narrow moat is based on its technological expertise, intellectual property, and some degree of switching costs. However, the intense competition in the memory industry and the rapid pace of technological change limit the sustainability of these advantages. While Micron is a strong player in the memory market, its competitive position is not unassailable.
Financial Health & Profitability
Micron's financial health has shown significant improvement in recent periods, reflecting the cyclical nature of the memory industry. The company's revenue has experienced substantial growth, with TTM revenue reaching $23.86 billion, a significant increase compared to previous years. This growth is primarily driven by increased demand for memory and storage solutions across various market segments, including cloud computing, mobile devices, and automotive applications.
Profitability has also improved dramatically. The company's net income for the TTM period is $13.79 billion, a stark contrast to the net losses experienced in FY2023. This turnaround is attributed to higher revenue, improved gross margins, and better operating efficiency. The gross margin for the TTM period is 51.2%, which is in line with the sector average, while the operating margin is 39.5%, significantly higher than the sector average of -0.5%. The net margin is also impressive at 34.0%, compared to the sector average of -1.5%.
The quarterly financial history reveals a clear upward trend in revenue and profitability. In Q2 FY2026, Micron reported revenue of $23.86 billion, net income of $13.79 billion, a gross margin of 74.4%, and an operating margin of 67.6%. These figures represent a substantial improvement compared to the corresponding periods in previous years. The company's strong performance in recent quarters suggests that it is well-positioned to capitalize on the growing demand for memory and storage solutions.
Micron's balance sheet appears to be in good shape. The company has a current ratio of 2.90, indicating that it has sufficient liquid assets to cover its short-term liabilities. The company's total debt is $8.84 billion, and the debt-to-equity ratio is 40.00, which is slightly lower than the sector average of 43.00. This suggests that Micron's leverage is manageable.
However, the absence of free cash flow data makes it difficult to fully assess the company's financial health. Free cash flow is a critical metric for evaluating a company's ability to generate cash and fund its operations. Without this information, it is challenging to determine whether Micron's recent profitability is sustainable.
Valuation Assessment
Micron's valuation presents a mixed picture. On the one hand, the company's P/E ratio of 34.5x is lower than the sector average of 45.3x, suggesting that the stock may be undervalued relative to its peers. Similarly, the company's EV/EBITDA ratio of 7.4x is significantly lower than the sector average of 13.0x, further supporting the argument that the stock is undervalued.
However, it is important to consider Micron's cyclical nature when assessing its valuation. The memory industry is prone to boom-and-bust cycles, and Micron's earnings can fluctuate significantly depending on market conditions. The company's recent surge in profitability may not be sustainable in the long term, and its earnings could decline if demand weakens or prices fall.
Given the cyclicality of the industry, it is important to consider Micron's historical valuation multiples. The company's P/E ratio has varied widely over time, reflecting the fluctuations in its earnings. It is also important to consider the company's growth prospects. Micron is expected to benefit from the increasing demand for memory and storage solutions, but its growth rate may not be as high as some other technology companies.
Considering these factors, Micron's valuation appears to be reasonable but not necessarily a bargain. The stock is trading at a discount to the sector average, but this may reflect the company's cyclical nature and the inherent risks of the memory industry. Investors should carefully consider the company's growth prospects and the potential for fluctuations in its earnings before making an investment decision.
The absence of free cash flow data also makes it difficult to fully assess the company's valuation. Free cash flow is a critical metric for evaluating a company's ability to generate cash and fund its operations. Without this information, it is challenging to determine whether Micron's current valuation is justified.
Risk & Uncertainty
Micron faces several specific risks that could impact its business and financial performance. The most significant risk is the cyclical nature of the memory industry. Demand for memory and storage solutions can fluctuate significantly depending on economic conditions, technological trends, and customer inventory levels. These fluctuations can lead to periods of oversupply and price declines, which can negatively impact Micron's revenue and profitability.
Competition is another major risk. The memory industry is highly competitive, with several major players vying for market share. Micron faces competition from Samsung, SK Hynix, and other memory manufacturers. These competitors may have greater financial resources, technological capabilities, or market access, which could give them a competitive advantage. The company's ability to maintain its market share and profitability depends on its ability to innovate, reduce costs, and differentiate its products.
Technological obsolescence is also a significant risk. The memory industry is characterized by rapid technological advancements, and companies that fail to keep pace risk falling behind. Micron must continuously invest in research and development to develop new and improved memory and storage solutions. If the company fails to anticipate or adapt to technological changes, it could lose market share and become less competitive.
Customer concentration is another potential risk. Micron relies on a relatively small number of large customers for a significant portion of its revenue. The loss of one or more of these customers could have a material adverse effect on the company's financial performance. Micron must diversify its customer base to reduce its reliance on any single customer.
Finally, geopolitical risks could also impact Micron's business. The company operates in a global market and is subject to various geopolitical risks, including trade disputes, political instability, and regulatory changes. These risks could disrupt the company's supply chain, increase its costs, or limit its access to certain markets.
Bulls Say / Bears Say
The Bull Case
BULL VIEWMicron's strong revenue growth and improving profitability demonstrate its ability to capitalize on the increasing demand for memory and storage solutions, making it an attractive investment.
BULL VIEWThe company's low P/E and EV/EBITDA ratios compared to the sector suggest that the stock is undervalued and has significant upside potential.
BULL VIEWMicron's strategic focus on high-value solutions, such as HBM for AI applications, positions it favorably to benefit from emerging technological trends.
The Bear Case
BEAR VIEWThe cyclical nature of the memory industry makes Micron's earnings highly volatile and unpredictable, increasing the risk of significant losses during downturns.
BEAR VIEWIntense competition from Samsung and SK Hynix could erode Micron's market share and pricing power, limiting its ability to sustain its current profitability.
BEAR VIEWThe absence of free cash flow data raises concerns about the company's ability to generate cash and fund its operations, potentially jeopardizing its long-term financial health.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score MU and 4,400+ other equities.
MICRON TECHNOLOGY INC exhibits a 172% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
22.2%
Sector: -1.0%
Gross Margin
Pricing power and cost efficiency
51.2%
Sector: 50.9%
Operating Margin
Core business profitability
39.5%
Sector: -0.5%
Net Margin
Bottom-line profitability
34.0%
Sector: -1.5%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $20 annually in dividends at the current trailing rate.
