MU
SP100NasdaqGSMicron Technology, Inc.
Technology · Semiconductors · United States
Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and internationally. It operates through the Cloud Memory Business Unit; Core Data Center Business Unit; Mobile and Client Business Unit; and Automotive and Embedded Business Unit segments. The company provides memory products, including dynamic random access memory components and modules, CXL-based memory, LPDDR components and modules, graphics memory, high-bandwidth memory, and data center memory products; multichip packages (MCP) comprising embedded multimedia card-based, universal flash storage-based, and NAND-based MCPs; and technology leadership products that include 1y DRAM and G9 NAND technologies. It also offers storage products, such as data center solid-state drives (SSD), client SSD storage, and auto and industrial SSD storage; managed NAND; NAND flash; NOR flash; and memory cards. In addition, the company provides design tools, including FBGA and part decoders; DRAM power calculators; NAND power calculators; simulation models; chipset compatibility guides; serial presence-detection tools; cross-reference tools; UFSparm; SSD firmware; software and drivers; storage executive software; and obsolete part catalogs. It markets its semiconductor memory and storage products under the Micron and Crucial brands. The company serves the data center, PC, graphics, networking, automotive, industrial, and consumer embedded markets, as well as the smartphone and other mobile-device markets. It sells its products through its direct sales force, independent sales representatives, distributors, and retailers; web-based customer direct sales channel; and channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.
www.micron.com ↗Shares trade at a moderate 22.1× trailing earnings, easing to 6.5× on forward estimates. Profitability shows a net margin of 55.9% and return on equity of 66.6%. Leverage is modest at -0.3× net debt/EBITDA. Revenue grew 345.7% year-on-year. It yields 0.1% in dividends. The mean analyst target of USD1486.00 sits 52.3% above the current price (Strong Buy, 42 analysts).
business model
Micron Technology designs and manufactures memory and storage semiconductors, primarily DRAM and NAND flash. It sells memory chips and modules to computing, data center, mobile, automotive, and industrial customers, operating in a capital-intensive, commodity-like industry driven by supply-demand and pricing cycles.
revenue segments
Revenue is organized by business unit, typically Compute and Networking, Mobile, Embedded, and Storage. By technology, DRAM generates the majority of revenue with NAND the remainder. Data center and high-bandwidth memory (HBM) for AI have become important growth drivers.
key dependencies
Depends on memory pricing cycles, demand from PCs, smartphones, servers, and AI accelerators, technology node transitions, massive capital expenditure for fabs, and supply-demand balance across the DRAM and NAND markets.
competitors
Competes with Samsung and SK Hynix in DRAM (an oligopoly), and with Samsung, SK Hynix (including Solidigm), Kioxia, and Western Digital/SanDisk in NAND flash.
moat
Benefits from being one of only a few scaled DRAM producers, substantial capital and technology barriers to entry, advanced process technology, and a growing position in high-bandwidth memory for AI data centers.
risks
Highly cyclical memory pricing creates large earnings swings, and the business is capital-intensive with commodity dynamics. It faces geopolitical and export-control exposure (including China restrictions and prior bans), intense competition from larger Korean rivals, and demand sensitivity to consumer electronics cycles.
Financials & metrics
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $37.38B | $25.11B | $15.54B | $30.76B | — |
| Cost of revenue | $22.50B | $19.50B | $16.96B | $16.86B | — |
| Gross profit | $14.87B | $5.61B | -$1.42B | $13.90B | — |
| Operating expense | $5.06B | $4.31B | $3.99B | $4.19B | — |
| R&D | $3.80B | $3.43B | $3.11B | $3.12B | — |
| Operating income | $9.81B | $1.30B | -$5.41B | $9.71B | — |
| Interest expense | $477.00M | $562.00M | $388.00M | $189.00M | — |
| Pretax income | $9.65B | $1.24B | -$5.66B | $9.57B | — |
| Tax provision | $1.12B | $451.00M | $177.00M | $888.00M | — |
| Net income | $8.54B | $778.00M | -$5.83B | $8.69B | — |
| EBITDA | $18.48B | $9.58B | $2.49B | $16.88B | — |
| Diluted EPS | $7.59 | $0.70 | -$5.34 | $7.75 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $82.80B | $69.42B | $64.25B | $66.28B | — |
| Current assets | $28.84B | $24.37B | $21.24B | $21.78B | — |
| Cash & equivalents | $9.64B | $7.04B | $8.58B | $8.26B | — |
| Inventory | $8.36B | $8.88B | $8.39B | $6.66B | — |
| Total liabilities | $28.63B | $24.29B | $20.13B | $16.38B | — |
| Current liabilities | $11.45B | $9.25B | $4.76B | $7.54B | — |
| Total debt | $15.28B | $14.01B | $13.93B | $7.52B | — |
| Long-term debt | $11.53B | $11.24B | $11.94B | $6.02B | — |
| Shareholders' equity | $54.16B | $45.13B | $44.12B | $49.91B | — |
| Retained earnings | $48.58B | $40.88B | $40.82B | $47.27B | — |
| Working capital | $17.39B | $15.12B | $16.48B | $14.24B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $17.52B | $8.51B | $1.56B | $15.18B | — |
| Investing cash flow | -$14.09B | -$8.31B | -$6.19B | -$11.59B | — |
| Financing cash flow | -$850.00M | -$1.84B | $4.98B | -$2.98B | — |
| Capital expenditure | -$15.86B | -$8.39B | -$7.68B | -$12.07B | — |
| Free cash flow | $1.67B | $121.00M | -$6.12B | $3.11B | — |
| Dividends paid | -$522.00M | -$513.00M | -$504.00M | -$461.00M | — |
| Share buybacks | $0.00 | -$300.00M | -$425.00M | -$2.43B | — |
| End cash position | $9.65B | $7.05B | $8.66B | $8.34B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
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