At a glance
Micron Technology Inc is worth $943.14B, about 11 times its fiscal 2026 earnings. Revenue grew 256.3% to $133.19B in fiscal 2026, with 63.8% kept as profit; over 5 years it has grown 36.9% a year. It pays a 0.07% dividend yield, and returned $6.42B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +273.0% over the past year with dividends reinvested and +64.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.5% in the 2020 crash (S&P 500: 33.7%) and 49.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows.
The business in plain English
Micron makes memory and storage chips. Its biggest product is DRAM, the fast working memory used in data centers, PCs, phones and cars, which loses its contents when power is off. It also makes NAND, which keeps data without power and goes into solid-state drives (SSDs) and phones, plus a little NOR for storing start-up code. In the fiscal year ended September 3, 2026, DRAM brought in 75.6% of $133.2 billion in revenue and NAND 23.9%.
Micron makes its chips in factories it owns, including sites in Singapore and Taiwan, and uses subcontractors for some steps. Profit depends on getting more for each bit of memory than it costs to make. Each new generation, such as its 1-gamma DRAM, usually fits more data on each wafer and cuts the cost per bit.
Micron reports four business units. The largest, the Cloud Memory unit (32.3% of revenue), sells to the biggest cloud companies and handles high-bandwidth memory (HBM), stacked DRAM used in AI systems, for all data center buyers. The Core Data Center unit, selling data center SSDs and server memory to hardware makers, businesses and AI-focused cloud providers, made up 28.2%. The Mobile and Client unit, serving phones and PCs, brought in 27.5%, and a fourth unit, AEBU, 11.9%. The U.S. accounted for 68.6% of revenue.
Price history
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MU +273.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| DRAM | $100.68B | 75.6% |
| NAND | $31.79B | 23.9% |
| Other (primarily NOR) | $724.0M | 0.5% |
By business segment
| CMBU | $43.09B | 32.3% |
| CDBU | $37.59B | 28.2% |
| MCBU | $36.60B | 27.5% |
| AEBU | $15.89B | 11.9% |
| All other | $24.0M | 0% |
By geography
| U.S. | $91.32B | 68.6% |
| Taiwan | $16.95B | 12.7% |
| Mainland China (excluding Hong Kong) | $8.34B | 6.3% |
| Hong Kong | $6.29B | 4.7% |
| Other Asia Pacific | $5.78B | 4.3% |
| Japan | $2.07B | 1.6% |
| Europe | $1.72B | 1.3% |
| Other | $729.0M | 0.5% |
Latest results
- In Q4 FY2026 (ended Sep 3, 2026), revenue was $54.23B, up 379.3% from a year earlier, and net income was $37.70B (+1077.8%).
- For fiscal 2026, revenue was $133.19B (+256.3% year over year; +36.9% a year from FY2021 to FY2026) with a 63.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +36.9% good |
|---|---|
| Operating margin | 74.6% good |
| Free cash flow margin | 44.3% good |
| Return on equity (FY2026) | 61.4% good |
| Return on assets (FY2026) | 43.4% good |
| Net cash (cash minus debt) | $70.66B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $27.70B | $5.86B | $2.44B |
| FY2022 | $30.76B | $8.69B | $3.11B |
| FY2023 | $15.54B | $-5.83B | $-6.12B |
| FY2024 | $25.11B | $778.0M | $121.0M |
| FY2025 | $37.38B | $8.54B | $1.67B |
| FY2026 | $133.19B | $84.97B | $58.96B |
Valuation snapshot
| Market value | $943.14B |
|---|---|
| P/E ratio | 11.2 |
| Dividend yield | 0.07% |
Rank among 1514 US companies
Market value at each year end
Micron Technology’s market value went from $22.83B at the end of 2016 to $943.14B on Nov 2, 2026, about 41.3 times as much; since the end of 2025 it is up 194%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $943.14B | +193.6% |
| 2025 | $321.23B | +242.6% |
| 2024 | $93.77B | -0.5% |
| 2023 | $94.21B | +72.7% |
| 2022 | $54.54B | -47.7% |
| 2021 | $104.20B | +24.5% |
| 2020 | $83.69B | +40.1% |
| 2019 | $59.74B | +68.0% |
| 2018 | $35.57B | -25.2% |
| 2017 | $47.55B | +108.3% |
| 2016 | $22.83B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MU price data to Nov 2, 2026 | +192.3% | +273.0% | +128.7% | +64.6% | +48.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +192.3% |
| 2025 | +240.3% |
| 2024 | -0.9% |
| 2023 | +72.0% |
| 2022 | -45.9% |
| 2021 | +24.2% |
| 2020 | +39.8% |
| 2019 | +69.5% |
| 2018 | -22.8% |
| 2017 | +87.6% |
| 2016 | +54.8% |
| 2015 | -59.5% |
| 2014 | +61.0% |
| 2013 | +243.1% |
| 2012 | +0.8% |
| 2011 | -21.6% |
| 2010 | -24.1% |
| 2009 | +300.0% |
| 2008 | -63.6% |
| 2007 | -48.1% |
| 2006 | +4.9% |
| 2005 | +7.8% |
| 2004 | -8.3% |
| 2003 | +38.3% |
| 2002 | -68.6% |
| 2001 | -12.7% |
| 2000 | -9.1% |
| 1999 | +54.5% |
| 1998 | +94.9% |
| 1997 | -10.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 75.8% over that stretch · deepest drop along the way 84.2%, back to its old high 13.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.2% over that stretch · deepest drop along the way 42.5%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.6% over that stretch · deepest drop along the way 49.6%, back to its old high 17.3 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 72 sales ($92.7M), 70 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 16, 2026 | Scott J Deboer Pres. & Chief Tech & Prod Offr | sell (plan) | $25.6M |
| Aug 18, 2026 | Sumit Sadana EVP and Chief Business Officer | sell | $14.0M |
| Aug 21, 2026 | Sanjay Mehrotra President and CEO, Director | sell (plan) | $5.1M |
| Aug 21, 2026 | Sanjay Mehrotra President and CEO, Director | sell (plan) | $4.1M |
| Aug 21, 2026 | Sanjay Mehrotra President and CEO, Director | sell (plan) | $4.1M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| Capital World Investors | 3.7% | Mar 31, 2026 |
ETFs with the most weight in MU
| FTXL First Trust Nasdaq Semiconductor ETF | 7.43% |
| DECO SPDR Galaxy Digital Asset Ecosystem ETF | 7.18% |
| HECO SPDR Galaxy Hedged Digital Asset Ecosystem ETF | 6.55% |
| TEKX SPDR Galaxy Transformative Tech Accelerators ETF | 4.9% |
| DARP Grizzle Growth ETF | 4.08% |
| CHPS Xtrackers Semiconductor Select Equity ETF | 4.06% |
| SMH VanEck Semiconductor ETF | 3.79% |
| SOXX iShares Semiconductor ETF | 3.77% |
What could go wrong
- Memory prices swing wildly. Over the five fiscal years through 2026, yearly DRAM and NAND price changes ranged from roughly a 200% rise to a 50% drop. Extra industry supply could push prices down, even below Micron's production cost.
- Profits can vanish when the cycle turns. Micron kept 80.7% of fiscal 2026 sales after production costs, yet lost $5.8 billion in fiscal 2023 as revenue sank to $15.5 billion. Margins hinge on prices and on cutting cost per bit.
- Heavy reliance on AI and data centers. Its cloud and data center units supplied 32.3% and 28.2% of fiscal 2026 revenue, and sales are concentrated among certain customers. Slower AI spending or losing a big buyer could hurt results.
- New capacity may not pay off. Micron is adding factory capacity, helped partly by government incentives. Added capacity may earn less than expected if demand fades, and incentives can be reduced or taken back if conditions aren't met.
- Geopolitics, export rules and tariffs. Micron has factories in Taiwan and Singapore, and Mainland China and Hong Kong supplied 6.3% and 4.7% of fiscal 2026 revenue. Export limits, tariffs or geopolitical tension could cut sales or disrupt production.
- Intense competition and a technology race. Memory chipmaking is fiercely competitive. Micron must keep launching new generations, such as HBM4 and its planned HBM4E for calendar 2027, while cutting costs. Falling behind on technology or manufacturing could cost sales.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
For income and retirement investors
Micron pays a tiny dividend: $0.53 per share in fiscal 2026, its first raise after three years at $0.46, or 0.06% of the share price as of October 27, 2026. That used just 0.7% of fiscal 2026 earnings and about 1% of free cash flow (cash left after spending on plants and equipment), and payments continued through the fiscal 2023 loss. Micron spent $3.8 billion buying back its own shares over fiscal 2022–2026, yet the share count rose about 1% from January 2022 to October 2026. For income investors, nearly all the return depends on a volatile share price.
Micron's worst fall in 30 years of price history was 98.3%. It dropped 84.2% in the 2008 financial crisis, 42.5% in the 2020 COVID crash and 49.6% in the 2022 bear market, each time regaining its old high, by January 2010, November 2020 and March 2024. As a single stock, Micron carries more risk than a diversified fund.
Questions investors ask
How does Micron make money?
Micron makes money by selling memory and storage chips it manufactures. In the fiscal year ended September 3, 2026, DRAM, the fast working memory used in servers, PCs and phones, brought in 75.6% of its $133.2 billion revenue. NAND, the storage used in solid-state drives and phones, added 23.9%. Data centers are the biggest market: the Cloud Memory unit, which handles high-bandwidth memory for AI systems, supplied 32.3% of revenue, and the Core Data Center unit 28.2%.
Does Micron pay a dividend?
Yes, but it is tiny. Micron paid $0.53 per share in fiscal 2026, up from $0.46 in each of the three prior years, a yield of 0.06% as of October 27, 2026. That used about 0.7% of fiscal 2026 earnings, and Micron kept paying through its fiscal 2023 loss. It also spent $650 million buying back shares in fiscal 2026. The 10-K warns there is no assurance of future dividends in any amount.
Why is Micron stock so volatile?
Because memory prices, and Micron's profits, swing sharply. Over the five fiscal years through 2026, yearly DRAM and NAND price changes ranged from roughly a 200% rise to a 50% drop. Revenue fell from $30.8 billion in fiscal 2022 to $15.5 billion in fiscal 2023, bringing a $5.8 billion loss, then reached $133.2 billion in fiscal 2026. In the year to October 27, 2026, the stock's beta was 3.25, meaning it tended to move more than three times as much as the market.
What is Micron's P/E ratio?
About 12.5 as of October 27, 2026, based on fiscal 2026 earnings of $74.33 per share. The price-to-earnings (P/E) ratio divides the share price by a year's profit per share. A low P/E can mislead when profits rise and fall with the memory cycle: earnings per share jumped from $7.59 in fiscal 2025, and if memory prices drop, lower profits would mean a higher ratio at the same share price. Micron's market value was about $1.05 trillion on that date.
How much debt does Micron have?
Little compared with its cash. As of September 3, 2026, Micron had $2.8 billion of total debt and $73.5 billion in cash and investments, leaving about $70.7 billion of net cash. That cushion matters in a boom-and-bust industry: free cash flow, the cash left after spending on plants and equipment, was negative $6.1 billion in fiscal 2023. The 10-K still lists debt obligations and access to financing among its risk factors.