NASDAQ · MU

Micron

Memory Manufacturing (DRAM · HBM · NAND)

Earnings release date: 2026.09.30
Market data date: 2026.10.13
Last checked: 2026.10.13

PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.

View Matched Facts

Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$54.229B

YoY+$42.914B · +379.3%

QoQ+$12.773B · +30.8%

Cloud Memory Revenue$16.283B

YoY+$11.740B · +258.4%

QoQ+$2.514B · +18.3%

GAAP Gross Margin86.8%

YoY+42.1%p

QoQ+2.2%p

Adjusted Free Cash Flow$33.199B

YoY+$32.396B · +4,034.4%

QoQ+$14.895B · +81.4%

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Higher memory pricing led revenue growth

Higher DRAM and NAND selling prices were the largest driver of revenue growth, while higher bit shipments also contributed. Revenue expansion this quarter was driven more by higher memory pricing than by shipment growth.

Cloud Memory Revenue

AI memory became a larger contributor to growth

Cloud memory revenue increased with higher pricing and bit shipments, while HBM revenue grew faster than total company revenue. Higher-value AI memory, including HBM, is becoming a larger contributor to Micron’s growth.

GAAP Gross Margin

Higher memory pricing lifted gross margin sharply

Higher DRAM and NAND pricing and strong operating execution drove the improvement in gross margin. In a tight supply environment, higher selling prices translated into both stronger revenue and higher profitability.

Adjusted Free Cash Flow

Strong cash flow remained after heavy investment

Strong operating cash flow allowed adjusted free cash flow to expand substantially even after heavy capital spending. Micron maintained strong internal cash generation while increasing investment in production capacity.

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$1.08T

$953.19 × 1.13B

TTM revenue$133.188B

See calculation

FY2026 Q1 Revenue $13.643B
+ FY2026 Q2 Revenue $23.860B
+ FY2026 Q3 Revenue $41.456B
+ FY2026 Q4 Revenue $54.229B
= TTM $133.188B

Current P/S8.1x

Current market cap: $1.08T
TTM revenue: $133.188B

$1.08T ÷ $133.188B = 8.1x

Current P/E12.7x

Current market cap: $1.08T
GAAP TTM net income: $84.969B

$1.08T ÷ $84.969B = 12.7x

GAAP TTM net margin 63.8%

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$133.188B

FY2026 Q4Annualized latest-quarter revenue$216.916BQuarter revenue $54.229B ×4

FY2027 Q1Annualized Revenue Guidance$246.000BGuidance revenue midpoint $61.500B ×4

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison

HIGH-POINT COMPARISON

All-Time Closing High

2026-06-25

Sources and calculations checked

Peak close$1213.56

Market cap at peak$1.37T

P/S at peak15.2x

P/E at peak27.2x

Trailing twelve months at the peakTTM revenue at the peak$90.274B

FY2026 Q3Annualized latest quarter at the peak$165.824B

Quarter revenue $41.456B ×4

FY2026 Q4Annualized public guidance at the peak$200.000B

Guidance revenue midpoint $50.000B ×4

At peakCurrentChange

TTM revenue$90.274B$133.188B+47.5%

Latest quarter$41.456B$54.229B+30.8%

Public guidance$50.000B$61.500B+23.0%

Comparison basis Only the FY2026 Q3 results and FY2026 Q4 company guidance disclosed at the peak are used.

Key Variables at the Peak

The key variables were expanding HBM and AI-server memory demand, strategic customer agreements, the pace of supply growth and the durability of strong cash generation.

Growth and Profitability Conditions Implied by the Peak Multiple

The multiple at the peak required elevated memory pricing and profitability to persist for a meaningful period.

Close $1213.56 × 1.13B shares outstanding = approximately $1.37T market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis

Implied 2030 Revenue CAGR17.4% annuallyTTM revenue growth +256.3% YoY

Current market cap$1.08T

Assumed 2030 P/S4.3x50.1% assumed net margin × 8.5x assumed P/E

Required 2030 revenue$252.6B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic

MU assumptions

Current TTM$133.188B

Latest-quarter annualized$216.916B

Guidance-midpoint annualized$246.000B

Conservative

Assumed 2030 revenue$245.0BRevenue CAGR from TTM 16.5%

CAGR from annualized latest-quarter revenue 3.1%CAGR from annualized guidance midpoint -0.1%

Assumed 2030 net margin: 48.8%Current 63.8%
Assumed 2030 P/E: 8.0xCurrent 12.7x
Converted P/S: 3.9x

Conditional Shareholder Return Bridge

Conditional Market Cap$955.9BVs. current -11.2%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares0.85BVs. current -25.1%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$1130.56Current $953.19 · +18.6%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+34.9%Implied Share Value Change +18.6% · Dividend Contribution +16.3 ppAnnualized +7.8%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $1.08T$955.9B
Shares: 1.13B0.85B
Implied Share Value Change: +18.6%

Shareholder Return Components

Implied Share Value Change: +18.6%
Dividend Contribution: +16.3 pp
Conditional Total Shareholder Return: +34.9%

Supply remains tight through 2027–28, but added supply and improving yields ease conditions relatively quickly in 2029–30.

Base

Assumed 2030 revenue$260.0BRevenue CAGR from TTM 18.2%

CAGR from annualized latest-quarter revenue 4.6%CAGR from annualized guidance midpoint 1.4%

Assumed 2030 net margin: 51.4%Current 63.8%
Assumed 2030 P/E: 9.0xCurrent 12.7x
Converted P/S: 4.6x

Conditional Shareholder Return Bridge

Conditional Market Cap$1.20TVs. current +11.6%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares0.87BVs. current -22.5%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$1373.28Current $953.19 · +44.1%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+62.0%Implied Share Value Change +44.1% · Dividend Contribution +17.9 ppAnnualized +12.8%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $1.08T$1.20T
Shares: 1.13B0.87B
Implied Share Value Change: +44.1%

Shareholder Return Components

Implied Share Value Change: +44.1%
Dividend Contribution: +17.9 pp
Conditional Total Shareholder Return: +62.0%

HBM and AI data-center demand remains elevated, while new supply and improving yields move the market gradually closer to balance in 2029–30.

Optimistic

Assumed 2030 revenue$270.0BRevenue CAGR from TTM 19.3%

CAGR from annualized latest-quarter revenue 5.6%CAGR from annualized guidance midpoint 2.4%

Assumed 2030 net margin: 53.0%Current 63.8%
Assumed 2030 P/E: 10.0xCurrent 12.7x
Converted P/S: 5.3x

Conditional Shareholder Return Bridge

Conditional Market Cap$1.43TVs. current +33.0%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares0.90BVs. current -20.3%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$1590.29Current $953.19 · +66.8%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+86.1%Implied Share Value Change +66.8% · Dividend Contribution +19.3 ppAnnualized +16.8%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $1.08T$1.43T
Shares: 1.13B0.90B
Implied Share Value Change: +66.8%

Shareholder Return Components

Implied Share Value Change: +66.8%
Dividend Contribution: +19.3 pp
Conditional Total Shareholder Return: +86.1%

HBM demand and the mix of higher-value products remain elevated, while qualification, yields and capacity expansion progress smoothly without assuming today's extreme shortage persists indefinitely.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

View scenario history

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Assumed 2030 revenue260B

235B280B

Assumed 2030 net margin51.4%

47.5%55.5%

Assumed 2030 P/E9.0x

8.0x10.0x

Conditional Shareholder Return Bridge

Conditional Market Cap$1.20TVs. current +11.6%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares0.87BVs. current -22.5%Reflects company-specific share-count changes, including repurchases and issuance.

Conditional Implied Share Value$1373.28Current $953.19 · +44.1%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+62.0%Implied Share Value Change +44.1% · Dividend Contribution +17.9 ppAnnualized +12.8%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $1.08T$1.20T
Shares: 1.13B0.87B
Implied Share Value Change: +44.1%

Shareholder Return Components

Implied Share Value Change: +44.1%
Dividend Contribution: +17.9 pp
Conditional Total Shareholder Return: +62.0%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

Micron FY2026 Q4 earnings release ↗

Official Micron IR/SEC materials and market data.

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

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