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MICRON TECHNOLOGY INC

MU· Nasdaq· Semiconductors & Related Devices

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
44.3%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+36.9%
We record prices for the companies we cover; MU is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2026

Market cap
–
Enterprise value
–
Diluted shares
1.14B
Revenue
$133.2B
Free cash flow
$59.0B
Owner earnings
$57.6B

Valuation · FY2026

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2026

Gross
80.7%
Operating
74.6%
Net
63.8%
Free cash flow
44.3%
Owner earnings
43.3%
Stock pay
1.0%

Returns

ROIC, FY2026
86.6%
ROIC, 5 yr avg
–
ROE, FY2026
61.4%
ROE, 5 yr avg
16.6%

Growth (CAGR)

Revenue, 3 yr
104.6%
Revenue, 5 yr
36.9%
Revenue, 9 yr
23.2%
Diluted EPS, 3 yr
–
Diluted EPS, 5 yr
70.6%
Diluted EPS, 9 yr
36.9%
Free cash flow, 3 yr
–
Free cash flow, 5 yr
89.1%
Free cash flow, 9 yr
37.2%

Financial health · FY2026

Cash and investments
$43.4B
Total debt
$2.8B
Net cash
$40.6B
Debt/Equity
0.0x
Debt/FCF
0.0x

Shareholder returns · FY2026

Dividend yield
–
Payout ratio
0.7%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
0.0%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$133.2B

+23.2% a year over 9 years

FY2017: Revenue $20.3BFY2018: Revenue $30.4BFY2019: Revenue $23.4BFY2020: Revenue $21.4BFY2021: Revenue $27.7BFY2022: Revenue $30.8BFY2023: Revenue $15.5BFY2024: Revenue $25.1BFY2025: Revenue $37.4BFY2026: Revenue $133.2B
FY2017FY2026

Margins

Gross80.7%Operating74.6%Net63.8%

FY2026

FY2017: Gross 41.5%, Operating 28.9%, Net 25.0%FY2018: Gross 58.9%, Operating 49.3%, Net 46.5%FY2019: Gross 45.7%, Operating 31.5%, Net 27.0%FY2020: Gross 30.6%, Operating 14.0%, Net 12.5%FY2021: Gross 37.6%, Operating 22.7%, Net 21.2%FY2022: Gross 45.2%, Operating 31.5%, Net 28.2%FY2023: Gross -9.1%, Operating -37.0%, Net -37.5%FY2024: Gross 22.4%, Operating 5.2%, Net 3.1%FY2025: Gross 39.8%, Operating 26.1%, Net 22.8%FY2026: Gross 80.7%, Operating 74.6%, Net 63.8%
FY2017FY2026

Free cash flow and owner earnings

Free cash flow$59.0BOwner earnings$57.6B

Free cash flow +37.2% a year

FY2017: Free cash flow $3.4B, Owner earnings $3.2BFY2018: Free cash flow $8.5B, Owner earnings $8.3BFY2019: Free cash flow $3.4B, Owner earnings $3.2BFY2020: Free cash flow $83.0M, Owner earnings -$245.0MFY2021: Free cash flow $2.4B, Owner earnings $2.1BFY2022: Free cash flow $3.1B, Owner earnings $2.6BFY2023: Free cash flow -$6.1B, Owner earnings -$6.7BFY2024: Free cash flow $121.0M, Owner earnings -$712.0MFY2025: Free cash flow $1.7B, Owner earnings $696.0MFY2026: Free cash flow $59.0B, Owner earnings $57.6B
FY2017FY2026

Diluted shares

1.14B

-1.0% over 9 years, net buybacks

FY2017: Diluted shares 1.15BFY2018: Diluted shares 1.23BFY2019: Diluted shares 1.14BFY2020: Diluted shares 1.13BFY2021: Diluted shares 1.14BFY2022: Diluted shares 1.12BFY2023: Diluted shares 1.09BFY2024: Diluted shares 1.12BFY2025: Diluted shares 1.13BFY2026: Diluted shares 1.14B
FY2017FY2026

Return on invested capital

86.6%

FY2026

FY2017: ROIC –FY2018: ROIC –FY2019: ROIC –FY2020: ROIC 7.4%FY2021: ROIC 14.3%FY2022: ROIC 18.9%FY2023: ROIC –FY2024: ROIC 1.7%FY2025: ROIC 15.6%FY2026: ROIC 86.6%
FY2017FY2026

Net cash

$40.6B

$40.6B more cash than debt

FY2017: Net cash –FY2018: Net cash –FY2019: Net cash –FY2020: Net cash $2.0BFY2021: Net cash $2.7BFY2022: Net cash $3.3BFY2023: Net cash -$2.5BFY2024: Net cash -$3.2BFY2025: Net cash -$1.2BFY2026: Net cash $40.6B
FY2017FY2026

Every figure, year by year

Fiscal yearFY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
The business
Revenue$20.3B$30.4B$23.4B$21.4B$27.7B$30.8B$15.5B$25.1B$37.4B$133.2B
Revenue growth63.9%49.5%-23.0%-8.4%29.3%11.0%-49.5%61.6%48.9%256.3%
Gross margin41.5%58.9%45.7%30.6%37.6%45.2%-9.1%22.4%39.8%80.7%
Operating margin28.9%49.3%31.5%14.0%22.7%31.5%-37.0%5.2%26.1%74.6%
Net income$5.1B$14.1B$6.3B$2.7B$5.9B$8.7B-$5.8B$778.0M$8.5B$85.0B
Net margin25.0%46.5%27.0%12.5%21.2%28.2%-37.5%3.1%22.8%63.8%
Diluted EPS$4.41$11.51$5.51$2.37$5.14$7.75$-5.34$0.70$7.59$74.33
Return on invested capital?–––7.4%14.3%18.9%–1.7%15.6%86.6%
Cash
Operating cash flow$8.2B$17.4B$13.2B$8.3B$12.5B$15.2B$1.6B$8.5B$17.5B$89.7B
Capital expenditure$4.7B$8.9B$9.8B$8.2B$10.0B$12.1B$7.7B$8.4B$15.9B$30.7B
Free cash flow$3.4B$8.5B$3.4B$83.0M$2.4B$3.1B-$6.1B$121.0M$1.7B$59.0B
Stock-based compensation$215.0M$198.0M$243.0M$328.0M$378.0M$514.0M$596.0M$833.0M$972.0M$1.3B
Owner earnings?$3.2B$8.3B$3.2B-$245.0M$2.1B$2.6B-$6.7B-$712.0M$696.0M$57.6B
Free cash flow per share$2.96$6.93$2.98$0.07$2.14$2.78$-5.60$0.11$1.48$51.59
Capital allocation
Dividends paid–––$0$0$461.0M$504.0M$513.0M$522.0M$610.0M
Share repurchases$36.0M$71.0M$2.7B$176.0M$1.2B$2.4B$425.0M$300.0M$0$650.0M
Diluted shares1.15B1.23B1.14B1.13B1.14B1.12B1.09B1.12B1.13B1.14B
Share count change?11.4%6.5%-7.0%-1.0%0.9%-1.7%-2.6%2.3%0.6%1.6%
Balance sheet
Cash and equivalents$5.1B$6.5B$7.2B$7.6B$7.8B$8.3B$8.6B$7.0B$9.6B$38.4B
Short-term investments–$296.0M$803.0M$518.0M$870.0M$1.1B$1.0B$1.1B$665.0M$5.1B
Total debt–––$6.2B$6.0B$6.0B$12.0B$11.3B$11.5B$2.8B
Net debt–––-$2.0B-$2.7B-$3.3B$2.5B$3.2B$1.2B-$40.6B
Shareholders' equity$18.6B$32.3B$35.9B$39.0B$43.9B$49.9B$44.1B$45.1B$54.2B$138.4B

Latest filings

All on EDGAR
2026-10-0910-KAnnual report
2026-09-308-KEarnings release
2026-06-2510-QQuarterly report
2026-06-248-KEarnings release
2026-03-1910-QQuarterly report
2026-03-188-KEarnings release
2025-12-1810-QQuarterly report
2025-12-178-KEarnings release
2025-11-25DEF 14AProxy statement
2025-10-0310-KAnnual report

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