MU Micron Technology, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗ close Oct 6, 2026 10-K/10-Q Jun 25, 2026

$1045.56 · of 52w range

· above low · to high

$179.6152w low $1255.0052w high

Market Cap (MRQ) $1.18T

P/E (TTM) 23.7

EPS (TTM) $44.17

Revenue (TTM) $90.27B

your badges 52W Range $180–$1255 81% of range Analyst Rating BUY 58 analysts Price Target $1534 +47% upside P/E 23.7 ROE 66.6% Net Profit Margin 55.9%

MU Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price $1045.56

Market Cap (MRQ) $1.18T

P/E (TTM) 23.7

EPS (TTM) $44.17

Revenue (TTM) $90.27B

Div Yield 0.04%

ROE (TTM) 66.6%

52W Range $180–$1255

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Stock splits 3

Ex-date	Split	Type
May 2, 2000	2-for-1	Forward
May 23, 1995	2-for-1	Forward
April 19, 1994	5-for-2	Forward

About Micron Technology, Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Micron Technology, Inc. is an American multinational semiconductor company that manufactures computer memory and computer data storage products, including dynamic random-access memory (DRAM), flash memory, High Bandwidth Memory (HBM), and solid-state drives (SSDs). Founded in 1978 in Boise, Idaho, Micron is the only major American computer memory manufacturer. It is one of the "Big Three" computer memory manufacturers, along with the South Korean companies Samsung Electronics and SK Hynix.

Micron marketed its consumer products under the brand Crucial, with the sub-brand Ballistix being used to denote products targeting gaming computers, until its disestablishment in 2026. Micron and Intel together created IM Flash Technologies, which produced NAND flash memory. It owned Lexar between 2006 and 2017.

Sanjay Mehrotra has served as president and CEO of Micron since 2017.

On May 26, 2026, Micron became the latest U.S. company to reach a US$1 trillion market capitalization, amid surging demand for its HBM chips.

History

1978–1999

Micron was founded in Boise, Idaho, in 1978 by Ward Parkinson, Joe Parkinson, Dennis Wilson, and Doug Pitman as a semiconductor design consulting company. Startup funding was provided by local Idaho businessmen Tom Nicholson, Allen Noble, Rudolph Nelson, and Ron Yanke. Later it received funding from Idaho billionaire J. R. Simplot, whose fortune was made in the potato business. In 1981, the company moved from consulting to manufacturing with the completion of its first wafer fabrication unit ("Fab 1"), producing 64K DRAM chips.

In 1984, the company had its initial public offering.

Micron sought to enter the market for RISC processors in 1991 with a product known as FRISC, targeting embedded control and signal processing applications. Running at 80 MHz and described as "a 64-bit processor with fast context-switching time and high floating-point performance", the design supported various features for timely interrupt handling and featured an arithmetic unit capable of handling both integer and floating-point calculations with a claimed throughput of 80 MFLOPS for double-precision arithmetic. Micron aimed to provide a "board-level demonstration supercomputer" in configurations with 256 MB or 1 GB of RAM. Having set up a subsidiary and with the product being designed into graphics cards and accelerators, Micron concluded in 1992 that the effort would not deliver the "best bang for the buck", reassigning engineers to other projects and discontinuing the endeavour.

In 1994, founder Joe Parkinson retired as CEO and Steve Appleton took over as Chairman, President, and CEO.

A 1996 3-way merger among ZEOS International, Micron Computer, and Micron Custom Manufacturing Services (MCMS) increased the size and scope of the company; this was followed rapidly with the 1997 acquisition of NetFrame Systems, in a bid to enter the mid-range server industry. Between 1998 and 2000, the company was the main sponsor of the MicronPC Bowl, or MicronPC.com Bowl.

Since 2000

In 2000, Gurtej Singh Sandhu and Trung T. Doan at Micron initiated the development of atomic layer deposition high-k films for DRAM memory devices. This helped drive cost-effective implementation of semiconductor memory, starting with 90 nm node DRAM. Pitch double-patterning was also pioneered by Gurtej Singh Sandhu at Micron during the 2000s, leading to the development of 30-nm class NAND flash memory, and it has since been widely adopted by NAND flash and RAM manufacturers worldwide.

In 2002, Micron spun off its personal computer business as MPC Corporation and put it up for sale. The company found the business difficult as the number 12 American computer maker with only 1.3 percent of the market.

Micron and Intel created a joint venture in 2005, based in IM Flash Technologies in Lehi, Utah. The two companies formed another joint venture in 2011, IM Flash Singapore, in Singapore. In 2012 Micron became sole owner of this second joint venture. In 2006 Micron acquired Lexar, an American manufacturer of digital media products.

The company changed leadership again in June 2007 with COO Mark Durcan becoming president. In 2008, Micron converted the Avezzano chip fab, formerly a Texas Instruments DRAM fab, into a production facility for CMOS image sensors sold by Aptina Imaging.

In 2008, Micron spun off Aptina Imaging, which was acquired by ON Semiconductor in 2014. Micron retained a stake in the spinoff. However, the core company suffered setbacks and had to lay off 15 percent of its workforce in October 2008, during which period the company also announced the purchase of Qimonda's 35.6 percent stake in Inotera Memories for $400 million. The trend of layoffs and acquisitions continued in 2009 with the termination of an additional 2,000 employees, and the acquisition of the FLCOS microdisplay company Displaytech. Micron agreed to buy flash-chip maker Numonyx for $1.27 billion in stock in February 2010.

On February 3, 2012, CEO Appleton died in a plane crash shortly after takeoff from the Boise Airport. He was the pilot and sole occupant of the Lancair IV aircraft. Mark Durcan replaced Appleton as the CEO shortly thereafter, eliminating his former title of president.

In 2013, the Avezzano chip fab was sold to LFoundry. In the 2012 to 2014 period, Micron again went through an acquisition-layoff cycle, becoming the majority shareholder of Inotera Memories, purchasing Elpida Memory for $2 billion and the remaining shares in Rexchip, a PC memory chip manufacturing venture between Powerchip and Elpida Memory for $334 million, while announcing plans to lay off approximately 3,000 workers. Through the Elpida acquisition, Micron became a major supplier to Apple Inc. for the iPhone and iPad. In December 2016 Micron finished acquiring the remaining 67 percent of Inotera, making it a 100 percent subsidiary of Micron.

In April 2017, Micron announced Sanjay Mehrotra as the new president and CEO to replace Mark Durcan. In June 2017 Micron announced it was discontinuing the Lexar retail removable media storage business and putting some or all of it up for sale. In August of that year the Lexar brand was acquired by Longsys, a flash memory company based in Shenzhen, China.

In May 2018, Micron Technology and Intel launched QLC NAND memory to increase storage density. The company ranked 150th on the Fortune 500 list of largest United States corporations by revenue.

In February 2019, the first microSD card with a storage capacity of 1 terabyte (TB) was announced by Micron. As of March 2020 3.84TB Micron 5210 Ion is the cheapest large-capacity SSD in the world. In September 2020 the company introduced the world's fastest discrete graphics memory solution. Working with computing technology leader Nvidia, Micron debuted GDDR6X in the Nvidia GeForce RTX 3090 and GeForce RTX 3080 graphics processing units (GPUs). In November 2020, the company unveiled a new 176-layer 3D NAND module. It offers improved read and write latency and is slated to be used in the production of a new generation of solid-state drives.

On October 22, 2021, Micron closed the sale of IM Flash's Lehi, Utah fab to Texas Instruments for a sale price of US$900 million. In February 2022, Micron announced that it would discontinue its Ballistix gaming brand. With the passage of the CHIPS and Science Act, Micron announced its pledge to invest billions in new manufacturing within the United States. In September 2022, Micron announced it would invest $15 billion in a new facility in Boise, Idaho. In October 2022, Micron announced a $100 billion expansion in Clay, New York.

Micron Technology owed Netlist, Inc. $445 million in damages for infringing Netlist's patents related to memory-module technology for high-performance computing. The jury found that Micron's semiconductor-memory products violated two of Netlist's patents willfully, potentially allowing the judge to triple the damages. Netlist had sued Micron in 2022, accusing three of its memory-module lines of patent infringement, which Micron denied, also arguing the patents' invalidity. The U.S. Patent and Trademark Office invalidated one patent in April 2024.

On June 30, 2026, Micron announced they would be investing $250 million in Trump Accounts, which include employee contribution matching and seed funding for eligible children in local communities.

In July 2026, Micron increased its planned United States investment to more than US$250 billion through 2035. The expanded programme included US$3 billion for the domestic semiconductor supply chain, of which US$500 million was allocated to support GlobalWafers' 300 mm silicon-wafer manufacturing facility in Sherman, Texas. Micron and GlobalWafers also agreed to a ten-year wafer-supply arrangement.

Crucial brand disestablishment (2025–2026)

In December 2025, Micron announced it will discontinue the Crucial brand and exit the consumer market in February 2026 and focus on enterprise markets including data centers and artificial intelligence.

On January 27, 2026, Micron Technology committed approximately $24 billion to expand its wafer manufacturing operations in Singapore, adding 700,000 square feet of cleanroom space at an existing NAND manufacturing complex.

As of 2026, Micron is making significant investments in chip-making facilities in the United States, including $200 billion in total commitment. The company is expanding its Boise campus to 900 acres, including the construction of two new chip-making factories.

Lawsuits

Fujian Jinhua

On December 5, 2017 Micron sued rivals United Microelectronics Corporation and Fujian Jinhua Integrated Circuit Co. (JHICC) in the United States District Court for the Northern District of California, alleging infringement on its DRAM patents and intellectual property rights. The U.S. Justice Department in 2018 announced an indictment against Fujian Jinhua, and authorities added the Chinese firm to the Entity List the same year. Fujian Jinhua vehemently denied the claims, saying it had not stolen any technology, and that "Micron regards the development of Fujian Jinhua as a threat and adopts various means to hamper and destroy the development of Fujian Jinhua."

In May 2023, the Cyberspace Administration of China barred major Chinese information infrastructure firms from purchasing Micron products, citing significant national security risks. The move was seen as retaliation against US sanctions on China's semiconductor industry and related export controls. In November 2023 Chinese chipmaker Yangtze Memory Technologies Corp (YMTC) filed a lawsuit against Micron alleging infringement of eight of its patents.

On February 27, 2024, Judge Maxine Chesney of the U.S. Federal District Court in San Francisco acquitted Fujian Jinhua Integrated Circuit, whom Micron had sued for IP theft, of the charge in a non-jury verdict, believing that there was insufficient evidence to support the charge.

Corporate affairs

Executive leadership

The executive leadership team includes.

Sanjay Mehrotra (President and Chief Executive Officer)

April Arnzen (Executive Vice President and Chief People Officer)

Manish Bhatia (Executive Vice President, Global Operations)

Scott J. DeBoer (Executive Vice President, Technology and Products)

Mark Murphy (Executive Vice President and Chief Financial Officer)

Sumit Sadana (Executive Vice President and Chief Business Officer)

Mike Cordano (Senior Vice President, Worldwide Sales)

Michael Ray (Senior Vice President, Chief Legal Officer and Corporate Secretary) 

Subsidiaries

Micron owns multiple entities around the globe.

Micron Europe Limited

Micron Japan, Ltd.

Micron Semiconductor Asia Pte. Ltd.

Micron Semiconductor (Deutschland) GmbH

Micron Semiconductor France, SAS

Micron Semiconductor Korea Co., Ltd.

Micron Semiconductor Products, Inc.

Micron Semiconductor (Xiamen) Co., Ltd.

Micron Technology Services, Inc.

Micron Technology Asia Pacific, Inc.

Micron Technology Italia S.r.l.

Micron Technology Puerto Rico, Inc.

Micron Technology Services, Inc.

Micron Technology Texas, LLC

Financial

As of February 2026, Micron had a market cap of $463.33 billion, making it one of the 100 most valuable companies in the world.

Ownership

Micron is mainly owned by institutional investors, who hold around 80% of all shares. The five largest shareholders in early 2026 were:

Vanguard Group (9.3%)

BlackRock (8.34%)

Capital World Investors (5.7%)

State Street Corporation (4.59%)

Fidelity Investments (3.56%)

10-Year Performance Revenue, net income, margins and EPS trends

Revenue$37.38B

2016-09-01 → 2025-08-28

EPS$7.59

2016-09-01 → 2025-08-28

Free Cash Flow$1.67B

2016-09-01 → 2025-08-28

Net margin55.9%

2016-09-01 → 2025-08-28

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	MU	5Y avg	Peer Median	Verdict
P/E (TTM)	23.75Y avg ≈32.3	≈32.3	46.7	Undervalued
P/S (TTM)	13.15Y avg ≈3.6	≈3.6	11.5	Fair value
P/B (MRQ)	11.75Y avg ≈2.0	≈2.0	10.4	Fair value
Price / FCF (TTM)	45.15Y avg ≈199.9	≈199.9	·	·
Price / Cash Flow (TTM)	23.05Y avg ≈16.1	≈16.1	39.3	Undervalued
Price / Tangible Book (MRQ)	11.85Y avg ≈2.0	≈2.0	·	·
PEG Ratio	≈0.9	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	MU	5Y avg	Peer Median	Verdict
Gross Margin (TTM)	72.6%5Y avg ≈27.2%	≈27.2%	61.4%	Top tier
Operating Margin (TTM)	65.6%5Y avg ≈9.7%	≈9.7%	35.5%	Top tier
EBITDA Margin (TTM)	75.6%5Y avg ≈39.5%	≈39.5%	35.5%	Top tier
Pretax Margin (TTM)	65.4%5Y avg ≈9.6%	≈9.6%	37.8%	Top tier
Net Profit Margin (TTM)	55.9%5Y avg ≈7.6%	≈7.6%	29.8%	Top tier
ROA (TTM)	47.5%5Y avg ≈5.5%	≈5.5%	11.9%	In line
ROE (TTM)	66.6%5Y avg ≈7.3%	≈7.3%	18.6%	Weak
ROIC	15.9%5Y avg ≈7.1%	≈7.1%	15.5%	In line

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	5Y trend	MU	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)		3.45Y avg ≈3.1	≈3.1	2.6	Strong liquidity
Quick Ratio		1.55Y avg ≈1.7	≈1.7	1.7	Strong liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	MU	5Y avg	Peer Median	Verdict
Revenue YoY	48.9%5Y avg ≈20.2%	≈20.2%	·	·
Revenue CAGR 3Y	6.7%5Y avg ≈-2.2%	≈-2.2%	·	·
Revenue CAGR 5Y	11.8%	·	·	·
EPS YoY	984.3%5Y avg ≈384.0%	≈384.0%	·	·
Net Income YoY	997.6%5Y avg ≈388.0%	≈388.0%	·	·
EPS CAGR 3Y	-0.69%	·	·	·
EPS CAGR 5Y	26.2%	·	·	·
Net Income CAGR 3Y	-0.57%	·	·	·
Net Income CAGR 5Y	26.0%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	MU	5Y avg	Peer Median	Verdict
EPS (Diluted)	$7.595Y avg ≈$3.17	≈$3.17	·	·
Revenue / Share	$33.225Y avg ≈$24.32	≈$24.32	·	·
Cash Flow / Share	$15.585Y avg ≈$9.81	≈$9.81	·	·
Cash / Share	$8.595Y avg ≈$7.45	≈$7.45	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	MU	5Y avg	Peer Median	Verdict
Asset Turnover	0.55Y avg ≈0.4	≈0.4	0.4	In line
Inventory Turnover	2.65Y avg ≈2.7	≈2.7	2.8	Weak
Receivables Turnover	5.95Y avg ≈6.0	≈6.0	8.8	Weak
Revenue / Employee	≈$705.2K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield0.04%

Payout Ratio6.1%

Annualized Payout≈$0.60Paid quarterly

Ex-date	Amount	Currency	Yield
Jul 6, 2026	$0.15	USD	≈0.05%
Mar 30, 2026	$0.15	USD	≈0.15%
Dec 29, 2025	$0.12	USD	≈0.16%
Oct 3, 2025	$0.12	USD	≈0.24%
Jul 7, 2025	$0.12	USD	≈0.38%
Mar 31, 2025	$0.12	USD	≈0.53%
Dec 30, 2024	$0.12	USD	≈0.54%
Oct 7, 2024	$0.12	USD	≈0.45%
Jul 8, 2024	$0.12	USD	≈0.35%
Mar 28, 2024	$0.12	USD	≈0.39%
Dec 29, 2023	$0.12	USD	≈0.54%
Oct 6, 2023	$0.12	USD	≈0.66%
Jul 7, 2023	$0.12	USD	≈0.76%
Apr 6, 2023	$0.12	USD	≈0.79%
Dec 30, 2022	$0.12	USD	≈0.89%
Oct 7, 2022	$0.12	USD	≈0.81%
Jul 8, 2022	$0.12	USD	≈0.70%
Apr 8, 2022	$0.10	USD	≈0.42%
Dec 31, 2021	$0.10	USD	≈0.21%
Sep 30, 2021	$0.10	USD	≈0.14%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise 12.8%

Period	Report	EPS Actual	EPS Est	Surprise
Sept. 30, 2026	Sep 30, 2026	$33.42	$32.56	2.6%
June 30, 2026		$25.11	$21.40	17.3%
March 31, 2026		$12.20	$9.58	27.3%
Dec. 31, 2025		$4.78	$4.07	17.4%
Sept. 30, 2025		$3.03	$2.95	2.8%
June 30, 2025		$1.91	$1.65	15.8%
March 31, 2025		$1.56	$1.47	6.4%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$37.38B	$25.11B	$15.54B	$30.76B	$27.70B	$21.43B	$23.41B	$30.39B	$20.32B	$12.40B	$16.19B	$16.36B
Cost of Revenue	$22.50B	$19.50B	$16.96B	$16.86B	$17.28B	$14.88B	$12.70B	$12.50B	$11.89B	$9.89B	$10.98B	$10.92B
Gross Profit	$14.87B	$5.61B	$-1.42B	$13.90B	$10.42B	$6.55B	$10.70B	$17.89B	$8.44B	$2.50B	$5.21B	$5.44B
R&D Expense	$3.80B	$3.43B	$3.11B	$3.12B	$2.66B	$2.60B	$2.44B	$2.14B	$1.82B	$1.62B	$1.54B	$1.37B
SG&A Expense	$1.21B	$1.13B	$920M	$1.07B	$894M	$881M	$836M	$813M	$743M	$659M	$719M	$707M
Operating Income	$9.77B	$1.30B	$-5.75B	$9.70B	$6.28B	$3.00B	$7.38B	$14.99B	$5.87B	$168M	$3.00B	$3.09B
Interest Expense	·	·	$388M	$189M	$183M	$194M	$128M	$342M	$601M	$437M	$371M	$352M
Other Non-op	$-135M	$-31M	$7M	$-38M	$81M	$60M	$-405M	$-465M	$-112M	$-54M	$-53M	$-25M
Pretax Income	$9.65B	$1.24B	$-5.66B	$9.57B	$6.22B	$2.98B	$7.05B	$14.31B	$5.20B	$-281M	$2.61B	$2.73B
Income Tax	$1.12B	$451M	$177M	$888M	$394M	$280M	$693M	$168M	$114M	$19M	$157M	$128M
Net Income	$8.54B	$778M	$-5.83B	$8.69B	$5.86B	$2.69B	$6.31B	$14.13B	$5.09B	$-276M	$2.90B	$3.04B
EPS (Basic)	$7.65	$0.70	$-5.34	$7.81	$5.23	$2.42	$5.67	$12.27	$4.67	$-0.27	$2.71	$2.87
EPS (Diluted)	$7.59	$0.70	$-5.34	$7.75	$5.14	$2.37	$5.51	$11.51	$4.41	$-0.27	$2.47	$2.54
Shares (Basic)	1,116,000,000	1,105,000,000	1,093,000,000	1,112,000,000	1,120,000,000	1,110,000,000	1,114,000,000	1,152,000,000	1,089,000,000	1,036,000,000	1,070,000,000	1,060,000,000
Shares (Diluted)	1,125,000,000	1,118,000,000	1,093,000,000	1,122,000,000	1,141,000,000	1,131,000,000	1,143,000,000	1,229,000,000	1,154,000,000	1,036,000,000	1,170,000,000	1,198,000,000
EBITDA	$18.12B	$9.08B	$2.01B	$16.82B	$12.50B	$8.65B	$12.80B	$19.75B	$5.87B	$168M	$5.80B	$5.36B

Balance Sheet 27

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$9.64B	$7.04B	$8.58B	$8.26B	$7.76B	$7.62B	$7.15B	$6.51B	$5.11B	$4.14B	$2.29B	$4.15B
Short-term Investments	·	·	·	·	·	·	·	$296M	$319M	$258M	$1.23B	$384M
Receivables	$7.16B	$5.42B	$2.05B	$4.76B	$4.92B	$3.49B	$2.78B	$5.06B	$3.49B	$1.76B	$2.19B	$2.52B
Inventory	$8.36B	$8.88B	$8.39B	$6.66B	$4.49B	$5.37B	$5.12B	$3.60B	$3.12B	$2.89B	$2.34B	$2.46B
Other Current Assets	$914M	$776M	$820M	$657M	$502M	$538M	$235M	$164M	$147M	$140M	$228M	$350M
Current Assets	$28.84B	$24.37B	$21.24B	$21.78B	$19.91B	$17.96B	$16.50B	$16.04B	$12.46B	$9.49B	$8.60B	$10.24B
PP&E (Net)	·	·	·	·	·	·	$28.24B	$23.67B	$19.43B	$14.69B	$10.55B	$8.68B
PP&E (Gross)	·	·	·	·	·	·	$57.82B	$49.09B	$41.53B	$33.60B	$27.27B	$23.43B
Accum. Depreciation	·	·	·	·	·	·	$29.58B	$25.42B	$22.10B	$18.92B	$16.72B	$14.75B
Goodwill	$1.15B	$1.15B	$1.15B	$1.23B	$1.23B	$1.23B	$1.23B	$1.23B	$1.23B	$104M	·	·
Intangibles	$453M	$416M	$404M	$421M	$349M	$334M	$340M	$331M	$387M	$464M	$449M	$468M
Other Non-current Assets	$2.78B	$1.52B	$1.26B	$1.28B	$1.05B	$781M	$575M	$611M	$450M	$356M	$455M	$415M
Total Assets	$82.80B	$69.42B	$64.25B	$66.28B	$58.85B	$53.68B	$48.89B	$43.38B	$35.34B	$27.54B	$24.14B	$22.42B
Accounts Payable	$9.65B	$7.30B	$3.96B	$6.09B	$5.33B	$5.82B	$4.63B	$4.37B	$3.66B	$3.88B	$2.61B	$2.86B
Current Liabilities	$11.45B	$9.25B	$4.76B	$7.54B	$6.42B	$6.63B	$6.39B	$5.75B	$5.33B	$4.83B	$3.90B	$4.79B
Capital Leases	$701M	$610M	$603M	$610M	$504M	$533M	$0	·	·	·	·	·
Deferred Tax	$52M	$59M	$117M	$13M	$10M	$9M	$4M	$3M	$17M	·	·	·
Other Non-current Liabilities	$1.44B	$911M	$987M	$835M	$559M	$498M	$452M	$354M	$639M	$623M	$698M	$1.10B
Total Liabilities	$28.63B	$24.29B	$20.13B	$16.38B	$14.92B	$14.68B	$12.02B	$10.11B	$15.85B	$14.61B	$10.86B	$10.79B
Long-term Debt	$11.53B	$11.34B	$12.05B	$6.02B	$5.97B	$6.16B	·	·	·	·	·	·
Common Stock	$127M	$125M	$124M	$123M	$122M	$119M	$118M	$117M	$112M	$109M	$108M	$107M
Retained Earnings	$48.58B	$40.88B	$40.82B	$47.27B	$39.05B	$33.38B	$30.76B	$24.39B	$10.26B	$5.30B	$5.59B	$2.73B
Treasury Stock	$7.85B	$7.85B	$7.55B	$7.13B	$4.70B	$3.50B	$3.22B	$429M	$67M	$1.03B	$881M	$0
AOCI	$-32M	$-134M	$-312M	$-560M	$2M	$71M	$9M	$10M	$29M	$-35M	$13M	$56M
Stockholders' Equity	$54.16B	$45.13B	$44.12B	$49.91B	$43.93B	$39.00B	$35.88B	$32.29B	$18.62B	$12.08B	$12.30B	$10.76B
Liabilities + Equity	$82.80B	$69.42B	$64.25B	$66.28B	$58.85B	$53.68B	$48.89B	$43.38B	$35.34B	$27.54B	$24.14B	$22.42B
Shares Outstanding	1,122,000,000	1,109,000,000	1,098,000,000	1,094,000,000	1,119,000,000	1,113,000,000	1,106,000,000	1,161,000,000	1,112,000,000	1,040,000,000	1,084,000,000	1,073,000,000

Cash Flow 19

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$8.35B	$7.78B	$7.76B	$7.12B	$6.21B	$5.65B	$5.42B	$4.76B	$3.86B	$2.98B	$2.81B	$2.27B
Stock-based Comp	$972M	$833M	$596M	$514M	$378M	$328M	$243M	$198M	$215M	$191M	$168M	$115M
Deferred Tax	$164M	$35M	$-7M	$294M	$-19M	$110M	$336M	$-259M	$-39M	$-9M	$69M	$77M
Amort. of Intangibles	$71M	$82M	$86M	$85M	$82M	$78M	$82M	·	$106M	$117M	$117M	$110M
Other Non-cash	$-502M	$-919M	$-953M	$-1.43B	$34M	$-469M	$873M	$-1.43B	·	·	$-733M	$192M
Operating Cash Flow	$17.52B	$8.51B	$1.56B	$15.18B	$12.47B	$8.31B	$13.19B	$17.40B	$8.15B	$3.17B	$5.21B	$5.70B
CapEx	$15.86B	$8.39B	$7.68B	$12.07B	$10.03B	$8.22B	$9.78B	$8.88B	$4.73B	$5.82B	$4.02B	$3.11B
Investing Cash Flow	$-14.09B	$-8.31B	$-6.19B	$-11.59B	$-10.59B	$-7.59B	$-10.09B	$-8.22B	$-7.54B	$-3.04B	$-6.22B	·
Debt Issued	$4.43B	$999M	$6.72B	$2.00B	$1.19B	$5.00B	$3.55B	$1.01B	$3.31B	$2.20B	$2.21B	$2.21B
Net Debt Issued	$4.43B	$999M	$6.72B	$2.00B	$1.19B	$5.00B	$3.55B	$1.01B	$3.31B	$2.20B	$2.21B	$2.21B
Stock Issued	·	·	·	·	·	·	·	$1.36B	·	·	·	·
Stock Repurchased	$0	$300M	$425M	$2.43B	$1.20B	$176M	$2.73B	$71M	$36M	$148M	$884M	$76M
Net Stock Activity	$0	$-300M	$-425M	$-2.43B	$-1.29B	$-251M	$-2.73B	·	$-35M	$-148M	$-884M	$-76M
Dividends Paid	$522M	$513M	$504M	$461M	$0	$0	·	·	·	·	·	·
Financing Cash Flow	$-850M	$-1.84B	$4.98B	$-2.98B	$-1.78B	$-317M	$-2.44B	$-7.78B	$349M	$1.75B	$-718M	·
Net Change in Cash	$2.59B	$-1.60B	$317M	$510M	$139M	$411M	$692M	$1.37B	$953M	$1.89B	$-1.86B	$1.27B
Taxes Paid	$583M	$338M	$532M	$493M	$361M	$167M	$524M	$226M	$99M	$90M	$63M	$43M
Free Cash Flow	$1.67B	$121M	$-6.12B	$3.11B	$2.44B	$83M	$3.41B	$8.52B	$3.42B	$-2.65B	$1.19B	$3.04B
Levered FCF	·	·	$-6.52B	$2.94B	$2.27B	$-93M	$3.29B	$8.18B	$2.83B	$-3.12B	$838M	$2.71B

Profitability 8

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	39.8%	22.4%	-9.1%	45.2%	37.6%	30.6%	45.7%	58.9%	41.5%	20.2%	32.2%	33.2%
Operating Margin	26.1%	5.2%	-37.0%	31.5%	22.7%	14.0%	31.5%	49.3%	28.9%	1.4%	18.5%	18.9%
Net Margin	22.8%	3.1%	-37.5%	28.2%	21.2%	12.5%	27.0%	46.5%	25.0%	-2.2%	17.9%	18.6%
Pretax Margin	25.8%	4.9%	-36.4%	31.1%	22.4%	13.9%	30.1%	47.1%	25.6%	-2.3%	16.1%	16.7%
EBITDA Margin	48.5%	36.2%	12.9%	54.7%	45.1%	40.4%	54.7%	65.0%	28.9%	1.4%	35.8%	32.8%
ROA	11.2%	1.2%	-8.9%	13.9%	10.4%	5.2%	13.7%	35.9%	16.2%	-1.1%	12.4%	14.6%
ROE	16.6%	1.7%	-13.0%	17.5%	13.6%	7.2%	18.5%	55.5%	33.1%	-2.3%	25.1%	30.6%
ROIC	15.9%	1.8%	-13.4%	17.6%	13.4%	7.0%	18.5%	45.9%	30.8%	1.5%	22.9%	27.3%

Liquidity & Solvency 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	2.5	2.6	4.5	2.9	3.1	2.7	2.6	2.8	2.3	2.0	2.2	2.1
Quick Ratio	1.5	1.3	2.2	1.7	2.0	1.7	1.6	2.1	1.7	1.3	1.5	1.5
Interest Coverage	·	·	-14.8	51.3	34.3	15.5	57.6	43.8	9.8	0.4	8.1	8.8

Efficiency 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.5	0.4	0.2	0.5	0.5	0.4	0.5	0.8	0.6	0.5	0.7	0.8
Inventory Turnover	2.6	2.3	2.3	3.0	3.5	2.8	2.9	3.7	4.0	3.8	4.6	4.3
Receivables Turnover	5.9	6.7	4.6	6.4	6.6	6.8	6.0	7.1	7.7	6.3	6.9	7.1

Per Share 6

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$48.28	$40.70	$40.18	$45.62	$39.26	$35.04	$32.44	$27.82	$16.75	$11.04	$11.35	$10.04
Revenue / Share	$33.22	$22.46	$14.22	$27.41	$24.28	$18.95	$20.48	$24.73	$17.61	$11.97	$13.84	$13.65
Cash Flow / Share	$15.58	$7.61	$1.43	$13.53	$10.93	$7.34	$11.54	$14.16	$7.07	$3.06	$4.45	$4.76
Cash / Share	$8.59	$6.35	$7.81	$7.55	$6.94	$6.85	$6.47	$5.60	$4.59	$3.78	$2.11	$3.87
Dividend / Share	$0.46	$0.46	$0.46	$0.32	$0.10	·	·	·	·	·	·	·
EPS (TTM)	$7.59	$0.70	$-5.34	$7.75	$5.14	$2.37	$5.51	$11.51	$4.41	$-0.27	$2.47	$2.54

Growth Rates 9

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	48.9%	61.6%	-49.5%	11.0%	29.2%	·	·	·	·	·	·	·
Revenue CAGR 3Y	6.7%	-3.2%	-10.2%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	11.8%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	984.3%	·	·	50.8%	116.9%	·	·	·	·	·	·	·
EPS CAGR 3Y	-0.69%	-48.5%	·	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	26.2%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	997.6%	·	·	48.2%	118.1%	·	·	·	·	·	·	·
Net Income CAGR 3Y	-0.57%	-49.0%	·	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	26.0%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 13

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$37.38B	$25.11B	$15.54B	$30.76B	$27.70B	$21.43B	$23.41B	$30.39B	$20.32B	$12.40B	$16.19B	$16.36B
Net Income TTM	$8.54B	$778M	$-5.83B	$8.69B	$5.86B	$2.69B	$6.31B	$14.13B	$5.09B	$-276M	$2.90B	$3.04B
Market Cap	$136.88B	$105.99B	$76.79B	$62.70B	$82.79B	$51.57B	$49.41B	$61.25B	$35.55B	$18.20B	$17.98B	$35.21B
P/E	16.1	136.5	-13.1	7.4	14.4	19.5	8.1	4.6	7.2	-61.6	6.7	12.9
P/S	3.7	4.2	4.9	2.0	3.0	2.4	2.1	2.0	1.7	1.5	1.1	2.2
P/B	2.5	2.3	1.7	1.3	1.9	1.3	1.4	1.9	1.9	1.5	1.5	3.3
P / Tangible Book	2.6	2.4	1.8	1.3	2.0	1.4	·	·	·	·	·	·
P / Cash Flow	7.8	12.5	49.3	4.1	6.6	6.2	3.7	3.5	4.4	5.7	3.5	6.2
P / FCF	82.1	875.9	-12.6	20.1	34.0	621.3	14.5	7.2	10.4	-6.9	15.2	11.6
Dividend Yield	0.38%	0.48%	0.66%	0.74%	0.00%	0.00%	·	·	·	·	·	·
Earnings Yield	6.2%	0.73%	-7.6%	13.5%	7.0%	5.1%	12.3%	21.8%	13.8%	-1.6%	14.9%	7.7%
Payout Ratio	6.1%	65.9%	-8.6%	5.3%	·	·	·	·	·	·	·	·
Annual Payout	$522M	$513M	$504M	$461M	$0	$0	·	·	·	·	·	·

Income Statement 16

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Revenue	$41.46B	$23.86B	$13.64B	$11.31B	$9.30B	$8.05B	$8.71B	$7.75B	$6.81B	$5.82B	$4.73B	$4.01B	$3.69B	$4.08B	$7.60B
Cost of Revenue	$6.40B	$6.11B	$6.00B	$6.26B	$5.79B	$5.09B	$5.36B	$5.01B	$4.98B	$4.75B	$4.76B	$4.45B	$4.90B	$3.19B	$4.51B
Gross Profit	$35.06B	$17.75B	$7.65B	$5.05B	$3.51B	$2.96B	$3.35B	$2.74B	$1.83B	$1.08B	$-35M	$-435M	$-1.21B	$893M	$3.09B
R&D Expense	$1.32B	$1.25B	$1.17B	$1.05B	$965M	$898M	$888M	$903M	$850M	$832M	$845M	$719M	$788M	$849M	$900M
SG&A Expense	$407M	$344M	$337M	$314M	$318M	$285M	$288M	$295M	$291M	$280M	$263M	$219M	$231M	$251M	$285M
Operating Income	$33.32B	$16.14B	$6.14B	$3.65B	$2.17B	$1.77B	$2.17B	$1.52B	$719M	$191M	$-1.13B	$-1.47B	$-2.30B	$-209M	$1.89B
Interest Expense	·	·	·	·	·	·	·	·	$150M	$144M	$132M	·	$89M	$51M	·
Other Non-op	$-321M	$-98M	$-140M	$-45M	$-68M	$-11M	$-11M	$-7M	$10M	$-7M	$-27M	$9M	$2M	$-4M	$106M
Pretax Income	$33.21B	$16.16B	$6.06B	$3.63B	$2.11B	$1.76B	$2.15B	$1.51B	$715M	$170M	$-1.16B	$-1.46B	$-2.27B	$-176M	$2.02B
Income Tax	$4.98B	$2.37B	$829M	$429M	$235M	$177M	$283M	$623M	$377M	$-622M	$73M	$-24M	$54M	$8M	$195M
Net Income	$28.24B	$13.79B	$5.24B	$3.20B	$1.89B	$1.58B	$1.87B	$887M	$332M	$793M	$-1.23B	$-1.43B	$-2.31B	$-195M	$1.81B
EPS (Basic)	$25.03	$12.25	$4.66	$2.86	$1.69	$1.42	$1.68	$0.80	$0.30	$0.72	$-1.12	$-1.31	$-2.12	$-0.18	$1.67
EPS (Diluted)	$24.67	$12.07	$4.60	$2.83	$1.68	$1.41	$1.67	$0.81	$0.30	$0.71	$-1.12	$-1.31	$-2.12	$-0.18	$1.67
Shares (Basic)	1,128,000,000	1,126,000,000	1,125,000,000	·	1,118,000,000	1,115,000,000	1,111,000,000	·	1,107,000,000	1,104,000,000	1,100,000,000	·	1,091,000,000	1,090,000,000	·
Shares (Diluted)	1,145,000,000	1,142,000,000	1,138,000,000	·	1,125,000,000	1,123,000,000	1,122,000,000	·	1,123,000,000	1,114,000,000	1,100,000,000	·	1,091,000,000	1,090,000,000	·
EBITDA	·	$18.42B	$8.35B	·	$2.17B	$1.77B	$4.20B	·	$719M	$191M	$787M	·	$-2.30B	$1.71B	·

Balance Sheet 23

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Cash & Equivalents	$25.00B	$13.91B	$9.73B	$9.64B	$10.16B	$7.55B	$6.69B	$7.04B	$7.59B	$8.02B	$8.07B	·	$9.80B	$9.57B	·
Receivables	$26.89B	$15.39B	$8.01B	$7.16B	$5.49B	$5.09B	$6.25B	$5.42B	$4.42B	$3.65B	$2.48B	·	$1.89B	$2.88B	·
Inventory	$8.57B	$8.27B	$8.21B	$8.36B	$8.73B	$9.01B	$8.71B	$8.88B	$8.51B	$8.44B	$8.28B	·	$8.13B	$8.36B	·
Other Current Assets	$1.12B	$1.24B	$958M	$914M	$945M	$963M	$777M	$776M	$1.30B	$1.69B	$791M	·	$673M	$663M	·
Current Assets	$66.74B	$41.41B	$29.66B	$28.84B	$27.92B	$24.69B	$24.49B	$24.37B	$23.32B	$23.43B	$21.06B	·	$21.90B	$22.92B	·
Goodwill	$1.15B	$1.15B	$1.15B	$1.15B	$1.15B	$1.15B	$1.15B	$1.15B	$1.15B	$1.15B	$1.15B	·	$1.23B	$1.23B	·
Intangibles	$473M	$468M	$465M	$453M	$426M	$423M	$419M	$416M	$413M	$414M	$416M	·	$410M	$428M	·
Other Non-current Assets	$3.84B	$3.67B	$3.18B	$2.78B	$1.62B	$1.70B	$1.67B	$1.52B	$1.42B	$1.20B	$1.33B	·	$1.32B	$1.17B	·
Total Assets	$134.11B	$101.51B	$85.97B	$82.80B	$78.40B	$73.05B	$71.46B	$69.42B	$66.25B	$65.72B	$63.78B	·	$66.52B	$67.87B	·
Accounts Payable	$15.52B	$11.00B	$9.80B	$9.65B	$8.76B	$6.18B	$7.13B	$7.30B	$5.14B	$4.68B	$3.95B	·	$4.31B	$5.44B	·
Current Liabilities	$19.49B	$14.30B	$12.06B	$11.45B	$10.13B	$7.88B	$9.02B	$9.25B	$6.84B	$6.26B	$5.96B	·	$5.25B	$6.53B	·
Capital Leases	$654M	$656M	$669M	$701M	$600M	$599M	$588M	$610M	$609M	$593M	$601M	·	$610M	$625M	·
Deferred Tax	·	·	·	$52M	·	·	·	$59M	·	·	·	·	·	·	·
Other Non-current Liabilities	$7.09B	$3.54B	$2.10B	$1.44B	$1.31B	$1.26B	$1.24B	$911M	$1.05B	$956M	$1.03B	·	$832M	$808M	·
Total Liabilities	$33.39B	$29.05B	$27.16B	$28.63B	$27.65B	$24.42B	$24.66B	$24.29B	$22.03B	$21.85B	$20.89B	·	$19.26B	$18.57B	·
Long-term Debt	·	·	$8.84B	$11.53B	$12.43B	$11.54B	$11.31B	·	$11.33B	$12.02B	$12.02B	·	$11.20B	$9.35B	·
Common Stock	$128M	$127M	$127M	$127M	$126M	$126M	$126M	$125M	$125M	$125M	$124M	·	$123M	$123M	·
Retained Earnings	$94.68B	$66.82B	$53.34B	$48.58B	$45.56B	$43.84B	$42.43B	$40.88B	$40.17B	$40.00B	$39.36B	·	$44.43B	$46.87B	·
Treasury Stock	$8.50B	$8.50B	$8.15B	$7.85B	$7.85B	$7.85B	$7.85B	$7.85B	$7.55B	$7.55B	$7.55B	·	$7.55B	$7.55B	·
AOCI	$-26M	$-82M	$-123M	$-32M	$-45M	$-191M	$-221M	$-134M	$-311M	$-264M	$-260M	·	$-373M	$-473M	·
Stockholders' Equity	$100.72B	$72.46B	$58.81B	$54.16B	$50.75B	$48.63B	$46.80B	$45.13B	$44.23B	$43.87B	$42.88B	$44.12B	$47.26B	$49.31B	$49.91B
Liabilities + Equity	$134.11B	$101.51B	$85.97B	$82.80B	$78.40B	$73.05B	$71.46B	$69.42B	$66.25B	$65.72B	$63.78B	·	$66.52B	$67.87B	·
Shares Outstanding	1,129,000,000	1,128,000,000	1,126,000,000	1,122,000,000	1,119,000,000	1,118,000,000	1,114,000,000	1,109,000,000	1,109,000,000	1,107,000,000	1,104,000,000	·	1,094,000,000	1,091,000,000	·

Cash Flow 16

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
D&A	$2.36B	$2.29B	$2.21B	$2.15B	$2.09B	$2.08B	$2.03B	$1.99B	$1.96B	$1.92B	$1.92B	$1.94B	·	$1.92B	$1.88B
Stock-based Comp	$355M	$309M	$290M	$250M	$253M	$249M	$220M	$213M	$219M	$213M	$188M	$148M	·	$146M	$136M
Amort. of Intangibles	·	·	·	$18M	$18M	$17M	$18M	$21M	$20M	$21M	$20M	$20M	·	$23M	$22M
Other Non-cash	·	·	$669M	·	·	·	$-876M	·	·	·	$532M	·	·	$-929M	·
Operating Cash Flow	$25.39B	$11.90B	$8.41B	$5.73B	$4.61B	$3.94B	$3.24B	$3.40B	$2.48B	$1.22B	$1.40B	$249M	·	$943M	$3.78B
CapEx	$7.83B	$6.39B	$5.39B	$5.66B	$2.94B	$4.05B	$3.21B	$3.12B	$2.09B	$1.38B	$1.80B	$1.46B	·	$2.45B	$3.61B
Investing Cash Flow	$-9.57B	$-5.53B	$-4.59B	$-5.20B	$-2.59B	$-3.15B	$-3.15B	$-3.60B	$-2.00B	$-1.15B	$-1.56B	$-830M	·	$-2.27B	$-3.82B
Debt Issued	$0	·	·	$0	$1.75B	·	·	$0	$0	$999M	$0	$0	·	$3.35B	$0
Net Debt Issued	·	·	·	·	·	·	·	·	·	·	$0	·	·	$3.35B	·
Stock Repurchased	$0	$350M	$300M	$0	$0	$0	$0	$300M	$0	$0	$0	$0	·	$425M	$784M
Net Stock Activity	·	·	$-300M	·	·	·	·	·	·	·	$0	·	·	$-425M	·
Dividends Paid	$171M	$132M	$134M	$130M	$131M	$130M	$131M	$129M	$128M	$127M	$129M	$126M	$126M	$126M	$126M
Financing Cash Flow	$-4.73B	$-2.17B	$-3.75B	$-1.06B	$540M	$96M	$-422M	$-474M	$-910M	$-106M	$-352M	$-112M	·	$2.63B	$-840M
Net Change in Cash	$11.09B	$4.20B	$86M	$-523M	$2.61B	$866M	$-355M	$-612M	$-437M	$-45M	$-510M	$-714M	·	$1.30B	$-922M
Free Cash Flow	·	·	$3.02B	·	·	·	$38M	·	·	·	$-395M	·	·	$-1.51B	·
Levered FCF	·	·	·	·	·	·	·	·	·	·	$-535M	·	·	$-1.56B	·

Profitability 8

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Gross Margin	·	74.4%	56.0%	·	37.7%	36.8%	38.4%	·	26.9%	18.5%	-0.74%	·	-32.7%	21.9%	·
Operating Margin	·	67.6%	45.0%	·	23.3%	22.0%	25.0%	·	10.6%	3.3%	-23.9%	·	-62.4%	-5.1%	·
Net Margin	·	57.8%	38.4%	·	20.3%	19.7%	21.5%	·	4.9%	13.6%	-26.1%	·	-62.6%	-4.8%	·
Pretax Margin	·	67.7%	44.4%	·	22.7%	21.8%	24.7%	·	10.5%	2.9%	-24.4%	·	-61.5%	-4.3%	·
EBITDA Margin	·	77.2%	61.2%	·	23.3%	22.0%	48.3%	·	10.6%	3.3%	16.7%	·	-62.4%	41.9%	·
ROA	·	15.8%	6.7%	·	2.6%	2.3%	2.8%	·	0.50%	1.2%	-1.9%	·	·	·	·
ROE	·	22.8%	9.9%	·	4.0%	3.4%	4.2%	·	0.74%	1.7%	-2.7%	·	·	·	·
ROIC	·	19.0%	9.0%	·	3.8%	3.3%	4.0%	·	0.77%	2.0%	-2.8%	·	·	·	·

Liquidity & Solvency 3

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Current Ratio	3.4	2.9	2.5	·	2.8	3.1	2.7	·	3.4	3.7	3.5	·	·	·	·
Quick Ratio	·	2.0	1.5	·	1.5	1.6	1.4	·	1.8	1.9	1.8	·	·	·	·
Interest Coverage	·	·	·	·	·	·	·	·	4.8	1.3	-8.5	·	-25.9	-4.1	·

Efficiency 3

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Asset Turnover	·	0.3	0.2	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	·	·	·
Inventory Turnover	·	0.7	0.7	·	0.7	0.6	0.6	·	0.6	0.6	0.6	·	·	·	·
Receivables Turnover	·	2.3	1.9	·	1.9	1.8	2.0	·	2.1	2.1	1.8	·	·	·	·

Per Share 7

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Book Value / Share	·	$64.24	$52.23	·	$45.35	$43.50	$42.01	·	$39.88	$39.63	$38.85	·	·	·	·
Revenue / Share	·	$20.89	$11.99	·	$8.27	$7.17	$7.76	·	$6.07	$5.23	$4.30	·	$3.38	$3.75	·
Cash Flow / Share	·	·	$7.39	·	·	·	$2.89	·	·	·	$1.27	·	·	$0.87	·
Cash / Share	·	$12.33	$8.64	·	$9.08	$6.75	$6.01	·	$6.85	$7.24	$7.31	·	·	·	·
Dividend / Share	$0.15	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	·	$0.12	$0.12	·
Dividend Paid / Share	$0.15	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	·
EPS (TTM)	$44.17	$21.18	$10.52	·	$5.57	$4.19	$3.49	·	$-1.42	$-3.45	$-6.28	·	$1.71	·	·

Valuation (TTM) 12

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022
Revenue TTM	$90.27B	$58.12B	$42.31B	·	$33.81B	$31.32B	$29.09B	·	$21.37B	$18.31B	$16.18B	·	$24.02B	·	·
Net Income TTM	$50.47B	$24.11B	$11.91B	·	$6.22B	$4.67B	$3.88B	·	$-1.54B	$-3.77B	$-6.87B	·	$1.93B	·	·
Market Cap	·	$468.75B	$259.27B	·	$108.32B	$102.65B	$109.39B	·	$140.06B	$100.31B	$84.04B	·	·	·	·
P/E	20.9	19.6	21.9	·	17.4	21.9	28.1	·	-88.9	-26.3	-12.1	·	33.0	·	·
P/S	11.5	8.1	6.1	·	3.2	3.3	3.8	·	6.6	5.5	5.2	·	2.6	·	·
P/B	10.4	6.5	4.4	·	2.1	2.1	2.3	·	3.2	2.3	2.0	·	·	·	·
P / Tangible Book	10.5	6.6	4.5	·	2.2	2.2	2.4	·	3.3	2.4	2.0	·	·	·	·
P / Cash Flow	·	·	30.8	·	·	·	33.7	·	·	·	60.0	·	·	·	·
Dividend Yield	0.05%	0.11%	0.20%	·	0.48%	0.50%	0.47%	·	0.36%	0.51%	0.60%	·	0.79%	·	·
Earnings Yield	4.8%	5.1%	4.6%	·	5.8%	4.6%	3.5%	·	-1.1%	-3.8%	-8.2%	·	3.0%	·	·
Payout Ratio	·	·	2.6%	·	·	·	7.0%	·	38.6%	16.0%	-10.4%	·	-5.5%	-64.6%	·
Annual Payout	$567M	$527M	$525M	·	$521M	$518M	$515M	·	$510M	$508M	$507M	·	$489M	$475M	·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Metric	2025-08-28	2024-08-29	2023-08-31	2022-09-01	2021-09-02
Revenue	$37.38B	$25.11B	$15.54B	$30.76B	$27.70B
Gross Margin %	39.8%	22.4%	-9.1%	45.2%	37.6%
Operating Margin %	26.1%	5.2%	-37.0%	31.5%	22.7%
Net Income	$8.54B	$778M	$-5.83B	$8.69B	$5.86B
Diluted EPS	$7.59	$0.70	$-5.34	$7.75	$5.14

Metric	2025-08-28	2024-08-29	2023-08-31	2022-09-01	2021-09-02
Current Ratio	2.5	2.6	4.5	2.9	3.1
Quick Ratio	1.5	1.3	2.2	1.7	2.0

Metric	2025-08-28	2024-08-29	2023-08-31	2022-09-01	2021-09-02
Free Cash Flow	$1.67B	$121M	$-6.12B	$3.11B	$2.44B

Institutional owners (13F) 4,253 filers · $1.3T total · As of Sept. 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 4,253

Value held $1.3T

New positions 1,090

Exited positions 105

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
1,090 (+479 vs prior Q)	105 (-39 vs prior Q)	1,300 (+38 vs prior Q)	1,483 (+411 vs prior Q)	+74.0M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
BlackRock, Inc.	$121,001,011,030	104,827,219	9.37%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$85,024,475,045	73,659,544	6.58%	Shares
STATE STREET CORP	$57,802,075,982	50,075,870	4.47%	Shares
JANE STREET GROUP, LLC	$42,040,280,661	36,420,900	3.25%	Put option
Invesco Ltd.	$41,918,317,985	36,315,240	3.24%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$37,372,216,472	32,376,800	2.89%	Call option
Capital World Investors	$34,016,371,133	29,469,646	2.63%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$33,395,687,422	28,931,800	2.59%	Put option
GEODE CAPITAL MANAGEMENT, LLC	$31,876,615,547	27,705,797	2.47%	Shares
FMR LLC	$30,841,323,297	26,718,869	2.39%	Shares
VANGUARD GROUP INC	$30,427,016,150	106,608,094	2.36%	Shares
JPMORGAN CHASE & CO	$29,589,469,394	25,836,011	2.29%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$28,467,192,322	24,662,080	2.20%	Shares
CITADEL ADVISORS LLC	$22,249,286,037	19,275,300	1.72%	Put option
PRIMECAP MANAGEMENT CO/CA/	$22,182,263,342	19,217,236	1.72%	Shares
MORGAN STANLEY	$21,320,259,525	18,470,449	1.65%	Shares
GOLDMAN SACHS GROUP INC	$20,879,496,990	18,088,606	1.62%	Shares
NOMURA HOLDINGS INC	$19,780,836,872	17,136,800	1.53%	Put option
JANE STREET GROUP, LLC	$18,910,848,499	16,383,100	1.46%	Call option
CTC LLC	$17,837,358,799	154,531	1.38%	Call option
NORGES BANK	$17,523,095,266	15,180,843	1.36%	Shares
CITADEL ADVISORS LLC	$16,339,782,953	14,155,700	1.26%	Call option
CTC LLC	$13,907,809,352	120,488	1.08%	Put option
NORTHERN TRUST CORP	$12,475,980,711	10,808,359	0.97%	Shares
GOLDMAN SACHS GROUP INC	$12,222,661,381	10,588,900	0.95%	Put option
Capital International Investors	$11,984,727,452	10,384,128	0.93%	Shares
BANK OF AMERICA CORP /DE/	$11,744,620,745	10,174,757	0.91%	Shares
BNP PARIBAS FINANCIAL MARKETS	$9,349,718,988	8,099,974	0.72%	Shares
Legal & General Group Plc	$8,402,393,192	7,279,274	0.65%	Shares
Bank of New York Mellon Corp	$8,248,279,864	7,145,760	0.64%	Shares
BARCLAYS PLC	$8,090,649,468	7,009,200	0.63%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$8,041,236,622	6,966,392	0.62%	Shares
DIMENSIONAL FUND ADVISORS LP	$7,812,936,894	6,768,971	0.60%	Shares
VANGUARD FIDUCIARY TRUST CO	$7,480,393,659	6,480,515	0.58%	Shares
SIH Partners, LLLP	$7,295,689,945	6,320,500	0.56%	Put option
UBS Group AG	$7,031,822,714	6,091,903	0.54%	Shares
CITIGROUP INC	$6,115,854,941	5,298,369	0.47%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$5,823,555,805	5,045,141	0.45%	Shares
Situational Awareness LP	$5,573,819,392	4,828,786	0.43%	Shares
VAN ECK ASSOCIATES CORP	$5,558,654,330	4,815,648	0.43%	Shares
HSBC HOLDINGS PLC	$5,554,376,140	4,807,719	0.43%	Shares
DEUTSCHE BANK AG\	$5,534,631,246	4,794,836	0.43%	Shares
BNP PARIBAS FINANCIAL MARKETS	$5,156,213,430	44,670	0.40%	Put option
Amundi	$5,056,631,556	4,380,730	0.39%	Shares
AMERIPRISE FINANCIAL INC	$5,010,466,937	4,342,591	0.39%	Shares
UBS Group AG	$4,865,167,287	4,214,857	0.38%	Call option
PeakShares LLC	$4,751,058,000	4,116	0.37%	Shares
Nuveen, LLC	$4,563,315,934	3,953,354	0.35%	Shares
AQR CAPITAL MANAGEMENT LLC	$4,425,233,125	3,833,728	0.34%	Shares
Capital Research Global Investors	$4,417,941,985	3,827,473	0.34%	Shares

Show all 4,253 institutional owners →

Activists & 5%+ owners 4 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Nanya Technology Corp. ×2 filings	June 28, 2017	·	Initial filing	·	SEC
Micron Technology, Inc. ×2 filings	June 7, 2006	·	Initial filing	M&A / sale	SEC
Micron Technology, Inc. IRS	Sept. 7, 2001	·	Initial filing	·	SEC
	April 4, 2001	·	Initial filing	M&A / sale	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 59 insiders · 37 officers · 23 directors

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Sanjay Mehrotra	President and CEO	Aug. 21, 2026 S	264,503	0	237	$-207,105,035
Dermot Mark Durcan	Chief Executive Officer	July 18, 2016 S	1,298	0	0	$0
Steven R Appleton	Chairman and CEO	Oct. 11, 2011 J	2,369,286	0	0	$0
Mark J. Murphy	EVP & Chief Financial Officer	Dec. 24, 2025 J	35,000	0	6	$-28,389,112
David Zinsner	EVP & Chief Financial Officer	Oct. 16, 2021 M	182,345	0	0	$0
Ernest E Maddock	SVP & Chief Financial Officer	Oct. 24, 2017 A	209,887	0	0	$0
Ronald C Foster	CFO & VP OF FINANCE	Feb. 18, 2015 M	580,416	0	0	$0
Wilbur G Stover JR	VP Finance & CFO	Nov. 19, 2007 F	162,453	0	0	$0
Mark Adams	President	Oct. 20, 2015 F	452,266	0	0	$0
Sumit Sadana	EVP and Chief Business Officer	Aug. 18, 2026 S	191,021	0	5	$-34,874,017
Scott R. Allen	CVP, Chief Accounting Officer	July 23, 2026 S	34,958	0	3	$-3,402,176
April S Arnzen	EVP and Chief People Officer	July 1, 2026 S	85,737	0	23	$-61,409,585
Michael Charles Ray	SVP, Chief Legal Officer	May 1, 2026 S	67,227	0	47	$-9,829,578
Michael D Cordano	EVP, Worldwide Sales	April 14, 2026 S	44,059	0	2	$-2,915,745
Manish H Bhatia	EVP, Global Operations	Jan. 22, 2026 S	323,486	0	6	$-10,410,771
Scott J Deboer	EVP, CTO and Products Officer	Oct. 27, 2025 S	154,145	0	1	$-18,270,420
Michael W Bokan	SVP, Worldwide Sales	Jan. 15, 2025 F	177,822	0	0	$0
Robert P Beard	SVP, General Counsel&Secretary	April 15, 2023 A	48,439	0	0	$0
Joel L Poppen	SVP, General Counsel&Secretary	Oct. 16, 2021 M	259,216	0	0	$0
Paul Marosvari	VP, Chief Accounting Officer	Oct. 16, 2020 M	7,827	0	0	$0
Steven L. Thorsen JR	SVP, WORLDWIDE SALES	July 20, 2018 S	126,990	0	0	$0
Brian Shirley	SVP, DRAM and Emerging Memory	July 12, 2017 M	264,961	0	0	$0
Patrick T Otte	VP, Human Resources	Oct. 20, 2014 A	351,583	0	0	$0
Brian Shields	VP of Business Process Managem	Oct. 13, 2014 F	231,008	0	0	$0
Thomas T Eby	VP Compute & Networking BU	Oct. 6, 2014 F	264,642	0	0	$0
Michael J Rayfield	VP Mobile Business Unit	Oct. 1, 2014 F	210,214	0	0	$0
Michael W Sadler	VP, Corporate Development	July 2, 2014 G	269,564	0	0	$0
Jeff Bader	VP, Embedded Business Unit	April 8, 2014 A	37,350	0	0	$0
Darren Thomas	VP, Storage Business Unit	April 8, 2014 A	42,000	0	0	$0
Roderic W Lewis	VP Legal Affairs, Gen Counsel	Dec. 27, 2013 G	728,985	0	0	$0
Glen Hawk	VP NAND Solutions	Nov. 11, 2013 M	200,250	0	0	$0
Mario Licciardello	VP, Wireless Solutions	May 15, 2012 S	0	0	0	$0
Kipp A Bedard	V.P. of Investor Relations	Oct. 8, 2009 F	258,156	0	0	$0
Jay L Hawkins	V.P. of Operations	Nov. 19, 2007 F	320,788	0	0	$0
Robert J Gove	V.P. of Imaging	Nov. 19, 2007 F	251,143	0	0	$0
Kleinjan Du Preez	V.P. of Networking & Comm.	Nov. 19, 2006 F	120,751	0	0	$0
Robert M Donnelly	V.P. of Computing & Consumer	Feb. 8, 2006 S	100,000	0	0	$0
Teyin M Liu	Director	Sept. 30, 2026 A	26,063	3	0	$7,821,723
Alexis Bjorlin	Director	Sept. 30, 2026 A	92	0	1	$-28,308
Robert Holmes Swan	Director	Sept. 30, 2026 A	4,444	0	0	$0
Lynn A Dugle	Director	June 30, 2026 G	17,028	0	1	$-1,495,559
Steven J Gomo	Director	May 11, 2026 S	17,139	0	3	$-2,892,220
Anna C Simons	Director	Oct. 13, 2025 A	3,833	0	0	$0
Linnie M Haynesworth	Director	Oct. 13, 2025 A	13,632	0	0	$0
Mary Pat Mccarthy	Director	Oct. 13, 2025 A	21,523	0	0	$0
Richard M Beyer	Director	Oct. 13, 2025 A	97,408	0	0	$0
Robert E Switz	Director	Oct. 13, 2024 A	75,765	0	0	$0
Robert L Bailey	Director	Oct. 16, 2020 A	112,398	0	0	$0
Patrick J Byrne	Director	Dec. 31, 2019 A	103,120	0	0	$0
Lawrence N Mondry	Director	Oct. 16, 2018 A	139,287	0	0	$0
Mercedes Johnson	Director	Oct. 16, 2018 A	41,453	0	0	$0
Warren East	Director	Oct. 21, 2015 F	31,014	0	0	$0
James W Bagley	Director	Jan. 26, 2012 M	247,094	0	0	$0
Teruaki Aoki	Director	Jan. 25, 2012 M	92,641	0	0	$0
Gordon C Smith	Director	July 25, 2007 D	29,062	0	0	$0
William P Weber	Director	Dec. 5, 2006 D	93,931	0	0	$0
Robert A Lothrop	Director	Sept. 5, 2006 D	26,059	0	0	$0
Thomas T Nicholson	Director	Sept. 1, 2005 M	2,619,376	0	0	$0
Maryann Wright	·	Oct. 13, 2025 A	23,333	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 229 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
VLUE · iShares Trust	21.66%	2,128,835 SH	Sept. 11, 2026	Daily
MUU · Direxion Shares ETF Trust	12.60%	517,559 NS	July 31, 2026	N-PORT
SPMO · Invesco Exchange-Traded Fund Trust …	9.48%	2,064,108 SH	Oct. 5, 2026	Daily
SOXX · iShares Trust	8.97%	3,978,042 SH	Sept. 11, 2026	Daily
KNCT · Invesco Exchange-Traded Fund Trust	8.32%	13,030 SH	Oct. 5, 2026	Daily
GRZZ · Tidal Trust II	8.24%	3,334 NS	July 31, 2026	N-PORT
IGPT · Invesco Exchange-Traded Fund Trust	8.10%	110,399 SH	Oct. 5, 2026	Daily
SOXQ · Invesco Exchange-Traded Fund Trust …	7.88%	242,755 SH	Oct. 5, 2026	Daily
QTOP · iShares Trust	6.50%	18,816 SH	Sept. 11, 2026	Daily
TRFK · Pacer Funds Trust	6.47%	75,075 NS	July 31, 2026	N-PORT
WLDR · Two Roads Shared Trust	6.24%	6,914 NS	July 31, 2026	N-PORT
SEMI · Columbia ETF Trust I	6.20%	2,834 NS	July 31, 2026	N-PORT
TTXU · Direxion Shares ETF Trust	6.17%	345 NS	July 31, 2026	N-PORT
MGV · VANGUARD WORLD FUND	6.14%	708,818 SH	Aug. 19, 2026	Daily
GIAX · Tidal Trust II	6.00%	7,437 NS	July 31, 2026	N-PORT
FEPI · ETF Opportunities Trust	5.88%	46,234 NS	July 31, 2026	N-PORT
AIFD · TCW ETF Trust	5.82%	8,860 NS	July 31, 2026	N-PORT
IETC · iShares U.S. ETF Trust	5.49%	38,596 SH	Sept. 11, 2026	Daily
JHAI · Janus Detroit Street Trust	5.39%	1,529 NS	July 31, 2026	N-PORT
LQAI · Exchange Listed Funds Trust	5.37%	145 NS	July 31, 2026	N-PORT
SOXL · Direxion Shares ETF Trust	5.35%	1,262,882 NS	July 31, 2026	N-PORT
MTUM · iShares Trust	5.20%	1,296,308 SH	Sept. 11, 2026	Daily
VGT · VANGUARD WORLD FUND	5.04%	7,419,883 SH	Aug. 19, 2026	Daily
QQQM · Invesco Exchange-Traded Fund Trust …	5.02%	5,211,580 SH	Oct. 5, 2026	Daily
QQQ · Invesco QQQ Trust, Series 1	5.01%	23,574,443 SH	Oct. 5, 2026	Daily
VTV · VANGUARD INDEX FUNDS	4.87%	10,722,867 SH	Aug. 19, 2026	Daily
PSI · Invesco Exchange-Traded Fund Trust	4.86%	139,511 SH	Oct. 5, 2026	Daily
HEQQ · J.P. Morgan Exchange-Traded Fund Tr…	4.84%	1,760 NS	July 31, 2026	N-PORT
GARP · iShares Trust	4.76%	149,082 SH	Sept. 11, 2026	Daily
PTF · Invesco Exchange-Traded Fund Trust	4.75%	28,028 SH	Oct. 5, 2026	Daily
IGM · iShares Trust	4.73%	512,710 SH	Sept. 11, 2026	Daily
ARTY · iShares Trust	4.61%	189,688 SH	Sept. 11, 2026	Daily
VEGN · ETF Series Solutions	4.58%	9,884 NS	July 31, 2026	N-PORT
LCLG · Advisors Series Trust	4.53%	5,932 NS	July 31, 2026	N-PORT
USXF · iShares Trust	4.45%	67,095 SH	Sept. 11, 2026	Daily
TOPT · iShares Trust	4.41%	30,187 SH	Sept. 11, 2026	Daily
CEPI · ETF Opportunities Trust	4.38%	5,856 NS	July 31, 2026	N-PORT
AMOM · Exchange Listed Funds Trust	4.36%	1,266 NS	July 31, 2026	N-PORT
QFLR · Innovator ETFs Trust	4.35%	27,725 NS	July 31, 2026	N-PORT
QYLD · Global X Funds	4.32%	425,096 NS	July 31, 2026	N-PORT
CHPY · Tidal Trust II	4.32%	53,655 NS	July 31, 2026	N-PORT
QRMI · Global X Funds	4.29%	746 NS	July 31, 2026	N-PORT
QYLG · Global X Funds	4.29%	8,245 NS	July 31, 2026	N-PORT
PTNQ · Pacer Funds Trust	4.25%	61,670 NS	July 31, 2026	N-PORT
SOXY · Tidal Trust II	4.24%	3,300 NS	July 31, 2026	N-PORT
QQWZ · Pacer Funds Trust	4.24%	2,616 NS	July 31, 2026	N-PORT
IWY · iShares Trust	4.22%	673,681 SH	Sept. 11, 2026	Daily
QTR · Global X Funds	4.15%	384 NS	July 31, 2026	N-PORT
QCLR · Global X Funds	4.08%	164 NS	July 31, 2026	N-PORT
RPG · Invesco Exchange-Traded Fund Trust	4.07%	74,078 SH	Oct. 5, 2026	Daily
IXN · iShares Trust	4.01%	384,848 SH	Sept. 11, 2026	Daily
ESGG · FlexShares Trust	3.99%	5,358 NS	July 31, 2026	N-PORT
IVES · Wedbush Series Trust	3.98%	47,677 NS	July 31, 2026	N-PORT
QSIX · Pacer Funds Trust	3.91%	871 NS	July 31, 2026	N-PORT
ESG · FlexShares Trust	3.89%	6,241 NS	July 31, 2026	N-PORT
VONG · VANGUARD SCOTTSDALE FUNDS	3.85%	1,784,705 SH	Aug. 19, 2026	Daily
FTEC · FIDELITY COVINGTON TRUST	3.82%	921,631 NS	July 31, 2026	N-PORT
VOOG · VANGUARD ADMIRAL FUNDS	3.66%	837,969 SH	Aug. 19, 2026	Daily
PWB · Invesco Exchange-Traded Fund Trust	3.61%	93,186 SH	Oct. 5, 2026	Daily
BRNY · EA Series Trust	3.48%	24,530 NS	July 31, 2026	N-PORT
BOBP · EXCHANGE TRADED CONCEPTS TRUST	3.38%	24 NS	July 31, 2026	N-PORT
IYW · iShares Trust	3.35%	857,972 SH	Sept. 11, 2026	Daily
IWF · iShares Trust	3.35%	4,236,752 SH	Sept. 11, 2026	Daily
FFLG · FIDELITY COVINGTON TRUST	3.29%	23,580 NS	July 31, 2026	N-PORT
EVUS · iShares Trust	3.27%	12,746 SH	Sept. 11, 2026	Daily
CHAT · Tidal Trust II	3.22%	69,546 NS	July 31, 2026	N-PORT
IVW · iShares Trust	3.09%	2,405,284 SH	Sept. 11, 2026	Daily
NRSH · Tidal Trust I	3.04%	1,109 NS	July 31, 2026	N-PORT
IUSG · iShares Trust	2.94%	992,904 SH	Sept. 11, 2026	Daily
EGLE · Global X Funds	2.89%	77 NS	July 31, 2026	N-PORT
IQSU · New York Life Investments ETF Trust	2.88%	11,457 NS	July 31, 2026	N-PORT
DFUV · Dimensional ETF Trust	2.86%	535,628 NS	July 31, 2026	N-PORT
XLG · Invesco Exchange-Traded Fund Trust	2.84%	312,123 SH	Oct. 5, 2026	Daily
FDMO · FIDELITY COVINGTON TRUST	2.81%	30,906 NS	July 31, 2026	N-PORT
FNGG · Direxion Shares ETF Trust	2.71%	3,984 NS	July 31, 2026	N-PORT
FVAL · FIDELITY COVINGTON TRUST	2.67%	43,098 NS	July 31, 2026	N-PORT
OEI · Listed Funds Trust	2.54%	1,432 NS	July 31, 2026	N-PORT
VLLU · Harbor ETF Trust	2.54%	143 NS	July 31, 2026	N-PORT
TSXU · Direxion Shares ETF Trust	2.51%	387 NS	July 31, 2026	N-PORT
TECL · Direxion Shares ETF Trust	2.51%	155,381 NS	July 31, 2026	N-PORT
SPTE · SP Funds Trust	2.50%	6,404 NS	July 31, 2026	N-PORT
DUHP · Dimensional ETF Trust	2.47%	368,154 NS	July 31, 2026	N-PORT
MGC · VANGUARD WORLD FUND	2.46%	225,454 SH	Aug. 19, 2026	Daily
PDP · Invesco Exchange-Traded Fund Trust	2.42%	33,699 SH	Oct. 5, 2026	Daily
PEVC · Pacer Funds Trust	2.33%	68 NS	July 31, 2026	N-PORT
OEF · iShares Trust	2.31%	476,967 SH	Sept. 11, 2026	Daily
DFLV · Dimensional ETF Trust	2.30%	188,864 NS	July 31, 2026	N-PORT
ESGV · VANGUARD WORLD FUND	2.23%	254,885 SH	Aug. 19, 2026	Daily
GLBL · Pacer Funds Trust	2.23%	30 NS	July 31, 2026	N-PORT
DECO · SSGA Active Trust	2.16%	539 NS	July 31, 2026	N-PORT
HECO · SSGA Active Trust	2.12%	2,114 NS	July 31, 2026	N-PORT
WLTG · ETF Opportunities Trust	2.10%	1,958 NS	July 31, 2026	N-PORT
DFVX · Dimensional ETF Trust	2.08%	13,294 NS	July 31, 2026	N-PORT
JOYT · J.P. Morgan Exchange-Traded Fund Tr…	2.07%	2,446 NS	July 31, 2026	N-PORT
VV · VANGUARD INDEX FUNDS	2.06%	1,317,074 SH	Aug. 19, 2026	Daily
SAWG · ETF Series Solutions	2.06%	72 NS	July 31, 2026	N-PORT
TOPC · iShares Trust	2.04%	685 SH	Sept. 11, 2026	Daily
VOO · VANGUARD INDEX FUNDS	2.02%	29,296,207 SH	Aug. 19, 2026	Daily
SPHB · Invesco Exchange-Traded Fund Trust …	2.01%	18,602 SH	Oct. 5, 2026	Daily
RECS · Columbia ETF Trust I	1.99%	141,226 NS	July 31, 2026	N-PORT
LGDX · Tidal Trust III	1.97%	3,406 NS	July 31, 2026	N-PORT
FBCG · FIDELITY COVINGTON TRUST	1.97%	166,038 NS	July 31, 2026	N-PORT
ESLG · Strategy Shares	1.96%	553 NS	July 31, 2026	N-PORT
ELCV · Strategy Shares	1.96%	5,965 NS	July 31, 2026	N-PORT
IWL · iShares Trust	1.95%	43,797 SH	Sept. 11, 2026	Daily
ILCG · iShares Trust	1.89%	60,070 SH	Sept. 11, 2026	Daily
XVV · iShares Trust	1.89%	12,977 SH	Sept. 11, 2026	Daily
QVML · Invesco Exchange-Traded Fund Trust …	1.88%	29,586 SH	Oct. 5, 2026	Daily
CAML · Professionally Managed Portfolios	1.88%	8,446 NS	July 31, 2026	N-PORT
VONE · VANGUARD SCOTTSDALE FUNDS	1.87%	186,365 SH	Aug. 19, 2026	Daily
PBP · Invesco Exchange-Traded Fund Trust	1.86%	6,718 SH	Oct. 5, 2026	Daily
DYNF · BlackRock ETF Trust	1.83%	776,397 SH	Sept. 11, 2026	Daily
PBUS · Invesco Exchange-Traded Fund Trust …	1.82%	181,545 SH	Oct. 5, 2026	Daily
NUGO · Nushares ETF Trust	1.80%	53,484 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	1.79%	35,807,778 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	1.79%	94,915 SH	Aug. 19, 2026	Daily
FLRG · FIDELITY COVINGTON TRUST	1.76%	6,196 NS	July 31, 2026	N-PORT
STNC · Hennessy Funds Trust	1.73%	1,949 NS	July 31, 2026	N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr…	1.72%	52,328 NS	July 31, 2026	N-PORT
LSVD · ADVISORS' INNER CIRCLE FUND	1.71%	13,488 NS	July 31, 2026	N-PORT
ALTL · Pacer Funds Trust	1.71%	1,913 NS	July 31, 2026	N-PORT
TYLG · Global X Funds	1.70%	296 NS	July 31, 2026	N-PORT
ESUM · Strategy Shares	1.70%	3,762 NS	July 31, 2026	N-PORT
JVAL · J.P. Morgan Exchange-Traded Fund Tr…	1.69%	17,109 NS	July 31, 2026	N-PORT
IVV · iShares Trust	1.68%	14,214,676 SH	Sept. 11, 2026	Daily
ILCB · iShares Trust	1.66%	21,853 SH	Sept. 11, 2026	Daily
SUSA · iShares Trust	1.65%	68,009 SH	Sept. 11, 2026	Daily
ESGU · iShares Trust	1.65%	301,598 SH	Sept. 11, 2026	Daily
JQUA · J.P. Morgan Exchange-Traded Fund Tr…	1.65%	164,470 NS	July 31, 2026	N-PORT
TEKX · SSGA Active Trust	1.65%	319 NS	July 31, 2026	N-PORT
INFO · Harbor ETF Trust	1.63%	16,654 NS	July 31, 2026	N-PORT
FBUF · Fidelity Greenwood Street Trust	1.60%	465 NS	July 31, 2026	N-PORT
AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU…	1.59%	2,180 NS	July 31, 2026	N-PORT
UPSD · ETF Series Solutions	1.59%	2,254 NS	July 31, 2026	N-PORT
HELO · J.P. Morgan Exchange-Traded Fund Tr…	1.58%	88,916 NS	July 31, 2026	N-PORT
IWB · iShares Trust	1.57%	780,302 SH	Sept. 11, 2026	Daily
IYY · iShares Trust	1.57%	48,369 SH	Sept. 11, 2026	Daily
PHDG · Invesco Actively Managed Exchange-T…	1.54%	890 SH	Oct. 5, 2026	Daily
CATH · Global X Funds	1.52%	23,982 NS	July 31, 2026	N-PORT
IWV · iShares Trust	1.51%	310,699 SH	Sept. 11, 2026	Daily
FHEQ · Fidelity Greenwood Street Trust	1.51%	17,022 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	1.50%	1,468,211 SH	Sept. 11, 2026	Daily
IWLG · New York Life Investments Active ET…	1.50%	5,686 NS	July 31, 2026	N-PORT
ESLV · Strategy Shares	1.49%	258 NS	July 31, 2026	N-PORT
FEUS · FlexShares Trust	1.48%	2,012 NS	July 31, 2026	N-PORT
XYLD · Global X Funds	1.46%	57,410 NS	July 31, 2026	N-PORT
XRMI · Global X Funds	1.46%	883 NS	July 31, 2026	N-PORT
XYLG · Global X Funds	1.45%	1,127 NS	July 31, 2026	N-PORT
ILCV · iShares Trust	1.45%	19,783 SH	Sept. 11, 2026	Daily
PTLC · Pacer Funds Trust	1.44%	57,034 NS	July 31, 2026	N-PORT
XTR · Global X Funds	1.44%	84 NS	July 31, 2026	N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr…	1.44%	155,086 NS	July 31, 2026	N-PORT
FCPI · FIDELITY COVINGTON TRUST	1.44%	4,714 NS	July 31, 2026	N-PORT
CHRI · Global X Funds	1.43%	139 NS	July 31, 2026	N-PORT
XCLR · Global X Funds	1.43%	62 NS	July 31, 2026	N-PORT
BKLC · BNY Mellon ETF Trust	1.43%	94,961 NS	July 31, 2026	N-PORT
ACVF · ETF Opportunities Trust	1.43%	2,641 NS	July 31, 2026	N-PORT
VOTE · TCW ETF Trust	1.43%	19,024 NS	July 31, 2026	N-PORT
ADME · ETF Series Solutions	1.43%	5,080 NS	July 31, 2026	N-PORT
ACIO · ETF Series Solutions	1.42%	40,721 NS	July 31, 2026	N-PORT
TOV · EA Series Trust	1.41%	4,530 NS	July 31, 2026	N-PORT
LRGF · iShares Trust	1.40%	52,629 SH	Sept. 11, 2026	Daily
DFAU · Dimensional ETF Trust	1.39%	209,450 NS	July 31, 2026	N-PORT
FYEE · Fidelity Greenwood Street Trust	1.39%	3,673 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	1.35%	343,263 NS	July 31, 2026	N-PORT
RSPT · Invesco Exchange-Traded Fund Trust	1.33%	77,412 SH	Oct. 5, 2026	Daily
SPUU · Direxion Shares ETF Trust	1.33%	4,255 NS	July 31, 2026	N-PORT
VOXP · Advisors Series Trust	1.32%	93 NS	July 31, 2026	N-PORT
VFMF · VANGUARD WELLINGTON FUND	1.31%	7,961 SH	Aug. 19, 2026	Daily
QDPL · Pacer Funds Trust	1.31%	27,155 NS	July 31, 2026	N-PORT
RDVI · First Trust Exchange-Traded Fund IV	1.30%	56,969 NS	July 31, 2026	N-PORT
TOK · iShares Trust	1.29%	3,127 SH	Sept. 11, 2026	Daily
URTH · iShares, Inc.	1.21%	101,370 SH	Sept. 11, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	1.21%	21,024 SH	Aug. 19, 2026	Daily
TILT · FlexShares Trust	1.18%	31,442 NS	July 31, 2026	N-PORT
XT · iShares Trust	1.18%	46,877 SH	Sept. 11, 2026	Daily
FXL · First Trust Exchange-Traded AlphaDE…	1.18%	36,836 NS	July 31, 2026	N-PORT
HIBL · Direxion Shares ETF Trust	1.16%	1,053 NS	July 31, 2026	N-PORT
HCMT · Direxion Shares ETF Trust	1.15%	7,846 NS	July 31, 2026	N-PORT
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	1.11%	943,147 SH	Aug. 19, 2026	Daily
CRBN · iShares Trust	1.10%	13,175 SH	Sept. 11, 2026	Daily
QLC · FlexShares Trust	1.09%	13,440 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	1.09%	632,907 NS	July 31, 2026	N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe…	1.09%	47,916 SH	Oct. 5, 2026	Daily
SPXL · Direxion Shares ETF Trust	1.08%	88,165 NS	July 31, 2026	N-PORT
ACWI · iShares Trust	1.07%	360,436 SH	Sept. 11, 2026	Daily
EQWL · Invesco Exchange-Traded Fund Trust	1.06%	27,480 SH	Oct. 5, 2026	Daily
DCOR · Dimensional ETF Trust	1.03%	41,910 NS	July 31, 2026	N-PORT
HDUS · Lattice Strategies Trust	0.99%	2,448 NS	July 31, 2026	N-PORT
TGLB · T. Rowe Price Exchange-Traded Funds…	0.95%	302 NS	July 31, 2026	N-PORT
TEC · Harbor ETF Trust	0.93%	72 NS	July 31, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.90%	5,991 NS	July 31, 2026	N-PORT
GLOF · iShares Trust	0.89%	1,820 SH	Sept. 11, 2026	Daily
QQQE · Direxion Shares ETF Trust	0.86%	13,999 NS	July 31, 2026	N-PORT
ROUS · Lattice Strategies Trust	0.84%	7,182 NS	July 31, 2026	N-PORT
PWS · Pacer Funds Trust	0.80%	234 NS	July 31, 2026	N-PORT
JOET · Virtus ETF Trust II	0.79%	2,340 NS	July 31, 2026	N-PORT
USMV · iShares Trust	0.76%	185,189 SH	Sept. 11, 2026	Daily
PALC · Pacer Funds Trust	0.75%	1,913 NS	July 31, 2026	N-PORT
ESMV · iShares Trust	0.73%	58 SH	Sept. 11, 2026	Daily
AAAA · EA Series Trust	0.71%	2,396 NS	July 31, 2026	N-PORT
FTC · First Trust Exchange-Traded AlphaDE…	0.69%	11,133 NS	July 31, 2026	N-PORT
PRF · Invesco Exchange-Traded Fund Trust	0.66%	60,508 SH	Oct. 5, 2026	Daily
WINN · Harbor ETF Trust	0.62%	8,538 NS	July 31, 2026	N-PORT
VMAX · Lattice Strategies Trust	0.59%	351 NS	July 31, 2026	N-PORT
IUS · Invesco Exchange-Traded Self-Indexe…	0.58%	5,225 SH	Oct. 5, 2026	Daily
USCL · iShares Trust	0.52%	14,945 SH	Sept. 11, 2026	Daily
HQGO · Lattice Strategies Trust	0.51%	302 NS	July 31, 2026	N-PORT
TRFM · ETF Series Solutions	0.50%	1,508 NS	July 31, 2026	N-PORT
JGLO · J.P. Morgan Exchange-Traded Fund Tr…	0.50%	40,531 NS	July 31, 2026	N-PORT
RWL · Invesco Exchange-Traded Fund Trust …	0.48%	43,841 SH	Oct. 5, 2026	Daily
FAD · First Trust Exchange-Traded AlphaDE…	0.34%	2,418 NS	July 31, 2026	N-PORT
FEX · First Trust Exchange-Traded AlphaDE…	0.32%	6,103 NS	July 31, 2026	N-PORT
SIZE · iShares Trust	0.24%	1,027 SH	Sept. 11, 2026	Daily
FFLC · FIDELITY COVINGTON TRUST	0.22%	3,165 NS	July 31, 2026	N-PORT
RSP · Invesco Exchange-Traded Fund Trust	0.21%	189,340 SH	Oct. 5, 2026	Daily
EUSA · iShares, Inc.	0.21%	4,162 SH	Sept. 11, 2026	Daily
QLV · FlexShares Trust	0.12%	232 NS	July 31, 2026	N-PORT
EQAL · Invesco Exchange-Traded Fund Trust …	0.07%	517 SH	Oct. 5, 2026	Daily
ACWV · iShares, Inc.	0.06%	2,218 SH	Sept. 11, 2026	Daily
FBCV · FIDELITY COVINGTON TRUST	0.01%	21 NS	July 31, 2026	N-PORT
BIV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BLV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BND · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
VCIT · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
VCLT · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
VTC · VANGUARD SCOTTSDALE FUNDS	·	·	July 30, 2026	Daily
BNDW · VANGUARD SCOTTSDALE FUNDS	·	·	July 30, 2026	Daily
VCEB · VANGUARD WORLD FUND	·	·	July 30, 2026	Daily

MU Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

rating · 58 analysts BUY

Median target $1550.00 +48.2%

18 31.0% Strong Buy

35 60.3% Buy

4 6.9% Hold

1 1.7% Sell

0 0.0% Strong Sell

12-Month Price Target

46 analysts · 2026-10-01

Mean target $1533.80 +46.7%

Now Current price $1045.56

Low$361.00 Mean$1533.80 High$2200.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
MU	$136.88B	16.1	48.9%	22.8%	16.6%	39.8%
NVDA	$4.57T	38.3	65.5%	55.6%	93.3%	71.1%
AVGO	$1.75T	77.5	23.9%	36.2%	30.7%	67.8%
AMD	·	81.1	34.3%	·	·	·
INTC	$180.78B	-603.3	-0.47%	-0.51%	-0.25%	34.8%
TXN	·	31.8	13.1%	28.3%	30.1%	57.0%
MRVL	$68.75B	26.4	42.1%	32.6%	19.3%	51.0%
ADI	$114.64B	51.3	16.9%	20.6%	6.6%	61.5%
QCOM	$181.72B	33.8	13.7%	12.5%	22.7%	·
MPWR	$44.15B	70.5	26.4%	22.3%	18.0%	55.2%
ALAB	$28.31B	136.4	115.1%	25.7%	17.5%	75.7%

Latest News Recent headlines mentioning this company

Micron beats on earnings and issues strong guidance as data center revenue jumps 11-fold CNBC · 6 days, 5 hours ago I Sold My Archer Aviation Shares and Bought This Growth Stock Instead. The AI Supercycle Made It Obvious. Nasdaq · 1 week ago Sandisk Jumped 22% the Day After Micron's Last Report. Micron Reports Again Wednesday. Nasdaq · 1 week ago Micron Guided to an 86% Gross Margin. No Memory Maker Has Ever Held a Number Like That for Long. Nasdaq · 1 week, 2 days ago Prediction: Micron Will Crush Earnings And... Nasdaq · 1 week, 3 days ago Prediction: Sept. 30 Will Be a Big Day for the Stock Market. Here Are 2 Stocks to Buy Hand Over Fist Before That Nasdaq · 1 week, 3 days ago What we want to see next week from one of Jim Cramer's 6 stocks to buy CNBC · 1 week, 4 days ago Could Micron Stock Reach $2,000? 1 Reason to Believe It -- and 1 Reason to Be Skeptical Nasdaq · 1 week, 4 days ago Is Micron Stock Going to $1,625? 1 Wall Street Analyst Think So. Nasdaq · 1 week, 5 days ago 5 AI Semiconductor Stocks to Buy and Hold Through 2031 Nasdaq · 1 week, 5 days ago

MU AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Panel Verdict NEUTRAL Confidence 0.65 4 of 4 reported forecast spread ·

Micron is a high-stakes bet on whether AI infrastructure demand can overcome the company's history of cyclical volatility. Grok and ChatGPT see a bargain relative to other AI leaders, while Claude and Gemini warn that extreme customer concentration and a 27x P/E ratio leave no room for error. The panel split sharply on whether current margin expansion is a permanent structural shift or a temporary peak, with the consensus leaning toward a cautious hold as investors await clearer data center g...

Round 1 — Opening Takes

Grok BULLISH

Confidence 0.80

↑ Bullish

I see Micron as a prime AI memory play where surging data center demand could propel earnings far beyond current levels into 2026Q2. Earnings per share have rocketed to $10.52 TTM, reflecting explosive profit growth from high-bandwidth memory sales that outpace the broader semi cycle. Gross margins expanded to 45.3%, proving Micron's ability to command premium pricing in a tight supply environment. At a 27x P/E, it trades at a discount to NVDA's 46x, leaving room for multiple expansion if AI buildouts accelerate as BofA predicts on April 11.

↓ Bearish

My worry is that Micron remains a volatile memory cyclical vulnerable to oversupply if AI hype cools by 2026Q2. Debt-to-equity sits at 20%, still elevated after a drop, signaling leverage that amplifies downturns in commoditized DRAM markets. ROE at 22% trails AVGO's 31% and NVDA's 104%, highlighting weaker capital efficiency that could erode if capex surges without matching demand. P/S TTM of 7.6x reflects frothy expectations, risking a sharp pullback like past cycles if peers like AMD flood the market.

Claude NEUTRAL

Confidence 0.62

↑ Bullish

Micron is riding genuine structural demand for memory in AI infrastructure, and the margin expansion proves pricing power is real. Gross margin jumped from 37% to 45% year-over-year, and net margin climbed from 18% to 28% — that's not accounting tricks, that's memory becoming a scarcer, more valuable input. EPS nearly doubled from $5.52 to $10.52 in the same window. The stock is up 45% from May lows on this momentum. If AI capex sustains and memory supply stays tight, Micron has runway.

↓ Bearish

The valuation has already priced in years of this outperformance, and memory is a cyclical commodity that always reverts. At 26.97x trailing earnings, Micron trades well above peers like Nvidia at 45.7x — wait, that's inverted — but the real issue is that 27x assumes the margin expansion holds. Memory cycles don't. Debt-to-equity dropped to 20x from 31x, which is good, but the stock has rallied 45% in eight weeks on sentiment alone. One miss on data center orders and this unwinds fast. The news flow is all bullish whispers, not hard guidance.

Gemini NEUTRAL

Confidence 0.70

↑ Bullish

Micron is positioned as the indispensable backbone of the AI infrastructure boom, making it a critical play on data center expansion. The company has successfully scaled its gross margin to 45.31 percent. This indicates that Micron is finally capturing premium pricing for its high-bandwidth memory products as demand outstrips supply. Furthermore, the company has aggressively cleaned up its balance sheet, dropping its debt-to-equity ratio to 19.99. This shows that Micron is using its current cash flow to deleverage, providing a much safer financial foundation than it held just a few quarters ago.

↓ Bearish

The market is currently pricing Micron for perfection, leaving almost no room for error in a notoriously cyclical industry. Investors are paying 26.97 times trailing earnings for a company that remains sensitive to commodity price swings. This multiple is high for a memory manufacturer that historically struggles to maintain consistent profitability through the full cycle. Additionally, the return on equity sits at 22.43 percent. While that is a solid figure, it still trails the performance of more diversified semiconductor leaders, suggesting that Micron may lack the long-term competitive moat required to justify its current valuation.

Chatgpt BULLISH

Confidence 0.62

↑ Bullish

I think the strongest bullish case for MU in 2026Q2 is that Micron benefits from a durable AI memory cycle, supported by expanding margins and a strong liquidity position that frees capex. Gross margin TTM 45.31%. That implies Micron can defend profitability as AI data-center demand stays strong. EPS TTM: 10.52. That level underpins a robust earnings runway to fund buybacks and capacity expansion if AI growth holds. Current ratio 2.46. That liquidity cushion reduces funding risk through cycles, keeping MU flexible on capex timing.

↓ Bearish

I think the strongest bearish case is that MU's stock is pricing in AI demand twice as fast as the memory cycle can deliver, and any slowdown or supply shift could trigger multiple compression. P/E TTM 26.97. That steep multiple leaves MU vulnerable to any earnings miss or AI demand normalization. Net profit margin TTM 28.15%. Margins could compress if pricing power softens or memory supply improves. Debt/Equity 19.99. Leverage helps in good times but raises risk if growth slows or rates rise.

Round 2 — Responses & Rebuttals

Grok

Claude, your inverted P/E comparison understates Micron's relative bargain versus AI leaders like Nvidia. At 27x trailing earnings against Nvidia's 46x, MU demands far less compensation for its growth trajectory, signaling undervaluation if AI memory tightness persists into 2026Q2. That discount, paired with ROE climbing to 22%, bolsters my buy case over your hold.

Claude

I need to push back on Grok here. You're comparing Micron's 27x P/E to Nvidia's 46x and calling that a discount with room for expansion — but that comparison doesn't hold. Nvidia trades at 46x because it's turning 104% ROE into recurring software-like margins; Micron is at 22% ROE on a cyclical commodity. The P/E gap isn't slack in Micron's valuation, it's the market pricing in structural differences. More important: you cite the April 11 BofA call as support, but BofA analysts also backed Micron in 2018 before the memory crash. Analyst cheerleading on a hot sector isn't hard evidence the cycle won't turn. I'm holding, not buying, because the margin expansion is real but not permanent.

Gemini

Grok, I disagree with your assessment that Micron's 27x P/E represents a discount compared to Nvidia's 46x multiple. Comparing a commodity memory manufacturer to a specialized AI infrastructure architect like Nvidia is an apples-to-oranges comparison that ignores the structural differences in their business models. Nvidia's 104% ROE proves they generate massive returns on every dollar of capital, whereas Micron's 22% ROE shows they are still tethered to the capital-intensive nature of hardware manufacturing. You cannot justify a high multiple for Micron simply because a more efficient company trades at a higher one.

Chatgpt

Grok, your bullish call hinges on MU’s multiple expansion versus AI peers. My read is MU trades around 27x trailing earnings, already pricing in a sustained AI memory cycle. If data-center demand cools or memory pricing eases, that multiple could compress even as margins improve. News like BofA's April note supports the bull thesis, but the risk is that the strength is cyclical and may not persist through a full-year memory cycle.

Round 3 — Final Rebuttals

Grok

Claude, Gemini, your ROE critiques make sense on paper, but the weekly price action tells a different story of conviction buying. Micron has rallied 56% from $80 in late April to $125 now. That surge rode volume spikes like 189 million shares the week of June 27—well above the prior 66 million average—signaling institutions rotating hard into memory for the AI buildout ahead of 2026Q2.

Claude

I want to widen the frame here, because we're all circling valuation and margins but missing a critical customer concentration risk that's been building. Micron's data center revenue — which is driving this entire margin story — is heavily weighted to a handful of hyperscalers: AWS, Google, Meta, Microsoft. If any one of those customers pulls back capex or diversifies to in-house memory designs, Micron's gross margin doesn't just compress, it craters. We don't have the exact revenue split in tonight's data, but the Street estimates Micron derives 40-50% of total revenue from data center, and within that, concentration is extreme. That's not reflected in any of our P/E or ROE discussion. It's the tail risk nobody's pricing.

Gemini

Grok, I have to challenge your claim that Micron is a bargain because of its lower P/E. You are ignoring the massive customer concentration risk inherent in the AI memory market. Micron relies heavily on a handful of hyperscalers for its high-bandwidth memory revenue, meaning a single shift in their procurement strategy could crater margins overnight. This is not just a cyclical commodity play; it is a bet on the capital expenditure budgets of just three or four massive firms. If those customers decide to diversify their suppliers or throttle their buildouts, Micron’s current 45.31 percent gross margin will evaporate instantly.

Chatgpt

I choose (c): widen the frame to drivers outside the quarterly numbers that can move MU's price in 2026Q2. Claude, Grok, Gemini, you're all focused on margins, but MU's stock sensitivity to supply dynamics hinges on competitive capacity and policy. On the competitive side, Samsung and SK Hynix are expanding DRAM and HBM supply, which could cap pricing gains if demand stabilizes. On policy, US export controls on advanced memory tech to China loom; any tightening could shift MU's revenue mix and cap upside, even if margins stay strong.

Price Forecasts

Model	3M Target	6M Target	Reasoning
Grok	$140.00	$160.00	I see Micron shares climbing steadily into 2026Q2 as tight HBM supply sustains premium pricing amid unrelenting AI data center buildouts. The key catalyst is Micron's 2026Q2 earnings report in late September 2026, where upward guidance on data center revenue could spark the next leg higher. One big risk is a Samsung Q3 capacity expansion announcement flooding DRAM supply and compressing margins back toward 37%. At today's 27x trailing P/E versus NVDA's 46x, Micron demands less growth premium, meaning a sustained 45% gross margin justifies 35x or $160 shares without stretching valuations.
Claude	$118.00	$135.00	Micron's margin expansion is real, but the stock has already priced in two years of AI memory demand at a 27x multiple. My thesis: the stock rallies modestly on sustained data-center capex through 2026Q2, then faces a hard ceiling unless Micron proves it can hold 40%+ gross margins through a full cycle. Catalyst: 2026Q2 earnings beat on HBM volume and pricing power, validating the AI thesis. Risk: a single hyperscaler (AWS, Google, Meta) signals capex pullback or in-house design ambitions, triggering margin compression and multiple collapse. At 27x trailing earnings, Micron is pricing perfection in a cyclical industry—one miss unwinds the rally fast. I'm holding, not buying.
Gemini	$115.00	$135.00	My thesis is that Micron will trade sideways as the market digests recent gains, before breaking higher once the next cycle of data center capacity expansion confirms sustained demand. A specific catalyst for the six-month target is the next quarterly earnings report, where any sustained guidance for high-bandwidth memory supply will force analysts to upgrade their revenue outlooks. The primary risk is a sudden shift in hyperscaler capex, which would cause margins to collapse. The current 7.59 price-to-sales ratio is elevated, meaning investors are paying a steep premium for every dollar of revenue, leaving little room for error if growth expectations falter.
Chatgpt	$85.00	$92.00	I think MU can drift higher into 2026Q2 as AI memory demand proves durable and margins stay resilient. Catalyst: the 2026Q2 earnings print should show continued data-center demand and margin retention, cementing the thesis. Risk: a memory-cycle downturn or a hyperscaler capex pullback could snap the multiple and reprice the stock. MU trades around 27x trailing earnings. That means investors are pricing in robust cycle profits with little room for error if demand slows.