Quality Investor

Micron Technology, Inc.

Rank #415Hypergrowth

MU · Nasdaq · Technology

Micron Technology, Inc. (MU) — Rank #415 by gross profitability (GP/assets 0.11) · ROE 8.5% · Piotroski F-Score 7 / 9.

As-of 2026-09-28 · CIK 0000723125 · all metrics point-in-time as of the filing date.

About

Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and internationally.

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It operates through the Cloud Memory Business Unit; Core Data Center Business Unit; Mobile and Client Business Unit; and Automotive and Embedded Business Unit segments. The company provides memory products, including dynamic random access memory components and modules, CXL-based memory, LPDDR components and modules, graphics memory, high-bandwidth memory, and data center memory products; multichip packages (MCP) comprising embedded multimedia card-based, universal flash storage-based, and NAND-based MCPs; and technology leadership products that include 1y DRAM and G9 NAND technologies. It also offers storage products, such as data center solid-state drives (SSD), client SSD storage, and auto and industrial SSD storage; managed NAND; NAND flash; NOR flash; and memory cards. In addition, the company provides design tools, including FBGA and part decoders; DRAM power calculators; NAND power calculators; simulation models; chipset compatibility guides; serial presence-detection tools; cross-reference tools; UFSparm; SSD firmware; software and drivers; storage executive software; and obsolete part catalogs. It markets its semiconductor memory and storage products under the Micron and Crucial brands. The company serves the data center, PC, graphics, networking, automotive, industrial, and consumer embedded markets, as well as the smartphone and other mobile-device markets. It sells its products through its direct sales force, independent sales representatives, distributors, and retailers; web-based customer direct sales channel; and channel and distribution partners. Micron Technology, Inc.

was founded in 1978 and is headquartered in Boise, Idaho.

Industry
Semiconductors
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
September 3
Website
micron.com

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

53,000

Industry

Semiconductors

Exchange

Nasdaq

Signal Flags

2 green
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.11
Return on equity
8.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.33
Current ratio
3.42×
Net cash
$16.60B

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
2.6%

Growth

2/2 pass
Revenue growth
48.9%
Piotroski F-Score
7 / 9
Share dilution
0.6%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.11

Primary signal (Novy-Marx).

5th pctl of 21 SIC 3674 peers

Return on equity

8.5%

Gross margin

39.8%

5th pctl of 21 SIC 3674 peers

Revenue growth (YoY)

48.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

6.7%

Revenue CAGR (5Y)

11.8%

Earnings CAGR (3Y)

-0.6%

FCF CAGR (3Y)

-18.8%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.33

63rd pctl of 20 SIC 3674 peers (best = lowest)

Current ratio

3.42×

60th pctl of 21 SIC 3674 peers

Quick ratio

2.72×

Net cash

$16.60B

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Moderate
2008-2009 (GFC)
N/AN/A
2020 (COVID)
-8.4%Mild decline
Worst year on record(any fiscal year, not recession-limited)
-49.5%Significant decline

Cash-flow health

Free cash flow

$1.67B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.80

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

2.6%

Stock-based comp intensity.

Dividend safety

Composite score

3.5 / 5

Good
Payout ratio
6.1%5/5 Strong
FCF coverage
3.20×5/5 Strong
Dividend growth streak
3 yr2/5 Fair
Balance-sheet health
D/E 0.33 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Decline
Hypergrowth
Capital Return