Latest revenue
$23.86B
as of 2026-02-26
Latest net income
$13.79B
as of 2026-02-26
Net margin
57.8%
as of 2026-02-26
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $829.86B
- Enterprise value
- $826.09B
- P/E (trailing)
- 97.2×
- Forward P/E
- —
- P/B
- 11.45×
- Dividend yield
- 0.1%
- 52-wk high
- $818.67
- 52-wk low
- $92.22
- Beta
- —
- Shares out
- 1.10B
5-year trend
What this company does
Micron designs and manufactures memory and storage chips—DRAM and NAND flash—used in data centers, PCs, smartphones, cars, and industrial equipment. The company makes money by selling these memory components to OEMs and cloud providers, with pricing tied to volatile supply-demand cycles. Revenue nearly tripled year-over-year to $23.9 billion this quarter and net income jumped to $13.8 billion, reflecting an extraordinary up-cycle driven by AI-related demand for high-bandwidth memory.
Generated from MU's filing dated 2025-10-03
Key risks
- Cyclicality risk: revenue nearly tripled YoY to $23.86B and gross margin jumped to 74% from 37%, signaling a peak that historically reverses sharply.
- Capex intensity: H1 capex of $11.78B exceeds operating cash flow growth pace; sustaining leading-edge DRAM/HBM nodes requires continuous heavy investment.
- Working capital strain: receivables ballooned $8.3B in six months to $17.3B, concentrating credit exposure to a few AI/HBM hyperscaler customers.
Generated from MU's filing dated 2025-10-03
Profitability
Gross margin
39.8%
78.0%Operating margin
26.1%
403.3%Net margin
22.8%
637.4%Return on equity
15.8%
814.5%Return on assets
10.3%
820.2%Leverage
Debt / equity
0.53×
1.8%Long-term debt / equity
0.26×
9.9%Debt / assets
34.6%
1.2%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-02-26 | $23.86B | +196.3% | $13.79B | +770.8% | 57.8% |
Q4 2025 2025-11-27 | $13.64B | +56.7% | $5.24B | +180.2% | 38.4% |
Q3 2025 2025-08-28 | $11.31B | +46.0% | $3.20B | +24.9% | 28.3% |
Q2 2025 2025-05-29 | $9.30B | +36.6% | $1.89B | +1829.4% | 20.3% |
Q1 2025 2025-02-27 | $8.05B | +38.3% | $1.58B | +459.0% | 19.7% |
Q4 2024 2024-11-28 | $8.71B | +84.3% | $1.87B | +251.5% | 21.5% |
Q3 2024 2024-08-29 | $7.75B | — | $2.56B | — | 33.1% |
Q2 2024 2024-05-30 | $6.81B | +81.5% | $-109.0M | +94.3% | -1.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Semiconductors & Related Devices · SIC 3674
Your notes
Keep private notes on MU — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$7.8M
Insider selling
$208.2M
Net activity
−$200.4M
Distinct insiders
13
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns MU
Institutional value
$80.59B
Total shares held
242.4M
Distinct holders
745
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 73.1M | $24.71B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 23.0M | $7.78B | — | New |
| 3 | PRIMECAP MANAGEMENT CO/CA/ | 21.9M | $7.39B | — | New |
| 4 | Invesco Ltd. | 12.1M | $4.07B | — | New |
| 5 | Bank of New York Mellon Corp | 7.4M | $2.51B | — | New |
| 6 | Legal & General Group Plc | 7.4M | $2.49B | — | New |
| 7 | DIMENSIONAL FUND ADVISORS LP | 7.0M | $2.35B | — | New |
| 8 | VANGUARD FIDUCIARY TRUST CO | 6.3M | $2.14B | — | New |
| 9 | CITIGROUP INC | 4.8M | $1.61B | — | New |
| 10 | DEUTSCHE BANK AG\ | 4.7M | $1.58B | — | New |
| 11 | BNP PARIBAS FINANCIAL MARKETS | 4.7M | $1.58B | — | New |
| 12 | Swiss National Bank | 3.3M | $1.12B | — | New |
| 13 | California Public Employees Retirement System | 3.2M | $1.08B | — | New |
| 14 | National Pension Service | 2.9M | $971.6M | — | New |
| 15 | Boston Partners | 2.8M | $951.4M | — | New |
| 16 | Mitsubishi UFJ Asset Management Co., Ltd. | 2.7M | $897.2M | — | New |
| 17 | Voya Investment Management LLC | 2.5M | $852.2M | — | New |
| 18 | Vanguard Global Advisers, LLC | 2.5M | $834.8M | — | New |
| 19 | WELLS FARGO & COMPANY/MN | 2.5M | $827.8M | — | New |
| 20 | VANGUARD ASSET MANAGEMENT, Ltd | 1.9M | $655.0M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Receivables jumped from $9.3B to $17.3B while revenue tripled YoY—how much is HBM customer concentration risk, and are payment terms extending?
- 2
Gross margin hit 74% this quarter versus 37% a year ago; what specific HBM/DRAM pricing assumptions underpin sustainability through calendar 2026?
- 3
Capex ran $11.8B in six months against $4.5B D&A—what's the FY26 capex ceiling, and how do you avoid repeating prior-cycle oversupply?
Refreshed when MU files a new report · last from 2025-10-03