FirmAtlas
Company handbook · MU · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
MU · CIK 723125 · LATEST FILING: 10-K FY26 · FILED OCT 9, 2026
Micron Technology, Inc.
$878.84
−52.40 (−5.63%)
Close, Oct 16, 2026 · 52-week $192–1,255
Micron makes memory and storage chips: DRAM (including high-bandwidth memory, HBM, for AI), NAND flash, and solid-state drives.
Business
- SegmentsCMBU 32% · CDBU 28% · MCBU 27% · AEBU 12% · All Other Segments 0% (FY26)
- ProductsDram 76% · NAND Products 24% · Other Product Sales 1% (FY26)
- RegionsUS 69% · Taiwan 13% · China 6% · Hong Kong 5% · Other 8% (FY26)
- CustomersServer makers and cloud companies, PC and phone makers, and car and industrial equipment makers; sold directly and through distributors
- Cash useFY25–FY26: capex $46.6B · dividends $1.1B · buybacks $650M
Reinvested 43% of operating cash flow · returned 3% of free cash flow
Last fiscal year
Micron Technology, Inc. reported revenue of $133.2B for the year ended Sep 3, 2026 (FY26), up 256.3% from FY25. Net income was $85.0B, operating cash flow $89.7B and free cash flow $59.0B. Source: 10-K filed Oct 9, 2026.
Market cap
$994.0B
P/E
11.7
EV/EBITDA
8.8x
P/B
7.2
Div yield
0.06%
ROIC
103.0%
Revenue 1Y
256.3%/yr
EPS 1Y
879.3%/yr
Shares 1Y
+0.8%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOSanjay Mehrotra
HQBoise, ID
AuditorPricewaterhouseCoopers LLP
Employees61,000
Year endsSeptember
Revenue by segment · FY26
CMBU32%
CDBU28%
MCBU27%
AEBU12%
All Other Segments0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
48.3%
67.0%
133.4%
333.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY25–FY26
$48.4B deployed
Capex
$46.6B
96.3%
Dividends
$1.1B
2.3%
Buybacks
$650M
1.3%
Operating cash flow over the period: $107.2B. Total debt changed by −$9.4B. R&D of $9.4B is already inside operating costs.
More cash than debt at the end of FY26.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY26 = year ended Sep 3, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Income
Revenue
37,378
133,188+256.3%
YoY
+256.3%
Gross profit
14,873
107,504+622.8%
Gross margin
39.8%
80.7%+40.9 pp
Operating income
9,770
99,340+916.8%
Operating margin
26.1%
74.6%+48.4 pp
EBITDA
18,122
108,843+500.6%
EBITDA margin
48.5%
81.7%+33.2 pp
Interest expense
477
106−77.8%
Interest coverage
37.99x
1026.82x+988.83x
Net income
8,539
84,969+895.1%
YoY
+895.1%
Net margin
22.8%
63.8%+41.0 pp
EPS (diluted, $)
7.59
74.33+879.3%
YoY
+879.3%
Balance sheet
Total assets
82,798
195,888+136.6%
Cash & short-term investments
9,646
38,391+298.0%
Accounts receivable
7,163
31,793+343.9%
Inventory
8,355
10,372+24.1%
Net PP&E
46,590
63,310+35.9%
Other assets
11,044
52,022+371.0%
Total liabilities
28,633
57,510+100.9%
Accounts payable
9,649
22,605+134.3%
Total debt
14,577
5,179−64.5%
Other liabilities
4,407
29,726+574.5%
Shareholders’ equity
54,165
138,378+155.5%
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
17,525
89,675+411.7%
Net income
8,539
84,969+895.1%
Depreciation & amortization
8,352
9,503+13.8%
Stock-based compensation
972
1,333+37.1%
Working capital & other
(338)
(6,130)n/m
Cash from investing
(14,087)
(61,641)n/m
Capex
(15,857)
(30,712)n/m
Investments bought
(1,890)
(34,871)n/m
Investments sold / matured
1,698
1,988+17.1%
Other investing
1,962
1,954−0.4%
Cash from financing
(850)
630n/m
Debt raised
4,430
0−100.0%
Debt repaid
(4,619)
(9,255)n/m
Dividends
(522)
(610)n/m
Buybacks
0
(650)n/m
Other financing
(139)
11,145n/m
Net change in cash
2,594
28,745+1008.1%
Free cash flow (OCF − capex)
1,668
58,963+3435.0%
Where the cash went
Operating cash flow
17,525
89,675+411.7%
Reinvested in the business
15,857
30,712+93.7%
% of operating cash flow
90.5%
34.2%
Capex
15,857
30,712+93.7%
R&D (memo, already in costs)
3,798
5,650+48.8%
Free cash flow
1,668
58,963+3435.0%
YoY
+3435.0%
Returned to shareholders
522
1,260+141.4%
% of free cash flow
31.3%
2.1%
Dividends
522
610+16.9%
Buybacks
0
650n/m
Change in total debt
—
(9,398)
Cash left over
—
48,305
FCF conversion (FCF ÷ net income)
19.5%
69.4%+49.9 pp
Owner earnings
—
50,069
Owner earnings margin
—
37.6%
Buyback yield
—
0.1%
Returns & ratios
ROIC (all capital)
14.6%
103.0%+88.4 pp
ROIC (operating)
16.5%
125.1%+108.6 pp
Net debt / EBITDA
0.27x
−0.31x−0.58x
Debt / equity
0.27x
0.04x−0.23x
Cash conversion cycle (days)
49
−87−136 d
ROE
15.8%
61.4%+45.6 pp
ROA
10.3%
43.4%+33.1 pp
ROCE
13.7%
59.0%+45.3 pp
NOPAT
8,632
84,628+880.3%
Invested capital (operating)
52,459
82,870+58.0%
Invested capital (all)
59,096
105,166+78.0%
Reinvestment rate
—
35.9%
Debtor days
70
87+17 d
Inventory days
136
147+12 d
Days payable
156
321+165 d
Income
Nov '25
Feb '26
May '26
Sep '26
Revenue
13,643
23,860
41,456
54,229
vs year-ago quarter
Gross profit
7,646
17,755
35,056
47,047
Gross margin
56.0%
74.4%
84.6%
86.8%
Operating income
6,136
16,135
33,318
43,751
Net income
5,240
13,785
28,243
37,701
vs year-ago quarter
Net margin
38.4%
57.8%
68.1%
69.5%
EPS (diluted, $)
4.60
12.07
24.67
33.33
vs year-ago quarter
Balance sheet
Nov '25
Feb '26
May '26
Sep '26
Total assets
85,971
101,509
134,112
195,888
Cash & equivalents
9,732
13,934
25,022
38,391
Total debt
11,756
10,142
5,722
5,179
Shareholders’ equity
58,806
72,459
100,724
138,378
Cash flow
Nov '25
Feb '26
May '26
Sep '26
Operating cash flow
8,411
11,903
25,388
43,973
Capex
5,389
6,387
7,826
11,110
Free cash flow
3,022
5,516
17,562
32,863
vs year-ago quarter