# Micron Technology, Inc. (MU)

> Micron makes memory chips and storage drives used in data centers, computers, phones, cars, and other electronic devices.

- Exchange: Nasdaq · Sector: Technology · Industry: Semiconductors
- Headquarters: Boise, Idaho, United States
- Founded: 1978
- Employees: Approximately 53,000
- SEC CIK: 0000723125 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000723125))
- Full page: https://inspectstocks.com/stocks/mu
- Data as of: price 2026-09-25; newest filing used 2026-06-25; latest fiscal period ended 2026-05-28

## Grade

**A+** on the growth-and-cash rubric, 5 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $90.3B | $18.2B |
| Revenue growing recently | passed | $90.3B | $37.4B |
| Free cash flow positive | passed | $26.2B |  |
| Free cash flow growing overall | passed | $26.2B | -$4.7B |
| Free cash flow growing recently | passed | $26.2B | $1.7B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 55.9% |  |
| Healthy profit margin | passed | 55.9% |  |
| Strong operating margin | passed | 65.6% |  |
| Good return on equity | passed | 93.2% |  |
| Debt under control | passed | 0.34 |  |
| Turns sales into cash | passed | 29.0% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $90.3B |
| Net income, trailing twelve months | $50.5B |
| Free cash flow, trailing twelve months | $26.2B |
| Net margin | 55.9% |
| Operating margin | 65.6% |
| Return on equity | 93.2% |
| Debt to equity | 0.34 |
| Diluted EPS, trailing twelve months | $44.18 |
| Share price | $1,082.28 |
| Market value | $1.22T |
| Price / earnings | 24.5x |
| Price / sales | 13.5x |

## What the business does

Micron designs and manufactures semiconductor memory and storage products. Dynamic random-access memory (DRAM) provides temporary working memory, while NAND flash stores data when power is off and NOR memory is often used to store code. Micron sells these products as chips, modules, and solid-state drives (SSDs) to customers in data centers, personal computers, mobile devices, vehicles, and other markets.

### How it makes money

- **Cloud Memory Business Unit: memory for large cloud providers and high-bandwidth memory for data centers** (33.2%) — Sells DRAM products, including high-bandwidth memory, to large cloud customers and data-center customers. The company also described multiyear take-or-pay agreements that commit customers to purchase specified volumes.
- **Core Data Center Business Unit: memory and storage for cloud, enterprise, and data-center equipment customers** (27.8%) — Sells memory chips and data-center SSDs to mid-sized cloud providers, businesses, and original equipment manufacturers that build data-center systems.
- **Mobile and Client Business Unit: memory and storage for phones, computers, and consumers** (27.8%) — Sells memory and storage products to mobile-device and computer makers, and sells Crucial-branded memory and SSDs to consumers through its website and retail and distribution partners.
- **Automotive and Embedded Business Unit: memory and storage for vehicles, industrial equipment, and consumer devices** (11.2%) — Sells memory chips, modules, and storage products to customers making vehicles, industrial systems, and connected consumer devices.

### Products

- **DRAM, including high-bandwidth memory** — Temporary working memory used in servers, computers, graphics equipment, phones, vehicles, and other devices. High-bandwidth memory is a stacked form of DRAM designed to move data quickly for artificial intelligence and other demanding computing tasks.
- **NAND flash and solid-state drives** — NAND flash stores data without power. Micron sells it as chips and in SSDs, which use flash memory, a controller, and software to store and retrieve data in data centers and computers.
- **Managed NAND and multi-chip packages** — Managed NAND combines flash memory with a controller and software that handle memory-management tasks. Multi-chip packages combine memory types, such as DRAM and NAND, in one compact package for phones, vehicles, and embedded devices.
- **NOR memory** — Non-volatile memory with fast read speeds, commonly used to store startup, application, and operating-system code in automotive, industrial, and consumer devices.
- **Micron and Crucial-branded memory and storage products** — Products sold under Micron and Crucial brands, including memory and SSDs for computers and consumer use. Micron also sells products under private labels.

### Customers

- Large cloud-computing providers buy memory for servers and high-bandwidth memory for data-center systems, primarily through Micron's direct sales organization.
- Mid-sized cloud providers, businesses, and data-center equipment makers buy server memory and data-center storage products, including SSDs.
- Mobile-device makers buy memory and storage chips and packages for smartphones and other mobile products.
- Computer makers buy memory and SSDs for desktop and notebook computers; consumers can also buy Crucial-branded products through Micron's website and retail or distribution partners.
- Automotive, industrial, and consumer-device makers buy memory and storage products for vehicles, industrial equipment, and connected devices.
- Distributors, retailers, and independent sales representatives help sell Micron products; distributors may also carry competing semiconductor products.

### Competitors

- Samsung Electronics Co., Ltd. (SSNLF) — DRAM, NAND flash, and memory and storage products sold into data-center, computer, mobile, and other markets.
- SK hynix Inc. (HXSCF) — DRAM, high-bandwidth memory, and NAND flash products for data centers and other device markets.
- Kioxia Holdings Corporation (KXSCF) — NAND flash and storage products, including products used in SSDs.
- Sandisk Corporation (SNDK) — NAND flash and storage products, including SSDs for computers and data centers.
- ChangXin Memory Technologies, Inc. (CXMT) — DRAM products.
- Yangtze Memory Technologies Co., Ltd. (YMTC) — NAND flash products.

### What it depends on

- Revenue is concentrated among large customers: the ten largest customers accounted for approximately 50% of revenue (each of fiscal 2023, 2024, and 2025, high confidence).
- Manufacturing depends on specialized materials, components, equipment, subcontractors, and services. Some supplies or services have only a limited number of qualified sources, and production also needs reliable electricity, gas, and water.
- Micron manufactures products across several countries and relies on international trade. Export restrictions, tariffs, geopolitical tensions, and China's restriction on Micron products for certain critical-infrastructure operators can affect sales or supply.

### What could go wrong

- Prices for memory and storage products can change substantially as supply and customer demand shift. The latest quarterly report said artificial-intelligence-driven demand was exceeding industry supply and contributing to higher prices; a change in those conditions could affect revenue and profit.
- Production problems, shortages of specialized materials or components, or interruptions to power, water, equipment, or third-party services could limit Micron's ability to make and ship products. Building and ramping new fabrication facilities also requires specialized equipment, contractors, and substantial investment.
- Competition and changing trade rules can affect Micron's ability to sell and produce its products. The company faces competitors investing in memory production, and export controls, tariffs, geopolitical tensions, and China's restriction on certain purchases of Micron products may limit sales or disrupt operations.

## More on this company

- [Overview](https://inspectstocks.com/stocks/mu)
- [Financial statements](https://inspectstocks.com/stocks/mu/financials)
- [Competitors](https://inspectstocks.com/stocks/mu/peers)
- [Earnings](https://inspectstocks.com/stocks/mu/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.