MICRON TECHNOLOGY, INC.
EPS and dividends shown under the calendar year in which the fiscal year ends (early September). SEC XBRL; FY26 from the 9/30/26 release. Prices: Yahoo Finance, retrieved 4 Oct 2026.
CAPITALIZATION: (5/28/26)
| ($ mill.) | (%) | |
|---|---|---|
| Long-Term Debt | 5,140 | 4.9 |
| Common Equity | 100,724 | 95.1 |
| Total | $105,864 | 100.0 |
Shs. ($0.10 par) – 1,129 mill.
Latest 10-Q (FY26 Q3). LTD incl. finance leases, excl. current portion. Equity was $138.4B at 9/3/26 (release).
INTERIM EARNINGS: (per sh.)
| Qu. | Nov | Feb | May | Aug |
|---|---|---|---|---|
| FY23 | -0.18 | -2.12 | -1.73 | -1.31 |
| FY24 | -1.12 | 0.71 | 0.30 | 0.80 |
| FY25 | 1.67 | 1.41 | 1.68 | 2.84 |
| FY26 | 4.60 | 12.07 | 24.67 | 32.87 |
Diluted; Q4 derived. FY26 Q4 (14 weeks to 9/3/26) from the 9/30/26 release, unaudited.
DIVIDENDS:
| RECORD | PAYABLE | |
|---|---|---|
| 0.115Q | 10/3/25 | 10/21/25 |
| 0.115Q | 12/29/25 | 1/14/26 |
| 0.15Q | 3/30/26 | 4/15/26 |
| 0.15Q | 7/6/26 | 7/21/26 |
| 0.15Q | 10/14/26 | 10/29/26 |
Raised to $0.15 qtrly in 2026; latest declared 9/30/26. Source: Nasdaq dividend history.
BACKGROUND:
Micron is the largest U.S. maker of memory chips: DRAM, including the high-bandwidth memory (HBM) stacked next to AI accelerators, and NAND flash. Memory is one of the most cyclical industries in public markets. In the eleven years before fiscal 2026 Micron's operating margin ranged from −37% (FY2023) to 49% (FY2018) and averaged 17.5%, and cumulative free cash flow of $15.2 billion was less than a third of the $48.9 billion of net income, because about 37% of revenue is reinvested in fabs and equipment.
RECENT DEVELOPMENTS:
On 9/30/26 Micron reported a record fiscal 2026 (53 weeks to 9/3/26): revenue rose 256% to $133.2 billion, GAAP operating margin was 74.6%, net income was $85.0 billion and diluted EPS $74.33. These results are unaudited until the 10-K is filed. Management guides first-quarter fiscal 2027 revenue to $61.5 billion ± $1.5 billion at a gross margin of about 86%. Net debt has turned into $68 billion of net cash within a year, and multi-year take-or-pay contracts with price floors are in place.
PROSPECTS:
At $1,065.11 the shares sell at 14.3× trailing GAAP earnings and 6.6× fiscal 2027 consensus, but at 8.7× book value against a 1.2–2.5× range at fiscal year-ends 2015–2025. The contracts reduce the risk of a collapse but do not remove it, their terms are largely undisclosed, and industry capacity is growing quickly. In our view earnings are at the top of a record cycle: holding EPS at the fiscal 2028 consensus, our base case returns about 2.4% a year, below our 10% hurdle.
STATISTICS:
| FISCAL YEAR | GROSS REVS. ($MILL.) | PROFIT MARGIN % | NET INCOME ($MILL.) | CAPITAL SPENDING ($MILL.) | ASSETS ($MILL.) | SHARES (MILL.) | BOOK VALUE PER SH.$ | EARN. PER SH.$ | DIV. PER SH.$ | DIV. PAY. % | PRICE RANGE | P/E RATIO | AVG. YIELD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 17 | 20,322 | 25.0 | 5,089 | 4,734 | 35,336 | 1,112 | 16.75 | 4.41 | Nil | Nil | 32.96–16.17 | 5.6 | Nil |
| 18 | 30,391 | 46.5 | 14,135 | 8,879 | 43,376 | 1,161 | 27.82 | 11.51 | Nil | Nil | 64.66–31.65 | 4.2 | Nil |
| 19 | 23,406 | 27.0 | 6,313 | 9,780 | 48,887 | 1,106 | 32.44 | 5.51 | Nil | Nil | 53.23–28.39 | 7.4 | Nil |
| 20 | 21,435 | 12.5 | 2,687 | 8,223 | 53,678 | 1,113 | 35.04 | 2.37 | Nil | Nil | 61.19–31.13 | 19.5 | Nil |
| 21 | 27,705 | 21.2 | 5,861 | 10,030 | 58,849 | 1,119 | 39.26 | 5.14 | 0.10 | 2 | 96.96–44.45 | 13.8 | 0.1 |
| 22 | 30,758 | 28.2 | 8,687 | 12,067 | 66,283 | 1,094 | 45.62 | 7.75 | 0.32 | 4 | 98.45–51.40 | 9.7 | 0.4 |
| 23 | 15,540 | -37.5 | -5,833 | 7,676 | 64,254 | 1,098 | 40.18 | -5.34 | 0.46 | NM | 74.77–48.43 | NM | 0.7 |
| 24 | 25,111 | 3.1 | 778 | 8,386 | 69,416 | 1,109 | 40.70 | 0.70 | 0.46 | 66 | 157.54–63.83 | 158.1 | 0.4 |
| 25 | 37,378 | 22.8 | 8,539 | 15,857 | 82,798 | 1,122 | 48.28 | 7.59 | 0.46 | 6 | 129.85–61.54 | 12.6 | 0.5 |
| 26 | 133,188 | 63.8 | 84,969 | n/a | n/a | n/a | n/a | p74.33 | 0.53 | 1 | 1,255–114.25 | 9.2 | 0.1 |
Fiscal years end on the Thursday closest to Aug. 31 (FY26: 53 weeks to 9/3/26). p-Preliminary, from the 9/30/26 earnings release (unaudited); capital spending, assets and year-end shares not yet reported. Profit margin = net income ÷ revenues; book value = equity ÷ year-end shares; EPS diluted; dividends declared. Price range = intraday high–low within the fiscal year; P/E = mid-range price ÷ EPS; avg. yield = dividends ÷ mid-range price. Dividends resumed in fiscal 2021.
INCORPORATED:
Delaware
PRINCIPAL OFFICE:
8000 S. Federal Way, Boise, ID 83716
Tel.: (208) 368-4000
ANNUAL MEETING:
2026 meeting held January 15
NUMBER OF STOCKHOLDERS:
About 1,443 holders of record at 9/26/25
TRANSFER AGENT:
Not disclosed in the 10-K or proxy statement
REGISTRAR:
Not disclosed in the 10-K or proxy statement
SUPERINVESTOR HOLDINGS (DATAROMA):
No. of superinvestors: 5
Shares held: 979,425 (13F at 6/30/26)
OFFICERS:
Sources: SEC XBRL company facts (FY2017–25 and quarterly figures) · 10-K FY2025 (business, holders, officers) · 10-Q 5/28/26 (capitalization) · 2025 proxy (annual meeting, chairman) · Nasdaq dividend history · Yahoo Finance (prices, consensus, retrieved 4 Oct 2026) · Dataroma (superinvestors) · Pathos note (FY2026 release figures and valuation detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.
© 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice. Prepared 4 October 2026.