Micron Technology
MU on Nasdaq. Micron Technology sells memory and storage chips to device and data center makers. Market value $1.2tn.
Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to August 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.18 of spare cash in the past 12 months. A savings account pays about $4.
You pay 20.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 12 cents a year. Above 10 is good.
Quality score: 91 of 100. Price score: 54 of 100. Our list needs 70 on quality and 60 on price.
$1,063.96 a share, 492% above its 1-year low
Over the past year the price has ranged from $179.61 to $1,255.00.
Dividend: 0.0% a year
Paid every year for 4 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $26.2 billion in the past 12 months, $1.7 billion in the year to August 2025.
| Revenue | |||||
| Revenue | $27.7bn | $30.8bn | $15.5bn | $25.1bn | $37.4bn |
| Operating margin | |||||
| Operating margin | 22.7% | 31.5% | -37.0% | 5.2% | 26.1% |
| Debt to equity | |||||
| Debt to equity | 0.15 | 0.14 | 0.30 | 0.30 | 0.27 |
| Shares outstanding | |||||
| Shares outstanding | 1.09bn | 1.10bn | 1.11bn | 1.12bn | 1.13bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)No
- Debt0.27× equity
- Revenue growth, five yearsStrong, 11.8% a year
- Buying back its own sharesRoughly flat
The quarter to May 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $41.5 billion last quarter, up 346% on a year ago.
- Profit: $28.2 billion, up 1398% on a year ago.
- It keeps 66 cents of each $1 of sales as operating profit, up from 23 cents a year earlier.
- Spare cash over the past 12 months: $26.2 billion, up from $1.9 billion.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- It has $19.3 billion more cash than debt. A year ago debt was $5.4 billion more than cash.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| August 2024 | $7.8bn |
| November 2024 | $8.7bn |
| February 2025 | $8.1bn |
| May 2025 | $9.3bn |
| August 2025 | $11.3bn |
| November 2025 | $13.6bn |
| February 2026 | $23.9bn |
| May 2026 | $41.5bn |
| Quarter to | Amount |
|---|---|
| August 2024 | $887m |
| November 2024 | $1.9bn |
| February 2025 | $1.6bn |
| May 2025 | $1.9bn |
| August 2025 | $3.2bn |
| November 2025 | $5.2bn |
| February 2026 | $13.8bn |
| May 2026 | $28.2bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 23 December 2026
- Last annual report (10-K)
- 3 October 2025
- Next quarterly (estimated, 10-Q)
- 24 September 2026
Who owns it
17 long-term investors we follow own it, up from 14 last quarter. 3,889 funds in all.
- Mondrian Investment PartnersMondrian team
- Value
- $10m
- Share of fund
- 0.2%
- Ruane Cunniff & Goldfarb (Sequoia Fund)John Harris
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $1.4bn | 1.2% | Cut |
| AppaloosaDavid Tepper | $1.1bn | 15.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $540m | 1.0% | Cut |
| Hosking PartnersJeremy Hosking | $222m | 7.4% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $147m | 0.3% | Cut |
| Marathon Asset ManagementNeil Ostrer | $62m | 2.5% | Cut |
| ValueWorksCharles Lemonides | $30m | 6.2% | Cut |
| Platinum Investment ManagementPlatinum team | $21m | 5.0% | Cut |
| First Manhattan Co.First Manhattan partners | $11m | <0.1% | Cut |
| Mondrian Investment PartnersMondrian team | $10m | 0.2% | |
| GAMCO InvestorsMario Gabelli | $9m | <0.1% | New |
| Brandes Investment PartnersCharles Brandes | $4m | <0.1% | Cut |
| Cullen Capital ManagementJames Cullen | $3m | <0.1% | Cut |
| Ruane Cunniff & Goldfarb (Sequoia Fund)John Harris | $2m | <0.1% | |
| GMOJeremy Grantham | $2m | <0.1% | New |
| Mairs & PowerAndy Adams | $473,259 | <0.1% | Cut |
| Harris Associates (Oakmark)Bill Nygren | $207,772 | <0.1% | New |
Largest holders overall
- BlackRock$121.0bn
- Vanguard Capital Management$85.0bn
- State Street$57.8bnCut
- Invesco$41.9bn
- Capital World Investors$34.0bnCut
- Geode Capital Management$31.9bn
- FMR$30.8bnCut
- JPMorgan Chase$29.6bnAdded
- Vanguard Portfolio Management$28.5bnAdded
- Primecap Management$22.2bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Capital World InvestorsPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Capital World Investors Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $8m of shares on the open market. 12 sold $380m, $324m of it under preset trading plans.
- MEHROTRA SANJAYPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 40,000
- Price
- $968.90
- Value
- $39m
- Sadana SumitEVP and Chief Business OfficerSold
- Date
- 18 August 2026
- Shares
- 15,000
- Price
- $934.29
- Value
- $14m
- MEHROTRA SANJAYPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 24 July 2026
- Shares
- 8,715
- Price
- $951.72
- Value
- $8m
- MEHROTRA SANJAYPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 24 July 2026
- Shares
- 31,285
- Price
- $926.83
- Value
- $29m
- ALLEN SCOTT R.CVP, Chief Accounting OfficerSold
- Date
- 23 July 2026
- Shares
- 879
- Price
- $1000.00
- Value
- $879,000
- ARNZEN APRIL SEVP and Chief People OfficerSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 40,000
- Price
- $1083.94
- Value
- $43m
- Dugle Lynn ADirectorSold
- Date
- 30 June 2026
- Shares
- 1,300
- Price
- $1150.43
- Value
- $1m
- Bjorlin AlexisDirectorSold
- Date
- 26 June 2026
- Shares
- 25
- Price
- $1132.33
- Value
- $28,308
- MEHROTRA SANJAYPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 26 June 2026
- Shares
- 11,494
- Price
- $1180.96
- Value
- $14m
- MEHROTRA SANJAYPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 26 June 2026
- Shares
- 28,506
- Price
- $1149.28
- Value
- $33m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | MEHROTRA SANJAY President and CEO, Director | Sold under a preset trading plan | 40,000 | $968.90 | $39m |
| 18 August 2026 | Sadana Sumit EVP and Chief Business Officer | Sold | 15,000 | $934.29 | $14m |
| 24 July 2026 | MEHROTRA SANJAY President and CEO, Director | Sold under a preset trading plan | 8,715 | $951.72 | $8m |
| 24 July 2026 | MEHROTRA SANJAY President and CEO, Director | Sold under a preset trading plan | 31,285 | $926.83 | $29m |
| 23 July 2026 | ALLEN SCOTT R. CVP, Chief Accounting Officer | Sold | 879 | $1000.00 | $879,000 |
| 1 July 2026 | ARNZEN APRIL S EVP and Chief People Officer | Sold under a preset trading plan | 40,000 | $1083.94 | $43m |
| 30 June 2026 | Dugle Lynn A Director | Sold | 1,300 | $1150.43 | $1m |
| 26 June 2026 | Bjorlin Alexis Director | Sold | 25 | $1132.33 | $28,308 |
| 26 June 2026 | MEHROTRA SANJAY President and CEO, Director | Sold under a preset trading plan | 11,494 | $1180.96 | $14m |
| 26 June 2026 | MEHROTRA SANJAY President and CEO, Director | Sold under a preset trading plan | 28,506 | $1149.28 | $33m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Oct 2025, plus the 10-Q filed 25 Jun 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.