MU Research Update — September 20, 2026 (Updated)
Updated Thesis
Micron Technology is a global leader in advanced semiconductor memory and storage, operating across Compute and Networking, Mobile, Storage, and Embedded segments with DRAM, NAND, and NOR products sold under the Micron and Crucial brands to cloud, data center, mobile, automotive, and consumer markets. The business quality is high on current fundamentals: TTM gross margin is 72.6%, TTM operating margin is 65.7%, TTM net margin is 55.9%, ROE is 70.5%, and revenue growth in the most recent quarter was 345.7% year over year with earnings growth of 1398.3% in the most recent quarter, reflecting an extraordinary AI memory upcycle. However, the stock is priced for much of that success: at $1080.53, the shares trade at 13.52 times sales, 24.15 times trailing earnings, 46.57 times free cash flow, and 17.58 times EV/EBITDA, in a very_expensive regime versus its five-year history.
The investment grade as of this refresh is C — average business quality. A-tier business on current margins, C-tier valuation with only 4.1% upside to $1124.98 fair value.
Key Metrics at a Glance
- Revenue growth: +345.7% year over year
- Net margin: 55.9%
- Fair value upside: +4.1% to our estimate of $1125
Current price: $1080.53
These figures reflect our most recent data pull and are one input into a multi-factor valuation framework.
Our 12–18 Month Outlook
Quality companies held over a multi-year horizon benefit from compounding fundamentals and the patience to ride through short-term volatility. Micron Technology, Inc. remains in our covered universe with a average-quality assessment. We update research when material data changes — earnings revisions, management shifts, or regime changes in valuation — not on every price fluctuation.
Long-term accumulation of quality businesses at fair or better prices is the core of the Patient Accumulator approach. Research updates like this one inform whether to add, hold, or wait for a better zone — not whether to react to short-term price moves.
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