Micron Technology (MU)
Forward P/E is only 5.26x against a peer median of 26.81x, a ratio of 0.20x, with trailing P/E 12.5x and PEG 0.07 — mechanically the cheapest in the set — and latest-quarter revenue grew 379.3% year over year (PRIMARY, EDGAR). This is the classic low-P/E trap: that forward multiple is struck on peak-cycle memory earnings, and a growth rate of 379.3% is a cyclical surge, not a sustainable run rate, so the label is capped at FAIRLY PRICED rather than undervalued. Delivered demand check: the Semiconductors group's median growth was 36.5% — demand rising, but Micron's own figure is an extreme cycle reading well above its cluster.
What would change this label: Move to UNDERVALUED only if forward earnings are shown to be sustainable through a memory downturn — for example revenue growth staying positive and forward P/E staying below 10x after memory prices normalise. Move to OVERVALUED if revenue growth turns negative year over year, or forward P/E rises above about 15x, as peak earnings roll off.
Micron looks incredibly cheap because its profits have surged with the memory-chip cycle — sales grew about 379% in the latest quarter. Chip cycles always turn, and when profits fall the shares will not look cheap any more. So the price is judged fair for a peak, not a bargain.
Both lines start at 100 on 2020-09-01. Over the full window Micron Technology returned +1929.63% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Micron Technology: -57.8% (2024-06-18 to 2025-04-04). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is only 5.26x against a peer median of 26.81x, a ratio of 0.20x, with trailing P/E 12.5x and PEG 0.07 — mechanically the cheapest in the set — and latest-quarter revenue grew 379.3% year over year (PRIMARY, EDGAR). This is the classic low-P/E trap: that forward multiple is struck on peak-cycle memory earnings, and a growth rate of 379.3% is a cyclical surge, not a sustainable run rate, so the label is capped at FAIRLY PRICED rather than undervalued. Delivered demand check: the Semiconductors group's median growth was 36.5% — demand rising, but Micron's own figure is an extreme cycle reading well above its cluster. The company’s forward P/E is 5.3× against a peer median of 26.8×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +379.3% versus a year earlier (SEC filings).
| Company | Price (Oct 27, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Micron Technology (MU) | $928.76 | 5.3× | 12.5× |
| AMD | $564.24 | 50.8× | 144.8× |
| AVGO | $342.33 | 19.7× | 43.7× |
| TXN | $306.04 | 26.8× | 39.7× |
| MRVL | $247.88 | 43.9× | 83.3× |
| ADI | $421.45 | 26.3× | 50.0× |
| Peer median | 26.8× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Sep 2026 2026-09-03 | $54.2B | 86.8% | $37.7B | — | $32.9B |
| Q/E May 2026 2026-05-28 | $41.5B | 84.6% | $28.2B | 24.67 | $17.6B |
| Q/E Feb 2026 2026-02-26 | $23.9B | 74.4% | $13.8B | 12.07 | $5.5B |
| Q/E Nov 2025 2025-11-27 | $13.6B | 56.0% | $5.2B | 4.60 | $3.0B |
| Q/E Aug 2025 2025-08-28 | $11.3B | 44.7% | $3.2B | — | $72M |
| Q/E May 2025 2025-05-29 | $9.3B | 37.7% | $1.9B | 1.68 | $1.7B |
| Q/E Feb 2025 2025-02-27 | $8.1B | 36.8% | $1.6B | 1.41 | $-113M |
| Q/E Nov 2024 2024-11-28 | $8.7B | 38.4% | $1.9B | 1.67 | $38M |
| Q/E Aug 2024 2024-08-29 | $7.8B | 35.3% | $887M | — | $285M |
| Q/E May 2024 2024-05-30 | $6.8B | 26.9% | $332M | 0.30 | $396M |
| Q/E Feb 2024 2024-02-29 | $5.8B | 18.5% | $793M | 0.71 | $-165M |
| Q/E Nov 2023 2023-11-30 | $4.7B | -0.7% | $-1.2B | -1.12 | $-395M |
The last twelve reported quarters. Full 25-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | MICRON TECHNOLOGY INC |
| Chief executive | Sanjay Mehrotra (source: https://sg.micron.com/about/company/leadership/sanjay-mehrotra) |
| Sector | Technology — Semiconductors — sells memory and storage chips, including DRAM and NAND |
| Share price (Oct 27, 2026) | $928.76 |
| Market value (market cap) | $1.05T — share price times shares outstanding of 1,131,423,212 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $133.2B |
| Net income, last twelve months | $85.0B |
| Free cash flow, last twelve months | $59.0B |
| Latest reported quarter | Q/E Sep 2026 (of 25 quarters in the data pack) |
| Six-year price return vs S&P 500 | +1929.63% vs +118.28% |
| Worst peak-to-trough fall | -57.8% (2024-06-18 to 2025-04-04) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- browser.open of statistics page failed with 429 rate limit; values taken from browser.search snippet of the same stockanalysis.com statistics page (crawled 2 days ago)
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000723125.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000723125.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/MU/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.