Micron Technology designs and manufactures memory and storage chips, mainly DRAM and NAND flash, used in data centers, PCs, phones, cars and industrial equipment. It is one of only three companies that make HBM, the stacked high-bandwidth memory placed beside processors in AI servers, and it is the largest memory chipmaker based in the United States. Unlike chip designers that outsource production, Micron runs its own fabs and assembly sites in the United States and across Asia. It earns money by selling chips, memory modules and solid-state drives to cloud providers, device makers and distributors. Micron was founded in 1978 and is headquartered in Boise, Idaho.
Company Size
10,001+
Company Stage
IPO
Headquarters
Boise, Idaho
Founded
1978
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Micron Technology's results over the last twelve months look little like those of its past 14 years, according to its fiscal Q4 2026 report, released September 30, 2026. Revenue rose 256.3%, against a typical 14.1% growth rate. Gross margin reached 80.7%, up from a historical 32.0%. Debt now equals 2.6% of total assets, versus a typical 21.0%. Free cash flow hit $59.0 billion, and Micron held $38.3 billion more in cash than debt at the end of the quarter. Management says memory demand outruns supply, driven partly by AI workloads. It expects the market to stay tight through 2028 but cannot say when supply and demand will balance. Micron stock returned 425% in the twelve months to October 13, 2026, against 21% for the S&P 500.
Micron Technology shares fell 3.22% to $922.53 at 12:20 EST on October 14, despite praise from Elon Musk. He backed the memory chipmaker's future pricing in an October 13 post on X. The endorsement supports the case for customer loyalty but adds no new revenue forecast. Micron reported fiscal fourth-quarter revenue of $54.229 billion on September 30, with operating margins of 76% in Cloud Memory and 85% in Core Data Center. It guided next-quarter revenue to $61.5 billion, plus or minus $1.5 billion. The midpoint implies roughly 13.4% sequential growth. The shares trade 18.26% above GuruFocus's GF Value estimate of $780.09. Investors now want proof that pricing restraint protects both demand and margins.
Elon Musk praised Micron in an X post, saying the chipmaker has been "reasonable regarding future memory prices, while others have been extortionate." He said that approach is "the smart move for long-term customer loyalty." Micron's latest quarter was strong. Sales rose about $43 billion from a year earlier and more than $13 billion from the previous quarter, with operating margins above 80% in some segments. Executives expect tight capacity and higher prices until 2028. Micron also raised its stock repurchase authorization to $35.16 billion, and can start buying back shares on December 9 once CHIPS Act restrictions lift.
Micron Technology filed its annual report on October 9, showing no single customer accounted for 10% or more of revenue in fiscal 2026. A year earlier, one customer made up 17% of sales, worth about $6.4 billion. Revenue rose 256% to about $133 billion, and net income grew nearly tenfold to about $85 billion. Higher prices drove most of the growth: DRAM average selling prices climbed around 180%, while shipped volume rose in the mid-20s percent. Concentration remains, however. Micron's top 10 customers supplied over half of revenue, and data centers made up around 60%, up from about half in fiscal 2025. The stock trades at roughly $936, about 14% below its October 7 close.
Simply Wall St has named NVIDIA, Ionic Digital, and Micron Technology as three healthy, high-growth stocks to watch. The screen favours firms with strong balance sheets and expected earnings growth as investors focus on transparency and compliance. NVIDIA earns about $275.4 billion from Compute & Networking and $27.5 billion from Graphics. Its market value is about $5,464.9 billion, and its AI infrastructure business could face competition from AMD, Intel, or a Chinese firm. Ionic Digital earns about $69 million from crypto mining and has a market value of about $3.4 billion. Converting 323MW at Ward County to a 10-year lease would bring contracted rent of about $183 million a year. Micron's Cloud Memory and Core Data Center units bring in about $43.1 billion and $37.6 billion. Its market value is about $1,078.5 billion.