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Micron Technology, Inc. — Intrinsic Value & Fair Price

MU
NASDAQTechnologySemiconductorsCIK 0000723125micron.comAbout MU
Last close · Oct 16, 2026878.84−52.40 (−5.63%)
Market cap$994.3B
Model value · DCF · Perpetuity growth · 5y
297.76
Micron Technology closed at $878.84 — overvalued by 195% vs model.
217.78the model's range446.73

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
7.47 – 4,357.82
Wall St. target
1,350.00 35% below
Above model, 1y
16 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $878.84 · as of Oct 17, 2026

DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input. The price is 195% above the model value: the models see only the filed business, and a company priced on businesses with no revenue line yet is better taken apart, as Tesla is.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.06%
Past 2 years
low 0.04%high 0.71%
Dividends per share, a year at a time
$0.43Oct ’22$0.46Oct ’23$0.46Oct ’24$0.46Oct ’25$0.57TTM
Dividends / free cash flow, FY2026
1.0%
Raised
—
Growth, 4 yrs
7.1% a year
Last change
+30.4% · Mar 2026
Every payment, with ex-dates · latest $0.15, paid Oct 29, 2026

Research on MU

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How it is valued

Valued asCyclical
High revenue growth (~130% recent)High profitability (64% net margin)Highly cyclical earningsStrong FCF yield (5.9%)
What growth the price implies: the reverse DCF

Key figures

FY2026 · chosen for cyclical companies
P/E
11.8×
EV / EBITDA
9.7×
FCF yield
9.1%
Dividend yield, TTM
0.06%
Beta
2.23
Cost of capital (WACC)
12.59%
Full financials

Analyst actions

third-party, quoted
10-07D.A. Davidson · target3,000.00
10-02CLSA · target1,700.00
10-01D.A. Davidson · target2,100.00
08-14New Street Research · “Buy” from “Neutral”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
Side by side:vs AMDvs NVDA

The weekly

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About Micron Technology

Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, Mobile, Storage, and Embedded. The company's product portfolio encompasses a range of memory and data storage technologies. These include high-speed, low-latency Dynamic Random Access Memory (DRAM) components for rapid data retrieval; non-volatile, re-programmable NAND flash storage devices; and fast-read, non-volatile, re-writable NOR memory chips. These innovative solutions are offered under its well-known Micron and Crucial brands, as well as through private label partnerships. Micron's extensive offerings cater to a diverse array of markets and applications. This includes critical infrastructure like cloud servers and enterprise data centers, personal computing (client and graphics), mobile devices such as smartphones, networking equipment, automotive systems, industrial applications, and various consumer electronics. The company utilizes a multi-faceted approach to market its products, employing a direct sales force, independent sales representatives, and a network of distributors and retailers. Additionally, it leverages a web-based direct sales channel and collaborates with various channel and distribution partners. Founded in 1978, Micron Technology, Inc. is headquartered in Boise, Idaho.

CEO
Sanjay Mehrotra
Headquarters
Boise, ID
Employees
61,000
IPO
1984-06-01
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.