Micron MU

Nasdaq · Semiconductors & Related Devices · $898.1B
$656.39−17.46%Nov 5 close · Databento
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MU Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $656.391D −17.46%3M −23.76%SMA20 $895.96SMA50 $966.54RSI(14) 27.1
656.39
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 27.1

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

2 stories have a settled next close so far (2 on the Wire). The record starts speaking at three.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento
Market cap$898.1B
EV / True FCF15.0x
Revenue$133.2B +256.3%
True FCF (ex-SBC)$57.6B +3435.0%
Rule of 40300.6%
ROIC82.0%
True FCF Yield6.4%
EPS, diluted$74.33 +879.3%
Modern Valuation (EOD)
Market Cap$898.1B
Enterprise Value$863.0B
EV / True FCF14.98
EV / FCF14.64
EV / Gross Profit8.03
EV / EBIT8.69
EV / Sales6.48
P / E (GAAP)10.57
P / FCF15.23
P / Oper. CF10.02
P / Book6.49
Owner & Cash Yields
True FCF Yield6.4%
FCF Yield6.6%
Owner Earn. Yield7.0%
Earnings Yield9.5%
Shareholder Yield0.0%
Buyback Yield0.1%
Dividend Yield0.08%
Dividend / sh$0.53
Payout Ratio1%
FCF / sh$52.11
EPS (diluted)$74.33
Compounder & Returns
Rule of 40300.6%
ROIC82.0%
Cash ROIC (CROIC)57.1%
GP / Assets54.9%
ROE61.4%
ROA43.4%
Gross Margin80.7%
Oper. Margin74.6%
Net Margin63.8%
FCF Margin44.3%
True FCF Margin43.3%
Quality & Dilution
Cash Conversion69%
Accrual Ratio−2.4%
SBC % of FCF2.3%
SBC % of Rev1.0%
Reinvest. Rate41%
Sales Growth Y/Y+256.3%
Sales 3Y CAGR+104.6%
EPS Growth Y/Y+879.3%
FCF Growth Y/Y+3435.0%
FCF 3Y CAGR—
Share Change Y/Y+1.6%
Balance Sheet & Scale
Revenue (FY)$133.2B
Gross Profit (FY)$107.5B
Oper. Income (FY)$99.3B
GAAP Net Income$85.0B
True FCF (ex-SBC)$57.6B
Cash & Equiv$38.4B
Total Debt$3.3B
Net Cash (Debt)$35.1B
Net Cash % MCap+3.9%
Debt / FCF (yrs)0.1y
Current Ratio3.311.13B sh
Price & Technicals (EOD)
Perf Week−29.74%
Perf Month−39.67%
Perf Quarter−25.20%
Perf Half Y+1.51%
Perf YTD+46.38%
SMA 20 Dist−26.74%$895.96
SMA 50 Dist−32.09%$966.54
SMA 100 Dist−31.82%$962.73
Window High−45.91%$1,213.56
Window Low+46.38%$448.42
RSI (14) · Vol27.190%v
Income Distribution & Cash Flow ConversionHow every dollar of MU revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
REVENUE · 100%$133.2BGROSS PROFIT · 80.7%$107.5BCOST OF REV · 19.3%$25.7BOPER. INCOME · 74.6%$99.3BOPEX · 6.1%R&D $5.7B · SG&A $1.9BNET INCOME · 63.8%$85.0BTAX & OTHER · 10.8%$14.4B
Where Every $100 of Revenue Goes (FY2026)
Cost of Revenue (COGS)$25.7B ($19.3 / $100)
R&D Reinvestment$5.7B ($4.2 / $100)
SG&A & Other OpEx$2.5B ($1.9 / $100)
Tax & Non-Operating$14.4B ($10.8 / $100)
Net Profit Kept$85.0B ($63.8 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2026)
GAAP Net Income$85.0B (63.8% margin)
Operating Cash Flow (OCF)$89.7B(67.3% of rev)
Less: Capital Expenditures−$30.7B(23.1% of rev)
Standard Free Cash Flow (FCF)$59.0B(44.3% margin)
Less: Stock-Based Comp (SBC)−$1.3B(2.3% of FCF)
True FCF (Owner Cash ex-SBC)$57.6B(43.3% of rev)

Operating leverage — margins

GrossOperatingNet
0%45%90%81%75%64%FY22FY23FY24FY25FY26
Unlocked SEC EDGAR Accounting Statements (USD)All 3 statements · Common-size (% of Revenue / Assets) · YoY growth · Tap any core row to explain
Line Item (USD)FY2022FY2023FY2024FY2025FY2026YoY Δ4Y CAGRTrend
Income Statement
Cost of Revenue (COGS)$16.9B$17.0B$19.5B$22.5B$25.7B+14.1%+11.1%
Research & Development (R&D)$3.1B$3.1B$3.4B$3.8B$5.7B+48.8%+16.0%
Selling, General & Admin (SG&A)$1.1B$920.0M$1.1B$1.2B$1.9B+61.6%+16.3%
Total Operating Expenses$4.2B$4.3B$4.3B$5.1B$8.2B+60.0%+18.1%
Interest Expense$189.0M$388.0M$562.0M$477.0M$106.0M−77.8%−13.5%
Income Tax Expense$888.0M$177.0M$451.0M$1.1B$14.8B+1213.3%+101.9%
Diluted Shares1.12B1.09B1.12B1.13B1.14B+1.6%+0.5%
Balance Sheet
Cash & Equivalents$8.3B$8.7B$7.1B$9.6B$38.4B+298.0%+46.5%
Inventory$6.7B$8.4B$8.9B$8.4B$10.4B+24.1%+11.7%
Total Current Assets$21.8B$21.2B$24.4B$28.8B$91.1B+215.8%+43.0%
Total Assets$66.3B$64.3B$69.4B$82.8B$195.9B+136.6%+31.1%
Total Current Liabilities$7.5B$4.8B$9.2B$11.5B$27.5B+139.9%+38.2%
Total Debt (Short + Long Term)$6.1B$12.3B$11.8B$12.1B$3.3B−72.9%−14.4%
Total Liabilities$16.4B$20.1B$24.3B$28.6B$57.5B+100.9%+36.9%
Stockholders' Equity$49.9B$44.1B$45.1B$54.2B$138.4B+155.5%+29.0%
Net Cash / (Net Debt)$2.2B$-3.7B$-4.7B$-2.4B$35.1B+1534.7%+99.5%
Invested Capital$47.7B$47.8B$49.9B$56.6B$103.3B+82.4%+21.3%
Cash Flow & Capital Allocation
Depreciation & Amortization (D&A)$7.1B$7.8B$7.8B$8.4B$9.5B+13.8%+7.5%
Stock-Based Compensation (SBC)$514.0M$596.0M$833.0M$972.0M$1.3B+37.1%+26.9%
Capital Expenditures (CapEx)$12.1B$7.7B$8.4B$15.9B$30.7B+93.7%+26.3%
True FCF (ex-SBC Owner Cash)$2.6B$-6.7B$-712.0M$696.0M$57.6B+8180.2%+117.0%
Share Repurchases (Buybacks)$2.4B$425.0M$300.0M$0$650.0M—−28.1%
Dividends Paid$461.0M$504.0M$513.0M$522.0M$610.0M+16.9%+7.3%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what MU did at the next close after each story
Sep 30+3.03%
Aug 8−1.89%
Jul 9—
Jul 9—
Jul 8—
Jun 29—
Jun 26—
Jun 26—
Jun 26—
Jun 25—
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