Micron Technology, Inc. (MU) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+56.7%

$1,337.23

vs $853.45 price

Levered DCF

$1,554.79

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

14.13

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.71×	15.95×	136.53×	-13.1×	7.34×	14.15×	19.14×	7.88×
P/B	7.8×	2.51×	2.34×	1.73×	1.28×	1.89×	1.32×	1.39×
P/S	8.11×	3.64×	4.21×	4.92×	2.07×	2.99×	2.4×	2.13×
EV / EBITDA	9.62×	7.67×	12.47×	35.61×	3.74×	6.33×	5.85×	3.78×
Gross margin	80.7%	39.8%	22.4%	-9.1%	45.2%	37.6%	30.6%	45.7%
Operating margin	74.6%	26.4%	5.2%	-37.0%	31.5%	22.7%	14.0%	31.5%
Net margin	63.8%	22.8%	3.1%	-37.5%	28.2%	21.2%	12.5%	27.0%
Current ratio	3.31×	2.52×	2.64×	4.46×	2.89×	3.1×	2.71×	2.58×
Debt / equity	0.04×	0.28×	0.31×	0.32×	0.15×	0.17×	0.18×	0.16×
Interest coverage	937.17×	20.69×	2.32×	-14.81×	51.33×	34.33×	15.48×	57.63×
Dividend yield	0.1%	0.4%	0.5%	0.7%	0.7%	0.0%	0.0%	0.0%
Payout ratio	0.7%	6.1%	65.9%	-8.6%	5.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	61.4%	15.8%	1.7%	-13.2%	17.4%	13.3%	6.9%	17.6%
Return on invested capital	50.1%	12.1%	1.4%	-9.6%	15.0%	11.2%	5.8%	15.2%
Return on assets	43.4%	10.3%	1.1%	-9.1%	13.1%	10.0%	5.0%	12.9%
Free cash flow yield	5.5%	1.2%	0.1%	-8.0%	4.9%	2.9%	0.2%	6.7%
Earnings yield	7.9%	6.3%	0.7%	-7.6%	13.6%	7.1%	5.2%	12.7%
Enterprise value	$1T	$141.8B	$112.6B	$81.8B	$63B	$82.4B	$51B	$48.5B
Net debt / EBITDA	-0.3×	0.3×	0.77×	2.33×	-0.04×	-0.04×	-0.05×	-0.1×
Cash conversion cycle (days)	197	175	211	201	159	128	150	149