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MU
Micron TechnologyNASDAQInformation TechnologySemiconductorsSnapshot 2026-06-12
Intact
$981.61-1.43%
Close 2026-06-12 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is strong, but earnings quality is fragile, indicating that reported profits are not well supported by cash. Management's recent track record has been neutral, and the company has a capital-friendly stance. Risk is elevated, although the sector backdrop is a tailwind, with MU performing above typical compared to sector peers. Peer multiples imply a price about 32% below where it trades (it looks expensive on this basis); the read is fair, but weakening. Key factors to watch include guidance changes and the performance of sector bellwethers like NVDA and TSM.
as of 2026-06-12
Quick facts
- Exchange
- NASDAQ
- Sector
- Information Technology
- Industry
- Semiconductors
- Market cap
- $1.06T
- Employees
- 53,000
- IPO date
- 1984-06-01
- Next earnings
- 2026-06-24
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 6 valuation methods, at three horizons. Current price $981.61. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryexpensive
$672.79consensus
Range $552.35 – $1255.95
vs price: +46% above
Method agreement — · 6 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearfair
$1287.25consensus
Range $1287.25 – $1287.25
vs price: -24% below
Method agreement — · 1 method
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Cheap vs peersmedium confidence
At $982 MU trades at 46× p/e, below its 66× p/e peer median. Our $679 fair value sits above the price; medium confidence. Analysts: $360–$1,625. Not investment advice.
Multiple (P/E)
45.7x
peer 65.9x · own history 21.1x
Premium
0.7x peer
2.2x its own history
Growth the price needs
45%
our forecast 43%
Our fair value
$679.08
range $563.53 – $1254.85
Analyst range(a guide on our number, not a target)Our number is in the analyst range
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
expensivefair — but weakening12-month view
What's priced inJustified
The market is pricing in roughly 45% near-term growth, in line with our forecast of about 43%. This describes what's priced in, not a forecast of the move.
High fragilityrisk posture, not a price call
Flags: expensive valuation, weak execution quality, a turbulent sector regime (Heating).
Historical context
For similar setups historically (n=889): about 49% saw a 20%+ drawdown, and roughly 85% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
strongOperating income rose in 3 of the last 3 quarter-over-quarter moves. Historically, Information Technology names rated strong grew net income 73% of the time over the next year (vs 58% for the rest of the cohort, n=2777).
99th pctl · Information Technology
Earnings quality
fragileOver the trailing year it converted 1.27x of net income into operating cash flow. Historically, Information Technology names rated fragile grew net income 46% of the time over the next year (vs 65% for the rest of the cohort, n=2129).
30th pctl · Information Technology
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity.
Management & capital allocation
Earnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Strongly bullishEPS revised +3.5% / 30d, n=28for period ending 2026-08-31
Why this setup
Consensus revisions
EPS estimate $22.59 → $23.38 (+3.5% / 30d). 3 raised, 0 cut, 28 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d, 14 maintained. 89% of analysts rate Buy.
Price target activity
13 PT revisions / 30d. Avg target 42.0% above current price.
Material events
0 positive, 0 negative / 30d.
Market and fundamentals agree. Analysts are positioned bullishly on a fundamentally strong name.
Sector context
Intermediate · WeeklyManagement scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: strong
- Capital allocation
- strong
- Earnings discipline
- strong
- Margin discipline
- neutral
- Balance sheet
- neutral
- Guidance credibility
- strong
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$350.
How much price usually moves either way.
On a bad day, this stock has moved -$573.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $3,027.
Deepest peak-to-trough drop in the last year.
elevatedas of 2026-06-12
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- label change · valuation_labelsmall change
Valuation label changed from 'full' to 'expensive'.
No material changes since the prior snapshot.
as of 2026-06-12
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideHigh confidenceQuartersactive 18d
Watch for Q3 revenue reaching $33.5 billion
Why it matters: Hitting this revenue target shows strong demand and growth for Micron's products.
What confirms / what disproves
Confirms:Q3 revenue reported at or above $33.5 billion.
Disproves:Q3 revenue reported below $32 billion.
Management priorities
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
- 2026-06-1223h agoYahoo! Finance
Advances: Increase revenue to $33.5 billion in Q3 2026
Increased price target indicates strong revenue growth potential.
Strongly reinforcesUnconfirmed report
This sector is also watching
- Watch for revenue growth in Information Technology to fall below the median.
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If the Fed starts cutting rates from the current 3.62%, that would be a tailwind for MU and other Tech names, since rate-sensitive parts of the market tend to rally when the Fed eases.
- If sector bellwethers like NVDA, TSM, and AVGO keep beating earnings and guiding higher, the Tech sector momentum should keep lifting MU and other Tech names. Worth watching these names for early signals.
- If MU raises forward guidance on the next earnings call (currently NEW as of 2026-03-18), that's a momentum boost. Street estimates typically follow guidance up and the stock tends to re-rate higher.
Downside triggers
- If MU cuts guidance on the next call (currently NEW as of 2026-03-18), that's a meaningful negative. The Street tends to walk down estimates and the stock usually takes a leg lower.
- If sector bellwethers like NVDA, TSM, and AVGO start missing or guiding lower, the Tech tailwind helping MU and other Tech names could fade. Watch these names for early warning.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-06-094d agoItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 9, 2026, the Board of Directors (“Board”) of Micron Technology, Inc. (the “Company”) appointed Alexis Black Björlin as a member of the Board. The Board has determined that Dr. Björlin is an independent director under the applicable rules of the Nasdaq Stock Market LLC (the “Independence Rules”). Following the appointment of Dr. Björlin, the…
Executive changeneutral
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
About the same as last weeklatest as of 2026-06-13
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.