Micron Technology, Inc. (MU) Key Metrics
MU valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $994.34B
- Enterprise value
- $1.19T
- P/E (TTM)
- 11.8 10-yr median 12.9
- Forward P/E
- 7.0
- PEG ratio
- 0.16
- Price / sales
- 7.5 10-yr median 2.7
- Price / book
- 12.3 10-yr median 1.9
- EV / EBITDA
- 17.8 10-yr median 6.1
- Dividend yield
- 0.07% $0.60 a year
- Beta
- 2.23
MU key metrics, FY2017–FY2026
Fiscal year ended August 31, 2026 · U.S. dollarsMU valuation Price multiples at each fiscal year-end price.
MU returns How much profit the business earns on the capital it uses.
MU per-share figures Results divided by the shares outstanding at year-end.
MU financial health Debt, liquidity and how easily interest is covered.
MU efficiency & capital use Working capital cycle and where the cash goes.
MU valuation history
MU returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MU debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MU cash returned to shareholders
MU price vs earnings per share
MU key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.10T | $133.89B | $107.60B | $76.44B | $63.43B | $84.09B | $51.47B | $51.74B | $64.55B | $36.89B |
| Enterprise value | $1.06T | $138.86B | $113.50B | $80.78B | $61.61B | $82.74B | $50.51B | $49.64B | $62.38B | $42.62B |
| P/E ratio | 12.9 | 15.7 | 138.3 | — | 7.3 | 14.3 | 19.2 | 8.2 | 4.6 | 7.2 |
| Price / sales | 8.2 | 3.6 | 4.3 | 4.9 | 2.1 | 3.0 | 2.4 | 2.2 | 2.1 | 1.8 |
| Price / book | 7.9 | 2.5 | 2.4 | 1.7 | 1.3 | 1.9 | 1.3 | 1.4 | 2.0 | 2.0 |
| Price / free cash flow | 18.6 | 80.3 | 889.2 | — | 20.4 | 34.5 | 620.1 | 15.5 | 7.8 | 12.7 |
| Price / operating cash flow | 12.2 | 7.6 | 12.6 | 49.0 | 4.2 | 6.7 | 6.2 | 3.9 | 3.7 | 4.5 |
| EV / sales | 7.9 | 3.7 | 4.5 | 5.2 | 2.0 | 3.0 | 2.4 | 2.1 | 2.1 | 2.1 |
| EV / EBITDA | 9.7 | 7.5 | 12.6 | 35.2 | 3.7 | 6.4 | 5.8 | 3.9 | 3.2 | 4.4 |
| EV / free cash flow | 17.9 | 83.2 | 938.0 | — | 19.8 | 33.9 | 608.5 | 14.9 | 7.5 | 14.7 |
| Earnings yield | 7.8% | 6.4% | 0.7% | −7.6% | 13.7% | 7.0% | 5.2% | 12.2% | 21.9% | 13.8% |
| Free cash flow yield | 5.4% | 1.2% | 0.1% | −8.0% | 4.9% | 2.9% | 0.2% | 6.4% | 12.9% | 7.9% |
| Dividend yield | 0.1% | 0.4% | 0.5% | 0.7% | 0.7% | 0.5% | 0.4% | 0.3% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.2% | 0.4% | 0.8% | 1.2% | 4.6% | 2.0% | 0.8% | 5.6% | 0.1% | 0.1% |
| Share price at fiscal year-end | $958.73 | $119.01 | $96.24 | $69.94 | $56.53 | $73.70 | $45.51 | $45.27 | $52.52 | $31.97 |
| Per share | ||||||||||
| Revenue per share | $116.52 | $33.22 | $22.46 | $14.22 | $27.41 | $24.28 | $18.95 | $20.48 | $24.73 | $17.61 |
| Earnings per share | $74.34 | $7.59 | $0.70 | −$5.34 | $7.74 | $5.14 | $2.38 | $5.52 | $11.50 | $4.41 |
| Operating cash flow per share | $78.46 | $15.58 | $7.61 | $1.43 | $13.53 | $10.93 | $7.34 | $11.54 | $14.16 | $7.06 |
| Free cash flow per share | $51.59 | $1.48 | $0.11 | −$5.60 | $2.78 | $2.14 | $0.07 | $2.92 | $6.77 | $2.51 |
| Cash per share | $38.00 | $9.16 | $7.25 | $8.78 | $8.32 | $7.57 | $7.20 | $6.96 | $5.53 | $4.70 |
| Book value per share | $121.07 | $48.15 | $40.37 | $40.37 | $44.48 | $38.50 | $34.48 | $31.39 | $26.28 | $16.14 |
| Tangible book value per share | $120.06 | $46.72 | $38.97 | $38.94 | $43.01 | $37.12 | $33.10 | $30.02 | $25.01 | $14.74 |
| Dividends per share | $0.53 | $0.46 | $0.46 | $0.46 | $0.41 | $0.40 | $0.20 | $0.16 | $0.00 | $0.00 |
| Capex per share | $26.87 | $14.10 | $7.50 | $7.02 | $10.75 | $8.79 | $7.27 | $8.62 | $7.39 | $4.55 |
| Debt per share | $4.53 | $13.58 | $12.53 | $12.75 | $6.70 | $6.38 | $6.34 | $5.12 | $3.77 | $9.67 |
| Shares outstanding | 1.14B | 1.12B | 1.12B | 1.09B | 1.12B | 1.14B | 1.13B | 1.14B | 1.23B | 1.15B |
| Change in shares outstanding | +1.6% | +0.6% | +2.3% | −2.6% | −1.7% | +0.9% | −1.0% | −7.0% | +6.5% | +11.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 88.3% | 17.2% | 1.7% | −12.4% | 18.5% | 14.1% | 7.2% | 18.5% | 55.5% | 33.2% |
| Return on invested capital (ROIC) | 106.9% | 15.8% | 1.7% | −9.4% | 19.4% | 14.6% | 7.6% | 20.8% | 54.4% | 27.4% |
| Return on assets (ROA) | 61.0% | 11.2% | 1.2% | −8.9% | 13.9% | 10.4% | 5.2% | 13.7% | 35.9% | 16.2% |
| Return on tangible assets | 43.6% | 10.5% | 1.1% | −9.3% | 13.4% | 10.2% | 5.2% | 13.3% | 33.8% | 15.1% |
| Free cash flow margin | 44.3% | 4.5% | 0.5% | −39.4% | 10.1% | 8.8% | 0.4% | 14.2% | 27.4% | 14.3% |
| Income quality (OCF / net income) | 1.06 | 2.05 | 10.93 | — | 1.75 | 2.13 | 3.09 | 2.09 | 1.23 | 1.60 |
| Financial health | ||||||||||
| Total debt | $5.18B | $15.28B | $14.01B | $13.93B | $7.52B | $7.28B | $7.18B | $5.85B | $4.64B | $11.15B |
| Cash & short-term investments | $43.43B | $10.31B | $8.11B | $9.59B | $9.33B | $8.63B | $8.14B | $7.96B | $6.80B | $5.43B |
| Net debt | −$38.26B | $4.97B | $5.90B | $4.34B | −$1.81B | −$1.35B | −$966.0M | −$2.10B | −$2.16B | $5.73B |
| Debt / equity | 0.04 | 0.28 | 0.31 | 0.32 | 0.15 | 0.17 | 0.18 | 0.16 | 0.14 | 0.60 |
| Debt / assets | 0.03 | 0.18 | 0.20 | 0.22 | 0.11 | 0.12 | 0.13 | 0.12 | 0.11 | 0.32 |
| Net debt / EBITDA | −0.35 | 0.27 | 0.65 | 1.89 | −0.11 | −0.10 | −0.11 | −0.16 | −0.11 | 0.59 |
| Current ratio | 3.31 | 2.52 | 2.64 | 4.46 | 2.89 | 3.10 | 2.71 | 2.58 | 2.79 | 2.34 |
| Quick ratio | 2.94 | 1.79 | 1.68 | 2.70 | 2.01 | 2.40 | 1.86 | 1.78 | 2.16 | 1.75 |
| Interest coverage | 942.5 | 20.7 | 2.3 | -14.8 | 51.3 | 34.3 | 15.5 | 57.6 | 43.8 | 9.8 |
| Working capital | $63.59B | $17.39B | $15.12B | $16.48B | $14.24B | $13.48B | $11.33B | $10.11B | $10.29B | $7.12B |
| Invested capital | $100.12B | $59.14B | $51.03B | $48.46B | $48.09B | $42.58B | $38.03B | $33.78B | $30.13B | $24.35B |
| Tangible asset value | $137.23B | $52.56B | $43.56B | $42.57B | $48.26B | $42.36B | $37.43B | $35.20B | $31.61B | $17.86B |
| Net current asset value | $33.56B | $208.0M | $87.0M | $1.11B | $5.41B | $4.99B | $3.28B | $4.39B | $5.83B | −$3.41B |
| Graham number | $450.00 | $90.68 | $25.14 | — | $88.03 | $66.71 | $42.93 | $62.46 | $82.46 | $40.01 |
| Graham net-net per share | $15.97 | −$6.40 | −$6.06 | −$4.13 | $0.12 | −$0.05 | −$0.71 | $0.69 | $2.03 | −$5.25 |
| Capital allocation | ||||||||||
| Dividends paid | $610.0M | $522.0M | $513.0M | $504.0M | $461.0M | $461.0M | $225.0M | $179.0M | $0 | $0 |
| Share buybacks (net) | $1.78B | $0 | $300.0M | $425.0M | $2.43B | $1.20B | $176.0M | $2.73B | $71.0M | $36.0M |
| Dividend payout ratio | 0.7% | 6.1% | 65.9% | — | 5.3% | 7.9% | 8.4% | 2.8% | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 4.0% | 31.3% | 671.9% | — | 92.9% | 68.1% | 483.1% | 87.2% | 0.9% | 1.2% |
| Capex / revenue | 23.1% | 42.4% | 33.4% | 49.4% | 39.2% | 36.2% | 38.4% | 42.1% | 29.9% | 25.8% |
| Capex / operating cash flow | 34.2% | 90.5% | 98.6% | 492.4% | 79.5% | 80.4% | 99.0% | 74.7% | 52.2% | 64.4% |
| Capex / depreciation | 3.23 | 1.90 | 1.08 | 0.99 | 1.70 | 1.61 | 1.46 | 1.82 | 1.91 | 1.36 |
| Stock-based compensation / revenue | 1.0% | 2.6% | 3.3% | 3.8% | 1.7% | 1.4% | 1.5% | 1.0% | 0.7% | 1.1% |
| R&D / revenue | 4.2% | 10.2% | 13.7% | 20.0% | 10.1% | 9.6% | 12.1% | 10.4% | 7.7% | 10.0% |
| SG&A / revenue | — | 3.2% | 4.5% | 5.9% | 3.5% | 3.2% | 4.1% | 3.6% | 2.7% | 3.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 62.3 | 77.5 | 65.8 | 88.9 | 62.0 | 60.8 | 60.5 | 67.6 | 55.5 | 52.3 |
| Days of inventory on hand | 133.1 | 139.7 | 161.6 | 162.0 | 120.7 | 106.6 | 131.5 | 125.2 | 98.1 | 92.3 |
| Days payables outstanding | 47.3 | 47.5 | 41.7 | 41.6 | 42.1 | 41.6 | 47.4 | 48.4 | 44.2 | 42.9 |
| Cash conversion cycle (days) | 148.1 | 169.8 | 185.7 | 209.3 | 140.6 | 125.8 | 144.6 | 144.4 | 109.4 | 101.8 |
| Receivables turnover | 5.86 | 4.71 | 5.54 | 4.10 | 5.89 | 6.01 | 6.03 | 5.40 | 6.58 | 6.98 |
| Payables turnover | 7.72 | 7.68 | 8.76 | 8.77 | 8.68 | 8.78 | 7.70 | 7.54 | 8.26 | 8.51 |
| Inventory turnover | 2.74 | 2.61 | 2.26 | 2.25 | 3.02 | 3.42 | 2.78 | 2.92 | 3.72 | 3.95 |
| Asset turnover | 0.96 | 0.49 | 0.38 | 0.24 | 0.49 | 0.49 | 0.42 | 0.51 | 0.77 | 0.65 |
| Average receivables | $22.73B | $7.94B | $4.53B | $3.79B | $5.22B | $4.61B | $3.55B | $4.34B | $4.62B | $2.91B |
| Average payables | $3.33B | $2.93B | $2.23B | $1.93B | $1.94B | $1.97B | $1.93B | $1.68B | $1.51B | $1.40B |
| Average inventory | $9.36B | $8.62B | $8.63B | $7.53B | $5.58B | $5.05B | $5.36B | $4.36B | $3.36B | $3.01B |
| Intangibles / total assets | 0.6% | 1.9% | 2.3% | 2.4% | 2.5% | 2.7% | 2.9% | 3.2% | 3.6% | 4.6% |
Computed from MU's annual financial statements (latest annual report filed October 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MU valuation and financial ratios
At the end of fiscal 2026 (August 31, 2026), Micron traded at 12.9 times earnings, against a 10-year median of 12.9. Based on the latest twelve months, the trailing P/E is 11.8 and the forward P/E is 7.0. Micron earned a return on equity of 88.3% and a return on invested capital of 106.9% in fiscal 2026. It ended the year with $5.2 billion of debt and $43.4 billion in cash and short-term investments, a net cash position of $38.3 billion. It returned $2.4 billion to shareholders: $610.0 million in dividends and $1.8 billion in share buybacks, 4% of free cash flow.
See the MU income statement, the MU chart for price history, or the MU stock overview for the latest quote and news.
MU key metrics FAQ
What is Micron's P/E ratio?
Micron's trailing P/E ratio is 11.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 7.0. At the end of fiscal 2026 it was 12.9, compared with a 10-year median of 12.9.
What is Micron's EV/EBITDA?
Micron's enterprise value was 9.7 times EBITDA at the end of fiscal 2026 (enterprise value $1.06 trillion, EBITDA $109.4 billion); the current EV/EBITDA is 17.8.
What is Micron's return on equity?
Micron's return on equity (ROE) was 88.3% in fiscal 2026: net income of $85.0 billion on average shareholders' equity of $96.3 billion. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Micron's ROIC?
Micron's return on invested capital was 106.9% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Micron have?
Micron had total debt of $5.2 billion at the end of fiscal 2026, a debt-to-equity ratio of 0.04 and more cash than debt.
What is Micron's dividend yield?
Micron's forward dividend yield is 0.07%. Micron paid $610.0 million in dividends in fiscal 2026 ($0.53 per share), a payout ratio of 0.7%.
Does Micron buy back its shares?
Yes. Micron spent $1.8 billion on net share repurchases in fiscal 2026 Shares outstanding changed +1.6% over the year, to 1.14B..
What is Micron's free cash flow yield?
Micron generated $59.0 billion of free cash flow in fiscal 2026, a free cash flow yield of 5.4% on its market value at year-end ($1.10 trillion).
What is Micron's current ratio?
Micron's current ratio was 3.31 at the end of fiscal 2026: current assets were 3.31 times current liabilities.