Micron Technology (MU)
Makes the memory (DRAM) and storage (NAND) chips tucked inside your laptop, phone and the servers running everything.
Is Micron Technology a good stock for a UK beginner?
The honest version: There's no rating here and nothing for sale. In its favour: very high current profitability and margins during this phase of the memory cycle. Worth weighing: extremely cyclical business with a history of sharp swings in both directions.
Is this normal for this company?
Each figure against the range this same company has produced recently. Neither end of a range is the good end.
Share price divided by the earnings actually reported over the four most recent quarters. The range is the same calculation at each of this company's last few results, so roughly the past year.
Profit as a share of sales, from the company's own quarterly statements. The range covers the 5 quarters we hold, and the figure shown is its most recent one.
How these ranges are built
Every number here is the company's own reported figure, not a comparison with other companies. The ranges come from this company's own results and its share price. Where it reports in a different currency from the one its shares trade in, the price-to-earnings range is left out rather than mixing the two.
What does Micron Technology do?
Micron makes the memory and storage chips that other companies build into their gadgets - laptops, phones, data-centre servers, you name it. Here's the catch: memory chips are famously cyclical: A business whose sales and profits rise and fall with the wider economy - booming in good times, sinking in downturns. Miners, carmakers and banks are classic examples., meaning prices boom and bust with global supply and demand, so Micron's revenue and profit can swing hard from one year to the next depending on where the cycle sits. Right now the numbers suggest it's near a strong point of that cycle. The one thing worth watching -> where that cycle turns next.
On our factor screen it looks strongest on growth and quality, and weakest on income.
- ✓Pays a dividend - about 0.1% a year
- ✓Growing - revenue up about 346% over the year
- ✓Very profitable - turns about 56% of sales into profit
- ✓Low debt - a sturdier balance sheet
- ✓Strong return on shareholder money (ROE 67%)
- Quality screens high
- Growth screens high
- Momentum screens high
- —
Does Micron Technology pay a dividend?
Yes - Micron Technology currently pays a dividend of about 0.1% a year, which is £0.60 a year for every £1,000 invested (the yearly payout as a share of the price). A dividend is a slice of profit handed to shareholders; the yield moves as the price moves, and a company can cut or stop it. An ISA doesn't shelter the US tax on this one →
What do the numbers say about Micron Technology's dividend?
There's no rating here, and we don't judge whether the dividend will continue - that would be advice. Here are the figures income investors usually look at, and what each one means, so you can weigh it up yourself.
Figures are from the latest available data and can be distorted by one-off results. Past payments don't predict future ones, and a dividend can be cut at any time. This lays out the numbers to help you understand them - it is not a view on what will happen.
Most recent ex-dividend date: 6 Jul 2026. To receive a dividend you must already own the shares before the ex-dividend date; become a holder on or after it and the previous owner keeps that payment. Why the price usually falls that morning →
Does Micron Technology have more cash or more debt?
It holds about $26.02B in cash against about $6.38B of debt - so it has net cash of about $19.65B. More cash than debt is a cushion: it does not need to borrow just to cover what it owes.
From the latest reported balance sheet. Cash and debt levels change, and some borrowing is normal - this is context, not a judgment.
What do Micron Technology's numbers mean?
How has it performed?
Growth of £1,000, the worst fall, and year by year
Over about 2 years to 2026-09-11. This is the share price only; any dividends would add to it. And it's the USD return - as a UK investor your actual £ return also moves with the exchange rate. Past performance is not a guide to the future, and it could just as easily have fallen.
How much has Micron Technology actually fallen?
Over the last 2 years of daily prices, Micron Technology fell as much as −43% from a high to a later low. Falls like this are normal when you own a share.
Past falls are not a forecast - it can fall further, or recover.
How has it done year by year?
Calendar-year total return - the share price with dividends reinvested - from adjusted closing prices. The current year is only part-complete. Past returns are not a guide to the future.
A closer look at the numbers
Ownership, earnings history, where the money goes, and the outlook range
Does the share price tell you if it's cheap or expensive?
Who owns Micron Technology?
About 80% of Micron Technology, or about 80 in every 100 shares, is held by big institutions such as pension and index funds. The rest, roughly 19%, is held by the public and smaller investors.
What this does and doesn't tell you
This is a recent snapshot of the share register, and it moves. We don't read anything into who owns what - a high institutional share is common for any large listed company and is not a signal about it.
Based on beta - how much the price swings versus the whole market. Bumpier isn't bad; it just means a rougher ride, which matters more the sooner you might need the money.
Prices move on results, news and the mood of the whole market - no single headline explains a day, and a quiet week is usually just noise, not a signal.
How much money does Micron Technology make?
Revenue and profit by quarter, and how much of each sale turns into profit.
Where does each £100 of Micron Technology's sales go?
A rough split of the latest full-year figures: of every £100 of sales, about £27 covers making the product or service, £17 goes on running costs, tax and interest, and about £56 is left as profit. Margins vary a lot by industry, and one-off items can distort a single year.
When does Micron Technology report earnings, and how did recent quarters go?
Micron Technology is next scheduled to report on about 2026-09-23 - dates can move, and we don't predict results; this just tells you when to look.
‘Beat’ and ‘missed’ are against what analysts expected, not whether the business is doing well.
| Reported | Expected EPS: The earnings per share analysts expected for the quarter - the average of their forecasts. 'Beating' or 'missing' is measured against this number. | Actual EPS | vs expected |
|---|---|---|---|
| 2026-06-24 | $20.71 | $25.11 | Beat +21% |
| 2026-03-18 | $9.16 | $12.20 | Beat +33% |
| 2025-12-17 | $3.96 | $4.78 | Beat +21% |
| 2025-09-23 | $2.86 | $3.03 | Beat +6% |
| 2025-06-25 | $1.59 | $1.91 | Beat +20% |
| 2025-03-20 | $1.42 | $1.56 | Beat +9% |
Across the last 6 quarters here, Micron Technology came in ahead of what analysts expected 6 times. One quarter is noise, not a trend.
See who else reports over the next two weeks →
Where these figures come from
Each quarter a company reports its results against a consensus of analyst forecasts. The figures here are reported versus expected earnings per share from published results; the expectation is that analyst consensus, not our view. Report dates are estimates and can move.
What are the scenarios for Micron Technology?
An illustrative range for the year ahead — not a prediction or a price target.
What are the pros, cons and common questions?
The case each way, and the questions people ask
structural AI and data-centre memory demand permanently lifts average profitability across future cycles
a severe, extended downcycle or intensified competition from other memory makers compresses margins for a long period
What are the pros and cons of Micron Technology?
A balance check, not a score or verdict.
- very high current profitability and margins during this phase of the memory cycle
- low multiple on forward earnings estimates if the current earnings level is sustained
- direct exposure to growing AI and data-centre memory demand
- extremely cyclical: A business whose sales and profits rise and fall with the wider economy - booming in good times, sinking in downturns. Miners, carmakers and banks are classic examples. business with a history of sharp swings in both directions
- minimal dividend, so returns depend heavily on the cycle and share price
- the reported momentum figure looks unusually extreme and may not be a reliable guide
- memory pricing is volatile and has historically reverted sharply after peaks
- risk of industry-wide oversupply if manufacturers over-expand capacity
- concentrated customer base among PC, phone, and server makers
- global semiconductor supply chains carry trade and geopolitical exposure
The write-up's own warning lights — if these start happening, the case above changes.
- memory spot pricing turning down for several consecutive months
- forward P/E rising sharply as earnings estimates get cut
- industry data showing large new memory production capacity coming online
- reports of rising inventory levels at major customers
Common questions about Micron Technology
Does Micron Technology pay a dividend?
Yes - Micron Technology currently pays a dividend of about 0.1% a year. Dividends are a share of profit paid to holders; the yield moves with the price and payouts can be cut.
When does Micron Technology report earnings next?
Micron Technology is next scheduled to report results on about 2026-09-23. Report dates are estimates and can move; this is a diary note for when to look, not a forecast of the outcome.
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