Micron Technology, Inc. (MU)
POSITIVEファンダメンタル
76
株価
$929.75
時価総額
-
パート1 · 企業の価値
概要
Micron makes memory and storage chips — DRAM, which computers and servers use to hold data they are actively working with, and NAND flash, which stores data long-term in solid-state drives and phones. It is one of only three companies in the world with the scale to manufacture advanced memory competitively, alongside Samsung and SK Hynix. Demand today is increasingly driven by AI servers, which need far more high-bandwidth memory per unit than a standard computer.
収益の仕組み
Micron sells chips outright to computer, phone, and server makers at prices set largely by the broader memory market, since DRAM and NAND are close to commodities: when the industry has more supply than buyers need, prices for everyone fall sharply, and when supply is tight they rise just as sharply. Fiscal 2025 revenue jumped 49% mostly on higher prices and the newer high-bandwidth memory used in AI accelerators, illustrating how much results depend on where the industry sits in its cycle rather than on unit sales alone.
セグメント別売上高
High-bandwidth memory and DRAM sold to the largest cloud and AI computing customers, the fastest-growing and now largest part of Micron.
Memory chips for smartphones and personal computers, Micron's largest business by revenue but growing the slowest of the four.
DRAM and NAND sold to traditional enterprise and data-center server makers outside the largest hyperscale cloud AI buyers.
Memory and storage for cars, industrial equipment and connected devices, sold under long product lifecycles distinct from consumer electronics.
競争優位性（moat）
規模の経済 · 狭いBuilding a competitive memory fab costs tens of billions of dollars, which has narrowed the industry to three real players worldwide — Micron, Samsung and SK Hynix — and keeps new entrants out. That scale advantage protects Micron's position but does not give it pricing power: DRAM and NAND are still largely interchangeable between suppliers, so prices are set by the whole industry's supply, not by any one company.
需要を左右する要因
景気循環型Memory has one of the most pronounced boom-and-bust cycles in technology: prices can double or halve within a year as manufacturers add or cut capacity slower than demand shifts. AI data-center buildouts are currently driving a strong upcycle, but the same industry has swung from shortage to oversupply repeatedly over the past two decades.
主なリスク
- Severe price cyclicality — Memory prices can swing sharply within a single year based on industry-wide supply and demand, and a downturn can turn a very profitable year into a loss-making one quickly.
- Customer concentration — The ten largest customers together generate roughly half of total revenue; losing or renegotiating terms with even one of them would have a large effect on results.
- Heavy, ongoing capital spending — Staying competitive requires continuous, multi-billion-dollar investment in new fabs and equipment years before that capacity generates revenue, regardless of where prices sit in the cycle at the time.
- Export controls and China exposure — US restrictions on advanced chip technology and China's own restrictions on Micron products in response have already cost the company sales in one of its largest markets.
顧客集中度
Micron's ten largest customers together have accounted for roughly half of total revenue in each of the last three fiscal years, though no single customer's individual share is broken out.
強気材料
Buyers argue that AI data centers need far more memory per server than before, that a three-player industry structure gives Micron real pricing power in an upcycle, and that fiscal 2025's 49% revenue growth shows the current cycle still has room to run.
弱気材料
Sellers fear that memory has always been a boom-and-bust business and today's AI-driven prices will eventually invite more supply and fall again, that half of revenue riding on ten customers leaves Micron exposed to any one of them slowing orders, and that China's restrictions on Micron chips could deepen if trade tensions escalate further.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$90.27B
直近12か月（2026/5/28まで）
純利益
$50.47B
直近12か月（2026/5/28まで）
フリーキャッシュフロー
$1.67B
自己資本合計
$54.16B
負債合計
$28.63B
流動比率
3.42
利払い倍率
257.58
負債/EBITDA
0.35
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$818.79
現在株価
$929.75
安全マージン
-13.6%
適正価値レンジ
$532.21 - $1105.37
推定方法
バリュエーション指標
P/E レシオ
20.61
ROE
15.8%
P/B レシオ
10.21
P/FCF
39.29
粗利益率
72.6%
ROIC
40.8%
収益性レーダー
Value Creation (Economic Moat)
ROIC
40.8%
WACC
16.8%
ROIC − WACC
+24.0 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（21）
- EPS shows upward trend
- Price CAGR 46.04%
- ROIC 40.8%
- Gross Margin 72.6%
- Debt/Equity ratio
- Operating Margin 65.6%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 70.5%
- Revenue Growth 5Y 11.8%
- Analyst Consensus 91% Buy
- Earnings Surprise avg 16.2%
- PEG Ratio 0.82
- Earnings Quality (OCF/NI) 1.02
- Share Dilution 1.2%
- Net Margin Trend 55.9% vs 18.4%
- Piotroski F-Score 7/9
不合格（5）
- P/FCF 39.29
- P/B Ratio 10.21
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式数は安定している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Sanjay Mehrotra | CEO, President & Chairman | 66 |
| Mr. Mark J. Murphy | Executive VP & CFO | 57 |
| Mr. Manish H. Bhatia | Executive Vice President of Global Operations | 53 |
| Dr. Scott J. DeBoer Ph.D. | Executive VP and Chief Technology & Products Officer | 59 |
| Mr. Sumit Sadana | Executive VP & Chief Business Officer | 56 |
| Mr. Scott R. Allen | Corporate VP & Chief Accounting Officer | 57 |
| Mr. Anand Bahl | Corp. VP & Chief Information Officer | - |
| Mr. Satya Kumar | Corporate VP of Investor Relations & Treasurer | - |
| Mr. Michael Charles Ray Ph.D. | Senior VP, Chief Legal Officer & Corporate Secretary | 57 |
| Mr. Michael D. Cordano | Executive VP of Worldwide Sales | 61 |
監査リスク
1
取締役会リスク
7
報酬リスク
6
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for MU, sourced from Markets Gazette.
- 11h agoPOSITIVEPerché Micron e SanDisk rimbalzano dopo il crollo delle azioni memoria di lunedì?
Micron Technology Inc. and SanDisk saw their shares rebound in Tuesday's pre-market trading, recovering from Monday's significant sell-off in the memory chip sector. Micron climbed over 3%, while SanDisk gained approximately 4%. This bounce occurred as investors reassigned capital to semiconductor stocks ahead of Nvidia's earnings report. The sharp recovery suggests Monday's decline may have been an overreaction or a short-term capitulation event, rather than a fundamental shift in the companies' underlying business activities. The market appears to be looking past the immediate volatility, anticipating potential positive catalysts.
- 1d agoNEGATIVEPerché le azioni di Micron, SK Hynix e SanDisk scendono oggi?
Micron Technology shares plunged approximately 7% on Monday, alongside significant drops in SK Hynix (down 5%) and SanDisk (down 9%), as investors reacted to potential shifts in Apple's supply chain. Reports suggest the Trump administration may permit Apple to source DRAM from China's CXMT and NAND flash from Yangtze Memory Technologies. This news, coupled with Samsung's disappointing shareholder return announcement and broader profit-taking in semiconductors, has created a negative sentiment for memory chip manufacturers. The potential loss of market share and increased competition from Chinese suppliers are key concerns for investors.
- 5d agoPOSITIVEMicron a $2.000? I conti Nvidia possono mettere alla prova la scommessa più audace di Wall Street
Micron Technology (NASDAQ: MU) is approaching Nvidia's earnings report with an aggressive price target of $2,000, raised from $1,500 by D.A. Davidson analyst Gil Luria. This bullish outlook, maintained with a Buy recommendation, is predicated on the idea that AI-driven demand and long-term customer agreements have significantly stabilized Micron's historically cyclical revenues. The upcoming Nvidia report will serve as a crucial test for this thesis, as Micron currently trades approximately 22% below its all-time high. Investors are closely watching to see if the company can sustain its growth trajectory.
- 5d agoPOSITIVELe azioni Micron salgono del 2% oggi: ecco perché
Micron Technology Inc. (MU) shares rose 2% on August 20th following the announcement of a $10 billion AI research lab to be built in Boise, Idaho, over the next decade. This significant investment will focus on memory technology, computing systems, and future semiconductor manufacturing. The expansion is driven by the surging demand for memory chips fueled by the growth of AI infrastructure. Construction of the advanced Micron Research Labs is slated to begin in 2027, with space for hundreds of researchers. This strategic move positions Micron to capitalize on the AI boom, potentially boosting future revenue and market share.
- 6d agoPOSITIVEPrincipali motivi per cui le azioni Micron sono pronte a un forte rimbalzo
Micron Technology's stock has experienced a significant downturn, falling from a year-to-date high of $125.50 in June to its current trading price of $94.00. This decline mirrors the performance of other memory chip companies globally. However, analysts are expressing optimism for a potential rebound. New Street Research has set a price target of $125.00, representing a nearly 35% upside from current levels, while DA Davidson has raised its target to $150.00. This positive analyst sentiment suggests a belief in the company's underlying value and future prospects, potentially signaling a turning point for the stock.
- 7d agoNEGATIVELe azioni MU scendono del 7%: i titoli della memoria sotto pressione
Micron Technology (MU) shares tumbled 7.7% to $934 on Tuesday, marking a significant reversal after a strong prior rally. The decline occurred amidst broader pressure on the semiconductor sector, driven by rising Treasury yields and concerns over increased financing costs for AI infrastructure. Fellow memory chip makers SK Hynix and SanDisk also experienced sharp drops of 9.2% and nearly 10%, respectively. This sell-off highlights the sector's sensitivity to macroeconomic factors like interest rates, impacting even high-flying stocks like Micron.
- 7d agoPOSITIVEJim Cramer: non è troppo tardi per investire in SNDK, MU, STX e WDC
Jim Cramer suggests it's not too late to invest in memory chip stocks like SanDisk (SNDK), Micron Technology (MU), Seagate Technology (STX), and Western Digital (WDC). Historically a boom-and-bust sector, memory chips are now seeing sustained demand from AI-driven hyperscale data centers. Despite significant rallies, Cramer argues that supply constraints and new discipline among manufacturers present a structural argument for continued growth. Investors who missed the initial surge may still find opportunities as the AI revolution fuels demand for memory and storage solutions.
- 8d agoNEGATIVEMicron -6%, SK Hynix e SanDisk -5%: perché crolla il settore memoria?
Micron Technology (MU) shares plunged approximately 6% in pre-market trading, following a broader sell-off in the memory chip sector. SanDisk (SNDK) also fell 5.3%, and SK Hynix ADRs dropped 5.1%. This sharp decline, occurring without a clear overnight deterioration in memory demand, suggests investors are reducing exposure to AI chip winners. The Nasdaq 100 futures also dipped 1.2%, indicating a general market caution. For investors, this signals a potential rotation away from high-flying tech stocks, prompting a re-evaluation of risk appetite in the semiconductor industry.
via Markets Gazette