MU · US
MU.US: FQ3'26 still latest print — IR set FQ4 for Sep 30
Micron FQ3 FY2026 revenue $41.46B (+346% YoY), GAAP EPS $24.67; HBM4 shipped >$1B. FQ4 guide **$50.0B ±$1.0B**, ~86% GM — no 8-K in this window. IR (2026-08-26) set the FQ4 call for **2026-09-30** 14:30 MT. Do not fill the P&L from the guide.
Cite a section with a deep link, e.g. /en/r/mu-us-research#thesis
Snapshot
- Price
- USD 125
- Mkt cap
- USD 140.0B
- Revenue
- USD 165.8B
- Data center (Q >)
- USD 25.0B
As-of 2026-09-29 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Micron FQ3 FY2026 revenue $41.46B (+346% YoY), GAAP EPS $24.67; HBM4 shipped >$1B. FQ4 guide $50.0B ±$1.0B, ~86% GM, Non-GAAP EPS $31.00 ±$1.0. HBM/DRAM tight cycle; cyclicality and China remain variables.
Business
Model: DRAM/NAND/HBM memory. Flagships: HBM4; datacenter DRAM. Edge: HBM oligopoly vs Samsung/SK hynix. Strategy: FY26 ~$27B CapEx; supply discipline.
Value chain
Memory upstream. Downstream: NVDA GPUs, cloud. Risks: cycle top, China/export controls.
Corporate events
No new 8-K P&L in this window. The table only records the company-IR named next print and the still-current latest print.
Recent corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| FQ3 FY26 | 财报 | 最新正式打印仍为 FQ3 FY26 | 收入/净利图不停在未披露的下一季 |
| 2026-09-30 | 日历 | 下一份出数 / 电话会（16:30 ET / 14:30 MT call） | Micron IR, 2026-08-26 FQ4 call notice |
Valuation
FQ4 $50B guide is near-term anchor; cyclical multiple moves with contract pricing.
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| P/E（TTM 约） | 约 18x | 行情示意；以最新 EPS 为准 |
| P/B | 约 3.2x | 净资产口径随季报更新 |
| 盈利收益率 | 约 5.6% | 1/PE 近似 |
| 现价读法 | 约 125 USD | 截至 2026-08-26 包内 KPI |
~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):
Valuation & return · ~3y
Interactive chart available in the reader.
~3y share price (quarterly close, split-adjusted approx.):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ:
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
OCF and leverage per latest filings.
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健偏扩张 | 以最新季报 OCF 与净现金为准 |
| 经营现金流 | 见最新 10-Q | AI 周期龙头通常 OCF 强劲 |
| 净负债 / 现金 | 投资级或净现金 | 详见 table 与 IR |
| 流动性 | 充裕 | Current ratio / cash & equivalents |
| 审计意见 | 无保留（常规预期） | 以最新 10-K 为准 |
Operations
FQ3 OCF $25.39B; DC revenue >$25B. Sep 2026 FQ4 print to validate $50B.
Key financial points
| Item | Value | YoY | Note |
|---|---|---|---|
| FQ3 营收 | $41.46B | +346% YoY | HBM 驱动 |
| GAAP EPS | $24.67 | FQ3 | Non-GAAP $25.11 |
| OCF | $25.39B | FQ3 | 现金强劲 |
| HBM4 出货 | >$1B 收入 | 已计 | ASP 关键 |
| FQ4 指引 | $50.0B ±$1.0B | GM ~86% | Sep 待印 |
Competition
Market share vs peers (illustrative):
Peer comparison
| Company | Position | Margin | Strength | Weakness |
|---|---|---|---|---|
| Micron (self) | HBM / DRAM | ~86% peak | HBM4 ramp + DC mix | Cycle peak valuation |
| SK hynix | HBM leader share | High-cycle | HBM capacity lead | Korea geo / CapEx |
| Samsung Memory | DRAM / HBM | High-cycle | Scale IDM | HBM share recovery race |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO / President | Sanjay Mehrotra | 2017-05 | No change |
| CFO | Mark Murphy | 2022-04 | No change |
| EVP Global Ops / Tech | Scott DeBoer / ops bench | — | No material C-suite turnover disclosed |
Stability: Sanjay Mehrotra CEO stable; memory cycle tests capital discipline.
Outlook
Near-term: next official print scheduled 2026-09-30 (16:30 ET / 14:30 MT call). Financials still stop at FQ3 FY26; this pack does not pre-fill an undisclosed P&L. Medium-term: the tracking items above.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
| Risk | Severity | Note |
|---|---|---|
| 需求/指引不及预期 | 高 | 周期顶点、中国需求、HBM 竞争、CapEx 过剩。 |
| 竞争加剧 | 中 | 同业扩产或降价挤压份额与毛利 |
| 供应链约束 | 中 | 关键零部件或产能瓶颈 |
| 估值与流动性 | 中 | 主题退潮或解禁带来回撤 |
| 政策与合规 | 低 | 出口管制、监管或审计关注 |
Tracking list
Check the next 10-Q / earnings release for:
- Next official print scheduled 2026-09-30 (16:30 ET / 14:30 MT call; Micron IR, 2026-08-26 FQ4 call notice) — pack financials still stop at FQ3 FY26; do not extrapolate
- FQ4 $50B ±$1B revenue guide and ~86% GM delivery (await 8-K; do not fill from guide)
- HBM4 shipments & ASP vs Samsung / SK hynix
- FY26 ~$27B CapEx and supply discipline
- China / export controls on DRAM demand
- Cycle-top signals: customer inventory & contract pricing
References
- MU IR / latest 10-Q — SEC EDGAR
- https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=MU
- Cross-links in body [[article:]] refs
Not investment advice; defer to latest company filings.
- Micron IR, 2026-08-26 FQ4 call notice — https://investors.micron.com/news/press-release/2026/Micron-Technology-to-Report-Fiscal-Fourth-Quarter-Results-on-September-30-2026/default.aspx
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