Price · last 3 months · daily close
MU price
Loading the price chart...
Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.
ValeriusBeta - Not investment advice
Research · S&P 500 · Information Technology
MU · Micron Technology
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
40/60
moderate value scoreEarnings & returns
EPS Trend
2/5Diluted EPS: $7.75 (2022), -$5.34 (2023), $0.70 (2024), $7.59 (2025). It ended at or below 2022; the framework scores that as 2.
ROE Trend
2/5ROE (net income / common equity): 17.4% (2022), -13.2% (2023), 1.7% (2024), 15.8% (2025). Median 8.7%, lowest -13.2%; the framework scores a median 5-10% as 2.
ROIC
5/5ROIC of 59.0%: operating income of $99.34B divided by $168.41B of capital (total assets $195.89B minus current liabilities $27.48B), fiscal year to Sep 3, 2026, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
5/5Net margin of 63.8%; the framework scores above 20% as 5; gross margin 80.7%, operating margin 80.7%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $5.18B, total cash $43.43B. The framework scores a net cash position as 5.
Free Cash Flow
2/5Free cash flow (operating cash flow minus capital expenditure): $3.11B (2022), -$6.12B (2023), $121.00M (2024), $1.67B (2025). It ended at or below 2022; the framework scores that as 2.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $40.82B (2023), $40.88B (2024), $48.58B (2025), $131.85B (2026). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
5/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $74.33 x (8.5 + 2 x 5.0) x (4.4 / 4.5) = $1,344.55 (EPS CAGR unavailable, default 5% applied). Current price $878.84; price is 34.6% below the model value.
DCF Value
2/5FCF/share = $25.755, stage 1 growth = 20.0% (revenue CAGR 55.1% capped at 20%) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $168.46, PV of terminal value = $585.53, DCF value = $753.99. Current price $878.84; price is 16.6% above the model value.
Margin of Safety
3/5Graham value $1,344.55 (price is 34.6% below the model value); DCF value $753.99 (price is 16.6% above the model value).
Price-to-Book
1/5P/B of 7.18; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 5 of 10 years (2017-2026); lowest -9.7%, highest 59.0%.
Gross margin, each year
Between -9.1% and 80.7% over 10 years (a range of 89.8 points).
Competition, in the company’s own words · 10-K filed Oct 9, 2026
We face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc. (“CXMT”); and Yangtze Memory Technologies Co., Ltd. (“YMTC”). Our competitors may use aggressive pricing to obtain market share. Some of our competitors are large corporations or conglomerates that may operate in jurisdictions with lower labor and compliance costs and may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete. Consolidation of industry competitors could put us at a competitive disadvantage as our competitors may benefit from increased manufacturing scale and a stronger product portfolio. Alternatively, new entrants into the memory and storage market could have a significant adverse impact on our competitive position. We operate in different jurisdictions than our competitors and may be impacted by unfavorable changes in currency exchange rates, import/export restrictions, and other trade regulations, including tariffs. In addition, governments have provided, and may continue to provide, significant assistance, financial or otherwise, to some of our competitors or to new entrants and may intervene in support of national industries and/or competitors.
The opening of the company’s “Competitive Conditions” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $5.16B paid out against -$1.21B of free cash flow (fail: free cash flow was negative); total debt $7.52B to $15.28B, up 103.3%, 0.8x EBITDA (pass: at most 2x EBITDA); shares outstanding 1.09B to 1.12B, up 2.6% (fail: up more than 2%). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
Loading...
These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $74.33, g = 5.0%, Y = 4.5
IV = $1,344.55
Current price $878.84 vs Graham value $1,344.55 — price is 34.6% below the model value.
DCF:
FCF/share = $25.755
Stage 1 growth = 20.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Stage 1 g capped at 20.0% (3-year revenue CAGR was 55.1%)
Y1: $30.906 → PV $28.097
Y2: $37.088 → PV $30.651
Y3: $44.505 → PV $33.438
Y4: $53.406 → PV $36.477
Y5: $64.088 → PV $39.793
Stage 1 PV sum = $168.46
Terminal value at end of Y5 = $943.00
PV of terminal value = $585.53
DCF value = $753.99
Current price $878.84 vs DCF value $753.99 — price is 16.6% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $878.84. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
- Loading headlines...
The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.