MU·Semiconductors — Memory (DRAM/HBM + NAND)

Micron Technology

ConvictionStrong

Vertically integrated IDM: designs and fabs its own DRAM and NAND in owned fabs (US, Japan, Taiwan, Singapore), sells to OEMs/hyperscalers/distributors. Deeply cyclical commodity historically, now partly de-commoditized via take-or-pay HBM/Strategic Customer Agreements (fact: 16 SCAs, ~$100B minimum contracted revenue through 2030, Q3 FY26 call).

Revenue

$41.46Bfact, Q3 FY26, qtr ended ~May 2026; +346% YoY, +74% QoQ). TTM ~$92B and rising fast (est., sum of Q4FY25 $11.32B + Q1 $13.64B + Q2 $23.86B + Q3 $41.46B).

Rev growth

+346% YoYfact, Q3 FY26). Driven by AI/data-center DRAM + HBM and severe pricing — not a sustainable steady-state growth rate.

Gross marginfact

81.2% non-GAAPfact, Q3 FY26), up from 74% (Q2) and 56.8% (Q1 FY26); Q4 guided ~86% . A historic peak for any memory maker.

Op margin

~81% non-GAAPfact, Q3 FY26 call cited ~81.2% op margin, +12pts QoQ; opex only ~$1.6B vs $41B rev).

Capex intensityfact

~17%in Q3 ($7.1B capex / $41.46B rev, fact); FY26 capex guided ~$27B net of incentives on a much lower full-year revenue base, so FY26 capex/revenue is higher (~25-30%, est.).

Market cap

~$1.32-1.37Tfact, ~Jun 22-25 2026; ~1.13-1.15B shares x ~$1,166 price). Note: a $1T+ memory cap is unprecedented and itself prices a structural-cycle thesis.

Across the boards

The thesis on this name

opportunityModerate

State of AI Compute

Full context

position · longWeak

State of AI Compute

Full context

opportunityStrong

State of the Memory Supercycle

Full context

opportunityModerate

State of the Memory Supercycle

Full context

opportunityModerate

State of the Memory Supercycle

Full context

position · longStrong

State of the Memory Supercycle

Full context

book · long

State of the Memory Supercycle

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2025-10-03. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$27.7B

FY’22

$30.8B+11%

FY’23

$15.5B-49%

FY’24

$25.1B+62%

FY’25

$37.4B+49%

Margins & balance sheet — FY’25

Gross margin39.8%

Operating margin26.1%

Net margin22.8%

Net cash$15.6B

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Micron Technology

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.

MU·Semiconductors — Memory (DRAM/HBM + NAND)

Micron Technology

ConvictionStrong

Revenue

$41.46Bfact, Q3 FY26, qtr ended ~May 2026; +346% YoY, +74% QoQ). TTM ~$92B and rising fast (est., sum of Q4FY25 $11.32B + Q1 $13.64B + Q2 $23.86B + Q3 $41.46B).

Rev growth

+346% YoYfact, Q3 FY26). Driven by AI/data-center DRAM + HBM and severe pricing — not a sustainable steady-state growth rate.

Gross marginfact

81.2% non-GAAPfact, Q3 FY26), up from 74% (Q2) and 56.8% (Q1 FY26); Q4 guided ~86% . A historic peak for any memory maker.

Op margin

~81% non-GAAPfact, Q3 FY26 call cited ~81.2% op margin, +12pts QoQ; opex only ~$1.6B vs $41B rev).

Capex intensityfact

~17%in Q3 ($7.1B capex / $41.46B rev, fact); FY26 capex guided ~$27B net of incentives on a much lower full-year revenue base, so FY26 capex/revenue is higher (~25-30%, est.).

Market cap

~$1.32-1.37Tfact, ~Jun 22-25 2026; ~1.13-1.15B shares x ~$1,166 price). Note: a $1T+ memory cap is unprecedented and itself prices a structural-cycle thesis.

Across the boards

The thesis on this name

opportunityModerate

State of AI Compute

Full context

position · longWeak

State of AI Compute

Full context

opportunityStrong

State of the Memory Supercycle

Full context

opportunityModerate

State of the Memory Supercycle

Full context

opportunityModerate

State of the Memory Supercycle

Full context

position · longStrong

State of the Memory Supercycle

Full context

book · long

State of the Memory Supercycle

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2025-10-03. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$27.7B

FY’22

$30.8B+11%

FY’23

$15.5B-49%

FY’24

$25.1B+62%

FY’25

$37.4B+49%

Margins & balance sheet — FY’25

Gross margin39.8%

Operating margin26.1%

Net margin22.8%

Net cash$15.6B

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Micron Technology

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.