MU
Micron Technology, Inc.
MU has the edge over NOW overall, supported by stronger fundamentals and stronger modeled upside.
NOW
ServiceNow, Inc.
NOW's outlook is improving, though it still trails on the overall score.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU's revenue, profitability, cash flow and balance sheet are all currently strong.
NOW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Under pressure |
NOW's revenue and cash flow are currently healthy, and its profitability is stable, but its balance sheet is under pressure.
MU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.6x | $798 | — |
| Cheap | 10x | $777 | -2.7% |
| Current | 11x | $798 | — |
| Fair | 22x | $1,646 | +106% |
| Expensive | 32x | $2,404 | +201% |
Historical ranges are pointers, not guarantees.
MU's PE is in its cheap range at 11x. If earnings grow as analysts expect, today's price would be 4.6x next year's earnings.
NOW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 22x | $101 | — |
| Current | 72x | $101 | — |
| Cheap | 83x | $115 | +14% |
| Fair | 141x | $196 | +95% |
| Expensive | 518x | $720 | +616% |
Historical ranges are pointers, not guarantees.
NOW has the edge over MU in the historical PE scenario, which offers more potential upside but is not a forecast.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
MU has the edge over NOW on the outlook, with more favorable profitability expectations.
NOW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for NOW, with profitability holding steady.
MU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $174.95 | +135% |
| Q3 2026 | $74.33 | +879% |
| Q2 2026 | $44.17 | +693% |
| Q1 2026 | $21.18 | +405% |
| Q4 2025 | $10.52 | +201% |
| Q3 2025 | $7.59 | +984% |
| Q2 2025 | $5.57 | +$6.99 |
| Q1 2025 | $4.19 | +$7.64 |
| Q4 2024 | $3.49 | +$9.77 |
MU has the edge over NOW on earnings, with more consistent year-over-year improvement.
NOW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.55 | +227% |
| Q3 2026 | $1.39 | -16% |
| Q2 2026 | $1.60 | +0.6% |
| Q1 2026 | $1.68 | +14% |
| Q4 2025 | $1.67 | +22% |
| Q3 2025 | $1.66 | +29% |
| Q2 2025 | $1.59 | +43% |
| Q1 2025 | $1.47 | -21% |
| Q4 2024 | $1.37 | -18% |
NOW's earnings per share have fallen from their peak: $1.39 over the past year, against $1.87 in early 2024.
MU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.2B | +379% |
| Q2 2026 | $41.5B | +346% |
| Q1 2026 | $23.9B | +196% |
| Q4 2025 | $13.6B | +57% |
| Q3 2025 | $11.3B | +46% |
| Q2 2025 | $9.3B | +37% |
| Q1 2025 | $8.1B | +38% |
| Q4 2024 | $8.7B | +84% |
MU has the edge over NOW on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 81% | +48 points |
| Q2 2026 | 80% | +57 points |
| Q1 2026 | 68% | +46 points |
| Q4 2025 | 45% | +20 points |
| Q3 2025 | 32% | +13 points |
| Q2 2025 | 23% | +13 points |
| Q1 2025 | 22% | +19 points |
| Q4 2024 | 25% | +49 points |
MU has the edge over NOW on profitability, with a higher operating margin.
NOW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.1B | +21% |
| Q2 2026 | $4B | +24% |
| Q1 2026 | $3.8B | +22% |
| Q4 2025 | $3.6B | +21% |
| Q3 2025 | $3.4B | +22% |
| Q2 2025 | $3.2B | +22% |
| Q1 2025 | $3.1B | +19% |
| Q4 2024 | $3B | +21% |
NOW's revenue has grown year over year every quarter since late 2020: $4.1B last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.4% | -7.4 points |
| Q2 2026 | 4.1% | -7.1 points |
| Q1 2026 | 13% | -1.3 points |
| Q4 2025 | 12% | -0.2 points |
| Q3 2025 | 17% | +1.8 points |
| Q2 2025 | 11% | +2 points |
| Q1 2025 | 15% | +1.8 points |
| Q4 2024 | 13% | +1.6 points |
NOW's operating margin was 9.4% last quarter, down 7.4 points from the same quarter a year ago.
MU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.9B | +45543% |
| Q2 2026 | $17.6B | +951% |
| Q1 2026 | $5.5B | +$5.6B |
| Q4 2025 | $3B | +7853% |
| Q3 2025 | $72M | -75% |
| Q2 2025 | $1.7B | +322% |
| Q1 2025 | -$113M | +$52M |
| Q4 2024 | $38M | +$433M |
MU generated $59B in free cash flow over the past year, more than ten times what it generated the year before.
NOW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $748M | +29% |
| Q2 2026 | $473M | -10% |
| Q1 2026 | $1.5B | +3.9% |
| Q4 2025 | $2B | +45% |
| Q3 2025 | $578M | +23% |
| Q2 2025 | $526M | +47% |
| Q1 2025 | $1.5B | +22% |
| Q4 2024 | $1.4B | +2.8% |
NOW's free cash flow has been positive every quarter for seven years: $4.8B over the past year, up 20% from the year before.
MU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | +1.6% | +18M shares |
| 3 years | +4.6% | +50M shares |
| 5 years | +0.2% | +2M shares |
| Available history | +1.2% | +14M shares |
MU has 1.1B diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $350M |
| Q4 2025 | $300M |
| Q3 2024 | $300M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
MU has spent almost nothing on buybacks in the past year.
NOW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +8.7M shares |
| 1 year | -0.4% | -4.5M shares |
| 3 years | +1.1% | +11.6M shares |
| 5 years | +2.7% | +27.4M shares |
| Available history | +5.8% | +56.9M shares |
NOW has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $2.2B |
| Q4 2025 | $597M |
| Q3 2025 | $584M |
| Q2 2025 | $361M |
| Q1 2025 | $298M |
| Q4 2024 | $296M |
NOW spent $2.8B buying back its own shares over the past year, up 83% from the year before.
MU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
MU has the edge over NOW on leverage, with a lower net debt burden relative to earnings.
NOW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.6x | Moderate |
| Q2 2026 | 2.6x | Moderate |
| Q1 2026 | -0.5x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -0.5x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
NOW's net debt is about 2.6 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
MU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.1 | Neutral |
| Stochastic | 26.9 | Neutral |
MU's weekly RSI is 47 (neutral) and its Stochastic is 27 (neutral).
NOW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.7 | Neutral |
| Stochastic | 5.4 | Oversold |
NOW's weekly RSI is 41 (neutral) and its Stochastic is 5 (oversold).
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU has the edge over NOW on valuation relative to its sector.
NOW PE vs Technology Sector
| Metric | NOW | Sector median | Relative |
|---|---|---|---|
| PE | 72x | 28x | 160% above |
| PE % | 7 | 35 | 28 pts below |
NOW is trading at 72x earnings, a 160% premium to the Technology sector's median of 28x.
MU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $914.5 | 13% below |
| 20 week MA | $931.0 | 14% below |
| 50 week MA | $685.9 | 16% above |
| 100 week MA | $405.4 | 97% above |
| 200 week MA | $246.0 | 225% above |
MU has the edge over NOW on trend strength, trading above more of its moving averages.
NOW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $127.4 | 21% below |
| 20 week MA | $123.9 | 19% below |
| 50 week MA | $119.0 | 15% below |
| 100 week MA | $153.4 | 34% below |
| 200 week MA | $145.0 | 31% below |
NOW is in a downtrend: it's below all five of its weekly moving averages, and 31% below its 200-week average.
MU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $70.6 | +31% |
| 2021 | $70.6 | $94.4 | +34% |
| 2022 | $94.4 | $50.2 | -47% |
| 2023 | $50.2 | $85.3 | +70% |
| 2024 | $85.3 | $88.6 | +3.9% |
| 2025 | $88.6 | $284.8 | +221% |
| 2026 YTD | $284.8 | $798.4 | +180% |
MU has the edge over NOW on returns for 2026, with the stronger performance.
NOW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $57.4 | $110.8 | +93% |
| 2021 | $110.8 | $129.7 | +17% |
| 2022 | $129.7 | $76.4 | -41% |
| 2023 | $76.4 | $141.3 | +85% |
| 2024 | $141.3 | $216.3 | +53% |
| 2025 | $216.3 | $153.9 | -29% |
| 2026 YTD | $153.9 | $100.7 | -35% |
NOW is down 35% so far in 2026, after finishing higher in four of the previous six years.