MU
Micron Technology, Inc.
MU has the edge over ON overall, supported by stronger valuation and stronger modeled upside.
ON
ON Semiconductor Corporation
ON'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.
ON Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ON's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 has the edge over ON in the historical PE scenario, which offers more potential upside but is not a forecast.
ON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $26.87 | -64% |
| Forward | 17x | $73.73 | — |
| Fair | 28x | $47.27 | -36% |
| Current | 44x | $73.73 | — |
| Expensive | 68x | $113 | +53% |
Historical ranges are pointers, not guarantees.
ON's PE is in its expensive range at 44x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its cheap range.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for MU, with profitability improving.
ON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for ON, with profitability improving.
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 ON on earnings, with more consistent year-over-year improvement.
ON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.43 | +165% |
| Q3 2026 | $1.67 | +117% |
| Q2 2026 | $1.51 | +41% |
| Q1 2026 | $1.36 | -5.6% |
| Q4 2025 | $0.29 | -92% |
| Q3 2025 | $0.77 | -81% |
| Q2 2025 | $1.07 | -76% |
| Q1 2025 | $1.44 | -71% |
| Q4 2024 | $3.63 | -26% |
ON's earnings per share have fallen from their peak: $1.67 over the past year, against $4.96 in late 2023.
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 ON on sales, with more consistent year-over-year improvement.
| 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 ON on profitability, with a higher operating margin.
ON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +11% |
| Q2 2026 | $1.6B | +9.2% |
| Q1 2026 | $1.5B | +4.7% |
| Q4 2025 | $1.5B | -11% |
| Q3 2025 | $1.6B | -12% |
| Q2 2025 | $1.5B | -15% |
| Q1 2025 | $1.4B | -22% |
| Q4 2024 | $1.7B | -15% |
ON's revenue is recovering but still below its 2022 peak: $1.7B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 22% | +4.9 points |
| Q2 2026 | 16% | +3 points |
| Q1 2026 | -3.5% | +36 points |
| Q4 2025 | 13% | -11 points |
| Q3 2025 | 17% | -8.2 points |
| Q2 2025 | 13% | -9.2 points |
| Q1 2025 | -40% | -68 points |
| Q4 2024 | 24% | -6.6 points |
ON's operating margin was 22% last quarter, up 4.9 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 has the edge over ON on cash flow, with more consistent year-over-year improvement.
ON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $488.6M | +31% |
| Q2 2026 | $425.4M | +301% |
| Q1 2026 | $217.2M | -52% |
| Q4 2025 | $485.4M | +12% |
| Q3 2025 | $372.4M | +27% |
| Q2 2025 | $106.1M | -49% |
| Q1 2025 | $454.7M | +65% |
| Q4 2024 | $434.8M | +97% |
ON generated $1.6B in free cash flow over the past year, up 18% 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.
ON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -7.1M shares |
| 1 year | -2.6% | -10.7M shares |
| 3 years | -12% | -53.4M shares |
| 5 years | -9.8% | -43.4M shares |
| Available history | -4.5% | -18.7M shares |
ON has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $19.9M |
| Q2 2026 | $344.8M |
| Q1 2026 | $345.7M |
| Q4 2025 | $450.2M |
| Q3 2025 | $325M |
| Q2 2025 | $302.3M |
| Q1 2025 | $300.1M |
| Q4 2024 | $204.1M |
ON spent $1.2B buying back its own shares over the past year, up 2.6% 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 ON on leverage, with a lower net debt burden relative to earnings.
ON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.2x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | 1.0x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.4x | Very low |
| Q4 2024 | 0.3x | Very low |
ON's net debt is less than a year of its operating earnings (EBITDA).
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).
ON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.6 | Neutral |
| Stochastic | 25.8 | Neutral |
ON's weekly RSI is 47 (neutral) and its Stochastic is 26 (neutral).
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 ON on valuation relative to its sector.
ON PE vs Technology Sector
| Metric | ON | Sector median | Relative |
|---|---|---|---|
| PE | 44x | 28x | 58% above |
| PE % | 67 | 35 | 32 pts above |
ON is trading at 44x earnings, a 58% 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 ON on trend strength, trading above more of its moving averages.
ON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $74.1 | 0.5% below |
| 20 week MA | $78.3 | 5.9% below |
| 50 week MA | $78.2 | 5.7% below |
| 100 week MA | $63.9 | 15% above |
| 200 week MA | $71.0 | 3.8% above |
ON has slipped below its 8-, 20- and 50-week averages, though it's still 3.8% above 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 ON on returns for 2026, with the stronger performance.
ON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.5 | $32.0 | +31% |
| 2021 | $32.0 | $66.8 | +109% |
| 2022 | $66.8 | $62.4 | -6.5% |
| 2023 | $62.4 | $83.5 | +34% |
| 2024 | $83.5 | $66.0 | -21% |
| 2025 | $66.0 | $54.9 | -17% |
| 2026 YTD | $54.9 | $73.7 | +34% |
ON is up 34% so far in 2026, after finishing lower in three of the previous six years.