MU
Micron Technology, Inc.
MU has the edge over PGY overall, supported by stronger valuation and stronger modeled upside.
PGY
Pagaya Technologies Ltd.
PGY'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.
PGY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
PGY'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'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.
PGY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.5x | $16.87 | — |
| Current | 10x | $16.87 | — |
| Cheap | 12x | $20.59 | +22% |
| Fair | 14x | $23.20 | +38% |
| Expensive | 15x | $26.10 | +55% |
Historical ranges are pointers, not guarantees.
PGY 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 |
Analysts expect strong earnings and revenue growth for MU, with profitability improving.
PGY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for PGY, 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 PGY on earnings, with more consistent year-over-year improvement.
PGY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.24 | +33% |
| Q3 2026 | $1.69 | +$4.52 |
| Q2 2026 | $1.40 | +$5.39 |
| Q1 2026 | $1.11 | +$6.34 |
| Q4 2025 | $0.93 | +$6.59 |
| Q3 2025 | -$2.83 | -$0.30 |
| Q2 2025 | -$3.99 | -$2.06 |
| Q1 2025 | -$5.23 | -$3.82 |
| Q4 2024 | -$5.66 | -$3.55 |
PGY has returned to profit: it earned $1.69 per share over the past year, after losing money the year before.
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 PGY 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 PGY on profitability, with a higher operating margin.
PGY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $390.5M | +12% |
| Q2 2026 | $387M | +19% |
| Q1 2026 | $317.9M | +9.6% |
| Q4 2025 | $334.8M | +20% |
| Q3 2025 | $350.2M | +36% |
| Q2 2025 | $326.4M | +30% |
| Q1 2025 | $290M | +18% |
| Q4 2024 | $279.4M | +33% |
PGY's revenue has grown year over year every quarter since early 2021: $390M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +6 points |
| Q2 2026 | 27% | +10 points |
| Q1 2026 | 25% | +8.7 points |
| Q4 2025 | 24% | +12 points |
| Q3 2025 | 23% | +14 points |
| Q2 2025 | 17% | +15 points |
| Q1 2025 | 16% | +13 points |
| Q4 2024 | 11% | +6.3 points |
PGY's operating margin was 29% last quarter, up 6 points from the same quarter a year ago, near the top of its range since 2020.
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.
PGY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $45.8M | -28% |
| Q2 2026 | $71.3M | +33% |
| Q1 2026 | $40M | +31% |
| Q4 2025 | $76.7M | +173% |
| Q3 2025 | $63.8M | +$69.5M |
| Q2 2025 | $53.6M | +382% |
| Q1 2025 | $30.7M | +100% |
| Q4 2024 | $28.1M | +96% |
PGY generated $234M in free cash flow over the past year, up 33% 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 the edge over PGY on shareholder dilution, with a more favorable share count trend.
| 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.
PGY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.3% | +1.2M shares |
| 1 year | +8.2% | +7.4M shares |
| 3 years | +62% | +37.8M shares |
| 5 years | +510% | +82.3M shares |
PGY has 98M diluted shares, up 8.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
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 PGY on leverage, with a lower net debt burden relative to earnings.
PGY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.6x | Very low |
| Q2 2026 | 0.4x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | 1.0x | Very low |
| Q4 2024 | 1.4x | Healthy |
PGY'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).
PGY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.3 | Neutral |
| Stochastic | 24.3 | Neutral |
PGY's weekly RSI is 45 (neutral) and its Stochastic is 24 (neutral).
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU is trading at 11x earnings, a 61% discount to the Technology sector's median of 28x.
PGY PE vs Technology Sector
| Metric | PGY | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 28x | 64% below |
| PE % | 0 | 42 | 42 pts below |
PGY has the edge over MU on valuation relative to its sector.
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 PGY on trend strength, trading above more of its moving averages.
PGY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.0 | 6.1% below |
| 20 week MA | $19.1 | 12% below |
| 50 week MA | $17.4 | 2.8% below |
| 100 week MA | $18.8 | 10% below |
| 200 week MA | $16.7 | 1.1% above |
PGY has fallen below most of its moving averages, though it's still 1.1% 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 PGY on returns for 2026, with the stronger performance.
PGY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $117.2 | $118.7 | +1.2% |
| 2022 | $118.7 | $10.1 | -92% |
| 2023 | $10.1 | $16.6 | +65% |
| 2024 | $16.6 | $9.65 | -42% |
| 2025 | $9.65 | $21.9 | +126% |
| 2026 YTD | $21.9 | $16.9 | -23% |
PGY's yearly returns have swung widely, from +126% in 2025 to −92% in 2022. It's down 23% so far in 2026.