MU
Micron Technology, Inc.
MU has the edge over PI overall, supported by stronger valuation and stronger fundamentals.
PI
Impinj, Inc.
PI'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.
PI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Weak |
PI's revenue and cash flow are currently healthy, and its profitability is stable, but its balance sheet is weak.
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.
PI PE Valuation
PI has no meaningful PE right now: it lost money over the past year.
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.
PI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for PI, 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 PI on earnings quality, reporting a profit while its opponent remains loss making.
PI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.73 | — |
| Q3 2026 | -$0.31 | +$0.10 |
| Q2 2026 | -$0.90 | -2350% |
| Q1 2026 | -$0.90 | -$0.89 |
| Q4 2025 | -$0.37 | -127% |
| Q3 2025 | -$0.41 | -146% |
| Q2 2025 | $0.04 | -86% |
| Q1 2025 | -$0.01 | +$0.34 |
| Q4 2024 | $1.39 | +$3.01 |
PI is still losing money, but far less than before: $0.31 per share over the past year, against $2.49 at its worst in early 2021.
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 PI 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 PI on profitability, with a higher operating margin.
PI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $112.1M | +17% |
| Q2 2026 | $108.4M | +11% |
| Q1 2026 | $74.3M | 0% |
| Q4 2025 | $92.8M | +1.4% |
| Q3 2025 | $96.1M | +0.9% |
| Q2 2025 | $97.9M | -4.5% |
| Q1 2025 | $74.3M | -3.3% |
| Q4 2024 | $91.6M | +30% |
PI's revenue is growing: $112M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.1% | +3.4 points |
| Q2 2026 | 9.7% | -1.4 points |
| Q1 2026 | -20% | -7.5 points |
| Q4 2025 | -2.9% | +1 points |
| Q3 2025 | 0.7% | +1.5 points |
| Q2 2025 | 11% | +2.3 points |
| Q1 2025 | -13% | +2.4 points |
| Q4 2024 | -4% | +17 points |
PI's operating margin was 4.1% last quarter, up 3.4 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 has the edge over PI on cash flow, with more consistent year-over-year improvement.
PI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $20.6M | +15% |
| Q2 2026 | $29.2M | +6.8% |
| Q1 2026 | $2.2M | +$15.2M |
| Q4 2025 | $13.6M | +60% |
| Q3 2025 | $18M | +286% |
| Q2 2025 | $27.3M | -38% |
| Q1 2025 | -$13M | -124% |
| Q4 2024 | $8.5M | +$9.7M |
PI still generates free cash flow, though less than at its 2024 peak: $66M over the past year.
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 PI 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.
PI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.6% | +490K shares |
| 1 year | +7.4% | +2.2M shares |
| 3 years | +17% | +4.6M shares |
| 5 years | +29% | +7.2M shares |
| Available history | +44% | +9.6M shares |
PI has 31M diluted shares, up 7.4% from a year ago.
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 PI on leverage, with a lower net debt burden relative to earnings.
PI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 11.6x | High |
| Q2 2026 | 23.0x | High |
| Q1 2026 | 23.2x | High |
| Q4 2025 | 16.3x | High |
| Q3 2025 | 17.8x | High |
| Q2 2025 | 22.3x | High |
| Q1 2025 | 26.8x | High |
| Q4 2024 | 36.4x | High |
PI's net debt is about 12 years of its operating earnings (EBITDA), down from 18 years 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).
PI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.0 | Neutral |
| Stochastic | 50.4 | Neutral |
PI's weekly RSI is 55 (neutral) and its Stochastic is 50 (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.
PI PE vs Technology Sector
| Metric | PI | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
PI has no meaningful PE right now: it lost money over the past year.
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 pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 225% above its 200-week average.
PI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $178.3 | 1.6% below |
| 20 week MA | $167.6 | 4.6% above |
| 50 week MA | $148.3 | 18% above |
| 100 week MA | $141.5 | 24% above |
| 200 week MA | $132.1 | 33% above |
PI has the edge over MU on trend strength, trading above more of its moving averages.
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 PI on returns for 2026, with the stronger performance.
PI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.7 | $42.6 | +60% |
| 2021 | $42.6 | $90.2 | +112% |
| 2022 | $90.2 | $111.9 | +24% |
| 2023 | $111.9 | $90.0 | -20% |
| 2024 | $90.0 | $147.9 | +64% |
| 2025 | $147.9 | $174.0 | +18% |
| 2026 YTD | $174.0 | $175.3 | +0.8% |
PI has finished higher in five of the last six years, three of them by more than 50%. It's up 0.8% so far in 2026.