MU
Micron Technology, Inc.
MU has the edge over PICS overall, supported by stronger valuation and lower modeled downside.
PICS
PicS N.V.
PICS'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.
PICS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Weak |
PICS's revenue, profitability and cash flow are currently healthy, 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.
PICS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 3.8x | $6.96 | — |
| Cheap | 5.2x | $9.53 | +37% |
| Fair | 6.1x | $11.33 | +63% |
| Expensive | 6.7x | $12.44 | +79% |
Historical ranges are pointers, not guarantees.
PICS 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.
PICS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| -- | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for PICS, with profitability holding steady. However, they disagree widely on these estimates.
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 PICS on earnings, with stronger typical year-over-year growth.
PICS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.85 | +278% |
| Q1 2026 | $1.62 | +286% |
| Q4 2025 | $1.53 | +378% |
| Q3 2025 | $0.49 | +40% |
PICS's earnings per share have climbed steadily: $1.85 over the past year, about four times what it earned the year before, and higher year over year every quarter since late 2025.
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's revenue has grown year over year for 12 quarters in a row: $54.2B last quarter, up 379% from the same quarter a year ago.
| 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 PICS on profitability, with a higher operating margin.
PICS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $737.9M | +78% |
| Q1 2026 | $628.9M | +70% |
| Q4 2025 | $539.6M | +80% |
| Q3 2025 | $469.8M | +101% |
| Q2 2025 | $415.6M | +99% |
| Q1 2025 | $369.5M | +82% |
| Q4 2024 | $299.8M | +76% |
| Q3 2024 | $234.1M | +39% |
PICS has the edge over MU on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 7.1% | +2.5 points |
| Q1 2026 | 43% | +6.3 points |
| Q4 2025 | 34% | +31 points |
| Q3 2025 | 6.4% | -3 points |
| Q2 2025 | 4.6% | -4.8 points |
| Q1 2025 | 37% | +11 points |
| Q4 2024 | 3.8% | +6.9 points |
| Q3 2024 | 9.4% | -33 points |
PICS's operating margin was 7.1% last quarter, up 2.5 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 PICS on cash flow, with more consistent year-over-year improvement.
PICS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $826.8M | +32% |
| Q1 2026 | -$75.9M | +$432.1M |
| Q4 2025 | -$474.3M | -$310.5M |
| Q3 2025 | $202.7M | +$218.4M |
| Q2 2025 | $625.2M | +$638.8M |
| Q1 2025 | -$507.9M | -$449M |
| Q4 2024 | -$163.8M | -267% |
| Q3 2024 | -$15.8M | -107% |
PICS's free cash flow has turned positive after two years mostly in the red: $479M 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 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.
PICS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
PICS has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PICS hasn't bought back shares in the past year.
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 PICS on leverage, with a lower net debt burden relative to earnings.
PICS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 14.4x | High |
| Q1 2026 | -2.8x | Net Cash |
| Q4 2025 | -6.4x | Net Cash |
| Q3 2025 | -5.5x | Net Cash |
| Q2 2025 | -3.6x | Net Cash |
| Q1 2025 | 26.9x | High |
| Q4 2024 | -2.0x | Net Cash |
| Q3 2024 | -2.6x | Net Cash |
PICS's net debt is about 14 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).
PICS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.0 | Neutral |
| Stochastic | 4.3 | Oversold |
PICS's weekly RSI is 35 (neutral) and its Stochastic is 4 (oversold).
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.
PICS PE vs Technology Sector
| Metric | PICS | Sector median | Relative |
|---|---|---|---|
| PE | 3.8x | 28x | 86% below |
| PE % | 9 | 17 | 8 pts below |
PICS 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 stronger trend alignment. MU is above 3 of 5 weekly averages versus PICS above 0 of 2.
PICS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.91 | 30% below |
| 20 week MA | $10.7 | 35% below |
PICS is in a downtrend: it's below all two of its weekly moving averages, and 35% below its 20-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 PICS on returns for 2026, with the stronger performance.
PICS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2026 YTD | $18.0 | $6.96 | -61% |
It's down 61% so far in 2026.