MU
Micron Technology, Inc.
MU has the edge over QTWO overall, supported by stronger valuation and stronger modeled upside.
QTWO
Q2 Holdings, Inc.
QTWO'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.
QTWO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
QTWO'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.
QTWO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 22x | $72.95 | — |
| Cheap | 42x | $72.13 | -1.1% |
| Current | 43x | $72.95 | — |
| Fair | 60x | $102 | +40% |
| Expensive | 1,034x | $1,758 | +2310% |
Historical ranges are pointers, not guarantees.
QTWO 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.
QTWO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for QTWO, with profitability improving. 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's earnings per share have climbed steadily: $74.33 over the past year, about 10 times what it earned the year before, and higher year over year for 10 quarters in a row.
QTWO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.28 | +93% |
| Q3 2026 | $1.70 | +247% |
| Q2 2026 | $1.41 | +2250% |
| Q1 2026 | $1.13 | +$1.47 |
| Q4 2025 | $0.80 | +$1.44 |
| Q3 2025 | $0.49 | +$1.44 |
| Q2 2025 | $0.06 | +$1.21 |
| Q1 2025 | -$0.34 | +$1.00 |
| Q4 2024 | -$0.64 | +$0.48 |
QTWO's earnings per share have climbed steadily: $1.70 over the past year, about three times what it earned the year before, and higher year over year for 21 quarters in a row.
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 QTWO 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 QTWO on profitability, with a higher operating margin.
QTWO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $225.8M | +12% |
| Q2 2026 | $219.8M | +13% |
| Q1 2026 | $216.5M | +14% |
| Q4 2025 | $208.2M | +14% |
| Q3 2025 | $201.7M | +15% |
| Q2 2025 | $195.1M | +13% |
| Q1 2025 | $189.7M | +15% |
| Q4 2024 | $183M | +13% |
QTWO's revenue has grown year over year every quarter since late 2020: $226M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +9.6 points |
| Q2 2026 | 13% | +8.3 points |
| Q1 2026 | 13% | +12 points |
| Q4 2025 | 8.1% | +9 points |
| Q3 2025 | 5.5% | +13 points |
| Q2 2025 | 5% | +13 points |
| Q1 2025 | 1.1% | +9.7 points |
| Q4 2024 | -0.9% | +10 points |
QTWO's operating margin was 15% last quarter, up 9.6 points from the same quarter a year ago, near the top of its range since 2019.
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.
QTWO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $62.6M | +46% |
| Q2 2026 | $59M | +25% |
| Q1 2026 | $49.7M | +16% |
| Q4 2025 | $61.7M | +48% |
| Q3 2025 | $42.9M | +5% |
| Q2 2025 | $47.3M | +37% |
| Q1 2025 | $42.7M | +255% |
| Q4 2024 | $41.6M | +17% |
QTWO has the edge over MU on cash flow, with more consistent year-over-year improvement.
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.
QTWO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.9% | -1.9M shares |
| 1 year | -9.1% | -6.3M shares |
| 3 years | +8.6% | +5M shares |
| 5 years | +12% | +7M shares |
| Available history | +38% | +17.3M shares |
QTWO has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $38.8M |
| Q2 2026 | $22.9M |
| Q1 2026 | $97.2M |
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 more cash than debt.
QTWO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -2.9x | Net Cash |
| Q4 2025 | -3.9x | Net Cash |
| Q3 2025 | -6.0x | Net Cash |
| Q2 2025 | -7.1x | Net Cash |
| Q1 2025 | -9.8x | Net Cash |
| Q4 2024 | -13.5x | Net Cash |
QTWO has the edge over MU on leverage, with a lower net debt burden relative to earnings.
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).
QTWO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.3 | Neutral |
| Stochastic | 84.4 | Overbought |
QTWO's weekly RSI is 66 (neutral) and its Stochastic is 84 (overbought).
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 QTWO on valuation relative to its sector.
QTWO PE vs Technology Sector
| Metric | QTWO | Sector median | Relative |
|---|---|---|---|
| PE | 43x | 28x | 54% above |
| PE % | 18 | 35 | 17 pts below |
QTWO is trading at 43x earnings, a 54% 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 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.
QTWO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $64.6 | 13% above |
| 20 week MA | $61.5 | 19% above |
| 50 week MA | $57.6 | 27% above |
| 100 week MA | $69.9 | 4.3% above |
| 200 week MA | $59.4 | 23% above |
QTWO 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 QTWO on returns for 2026, with the stronger performance.
QTWO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $82.4 | $128.1 | +55% |
| 2021 | $128.1 | $81.9 | -36% |
| 2022 | $81.9 | $25.2 | -69% |
| 2023 | $25.2 | $43.4 | +72% |
| 2024 | $43.4 | $103.4 | +138% |
| 2025 | $103.4 | $74.5 | -28% |
| 2026 YTD | $74.5 | $73.0 | -2.1% |
QTWO's yearly returns have swung widely, from +138% in 2024 to −69% in 2022. It's down 2.1% so far in 2026.