MU
Micron Technology, Inc.
MU has the edge over SAP overall, supported by stronger valuation and stronger modeled upside.
SAP
SAP SE
SAP'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.
SAP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Strong |
SAP's profitability, cash flow and balance sheet are currently strong, and its revenue is stable.
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.
SAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $185 | -21% |
| Current | 31x | $234 | — |
| Fair | 35x | $262 | +12% |
| Expensive | 65x | $489 | +109% |
Historical ranges are pointers, not guarantees.
SAP 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.
SAP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SAP, 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 has the edge over SAP on earnings, with more consistent year-over-year improvement.
SAP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $7.55 | +22% |
| Q1 2026 | $7.08 | +31% |
| Q4 2025 | $6.92 | +136% |
| Q3 2025 | $6.69 | +163% |
| Q2 2025 | $6.18 | +161% |
| Q1 2025 | $5.40 | +20% |
| Q4 2024 | $2.93 | -49% |
| Q3 2024 | $2.54 | -51% |
SAP earned $7.55 per share over the past year, up 22% from 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 SAP 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 SAP on profitability, with a higher operating margin.
SAP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11B | +9.4% |
| Q1 2026 | $10.6B | +6% |
| Q4 2025 | $10.8B | +3.3% |
| Q3 2025 | $10.1B | +7.2% |
| Q2 2025 | $10B | +8.9% |
| Q1 2025 | $10B | +12% |
| Q4 2024 | $10.4B | +11% |
| Q3 2024 | $9.4B | +9.4% |
SAP's revenue has grown year over year for 20 quarters in a row: $11B last quarter, up 9.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 27% | -0.6 points |
| Q1 2026 | 29% | +2.9 points |
| Q4 2025 | 24% | +2.7 points |
| Q3 2025 | 27% | +1.1 points |
| Q2 2025 | 27% | +13 points |
| Q1 2025 | 26% | +16 points |
| Q4 2024 | 22% | -0.9 points |
| Q3 2024 | 26% | +3.9 points |
SAP's operating margin was 27% last quarter, down 0.6 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 SAP on cash flow, with more consistent year-over-year improvement.
SAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $3.4B | +27% |
| Q1 2026 | $3.6B | -9.4% |
| Q4 2025 | $1.2B | +$2.2B |
| Q3 2025 | $1.4B | +4.9% |
| Q2 2025 | $2.7B | +75% |
| Q1 2025 | $4B | +34% |
| Q4 2024 | -$909.8M | -146% |
| Q3 2024 | $1.4B | +32% |
SAP generated $9.7B in free cash flow over the past year, up 36% 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.
SAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -10M shares |
| 1 year | -1.3% | -14.9M shares |
| 3 years | -1.9% | -22M shares |
| 5 years | -1.9% | -22M shares |
| Available history | -3% | -36M shares |
SAP has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $356.6M |
| Q1 2026 | $2.5B |
| Q4 2025 | — |
| Q3 2025 | $337.7M |
| Q2 2025 | $1.7B |
| Q1 2025 | $138.9M |
| Q4 2024 | $534.3M |
| Q3 2024 | $722.1M |
SAP spent $3.2B buying back its own shares over the past year, up 5.1% 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 more cash than debt.
SAP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.8x | Net Cash |
| Q4 2025 | -0.0x | Net Cash |
| Q3 2025 | 0.1x | Very low |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | -1.1x | Net Cash |
| Q4 2024 | 0.2x | Very low |
| Q3 2024 | -1.5x | Net Cash |
SAP 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).
SAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.4 | Neutral |
| Stochastic | 81.0 | Overbought |
SAP's weekly RSI is 65 (neutral) and its Stochastic is 81 (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 SAP on valuation relative to its sector.
SAP PE vs Technology Sector
| Metric | SAP | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 28x | 11% above |
| PE % | 43 | 35 | 8 pts above |
SAP is trading at 31x earnings, a 11% premium to the Technology sector's median of 28x, though its earnings don't support one.
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.
SAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $224.9 | 4.1% above |
| 20 week MA | $205.4 | 14% above |
| 50 week MA | $200.1 | 17% above |
| 100 week MA | $237.1 | 1.3% below |
| 200 week MA | $202.8 | 15% above |
SAP 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 SAP on returns for 2026, with the stronger performance.
SAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $135.0 | $126.1 | -6.6% |
| 2021 | $126.1 | $140.1 | +11% |
| 2022 | $140.1 | $103.5 | -26% |
| 2023 | $103.5 | $154.6 | +49% |
| 2024 | $154.6 | $250.2 | +62% |
| 2025 | $250.2 | $246.6 | -1.4% |
| 2026 YTD | $246.6 | $234.1 | -5.1% |
SAP has finished lower in three of the last six years. It's down 5.1% so far in 2026.