MU
Micron Technology, Inc.
MU has the edge over STEM overall, supported by stronger valuation and stronger fundamentals.
STEM
Stem, Inc.
STEM'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.
STEM Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Under pressure | |
| Under pressure | |
| Strong |
STEM's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
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.
STEM PE Valuation
STEM 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.
STEM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect STEM's losses to shrink, with revenue growing.
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 STEM on earnings quality, reporting a profit while its opponent remains loss making.
STEM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$8.19 | +$21.40 |
| Q1 2026 | -$8.40 | +$91.20 |
| Q4 2025 | -$9.18 | +$96.62 |
| Q3 2025 | -$14.23 | +$89.81 |
| Q2 2025 | -$29.59 | +$66.05 |
| Q1 2025 | -$99.60 | -$70.56 |
| Q4 2024 | -$105.80 | -$80.16 |
| Q3 2024 | -$104.04 | -$78.64 |
STEM is still losing money, but far less than before: $8.19 per share over the past year, against $105.80 at its worst in late 2024.
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 STEM 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 STEM on profitability, with a higher operating margin.
STEM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $33.7M | -12% |
| Q1 2026 | $29M | -11% |
| Q4 2025 | $47.1M | -16% |
| Q3 2025 | $38.2M | +31% |
| Q2 2025 | $38.4M | +13% |
| Q1 2025 | $32.5M | +28% |
| Q4 2024 | $55.8M | -67% |
| Q3 2024 | $29.3M | -78% |
STEM's revenue has slid since its 2023 peak: $34M last quarter, down 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -23% | +12 points |
| Q1 2026 | -49% | +16 points |
| Q4 2025 | -18% | +67 points |
| Q3 2025 | -34% | +460 points |
| Q2 2025 | -35% | +1671 points |
| Q1 2025 | -65% | +202 points |
| Q4 2024 | -84% | -64 points |
| Q3 2024 | -493% | -442 points |
STEM's operating margin was −23% last quarter, up 12 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 stronger cash trend. Its trailing FCF is up 3,213% versus its history, compared with STEM at up 88%.
STEM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$8.3M | -197% |
| Q4 2025 | $8.2M | +$22.9M |
| Q3 2025 | $11.4M | +$20.9M |
| Q2 2025 | -$21.3M | -$9.3M |
| Q1 2025 | $8.5M | +$9.2M |
| Q4 2024 | -$14.7M | -$11.5M |
| Q3 2024 | -$9.5M | -$5.4M |
| Q2 2024 | -$12M | +$153.5M |
STEM has burned cash in almost every quarter: −$10M over the past year, against −$28M 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 STEM 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.
STEM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7% | +593K shares |
| 1 year | +7.4% | +629K shares |
| 3 years | +17% | +1.3M shares |
| 5 years | +45% | +2.8M shares |
STEM has 9M diluted shares, up 7.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
| Q3 2019 | — |
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.
STEM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -24.9x | Net Cash |
STEM 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).
STEM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 26.9 | Oversold |
| Stochastic | 4.0 | Oversold |
STEM's weekly RSI is 27 (oversold) 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.
STEM PE vs Technology Sector
STEM 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 the edge over STEM on trend strength, trading above more of its moving averages.
STEM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.30 | 31% below |
| 20 week MA | $4.83 | 53% below |
| 50 week MA | $9.24 | 75% below |
| 100 week MA | $11.1 | 79% below |
| 200 week MA | $39.7 | 94% below |
STEM is in a downtrend: it's below all five of its weekly moving averages, and 94% below 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 STEM on returns for 2026, with the stronger performance.
STEM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $195.2 | $453.4 | +132% |
| 2021 | $453.4 | $395.8 | -13% |
| 2022 | $395.8 | $186.2 | -53% |
| 2023 | $186.2 | $77.6 | -58% |
| 2024 | $77.6 | $11.9 | -85% |
| 2025 | $11.9 | $16.0 | +35% |
| 2026 YTD | $16.0 | $2.29 | -86% |
STEM's yearly returns have swung widely, from +132% in 2020 to −85% in 2024. It's down 86% so far in 2026.