MU
Micron Technology, Inc.
MU has the edge over VECO overall, supported by stronger valuation and stronger fundamentals.
VECO
Veeco Instruments Inc.
VECO's outlook is improving despite an expensive valuation.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU's revenue, profitability, cash flow and balance sheet are all currently strong.
VECO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Healthy |
VECO's revenue, cash flow and balance sheet are currently healthy, and its profitability 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 has the edge over VECO in the historical PE scenario, which offers more potential upside but is not a forecast.
VECO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $40.33 | — |
| Cheap | 18x | $7.36 | -82% |
| Fair | 29x | $11.70 | -71% |
| Expensive | 86x | $34.57 | -14% |
| Current | 101x | $40.33 | — |
Historical ranges are pointers, not guarantees.
VECO's PE is in its expensive range at 101x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
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.
VECO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for VECO, 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 VECO on earnings, with more consistent year-over-year improvement.
VECO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.75 | +587% |
| Q3 2026 | $0.40 | -51% |
| Q2 2026 | $0.36 | -64% |
| Q1 2026 | $0.38 | -64% |
| Q4 2025 | $0.59 | -52% |
| Q3 2025 | $0.82 | -43% |
| Q2 2025 | $1.01 | -33% |
| Q1 2025 | $1.06 | +$1.42 |
| Q4 2024 | $1.23 | +$1.79 |
VECO's earnings per share have fallen from their peak: $0.40 over the past year, against $2.71 in late 2022.
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 VECO 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 VECO on profitability, with a higher operating margin.
VECO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $209.4M | +26% |
| Q2 2026 | $193.5M | +16% |
| Q1 2026 | $158.3M | -5.4% |
| Q4 2025 | $165M | -9.4% |
| Q3 2025 | $165.9M | -10% |
| Q2 2025 | $166.1M | -5.6% |
| Q1 2025 | $167.3M | -4.1% |
| Q4 2024 | $182.1M | +4.7% |
VECO's revenue has picked up after three years of holding roughly level: $209M last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.7% | +0.4 points |
| Q2 2026 | 6.1% | -1.3 points |
| Q1 2026 | -1.7% | -10 points |
| Q4 2025 | -0.8% | -3 points |
| Q3 2025 | 6.4% | -6.8 points |
| Q2 2025 | 7.5% | -2.1 points |
| Q1 2025 | 8.5% | -4.2 points |
| Q4 2024 | 2.1% | -12 points |
VECO's operating margin was 6.7% last quarter, about level with 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 VECO on cash flow, with more consistent year-over-year improvement.
VECO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $53.6M | +314% |
| Q2 2026 | $47.7M | +776% |
| Q1 2026 | $2.8M | -79% |
| Q4 2025 | $21.7M | -6.7% |
| Q3 2025 | $13M | -4.9% |
| Q2 2025 | $5.4M | -1% |
| Q1 2025 | $13.2M | +293% |
| Q4 2024 | $23.2M | +24% |
VECO generated $126M in free cash flow over the past year, up 129% 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 the edge over VECO 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.
VECO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -628K shares |
| 1 year | +8.5% | +5.2M shares |
| 3 years | +11% | +6.5M shares |
| 5 years | +23% | +12.2M shares |
| Available history | +39% | +18.7M shares |
VECO has 66M diluted shares, up 8.5% 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 VECO on leverage, with a lower net debt burden relative to earnings.
VECO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 1.4x | Healthy |
VECO's net debt is less than a year of its operating earnings (EBITDA).
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).
VECO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.4 | Neutral |
| Stochastic | 19.7 | Oversold |
VECO's weekly RSI is 43 (neutral) and its Stochastic is 20 (oversold).
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 VECO on valuation relative to its sector.
VECO PE vs Technology Sector
| Metric | VECO | Sector median | Relative |
|---|---|---|---|
| PE | 101x | 28x | 262% above |
| PE % | 84 | 35 | 49 pts above |
VECO is trading at 101x earnings, a 262% 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 the edge over VECO on trend strength, trading above more of its moving averages.
VECO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $45.1 | 11% below |
| 20 week MA | $48.0 | 16% below |
| 50 week MA | $44.7 | 9.7% below |
| 100 week MA | $34.3 | 18% above |
| 200 week MA | $32.1 | 26% above |
VECO has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 26% above 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 VECO on returns for 2026, with the stronger performance.
VECO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.8 | $19.0 | +28% |
| 2021 | $19.0 | $26.9 | +41% |
| 2022 | $26.9 | $18.4 | -32% |
| 2023 | $18.4 | $31.0 | +69% |
| 2024 | $31.0 | $27.6 | -11% |
| 2025 | $27.6 | $29.3 | +6.1% |
| 2026 YTD | $29.3 | $40.3 | +38% |
VECO has finished higher in four of the last six years. It's up 38% so far in 2026.