MU
Micron Technology, Inc.
MU has the edge over XRX overall, supported by stronger fundamentals and stronger valuation.
XRX
Xerox Holdings Corporation
XRX'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.
XRX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Under pressure | |
| Weak |
XRX's revenue is currently stable, but its profitability, cash flow and balance sheet 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.
XRX PE Valuation
XRX 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 |
MU has the edge over XRX on the outlook, with more favorable revenue expectations.
XRX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect XRX's losses to shrink, with revenue 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 XRX on earnings quality, reporting a profit while its opponent remains loss making.
XRX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$9.12 | -$1.28 |
| Q2 2026 | -$7.40 | +$4.14 |
| Q1 2026 | -$8.34 | +$2.22 |
| Q4 2025 | -$8.25 | +$2.50 |
| Q3 2025 | -$7.84 | +$3.09 |
| Q2 2025 | -$11.54 | -$10.60 |
| Q1 2025 | -$10.56 | -$9.10 |
| Q4 2024 | -$10.75 | -$10.66 |
XRX is still losing money, but less than at its worst: $9.12 per share over the past year, against $11.54 at its worst in mid-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 has the edge over XRX 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 XRX on profitability, with a higher operating margin.
XRX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.9B | -4.7% |
| Q2 2026 | $1.9B | +22% |
| Q1 2026 | $1.8B | +27% |
| Q4 2025 | $2B | +26% |
| Q3 2025 | $2B | +28% |
| Q2 2025 | $1.6B | -0.1% |
| Q1 2025 | $1.5B | -3% |
| Q4 2024 | $1.6B | -8.6% |
XRX's revenue has picked up after three years of holding roughly level: $1.9B last quarter, down 4.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -54% | -39 points |
| Q2 2026 | 1.6% | +5.4 points |
| Q1 2026 | -4% | +0.6 points |
| Q4 2025 | -3% | -2.8 points |
| Q3 2025 | -15% | +56 points |
| Q2 2025 | -3.8% | -5.4 points |
| Q1 2025 | -4.6% | +5.4 points |
| Q4 2024 | -0.3% | +4.7 points |
XRX's operating margin was −54% last quarter, down 39 points from the same quarter a year ago, near the bottom 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 has the edge over XRX on cash flow, with more consistent year-over-year improvement.
XRX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $17M | -84% |
| Q2 2026 | $23M | +$38M |
| Q1 2026 | -$156M | -$62M |
| Q4 2025 | $192M | -45% |
| Q3 2025 | $104M | -3.7% |
| Q2 2025 | -$15M | -113% |
| Q1 2025 | -$94M | -$7M |
| Q4 2024 | $346M | -9.2% |
XRX still generates free cash flow, though less than at its 2019 peak: $76M 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 the edge over XRX 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.
XRX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +750K shares |
| 1 year | +3.7% | +4.7M shares |
| 3 years | -16% | -25.5M shares |
| 5 years | -27% | -47.8M shares |
| Available history | -44% | -102M shares |
XRX has 132M diluted shares, up 3.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $5M |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $3M |
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 XRX on leverage, with a lower net debt burden relative to earnings.
XRX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 304.8x | High |
| Q2 2024 | 28.6x | High |
| Q4 2023 | 9.8x | High |
| Q3 2023 | 4.8x | High |
| Q2 2023 | 97.1x | High |
| Q1 2023 | 19.8x | High |
| Q3 2021 | 2.1x | Moderate |
| Q2 2021 | 2.0x | Moderate |
XRX's net debt is more than 20 years of its operating earnings (EBITDA), up from more than 20 years 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).
XRX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.8 | Oversold |
| Stochastic | 2.0 | Oversold |
XRX's weekly RSI is 28 (oversold) and its Stochastic is 2 (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.
XRX PE vs Technology Sector
| Metric | XRX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
XRX 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 XRX on trend strength, trading above more of its moving averages.
XRX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.21 | 55% below |
| 20 week MA | $2.70 | 63% below |
| 50 week MA | $2.48 | 60% below |
| 100 week MA | $3.87 | 74% below |
| 200 week MA | $9.05 | 89% below |
XRX is in a downtrend: it's below all five of its weekly moving averages, and 89% 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 XRX on returns for 2026, with the stronger performance.
XRX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $37.3 | $22.6 | -39% |
| 2021 | $22.6 | $22.5 | -0.6% |
| 2022 | $22.5 | $14.6 | -35% |
| 2023 | $14.6 | $18.3 | +25% |
| 2024 | $18.3 | $9.15 | -50% |
| 2025 | $9.15 | $2.49 | -73% |
| 2026 YTD | $2.49 | $0.99 | -60% |
XRX has finished lower in five of the last six years. It's down 60% so far in 2026.