MU
Micron Technology, Inc.
MU has the edge over ZBRA overall, supported by stronger valuation and stronger fundamentals.
ZBRA
Zebra Technologies Corporation
ZBRA'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.
ZBRA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
ZBRA's revenue, profitability and cash flow are currently healthy, and its balance sheet 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.
ZBRA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $318 | — |
| Cheap | 25x | $311 | -2% |
| Current | 26x | $318 | — |
| Fair | 31x | $387 | +22% |
| Expensive | 48x | $596 | +88% |
Historical ranges are pointers, not guarantees.
ZBRA 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.
ZBRA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ZBRA, 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 ZBRA on earnings, with more consistent year-over-year improvement.
ZBRA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $21.67 | +75% |
| Q3 2026 | $12.40 | +25% |
| Q2 2026 | $10.94 | +3.3% |
| Q1 2026 | $8.28 | -22% |
| Q4 2025 | $8.18 | -20% |
| Q3 2025 | $9.92 | +35% |
| Q2 2025 | $10.59 | +139% |
| Q1 2025 | $10.57 | +109% |
| Q4 2024 | $10.18 | +78% |
ZBRA earned $12.40 per share over the past year, up 25% 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 ZBRA 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 ZBRA on profitability, with a higher operating margin.
ZBRA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +22% |
| Q2 2026 | $1.6B | +20% |
| Q1 2026 | $1.5B | +14% |
| Q4 2025 | $1.5B | +11% |
| Q3 2025 | $1.3B | +5.2% |
| Q2 2025 | $1.3B | +6.2% |
| Q1 2025 | $1.3B | +11% |
| Q4 2024 | $1.3B | +32% |
ZBRA's revenue has grown year over year for 10 quarters in a row: $1.6B last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +0.8 points |
| Q2 2026 | 21% | +6.5 points |
| Q1 2026 | 14% | -0.5 points |
| Q4 2025 | 9.4% | -7.5 points |
| Q3 2025 | 14% | -1.4 points |
| Q2 2025 | 14% | +0.4 points |
| Q1 2025 | 15% | +1.4 points |
| Q4 2024 | 17% | +9.5 points |
ZBRA's operating margin was 15% last quarter, up 0.8 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 ZBRA on cash flow, with more consistent year-over-year improvement.
ZBRA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $300M | +39% |
| Q2 2026 | $198M | +52% |
| Q1 2026 | $163M | +3.2% |
| Q4 2025 | $327M | +14% |
| Q3 2025 | $216M | -22% |
| Q2 2025 | $130M | -53% |
| Q1 2025 | $158M | +42% |
| Q4 2024 | $288M | +182% |
ZBRA generated $988M in free cash flow over the past year, up 25% 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.
ZBRA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -316K shares |
| 1 year | -6.6% | -3.4M shares |
| 3 years | -6.9% | -3.5M shares |
| 5 years | -11% | -6.1M shares |
| Available history | -12% | -6.8M shares |
ZBRA has the edge over MU on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $75M |
| Q2 2026 | $268M |
| Q1 2026 | $300M |
| Q4 2025 | $303M |
| Q3 2025 | $34M |
| Q2 2025 | $125M |
| Q1 2025 | $125M |
| Q4 2024 | $31M |
ZBRA spent $946M buying back its own shares over the past year, about three times what it spent 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 the edge over ZBRA on leverage, with a lower net debt burden relative to earnings.
ZBRA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 2.7x | Moderate |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.4x | Healthy |
ZBRA's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.2 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).
ZBRA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 38.6 | Neutral |
ZBRA's weekly RSI is 49 (neutral) and its Stochastic is 39 (neutral).
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 ZBRA on valuation relative to its sector.
ZBRA PE vs Technology Sector
| Metric | ZBRA | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 8% below |
| PE % | 19 | 35 | 16 pts below |
ZBRA is trading at 26x earnings, in line with 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.
ZBRA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $361.2 | 12% below |
| 20 week MA | $339.4 | 6.4% below |
| 50 week MA | $278.5 | 14% above |
| 100 week MA | $292.7 | 8.6% above |
| 200 week MA | $294.4 | 8% above |
ZBRA has slipped below its 8- and 20-week averages, though it's still 8% 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 ZBRA on returns for 2026, with the stronger performance.
ZBRA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $256.0 | $376.9 | +47% |
| 2021 | $376.9 | $582.4 | +55% |
| 2022 | $582.4 | $248.2 | -57% |
| 2023 | $248.2 | $273.3 | +10% |
| 2024 | $273.3 | $389.1 | +42% |
| 2025 | $389.1 | $246.3 | -37% |
| 2026 YTD | $246.3 | $317.8 | +29% |
ZBRA has finished higher in four of the last six years. It's up 29% so far in 2026.