MU
Micron Technology, Inc.
MU has the edge over ZS overall, supported by stronger valuation and stronger modeled upside.
ZS
Zscaler, Inc.
ZS'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.
ZS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Strong | |
| Unavailable |
ZS's revenue and cash flow are currently healthy, but its profitability is under pressure. There isn't enough data to rate its balance sheet.
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.
ZS PE Valuation
ZS 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.
ZS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Broad | |
| High |
Analysts expect earnings and revenue growth for ZS, 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 ZS on earnings quality, reporting a profit while its opponent remains loss making.
ZS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.04 | — |
| Q3 2026 | -$0.39 | -$0.12 |
| Q2 2026 | -$0.48 | -$0.23 |
| Q1 2026 | -$0.42 | -$0.32 |
| Q4 2025 | -$0.26 | -$0.02 |
| Q3 2025 | -$0.27 | +$0.12 |
| Q2 2025 | -$0.25 | +$0.25 |
| Q1 2025 | -$0.10 | +$0.84 |
| Q4 2024 | -$0.24 | +$0.91 |
ZS is still losing money, but far less than before: $0.39 per share over the past year, against $2.77 at its worst in mid-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 ZS 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 ZS on profitability, with a higher operating margin.
ZS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $898.2M | +25% |
| Q2 2026 | $850.5M | +25% |
| Q1 2026 | $815.8M | +26% |
| Q4 2025 | $788.1M | +26% |
| Q3 2025 | $719.2M | +21% |
| Q2 2025 | $678M | +23% |
| Q1 2025 | $647.9M | +23% |
| Q4 2024 | $628M | +26% |
ZS's revenue has grown year over year every quarter since late 2020: $898M last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1.7% | +2.8 points |
| Q2 2026 | -3.5% | +0.3 points |
| Q1 2026 | -6.3% | -0.1 points |
| Q4 2025 | -4.6% | +0.3 points |
| Q3 2025 | -4.5% | +0.1 points |
| Q2 2025 | -3.8% | -3.2 points |
| Q1 2025 | -6.2% | +2.5 points |
| Q4 2024 | -4.9% | +4.4 points |
ZS's operating margin was −1.7% last quarter, up 2.8 points from the same quarter a year ago, near the top 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 generated $59B in free cash flow over the past year, more than ten times what it generated the year before.
ZS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $79.4M | -58% |
| Q2 2026 | $155.6M | +12% |
| Q1 2026 | $186.3M | +13% |
| Q4 2025 | $431M | +37% |
| Q3 2025 | $190.6M | +24% |
| Q2 2025 | $138.9M | +0.8% |
| Q1 2025 | $164.4M | +48% |
| Q4 2024 | $314.3M | +35% |
ZS's free cash flow has been positive every quarter for seven years: $852M over the past year, up 5.5% 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 ZS 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.
ZS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -522K shares |
| 1 year | +3.8% | +5.8M shares |
| 3 years | +11% | +15.3M shares |
| 5 years | +18% | +24.6M shares |
| Available history | +26% | +32.7M shares |
ZS has 160M diluted shares, up 3.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 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.
ZS Net Leverage
ZS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
ZS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.1 | Neutral |
| Stochastic | 49.0 | Neutral |
ZS's weekly RSI is 51 (neutral) and its Stochastic is 49 (neutral).
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.
ZS PE vs Technology Sector
ZS 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 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.
ZS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $214.3 | 9.8% below |
| 20 week MA | $184.7 | 4.6% above |
| 50 week MA | $175.4 | 10% above |
| 100 week MA | $214.1 | 9.7% below |
| 200 week MA | $192.3 | 0.5% above |
ZS's trend is mixed: it's above three of its five weekly moving averages, and 0.5% 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 ZS on returns for 2026, with the stronger performance.
ZS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $47.6 | $205.3 | +331% |
| 2021 | $205.3 | $323.0 | +57% |
| 2022 | $323.0 | $108.8 | -66% |
| 2023 | $108.8 | $221.6 | +104% |
| 2024 | $221.6 | $184.6 | -17% |
| 2025 | $184.6 | $230.5 | +25% |
| 2026 YTD | $230.5 | $193.2 | -16% |
ZS's yearly returns have swung widely, from +331% in 2020 to −66% in 2022. It's down 16% so far in 2026.