Is the business good?
How good a business is MU?
Micron Technology earns 58% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
58%
Return on invested capital · cost of capital 9.0% · 49 points above what the capital costs: growth creates value
- Operating margin
- 66%
Operating margin · Semiconductors median 8.5% · 12 months to Q3 2026
- Cash conversion
- 0.52×
Cash conversion · 0.30× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +1.8%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2021 | 23% |
| FY2022 | 32% |
| FY2023 | −37% |
| FY2024 | 5.2% |
| FY2025 | 26% |
Details›
- Gross margin12 months to Q3 2026
- 73%
- Operating margin12 months to Q3 2026
- 66%
- Net margin12 months to Q3 2026
- 56%
- Free cash flow margin
- 29%
- R&D as % of revenue
- 5.3%
- Revenue, trailing twelve months
- $90.3B
- Free cash flow, trailing twelve months
- $26.2B
- Net income, trailing twelve months
- $50.5B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 58%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Semiconductors
Ranks #6 of 48 by Smart Score