Micron Technology Inc. (MU) intrinsic value & 10-year financials
Micron Technology Inc. (MU) has a Graham intrinsic value of $147.60 per share. At $878.84 on Oct 17, 2026, the stock trades 495% above that value. Over the last 10 fiscal years revenue grew 13.0% a year to $37.4B, with an average return on invested capital of 15.4%.
- Graham intrinsic value
- $147.60
- Share price (Oct 17, 2026)
- $878.84
- Price vs Graham value
- 495% above
- Market cap
- $988.7B
- Revenue (FY2025)
- $37.4B
- Revenue growth (10-yr CAGR)
- 13.0%
- ROIC (10-yr avg)
- 15.4%
- Free cash flow (FY2025)
- $1.7B
MU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $37.4B | $8.5B | $7.59 | $1.7B | 26.1% | 15.8% |
| FY2024 | $25.1B | $778.0M | $0.70 | $121.0M | 5.2% | 1.7% |
| FY2023 | $15.5B | -$5.8B | -$5.34 | -$6.1B | -37.0% | -11.8% |
| FY2022 | $30.8B | $8.7B | $7.75 | $3.1B | 31.5% | 19.3% |
| FY2021 | $27.7B | $5.9B | $5.14 | $2.4B | 22.7% | 14.6% |
| FY2020 | $21.4B | $2.7B | $2.37 | $83.0M | 14.0% | 7.7% |
| FY2019 | $23.4B | $6.3B | $5.51 | $3.4B | 31.5% | 21.2% |
| FY2018 | $30.4B | $14.1B | $11.51 | $8.5B | 49.3% | 56.0% |
| FY2017 | $20.3B | $5.1B | $4.41 | $3.4B | 28.9% | 28.4% |
| FY2016 | $12.4B | -$276.0M | -$0.27 | -$2.6B | 1.4% | 1.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Micron Technology is a consistent compounder, expanding top-line revenue at 13.0% annually over the past decade.
Micron Technology has earned high returns on invested capital, averaging 15.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Micron Technology has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Micron Technology is modeled at 7.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $147.60 per share.