MUMicron Technology
Is the business good?
A genuinely good business: 8 of 9 health tests passed, earnings fully cash-backed (1.1×), and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 41% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MU?
Micron Technology earns 78% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 69 points above what the capital costs: growth creates value
- Operating margin
- 75%
Operating margin · Semiconductors median 7.5% · 12 months to Q4 2026
- Cash conversion
- 1.06×
Cash conversion · 2.03× a year ago · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 4.2%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2021 | 23% |
| FY2022 | 32% |
| FY2023 | −37% |
| FY2024 | 5.2% |
| FY2025 | 26% |
| FY2026 | 75% |
Details›
- Gross margin12 months to Q4 2026
- 81%
- Operating margin12 months to Q4 2026
- 75%
- Net margin12 months to Q4 2026
- 64%
- Free cash flow margin
- 44%
- R&D as % of revenue
- 4.2%
- Revenue, trailing twelve months
- $133.2B
- Free cash flow, trailing twelve months
- $59.0B
- Net income, trailing twelve months
- $85.0B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 78%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from MU and who it buys from, as the companies report it.
- NVDANVIDIA Corporation
Named in NVDA’s FY2026 10-K
- SIMOSilicon Motion Technology Corporation10%
MU is 10% of its revenue · FY2025 20-F
- LRCXLam Research
Named in LRCX’s FY2026 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; MU’s own figures are from its FY2026 10-K. Smaller customers and suppliers go unreported. A link without a share is named in one of the two companies’ annual reports, without a figure.
Semiconductors
The closest names by size in the same industry