research report · MU

Micron Technology Inc

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Nov 1, 2026 from its annual report (10-K for the year ended Sep 3, 2026, filed Oct 9, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Improving

better on balance: sales, margins, cash or competitive position

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

Micron had the strongest year in its history by a wide margin. Fiscal 2026 revenue rose to $133.19B from $37.38B, gross margin rose to 80.7% from 39.8%, and operating cash flow reached $89.68B. Funding is not the issue: the company holds $73.45B of cash and marketable investments against $5.18B of debt. The issue is durability. The gain came mainly from selling prices that roughly tripled while volumes rose about a quarter, in an industry where annual price changes have ranged from +200% to −50% within five years. New strategic customer agreements carry about $134B of contracted minimum value. They are real protection against a downturn, but they cover only part of current sales.

what changed this year

  • Revenue rose 256% to $133.19B and net income reached $84.97B versus $8.54B; fourth-quarter gross margin was 86.8%.
  • Debt fell to $5.18B from $14.58B after $10.04B of repayments, while capital spending rose to $30.71B from $15.86B.
  • Customer agreements brought in $12.75B of deposits and $7B of letters of credit; contracted remaining obligations went from not material to about $134B.
  • First-quarter fiscal 2027 guidance is revenue of $61.5B ± $1.5B, GAAP gross margin of about 85.95% and GAAP earnings per share of $37.84 ± $1.00. The buyback authorization was raised to $35.16B on October 8, 2026.
  • Leadership and legal events:
  • Manish Bhatia and Scott DeBoer were named presidents on August 26.
  • Netlist litigation was settled on October 5, after a $500M fourth-quarter patent license charge.
  • On October 6 a Munich court ordered sales of accused 3D NAND products in Germany stopped; Micron has appealed.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Earnings rest on prices that management itself says may fall as supply grows
  • Customer agreements add a price floor, but it covers a minority of current sales
  • Cash generation funds the build-out, though about $14B of it is taxes owed rather than kept
  • Capital spending is roughly doubling into a cycle every supplier is chasing

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

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