We’ve recently updated our valuation analysis.

Micron Technology Valuation

Is MU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MU?

Other financial metrics that can be useful for relative valuation.

MU key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.5x
Enterprise Value/EBITDA4.8x
PEG Ratio0.2x

Price to Earnings Ratio vs Peers

How does MU's PE Ratio compare to its peers?

The above table shows the PE ratio for MU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average27.9x
NXPI NXP Semiconductors
17.6x3.4%US$47.0b
MCHP Microchip Technology
23.2x5.8%US$42.7b
ADI Analog Devices
31.5x9.0%US$86.5b
GFS GLOBALFOUNDRIES
39.2x4.4%US$32.3b
MU Micron Technology
11.3x58.8%US$69.7b

Price-To-Earnings vs Peers: MU is good value based on its Price-To-Earnings Ratio (11.3x) compared to the peer average (27.9x).


Price to Earnings Ratio vs Industry

How does MU's PE Ratio compare vs other companies in the US Semiconductor Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a17.2%
n/an/an/a

Price-To-Earnings vs Industry: MU is good value based on its Price-To-Earnings Ratio (11.3x) compared to the US Semiconductor industry average (17.9x)


Price to Earnings Ratio vs Fair Ratio

What is MU's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.3x
Fair PE Ratio38.2x

Price-To-Earnings vs Fair Ratio: MU is good value based on its Price-To-Earnings Ratio (11.3x) compared to the estimated Fair Price-To-Earnings Ratio (38.2x).


Share Price vs Fair Value

What is the Fair Price of MU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MU ($63.87) is trading above our estimate of fair value ($37.76)

Significantly Below Fair Value: MU is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$63.87
US$64.74
+1.4%
16.7%US$100.00US$45.00n/a32
Jan ’24US$49.98
US$65.05
+30.2%
17.2%US$100.00US$45.00n/a33
Dec ’23US$55.49
US$67.39
+21.4%
16.1%US$100.00US$45.00n/a34
Nov ’23US$54.86
US$66.95
+22.0%
16.8%US$100.00US$45.00n/a33
Oct ’23US$50.10
US$67.09
+33.9%
17.0%US$100.00US$45.00n/a32
Sep ’23US$57.31
US$75.61
+31.9%
18.3%US$110.00US$45.00n/a31
Aug ’23US$62.54
US$80.48
+28.7%
24.3%US$165.00US$50.00n/a31
Jul ’23US$53.65
US$82.58
+53.9%
24.8%US$165.00US$50.00n/a31
Jun ’23US$73.55
US$110.00
+49.6%
16.9%US$165.00US$83.00n/a31
May ’23US$68.19
US$110.93
+62.7%
16.6%US$165.00US$83.00n/a32
Apr ’23US$76.18
US$113.85
+49.4%
15.4%US$165.00US$83.00n/a33
Mar ’23US$86.26
US$113.03
+31.0%
17.5%US$165.00US$58.00n/a33
Feb ’23US$81.45
US$110.48
+35.6%
17.3%US$165.00US$58.00n/a33
Jan ’23US$93.15
US$106.07
+13.9%
17.2%US$165.00US$58.00US$49.9831
Dec ’22US$85.15
US$96.28
+13.1%
21.8%US$165.00US$58.00US$55.4931
Nov ’22US$70.70
US$95.33
+34.8%
22.8%US$165.00US$58.00US$54.8631
Oct ’22US$70.99
US$101.00
+42.3%
19.2%US$165.00US$70.00US$50.1029
Sep ’22US$73.72
US$113.41
+53.8%
16.1%US$165.00US$75.00US$57.3129
Aug ’22US$77.58
US$114.43
+47.5%
18.9%US$165.00US$39.00US$62.5430
Jul ’22US$80.11
US$114.55
+43.0%
19.0%US$165.00US$39.00US$53.6529
Jun ’22US$84.15
US$114.24
+35.8%
20.1%US$165.00US$39.00US$73.5529
May ’22US$86.07
US$115.00
+33.6%
20.3%US$165.00US$39.00US$68.1929
Apr ’22US$92.41
US$113.23
+22.5%
21.6%US$165.00US$39.00US$76.1831
Mar ’22US$94.76
US$99.84
+5.4%
17.3%US$140.00US$60.00US$86.2631
Feb ’22US$80.43
US$95.42
+18.6%
15.3%US$121.00US$60.00US$81.4531
Jan ’22US$75.18
US$77.68
+3.3%
17.7%US$100.00US$35.00US$93.1531

Analyst Forecast: Target price is less than 20% higher than the current share price.


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