Micron Trades at 7x Forward Earnings Ahead of September 30 Report

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Micron Technology heads into its September 30 earnings report with 16 Strategic Customer Agreements representing roughly $100 billion in cumulative minimum-price contracted AI revenue. The company has already shipped more than $1 billion in HBM4 revenue, and management said the HBM4 12-high volume ramp is tracking twice as fast as HBM3E 12-high, while Cloud Memory alone generated $13.77 billion last quarter. Guidance for the fiscal fourth quarter calls for revenue of $50.0 billion plus or minus $1.0 billion, non-GAAP gross margin of about 86%, and non-GAAP EPS of $31.00 plus or minus $1.00. The stock is up 276.99% year to date at $1,075.31, with a market cap near $1.21 trillion, a forward P/E of 7 against a trailing P/E of 24, and a PEG ratio of 0.15, based on fiscal 2027 consensus EPS of $156.53. Analysts show 44 Buy ratings, 4 Holds, and zero Sells, with a target price of $1,515, while capex reached $7.83 billion last quarter and the balance sheet holds $24.995 billion in cash.

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Micron trades at 7x forward earnings with 44 Buy ratings and a $1,515 target price ahead of its September 30 earnings report.

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