MUMicron Technology
$926.55▼ -0.1%
SNDKSandisk
$1519.97▼ -0.7%
MU trades at a 18% discount to SNDK on forward P/E.
MU trades at a 12% discount to SNDK on EV to forward sales.
Snapshot
Valuation
Multiples at the current price, on trailing and forward figures.
Growth
Profitability
Non-GAAP, on each company’s own definitions.
Execution
Against the consensus that stood when each quarter was reported.
Balance sheet and cycle
Price, rebased
Each series starts at zero on the first day both companies traded.
SNDK price history begins Feb 21, 2025.
Quarterly results
Solid bars are reported. The line across each bar is the consensus that stood at the report. Hollow bars are consensus estimates for quarters not yet reported.
MU revenue
MU non-GAAP EPS
MU beat on non-GAAP EPS in 12 of 12 quarters with a citable consensus, by a median +19.5%.
| Quarter | Revenue | Consensus | EPS | Consensus | Surprise |
|---|---|---|---|---|---|
| FY26 Q32026Q2 | $41.46B | $35.91B | $25.11 | $21.39 | +17.4% |
| FY26 Q22026Q1 | $23.86B | $19.97B | $12.20 | $9.19 | +32.8% |
| FY26 Q12025Q4 | $13.64B | $12.62B | $4.78 | $3.77 | +26.8% |
| FY25 Q42025Q3 | $11.31B | $11.22B | $3.03 | $2.86 | +5.9% |
| FY25 Q32025Q2 | $9.30B | $8.83B | $1.91 | $1.57 | +21.7% |
| FY25 Q22025Q1 | $8.05B | $7.93B | $1.56 | $1.43 | +9.1% |
| FY25 Q12024Q4 | $8.71B | $8.71B | $1.79 | $1.60 | +11.9% |
| FY24 Q42024Q3 | $7.75B | $7.65B | $1.18 | $0.97 | +21.6% |
Against the guidance given at FY26 Q2: revenue came in above the guided range, EPS came in above it.
SNDK revenue
SNDK non-GAAP EPS
SNDK beat on non-GAAP EPS in 6 of 6 quarters with a citable consensus, by a median +48.4%.
| Quarter | Revenue | Consensus | EPS | Consensus | Surprise |
|---|---|---|---|---|---|
| FY26 Q42026Q2 | $8.96B | $8.42B | $39.25 | $34.59 | +13.5% |
| FY26 Q32026Q1 | $5.95B | $4.73B | $23.41 | $14.66 | +59.7% |
| FY26 Q22025Q4 | $3.02B | $2.67B | $6.20 | $3.54 | +75.1% |
| FY26 Q12025Q3 | $2.31B | $2.15B | $1.22 | $0.89 | +37.1% |
| FY25 Q42025Q2 | $1.90B | $1.81B | $0.29 | $0.03 | +866.7% |
| FY25 Q32025Q1 | $1.70B | $1.69B | -$0.30 | -$0.43 | +30.2% |
| FY25 Q22024Q4pre-spin | $1.88B | — | $1.23 | — | — |
| FY25 Q12024Q3pre-spin | $1.88B | — | $1.81 | — | — |
Against the guidance given at FY26 Q3: revenue came in above the guided range, EPS came in above it.
Forward estimates
Consensus figures, with the multiple each implies at the current price. Fiscal years carry their period end because the companies’ years cover different windows.
MU
| Period | Revenue | EPS | P/E |
|---|---|---|---|
| FY26 Q4 | $50.76B | $31.39 | — |
| FY27 Q1 | $54.65B | $34.80 | — |
| FY2026 (Sep '26) | $129.61B | $73.86 | 12.5x |
| FY2027 (Sep '27) | $248.08B | $157.83 | 5.9x |
Zacks consensus, as of Aug 14, 2026. Zacks Investment Research
Street ranges
| Period | Revenue low · avg · high | EPS low · avg · high | EBITDA low · avg · high | EV/EBITDA | Analysts rev · EPS |
|---|---|---|---|---|---|
| FQ ending Aug '26 | $49.68B · $50.42B · $51.77B | $30.40 · $31.14 · $32.10 | $42.50B · $43.46B · $44.72B | — | 21 · 21 |
| FY ending Aug '26 | $128.89B · $129.56B · $131.01B | $72.28 · $73.37 · $79.63 | $103.49B · $106.63B · $112.97B | 9.8x | 31 · 22 |
| FY ending Aug '27 | $226.33B · $250.29B · $284.89B | $130.49 · $156.08 · $218.81 | $182.63B · $218.33B · $296.54B | 4.8x | 33 · 24 |
EV/EBITDA divides enterprise value at the current price (market cap plus total debt, less cash and investments) by the consensus average EBITDA for the fiscal year.
Next report Sep 30, 2026.
scrappy/markets consensus, as of Sep 16, 2026.
SNDK
| Period | Revenue | EPS | P/E |
|---|---|---|---|
| FY27 Q1 | $10.47B | $43.12 | — |
| FY2027 (Jul '27) | $48.92B | $213.23 | 7.1x |
| FY2028 (Jun '28) | $53.98B | $260.09 | 5.8x |
LSEG consensus, as of Aug 5, 2026. Reuters (via AOL)
Street ranges
| Period | Revenue low · avg · high | EPS low · avg · high | EBITDA low · avg · high | EV/EBITDA | Analysts rev · EPS |
|---|---|---|---|---|---|
| FQ ending Oct '26 | $10.44B · $10.64B · $10.78B | $45.06 · $46.12 · $48.69 | $7.39B · $7.57B · $7.99B | — | 11 · 11 |
| FY ending Jul '27 | $45.09B · $48.91B · $51.37B | $193.30 · $212.62 · $233.10 | $32.13B · $35.49B · $38.63B | 6.6x | 15 · 12 |
| FY ending Jul '28 | $42.35B · $58.08B · $68.55B | $179.39 · $261.77 · $331.57 | $30.08B · $41.23B · $54.96B | 5.7x | 14 · 11 |
EV/EBITDA divides enterprise value at the current price (market cap plus total debt, less cash and investments) by the consensus average EBITDA for the fiscal year.
Next report Nov 5, 2026.
scrappy/markets consensus, as of Sep 16, 2026.
Street view
Third-party analyst price targets and ratings, as published and aggregated by our market data source. These are the Street's views, reported as data. PiggyGPT makes no recommendation.
MU
Street price targets
| Low | Median | High | Consensus |
|---|---|---|---|
| $1100.00 | $1500.00 | $2200.00 | $1547.71 |
Street ratings
| Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|
| 0 | 58 | 10 | 2 | 0 |
scrappy/markets, as of Sep 16, 2026.
SNDK
Street price targets
| Low | Median | High | Consensus |
|---|---|---|---|
| $1200.00 | $2037.50 | $3050.00 | $2152.81 |
Street ratings
| Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|
| 0 | 14 | 2 | 0 | 0 |
scrappy/markets, as of Sep 16, 2026.
Gross margin
Non-GAAP, by calendar quarter. Percentages share one scale.
What to watch
MU
Micron Technology designs and manufactures DRAM, NAND flash and NOR memory in its own wafer fabrication, assembly and test plants, selling to data center, mobile, client, automotive, industrial and consumer customers under the Micron and Crucial brands. Its highest-value line is HBM, the stacked DRAM used by AI accelerators.
- ·HBM ramp and generation transition. Micron reported that it had already shipped more than $1,000M of HBM4 revenue and that the HBM4 12-high volume ramp is tracking roughly twice as fast as the HBM3E 12-high ramp, with HBM4E on the 1-gamma node targeted for volume production in calendar 2027. HBM bit share versus SK hynix and Samsung, and whether HBM4 yields hold, are the single largest swing factor in Micron's mix.Investing.com
- ·Memory pricing cycle and rate of change. TrendForce forecasts conventional DRAM contract prices up 13-18% QoQ and NAND Flash contract prices up 10-15% QoQ in 3Q26, explicitly a slower pace than prior quarters because record-high contract prices have pushed PC and smartphone customers to their affordability limit. The deceleration in sequential pricing, not the direction, is what determines whether Micron's ~86% guided gross margin is a peak.TrendForce
- ·Contracted revenue visibility. Micron disclosed 16 Strategic Customer Agreements representing approximately $100,000M in minimum contracted revenue, covering roughly 20% of its DRAM volume and about one-third of its NAND volume through 2030, structured as take-or-pay commitments with price floors and ceilings, and expected to represent more than 50% of total revenue once fully in effect. Coverage percentage, floor pricing and any renegotiation are the key disclosures each quarter.Investing.com
- ·Data-center demand mix. In fiscal Q3 2026 the two data-center-facing units produced $25,293M of the $41,460M total: Cloud Memory $13,769M and Core Data Center $11,524M, versus Mobile and Client $11,521M and Automotive and Embedded $4,634M. The share of revenue coming from Cloud Memory plus Core Data Center, and the gross margin spread between them (83% CMBU vs 87% CDBU in the quarter), is the mix metric to track.Barchart (GlobeNewswire syndication of Micron press release)
- ·Capex discipline versus greenfield build-out. Micron guided fiscal Q4 2026 capex to about $10,000M, taking full-year fiscal 2026 capex to roughly $27,000M net of government incentives, and said fiscal 2027 quarterly capex will exceed that Q4 level, with more than half of the year-over-year increase going to construction spend rather than equipment. Separately Micron raised its planned U.S. investment to more than $250,000M through 2035 (up from the roughly $200,000M announced in June 2025), targeting 40% of its global DRAM output on U.S. soil.CNBC
- ·China exposure and CXMT capacity. Reuters reported in October 2025 that Micron would exit the server-chip business for data centers in China following the 2023 Cyberspace Administration of China ban, a business that had contributed about $3,400M, or roughly 12% of revenue, in the prior fiscal year, while retaining Chinese automotive and mobile customers. On the supply side, CXMT is reported to be finishing 2026 at roughly 350,000 DRAM wafer starts per month, about 25,000 WSPM short of Micron, though it is not yet in HBM.CNBC / Reuters
Fiscal year is the 52 or 53 week period ending the Thursday closest to August 31. Fiscal 2026 is a 53 week year ending September 3, 2026, so its fourth quarter runs 14 weeks. Quarters end in late November, late February and late May.
SNDK
Sandisk is a NAND flash pure play, independent since Western Digital spun off its flash business in February 2025. It develops 3D NAND and sells enterprise and client SSDs, embedded flash, memory cards and USB drives. It owns no wholly consolidated wafer fabs: all wafer supply comes from Flash Ventures, the Japanese joint venture it co-owns with Kioxia.
- ·NAND pricing cycle and the price/volume split. Sandisk attributed its 51% sequential fiscal Q4 2026 revenue increase to roughly one-third higher volumes and two-thirds higher pricing, making the company unusually levered to contract ASPs. TrendForce forecasts NAND Flash contract prices up 10-15% QoQ in 3Q26, a deceleration from earlier 2026 quarters as consumer demand weakens and base effects build, so the price contribution to sequential growth is the number to watch.TrendForce
- ·Kioxia JV term and the fab access payment. On January 29, 2026 Kioxia and Sandisk extended the Yokkaichi Plant joint venture agreements by five years, from December 31, 2029 to December 31, 2034, and aligned the Kitakami Plant agreement to the same date. Sandisk will pay Kioxia $1,165M for manufacturing services and continued access to supply, in installments from 2026 through 2029 — a cash obligation that sits outside reported capex.Kioxia Corporation
- ·Flash Ventures economics and fixed-cost exposure. Sandisk holds a 49.9% interest in each of the three Flash Ventures entities (Flash Partners, Flash Alliance, Flash Forward), jointly controls them with Kioxia, and is entitled to purchase roughly 50% of output at cost plus a small markup. Critically, it must pay for half of Flash Ventures' fixed costs regardless of how much output it actually takes, and it recognizes its 49.9% share of Flash Ventures earnings one quarter in arrears in Other expense, net — so reported operating results and JV economics move on different clocks.Sandisk Corporation (Annual Report 2025)
- ·Technology transition: BiCS8 to BiCS10 and the capex step-up. Kioxia and Sandisk began production of 10th-generation 3D flash at Kitakami Plant Fab2 (K2) in July 2026; the companies say the node uses CBA (CMOS directly Bonded to Array) and supports multi-year bit growth. Sandisk says BiCS8 is now the majority of production, BiCS10 1Tb TLC exceeds 29Gb/mm2 with a 59% bit-density improvement, and gross capex ran about 6% of revenue in fiscal 2026 with a BiCS10 ramp planned in fiscal 2027.Kioxia Corporation
- ·Enterprise SSD traction and bit mix shift. Datacenter revenue reached $2,977M in fiscal Q4 2026, up 103% sequentially and up 1,298% year over year, and Datacenter grew from 12% to 38% of total bits shipped year over year; full-year fiscal 2026 Datacenter revenue was $5,153M, up 437%. Whether additional hyperscaler qualifications convert into sustained datacenter bit share — against a market where enterprise SSDs were roughly 48% of global NAND bit shipments in Q2 2026 — is the core growth question.Investing.com
- ·Post-spin capital structure and contracted revenue. Long-term debt was $0 at July 3, 2026, down from $1,829M a year earlier; Sandisk repurchased $4,500M of stock in fiscal Q4 with $15,500M remaining of a $20,000M authorization. Eight New Business Model agreements carry $93,900M of minimum contracted revenue at floor pricing with $16,500M of financial guarantees, covering more than 50% of fiscal 2027 bits and about two-thirds of fiscal 2028 bits; the FY2028-FY2030 model presented at the August 13, 2026 Investor Day targets mid-to-high-teens revenue growth, ~80% non-GAAP gross margin, ~75% non-GAAP operating margin and ~50% adjusted free cash flow margin, with 100% of excess free cash flow returned to shareholders.Counterpoint Research
Fiscal year is a 52 or 53 week period ending the Friday nearest June 30. Fiscal 2026 was a 53 week year ended July 3, 2026, with the extra week in a 14 week first quarter.
Data
MU · Fundamentals researched Aug 16, 2026
Price as of Sep 16, 2026
Next report Sep 29, 2026
Sources: SEC EDGAR, Micron Investor Relations
SNDK · Fundamentals researched Aug 16, 2026
Price as of Sep 16, 2026
Next report Nov 5, 2026
Sources: SEC EDGAR, Sandisk Investor Relations