Key Highlights

  • MU is trading down 0.14% at $894.78 on October 21, with a market capitalization of about $1.01 trillion.
  • Fiscal 2026 revenue was reported at $133.19 billion, up 256%.
  • Fiscal 2026 net income was reported at $84.97 billion, with EPS of $74.33, up 879%.
  • The P/E is 12.17, while the PEG is negative at -4.86.
  • The next earnings date has not been announced.

Is Micron Hiding a Low P/E Growth Story Behind a Flat Session?

Micron Technology (NASDAQ:MU) is trading down 0.14% at $894.78 on October 21, essentially flat, and no company announcement was identified for the session. Any explanation for the small move is context rather than confirmed cause. AI-related shares rose in premarket trading that day, and memory stocks had been through a rout on October 13 tied to a Chinese memory maker.

What investors may be overlooking is the combination of a P/E of 12.17 with reported fiscal 2026 EPS growth of 879%. The stock screened as undervalued growth on that basis. The PEG, however, is negative at -4.86, which means the ratio is not meaningful and should not be read as a sign of low valuation.

A negative PEG usually reflects an estimate that growth will slow or turn negative, though the sources reviewed did not state the forward estimate behind it.

What Do $133.19 Billion of Revenue and a 64% Net Margin Show?

The company, which makes DRAM, including high-bandwidth memory, and NAND storage, reported fiscal 2026 revenue of $133.19 billion, up 256%. Net income was $84.97 billion and EPS was $74.33, up 879%. The results were reported at about the end of September, and these figures come from a data provider and were not checked against the primary filing.

Dividing net income by revenue gives a net margin of about 63.8%, calculated. Earnings grew far faster than sales, which points to a sharp widening of margins over the year.

Market capitalization is about $1.01 trillion. At $894.78, the P/E of 12.17 is roughly consistent with EPS of $74.33, calculated at about 12.0 times. Cash, debt and capital spending were not available in the sources reviewed.

Which Events Around Memory and Supply Chains Are in Focus?

Several dated items sit around the session. On October 13, memory shares fell sharply in a rout linked to Chinese memory maker CXMT. On October 15, a broad selloff hit artificial intelligence and related shares, and semiconductors rebounded between October 19 and October 21.

A labor agreement in Taiwan on October 20 and 21 averted a strike, and on October 20 a funding deal was announced for indium, a critical material. These are context and were not tied to the company by the sources.

On the evening of October 20, shares of Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO) and Micron were reported higher in after-hours trading, so the flat session follows a lift.

What Would Give the Growth Case a Fresh Test?

The next earnings date has not been announced, so the next company disclosure is not scheduled in the sources reviewed. Investors will watch whether growth near the fiscal 2026 pace is sustained and whether the negative PEG reflects slower expected growth. Until then, the stock is trading on its reported results and sector context, with no company-specific catalyst identified for October 21.