MICRON TECHNOLOGY INC

Memory maker in a powerful AI/HBM-driven upcycle with explosive growth and strong margins; cyclicality and capex intensity are the caveats.

Strengths

• Explosive growth and earnings — revenue +48.9% (80th), net income +997.6% (98th)
• Strong margins and operating cash flow — operating margin 26.1% (86th), OCF margin 46.9% (96th)
• Reasonable leverage — D/E 0.22 (43rd)

Risks

• Capex-heavy free cash flow — FCF margin 4.5% (37th) — fab investment absorbs most operating cash
• Severe memory cyclicality — margins and earnings swing dramatically across the cycle
• China export-control and geopolitical exposure per risk factors — qualitative (per 10-K)

Notable findings

• High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Insider buyingInsider buying — 3 open-market buy(s) by 1 insider(s) (~$8M, last 6mo) Form 4 ↗
• Strong balance sheetStrong balance sheet — $11.9B cash & investments
• Notable holderHeld by 7 notable fund(s): STATE STREET CORP, FMR LLC, CITADEL ADVISORS LLC +4 more (as of 2026-03-31)
• China exposureThe caveats are heavy capex (which keeps free-cash-flow margin thin), the notorious memory cycle, and China export exposure
• Insider sellingInsider selling — 120 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$119M, last 6mo) Form 4 ↗