Even with Micron's revenue up 256%, a low PER alone doesn't confirm undervaluation
Original headline마이크론 매출 256% 늘어도 낮은 PER만으론 저평가 단정 못해
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Micron Technology ($MU) reported fiscal 2026 revenue growth of 256% year over year, with gross margin climbing to 81% from 40% in fiscal 2025 and 22% in fiscal 2024, per its annual report filed with the SEC on October 9. DRAM revenue rose 252% and NAND revenue 274%, driven by average selling price increases of roughly 180% for DRAM and 200% for NAND alongside higher bit shipments; the 53-week fiscal year also contributed to the comparison against 52-week prior years. The results have reignited debate over whether Micron's low price-to-earnings ratio signals genuine undervaluation or merely reflects cyclical peak earnings. Investors will watch whether memory pricing and margins hold at these elevated levels, and how the market re-rates the stock once the sustainability of the DRAM and NAND upcycle becomes clearer.
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Micron Technology (MU), NAND, DRAM, SEC
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