Alex Sirois
5 min read
Quick Read
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Micron’s fiscal 2026 revenue surged 256% to $133B, with Q1 2027 guidance of $61.5B in revenue and $38.15 in non-GAAP EPS.
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Micron’s 87% gross margin towers over Western Digital’s 58%, and at 12x earnings it’s far cheaper than NVIDIA’s 43x multiple.
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Micron’s 26 Strategic Customer Agreements, with price floors and committed volumes, already cover more than 75% of fiscal 2027 shipments.
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I added to my Micron Technology (NASDAQ:MU) position again this week, and I already expect to add more after the next earnings report. The stock closed at $934.27 on October 29, down 12.27% over the past month, after Samsung’s earnings showed how high the bar is for memory stocks. Reddit sentiment on the stock has plummeted from bullish to bearish. I keep buying anyway.
Peer Enthusiasm Points Straight at Memory
Memory has become the bottleneck in AI, and Micron’s customers and rivals keep showing it. NVIDIA (NASDAQ:NVDA) reported that its supply obligations rose to $279.00 billion, largely tied to memory procurement for Vera Rubin. This week, rival SK Hynix fueled the AI frenzy with fresh news of its own. Micron’s leadership puts it simply: “DRAM is the principal constraint versus logic or power to the data center.” When the biggest buyer in AI commits that kind of money to memory, I want to own the company selling it.
Three Numbers Behind Every Purchase
The first is growth. Quarterly revenue went from $13.64B in fiscal Q1 2026 to $54.23B in fiscal Q4. Full-year revenue reached $133.19B, up 256.33%. For fiscal Q1 2027, management guided to $61.5B ± $1.5B in revenue and $38.15 ± $1.00 in non-GAAP EPS.
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The second is durability. Micron now has 26 Strategic Customer Agreements running through 2030, which management expects to cover about 35% of sales by 2030. Most of the pricing models include floor and ceiling bands, and more than 75% of fiscal 2027 shipments are already committed.
