What Just Happened To Micron Stock?

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Micron Technology (MU) stock rose 272.9% over the year to November 2, 2026, compared with 11.5% for the S&P 500. During that year, the memory chip maker reported fast-rising sales on demand for chips used in artificial intelligence hardware, ending with record fiscal Q4 2026 results on September 30, 2026. So how much bigger is the business behind Micron's shares than it was a year ago?

How Much Bigger Micron's Business Has Become

Micron reported sales of $54.2 billion in fiscal Q4 2026, the quarter ended September 3, 2026, up from $11.3 billion a year earlier. The climb was visible early in the year. On December 17, 2025, Micron forecast revenue for its fiscal second quarter above Wall Street estimates, on strong demand and pricing for its high-bandwidth memory chips. News reports said its Frankfurt-listed shares rose almost 12% the next morning.

Profit grew even faster than sales. Micron's operating margin reached 80.7% in fiscal Q4 2026, up from 32.3% in fiscal Q4 2025. Over the twelve months to September 3, 2026, net income was $85.0 billion, or about ten times the $8.54 billion from the twelve months before.

Is Micron Stock More Expensive Than A Year Ago?

Measured against its profit, Micron stock is cheaper than a year ago because profit grew faster than the share price. The shares traded at 14.2 times trailing earnings at the end of September 2026, compared with 22.0 times a year earlier. At the November 2, 2026 close, that multiple was 11.1, about half the S&P 500's 22.8.

Measured against sales, though, the shares cost more. They traded at 9.0 times trailing sales at the end of September 2026, up from 5.0 a year earlier. The shares have also come down from their highest close of the year, $1,213.18 on June 25, 2026. Over the month to November 2, 2026, Micron stock fell 22.4%, while the S&P 500 lost 2.3%. On November 2 alone, Micron fell 5.8% after a cautious forecast from Japanese memory maker Kioxia pulled memory stocks lower, news reports said.

What Has Not Changed At Micron

Micron still sells memory, and its profits have swung hard before . In the fiscal year ended August 31, 2023, revenue fell 49.5% and the company posted a loss.

On the September 30, 2026 call, management said it expects margins to widen over the rest of fiscal 2027 compared with that year's first quarter, as prices keep climbing, though at a more moderate pace. Management also said it expects market conditions to stay tight through 2028. Those are forecasts, not results.