Overview
- Micron reported late September that fiscal Q4 revenue reached about $54.23 billion with non‑GAAP EPS near $33.42 and an 87% non‑GAAP gross margin driven by data‑center and HBM sales.
- The company collected roughly $12.7–$12.9 billion in upfront customer deposits and has signed 26 strategic customer agreements that cover about 35% of revenue through 2030, giving multi‑year revenue visibility.
- Those deposits and large receivables have produced exceptional cash flow and liquidity that effectively lower how much capital shareholders must immediately fund for expansion.
- Micron spent about $27.37 billion in fiscal 2026 on capital projects, mainly clean rooms in the U.S. and Singapore, but management says the new fabs will not deliver significant volume until late 2028.
- Investors still price the stock at roughly 6x forward earnings because analysts warn that contractual pricing terms and future capacity additions could erode today’s peak margins if supply catches up to AI demand.