Overview

• Micron reported fiscal 2025 revenue of $37.4 billion, up about 49% year over year, with net income of $8.5 billion and EPS of $7.59.
• Data-center sales accounted for 56% of revenue with 52% gross margins, and HBM revenue was nearly $2 billion in the fourth quarter.
• Citi lifted its price target to $200 with a Buy rating following the results, while CNN cited about 19% upside potential based on late-September consensus.
• Recent coverage highlights a roughly 10 times forward earnings multiple, positioning Micron as relatively inexpensive versus many AI peers.
• Bullish theses project revenue approaching $40 billion in FY26 and EPS above $12 if mid-40s gross margins persist, with outcomes dependent on HBM yields, customer breadth, and capex efficiency.