Micron · MU

Why not

• –Caution:
  What is missing

  Micron’s newest annual filing covers the year to August 2025, and the memory business it describes is not the one trading today: free cash flow was $1.7B in that year against roughly $26B across the four quarters since. Our fair value is built from typical free cash flow over five years, and one extraordinary year inside a cycle that produced $8.5B in 2018 and a $6.1B outflow in 2023 reads as a spike rather than a new level — deliberately, because that is usually what it is. Two or three more years near this one would move that five-year middle, which on Micron’s filing calendar means the 2028 annual report; the read returns on its own then. Until it does, any fair value we published would rest on a base the company has already left far behind.