No Single Customer Accounts for 10% of Micron's Sales Anymore, and That Lowers One Risk in the Stock

Micron Technology's fiscal 2026 annual report shows improved customer diversification, with no single customer accounting for 10% or more of revenue, down from 17% a year prior. While this reduces single-customer dependency risk, the company remains heavily concentrated in data center spending (60% of revenue) and dependent on memory chip pricing power, which drove most of the year's growth. The stock trades at a low 13x earnings multiple, suggesting investor concerns about future profit declines when memory prices normalize.