Why Micron Stock Looks Cheap After a Record Year

Micron Technology posted record fiscal 2026 results with $133 billion in revenue and $75.52 adjusted EPS, yet its stock trades at a forward P/E of 5.5—well below the S&P 500's 19—suggesting investors are pricing in an industry downturn. The company has secured $32 billion in long-term customer agreements and benefits from forecasted 28% annual server spending growth through 2030, but risks remain if new supply capacity floods the market and memory prices decline.