{"schemaVersion":1,"research":true,"symbol":"mu","name":"Micron","topic":"moat","path":"/stock/mu/moat","status":"published","version":6,"updatedAt":"2026-10-19T10:20:44.728Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Micron demonstrates manufacturing capabilities, achieved cost reductions and strong recent pricing outcomes, but the passages do not establish a durable advantage over incumbent competitors. Historical sales below manufacturing cost and realized pricing pressure show weak protection across cycles. New enforceable multi-year customer agreements improve demand visibility and contractual protection, but their coverage and performance through a downturn remain unproven. Recent profitability alone does not establish a moat.","advantages":[{"mechanism":"cost_advantage","claim":"Shared manufacturing infrastructure and achieved process-related cost reductions are current operating strengths. The passages do not demonstrate a sustained cost advantage over named competitors.","durability":"Maintaining these strengths requires continuing capital investment and successful technology transitions. Capital intensity creates entry barriers but does not establish superior economics against existing manufacturers.","risks":"Competitors may have greater resources or lower costs. Supply expansion and technological change can erode pricing faster than Micron reduces manufacturing costs; historical below-cost selling demonstrates this vulnerability.","invalidation":"The operating-strength thesis would weaken if successive technology transitions fail to reduce manufacturing costs or production shipments stall. A durable cost-moat thesis would require sustained comparative cost leadership and protection through a supply downturn.","competitors":["Samsung Electronics Co., Ltd.","SK hynix Inc.","Kioxia Holdings Corporation","Sandisk Corporation","ChangXin Memory Technologies, Inc.","Yangtze Memory Technologies Co., Ltd."],"evidenceIds":["q54","q55","q65","q66","q159","q161","q162","q367","q368"],"counterEvidenceIds":["q57","q59","q62","q70","q587"]},{"mechanism":"switching_costs","claim":"Executed strategic agreements create finite contractual purchasing friction through enforceable multi-year volume commitments, deposits and recovery rights. This is current contractual protection, rather than demonstrated technical lock-in.","durability":"Protection applies during the disclosed contract terms. Renewal behavior, contract coverage and realized enforcement through weak demand are not supplied, so a lasting switching-cost moat is unestablished.","risks":"Pricing bands constrain pricing discretion. Customers could breach commitments, accumulate excess inventory or shift future purchases to competing suppliers.","invalidation":"Protection would be undermined by material defaults without effective recovery, substantial volume waivers, or failure to renew commitments. Evidence of sustained renewals and protected purchasing through a downturn would support reconsidering the no-moat verdict.","competitors":[],"evidenceIds":["q48","q50","q185","q186","q187","q237"],"counterEvidenceIds":["q95","q96","q97","q98","q945"]}],"evidence":[{"id":"q48","sourceId":"filing-1","location":"Business / customer contract pricing","excerpt":"Pricing for our contracts is either fixed or periodically negotiated, with the majority of the strategic customer agreements having pricing that is subject to minimum and maximum bands."},{"id":"q50","sourceId":"filing-1","location":"Business / strategic agreement financial security","excerpt":"Under the strategic agreements, our customers have provided financial security in the form of cash deposits and letters of credit."},{"id":"q54","sourceId":"filing-1","location":"Business / Competitive Conditions","excerpt":"Certain Concentrations.\nCompetitive Conditions\nWe face intense competition in the semiconductor memory and storage markets from a number of companies, including Samsung Electronics Co., Ltd.; SK hynix Inc.; Kioxia Holdings Corporation; Sandisk Corporation; ChangXin Memory Technologies, Inc."},{"id":"q55","sourceId":"filing-1","location":"Business / Competitive Conditions","excerpt":"(“CXMT”); and Yangtze Memory Technologies Co., Ltd."},{"id":"q57","sourceId":"filing-1","location":"Business / competitor resources and costs","excerpt":"Some of our competitors are large corporations or conglomerates that may operate in jurisdictions with lower labor and compliance costs and may have a larger market share and greater resources to invest in technology, capitalize on growth opportunities, and withstand downturns in the semiconductor markets in which we compete."},{"id":"q59","sourceId":"filing-1","location":"Business / industry capacity expansion","excerpt":"We, and some of our competitors, have plans to construct new fabrication facilities and/or ramp production at existing fabrication facilities to increase supply in response to a significant increase in demand for memory products across the industry."},{"id":"q62","sourceId":"filing-1","location":"Business / competing technology","excerpt":"If competitors are more successful at developing or implementing new product or process technology, their products could have cost or performance advantages."},{"id":"q65","sourceId":"filing-1","location":"Business / Manufacturing","excerpt":"Semiconductor manufacturing is capital intensive, requiring large investments in sophisticated facilities and equipment."},{"id":"q66","sourceId":"filing-1","location":"Business / shared manufacturing processes","excerpt":"Our DRAM, NAND, and NOR products share a number of common manufacturing processes, enabling us to leverage our product and process technology and certain resources and manufacturing infrastructure across these product lines."},{"id":"q68","sourceId":"filing-1","location":"Risk Factors / historical selling-price volatility","excerpt":"Over the past five fiscal years, annual percentage changes in DRAM and NAND average selling prices have ranged from an increase of approximately 200% to a decrease of approximately 50%."},{"id":"q69","sourceId":"filing-1","location":"Risk Factors / industry supply and pricing","excerpt":"In recent periods, industry demand has outpaced supply, driving average selling prices higher, but as we and others increase supply, average selling prices may decline, particularly if demand growth slows or declines."},{"id":"q70","sourceId":"filing-1","location":"Risk Factors / historical sales below manufacturing costs","excerpt":"Conversely, in some prior periods, average selling prices for our products have been below our manufacturing costs, and we may experience such circumstances in the future."},{"id":"q95","sourceId":"filing-1","location":"Risk Factors / customer purchase switching","excerpt":"Further, if we are unable to satisfy customer demand and customers are required to purchase products from our competitors, they may shift immediate and future purchases to such competitors, which could harm our customer relationships and adversely impact our access to certain end markets."},{"id":"q96","sourceId":"filing-1","location":"Risk Factors / long-term purchase obligations","excerpt":"Efforts by us and our competitors to align supply to long-term customer agreements could contribute to industry supply exceeding demand if customers were to breach their purchase obligations and if overall demand is lower than anticipated."},{"id":"q97","sourceId":"filing-1","location":"Risk Factors / customer inventories under long-term agreements","excerpt":"In addition, customer purchases in excess of production needs to satisfy their obligations under long-term agreements may result in elevated customer inventories."},{"id":"q98","sourceId":"filing-1","location":"Risk Factors / potential oversupply and pricing pressure","excerpt":"If these conditions materialize, they may cause an oversupplied memory and storage market, downward pressure on pricing, and a material adverse effect on our business, results of operations, or financial condition."},{"id":"q158","sourceId":"filing-1","location":"MD&A / fiscal 2026 consolidated gross margin","excerpt":"Our consolidated gross margin percentage improved to 81% for 2026 from 40% for 2025 as a result of improvements in margins for both DRAM and NAND products."},{"id":"q159","sourceId":"filing-1","location":"MD&A / pricing, mix and achieved manufacturing cost reductions","excerpt":"Margins improved primarily due to increases in average selling prices and also benefited from favorable mix and manufacturing cost reductions due to continued strong execution."},{"id":"q161","sourceId":"filing-1","location":"MD&A / DRAM manufacturing improvements","excerpt":"DRAM margins improved primarily due to increases in average selling prices, an increased mix of higher-margin products, including HBM, and manufacturing cost reductions driven by improvements in product and process technology."},{"id":"q162","sourceId":"filing-1","location":"MD&A / NAND manufacturing cost reductions","excerpt":"NAND margins improved primarily due to manufacturing cost reductions."},{"id":"q163","sourceId":"filing-1","location":"MD&A / prior inventory write-down effects","excerpt":"Our consolidated gross margin for 2024 reflected $987 million of benefit due to lower costs from the sale of inventories written down to their net realizable value in 2023."},{"id":"q169","sourceId":"filing-1","location":"MD&A / AEBU realized pricing declines","excerpt":"•AEBU operating income increased primarily due to manufacturing cost reductions and higher bit shipments, partially offset by declines in average selling prices."},{"id":"q185","sourceId":"filing-1","location":"MD&A / executed strategic customer agreements","excerpt":"In 2026, we executed strategic customer agreements with a number of customers."},{"id":"q186","sourceId":"filing-1","location":"MD&A / enforceable multi-year volume commitments","excerpt":"These agreements included binding commitments for specific contractually enforceable volumes over the multi-year contract terms."},{"id":"q187","sourceId":"filing-1","location":"MD&A / conditional return of customer deposits","excerpt":"Strategic customer agreements often include substantial customer deposits that are returned to the customer if the customer meets the minimum purchase commitments."},{"id":"q191","sourceId":"filing-1","location":"MD&A / Cash Flows","excerpt":"61 | 2026 10-K\nTable of Contents\nCash Flows\nFor the year ended\n2026\n2025\n2024\nNet cash provided by operating activities\n$\n89,675 \n$\n17,525 \n$\n8,507 \nNet cash used for investing activities\n(61,641)\n(14,087)\n(8,309)\nNet cash provided by (used for) financing activities\n630 \n(850)\n(1,842)\nEffect of changes in currency exchange rates on cash, cash equivalents, and restricted cash\n81 \n6 \n40 \nNet increase (decrease) in cash, cash equivalents, and restricted cash\n$\n28,745 \n$\n2,594 \n$\n(1,604)\nOperating Activities: Cash provided by operating activities reflects net income adjusted for certain non-cash items, including depreciation expense, amortization of intangible assets, and stock-based compensation, and the effects of changes in operating assets and liabilities."},{"id":"q192","sourceId":"filing-1","location":"MD&A / operating cash-flow drivers","excerpt":"The increase in cash provided by operating activities for 2026 as compared to 2025 was primarily due to higher net income in 2026, adjusted for non-cash items, an increase in accounts payable and accrued expenses mostly related to income and other taxes and salaries, wages, and benefits, an increase in other current liabilities resulting mainly from higher consideration payable to customers for pricing adjustments, and an increase in noncurrent liabilities largely due to higher noncurrent income taxes payable related to the implementation of Pillar Two."},{"id":"q195","sourceId":"filing-1","location":"MD&A / actual capital expenditures and incentive proceeds","excerpt":"Investing Activities: For 2026, net cash used for investing activities consisted primarily of $32.88 billion of net outflows from purchases, maturities, and sales of available-for-sale securities, $30.71 billion of expenditures for property, plant, and equipment, and $1.05 billion of purchases of non-marketable equity securities, partially offset by $3.32 billion of proceeds from government incentives to offset capital expenditures."},{"id":"q223","sourceId":"filing-1","location":"Financial statement notes / noncancelable purchase commitments","excerpt":"Commitments\nAs of September 3, 2026, we had noncancelable commitments with remaining contractual terms in excess of one year of approximately $10.8 billion for purchase obligations, of which approximately $1.3 billion will be due in 2027, $1.8 billion due in 2028, $1.4 billion due in 2029, $1.1 billion due in 2030, $800 million due in 2031, and $4.4 billion due in 2032 and thereafter."},{"id":"q237","sourceId":"filing-1","location":"Financial statement notes / contractual customer recovery rights","excerpt":"In the event of customer default or breach, our contractual recovery rights may include proceeds from letters of credit, rights to decrement customer deposits and other contractual remedies."},{"id":"q256","sourceId":"filing-1","location":"Auditor report / distributor price protection","excerpt":"In addition, the Company generally offers price protection to its distributors, which is a form of variable consideration that decreases the transaction price."},{"id":"q271","sourceId":"filing-1","location":"Controls and Procedures / management assessment","excerpt":"Based on this evaluation, management concluded that our internal control over financial reporting was effective as of September 3, 2026."},{"id":"q272","sourceId":"filing-1","location":"Controls and Procedures / independent audit of internal controls","excerpt":"The effectiveness of our internal control over financial reporting as of September 3, 2026 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in Part II, Item 8, of this Annual Report on Form 10-K."},{"id":"q367","sourceId":"filing-2","location":"Business / Research and Development / achieved DRAM shipments","excerpt":"In 2025, we began shipping the 1γ production node, which is our first DRAM node incorporating EUV lithography."},{"id":"q368","sourceId":"filing-2","location":"Business / Research and Development / NAND volume production","excerpt":"We also began volume production on our Micron G9 NAND node."},{"id":"q444","sourceId":"filing-2","location":"MD&A / historical cash flows and financing","excerpt":"Cash Flows\nFor the year ended\n2025\n2024\n2023\nNet cash provided by operating activities\n$\n17,525 \n$\n8,507 \n$\n1,559 \nNet cash used for investing activities\n(14,087)\n(8,309)\n(6,191)\nNet cash provided by (used for) financing activities\n(850)\n(1,842)\n4,983 \nEffect of changes in currency exchange rates on cash, cash equivalents, and restricted cash\n6 \n40 \n(34)\nNet increase (decrease) in cash, cash equivalents, and restricted cash\n$\n2,594 \n$\n(1,604)\n$\n317 \nOperating Activities: Cash provided by operating activities reflects net income (loss) adjusted for certain non-cash items, including depreciation expense, amortization of intangible assets, stock-based compensation, inventory write-downs, and asset impairments, and the effects of changes in operating assets and liabilities."},{"id":"q587","sourceId":"filing-3","location":"Risk Factors / realized selling-price declines exceeding cost reductions","excerpt":"Average selling prices for our products that decline faster than our costs have recently had an adverse effect on our business and results of operations, and in future periods could have a material adverse effect on our business, results of operations, or financial condition."},{"id":"q786","sourceId":"filing-4","location":"MD&A / nine-month DRAM pricing and shipment outcomes","excerpt":"•Sales of DRAM products increased 211%, primarily due to an approximate 140% increase in average selling prices and an approximate 30% increase in bit shipments."},{"id":"q787","sourceId":"filing-4","location":"MD&A / nine-month NAND pricing and shipment outcomes","excerpt":"•Sales of NAND products increased 183%, primarily due to an approximate 130% increase in average selling prices and a low-20% range increase in bit shipments."},{"id":"q796","sourceId":"filing-4","location":"MD&A / actual debt repayments and shareholder distributions","excerpt":"Financing Activities: For the first nine months of 2026, net cash used for financing activities consisted primarily of $9.38 billion of repayments of debt, which included the prepayment in full of the 2028 Notes, 2029 Term Loan A, 2029 A Notes, 2029 B Notes, and 2030 Notes and the partial prepayments of the 2031 Notes, 2032 Notes, 2033 A Notes, 2033 B Notes, 2035 A Notes, and 2035 B Notes; $762 million for the repurchases of common stock for withholdings on employee equity awards; $650 million for the acquisition of 2.5 million shares of our common stock under our share repurchase authorization; and $437 million for payments of dividends to shareholders."},{"id":"q945","sourceId":"filing-5","location":"Revenue recognition / February 2026 longer-term performance obligations","excerpt":"As of February 26, 2026 and August 28, 2025, our future performance obligations beyond one year, which included customer prepayments and other contract liabilities, were not material."},{"id":"q1114","sourceId":"filing-6","location":"Corporate Governance / combined chairman and CEO roles","excerpt":"BOARD LEADERSHIP STRUCTURE\nOur Board is currently led by Sanjay Mehrotra, as our Chairman, President and Chief Executive Officer, and Lynn A."},{"id":"q1183","sourceId":"filing-6","location":"Compensation program / clawback and ownership guidelines","excerpt":"■Maintain a compensation recoupment (\"clawback”) policy that provides for recoupment of incentive compensation paid to current and former executive officers in the event of an accounting restatement due to material noncompliance\n■No excessive perquisites\n■Maintain executive stock ownership guidelines"},{"id":"q1220","sourceId":"filing-6","location":"Executive Compensation / fiscal 2025 profitability goal calculation","excerpt":"Profitability goal achievement is based on the higher of adjusted non-GAAP net income or non-GAAP operating margin percent achievement."},{"id":"q1222","sourceId":"filing-6","location":"Executive Compensation / actual below-target profitability achievement","excerpt":"Despite a year of record revenue, the Fiscal 2025 profitability goal achieved below target at 95%, which was based on the non-GAAP operating margin performance."},{"id":"q1224","sourceId":"filing-6","location":"Executive Compensation / approved individual performance multipliers","excerpt":"Mehrotra, Bhatia, DeBoer and Sadana at 1.10 in recognition of their successful efforts in their respective areas."},{"id":"q1284","sourceId":"filing-6","location":"Compensation tables / actual fiscal 2025 award grants","excerpt":"Grant Date Fair Value of Stock (or Units)(4)\nThreshold\nTarget\nMax\nThreshold\nTarget\nMax\nSanjay Mehrotra\n$\n1,595,000 \n$\n3,190,000 \n$\n6,380,000 \n10/13/24\n \n33,264 \n143,613 \n287,226 \n$\n16,484,065 \n10/13/24\n83,015 \n8,875,964 \nMark Murphy\n533,975 \n1,067,950 \n2,135,900 \n10/13/24\n9,081 \n39,205 \n78,410 \n4,499,991 \n10/13/24\n42,088 \n4,500,049 \nManish Bhatia\n572,400 \n1,144,800 \n2,289,600 \n10/13/24\n9,585 \n41,382 \n82,764 \n4,749,878 \n10/13/24\n44,426 \n4,750,028 \nScott DeBoer\n491,400 \n982,800 \n1,965,600 \n10/13/24\n8,324 \n35,938 \n71,876 \n4,125,008 \n10/13/24\n38,580 \n4,124,974 \nSumit Sadana\n584,719 \n1,169,438 \n2,338,875 \n10/13/24\n9,585 \n41,382 \n82,764 \n4,749,878 \n10/13/24\n44,426 \n4,750,028 \n(1)Represent estimated possible payouts for Fiscal 2025 under the STI plan."},{"id":"q1294","sourceId":"filing-6","location":"Compensation tables / performance vesting thresholds","excerpt":"Unless the threshold targets are achieved or exceeded, the vesting conditions will not be met and the awards will be forfeited."},{"id":"q1295","sourceId":"filing-6","location":"Compensation tables / bonuses actually paid","excerpt":"Performance-Based Cash Awards\nBonuses were paid to the Named Executive Officers for Fiscal 2025 as a result of achievement of certain goals."},{"id":"q1336","sourceId":"filing-6","location":"Corporate Governance / existing proxy access right","excerpt":"Our bylaws provide a proxy access right permitting certain of our shareholders who have beneficially owned 3% or more of our common stock continuously for at least three years to submit director nominations via our proxy materials for up to 20% of the directors then serving."},{"id":"q1337","sourceId":"filing-6","location":"Corporate Governance / annual director elections","excerpt":"Our bylaws provide for the annual election of directors."},{"id":"q1340","sourceId":"filing-6","location":"Corporate Governance / board and committee independence","excerpt":"Ninety percent of our Board is independent, and all of our standing committees are fully independent as well."},{"id":"q1342","sourceId":"filing-6","location":"Corporate Governance / lead independent director","excerpt":"Dugle as our Lead Independent Director, providing strong independent leadership to our Board."}],"changes":["Retain the previous none verdict while incorporating fiscal 2026 results through September 3, rather than pricing evidence only through May.","Recognize executed, enforceable multi-year customer commitments, financial security and recovery rights as current contractual protection. Their disclosed existence strengthens customer dependency evidence without establishing enduring lock-in.","Add assessments of actual compensation grants, payouts, governance arrangements, capital spending and debt repayments from the supplied passages."],"limitations":["The supplied sources have dateKind filed; filing dates are not treated as separate publication or retrieval dates.","Operating results and contractual disclosures support numerical assessments, but comparative cost, yield, product-performance and market-share evidence against named competitors is absent.","Competitor names are disclosed for the overall memory and storage markets; their individual exposure to specific products or strategic agreements is unestablished. Generic competing suppliers are therefore not named in the contractual-protection entry.","Industry leadership and strong-execution descriptions are issuer assertions. Actual shipments, cost reductions and financial outcomes provide stronger evidence, but do not isolate management performance from favorable industry conditions.","Strategic agreement revenue coverage, exact pricing bands, renewal history and realized default recoveries are missing. February 2026 immaterial longer-term obligations do not negate agreements subsequently executed.","The proxy supplies actual award and governance disclosures, but complete executive beneficial ownership and later governance outcomes are not established. Proposed amendments and award opportunities are not treated as adopted changes or vested compensation."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Capital-intensive manufacturing, shared processes and achieved cost reductions support meaningful capabilities and entry barriers. A sustained relative advantage over incumbent competitors is not demonstrated.","evidenceIds":["q65","q66","q159","q57","q62"]},{"criterion":"durability","grade":1,"rationale":"Historical below-cost selling and price declines exceeding cost reductions demonstrate fragile protection across cycles. New multi-year commitments improve visibility but have no supplied downturn record.","evidenceIds":["q70","q587","q186"]},{"criterion":"customer_dependency","grade":2,"rationale":"Enforceable volume commitments and deposit-related remedies establish finite customer purchasing obligations. Coverage, renewals and technical switching costs remain unestablished.","evidenceIds":["q186","q187","q237","q95"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Cost reductions and recent pricing gains demonstrate recovery, but realized historical pricing damage and inventory write-downs show weak insulation. Capacity expansion is a prospective erosion risk, not a realized new downturn.","evidenceIds":["q159","q163","q587","q59"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Nine-month 2026 DRAM and NAND average selling prices increased approximately 140% and 130%, respectively, and full-year results benefited from higher prices. Historical severe declines and continuing segment-level price pressure make the overall evidence mixed; industry scarcity does not establish unilateral pricing power.","evidenceIds":["q786","q787","q159","q68","q69","q169"]},{"criterion":"retention","grade":2,"rationale":"Higher bit shipments provide indirect demand evidence, while enforceable multi-year commitments and financial security support future repeat purchasing. Neither customer-level retention rates nor completed renewal cycles are supplied.","evidenceIds":["q786","q787","q50","q186","q237"]},{"criterion":"margin_resilience","grade":1,"rationale":"Recent gross-margin expansion and cost reductions are substantial, but prior below-cost sales and inventory write-downs demonstrate weak through-cycle protection. Recovery is established; resilience during a renewed downturn is not.","evidenceIds":["q158","q159","q70","q163","q587"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Fixed or periodically negotiated pricing provides some ability to reset terms. Minimum and maximum bands constrain most strategic agreements, and distributor price protection reduces transaction prices. Volume remedies strengthen enforceability rather than unrestricted pricing discretion.","evidenceIds":["q48","q256","q237"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2026 operating cash generation comfortably exceeded disclosed capital expenditures, and substantial debt repayments were completed. However, cash generation benefited from liability increases, spending and noncancelable commitments are large, and historical financing needs show cyclicality. These outcomes support a mixed assessment rather than exceptional allocation skill.","evidenceIds":["q191","q192","q195","q223","q796","q444"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual fiscal 2025 performance-based grants, vesting thresholds, paid bonuses and clawback provisions establish alignment mechanisms. Profitability achievement was below target, but the higher-of-two-metrics formula and approved individual multipliers soften discipline. Full executive ownership evidence is missing.","evidenceIds":["q1284","q1294","q1295","q1183","q1220","q1222","q1224"]},{"criterion":"execution","grade":3,"rationale":"Achieved EUV-node shipments, NAND volume production, repeated manufacturing cost reductions and higher bit shipments demonstrate strong operating execution. This assessment partly uses indirect operating evidence; favorable industry pricing is not attributed entirely to management.","evidenceIds":["q367","q368","q159","q161","q162","q786","q787"]},{"criterion":"governance","grade":2,"rationale":"Annual elections, proxy access, independent committees, a lead independent director and audited control processes provide substantive safeguards. 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