Micron reported NAND flash memory revenues of $2.7 billion in its latest quarter, representing 20 percent of total sales. Tight supply dynamics and rising contract prices for advanced NAND modules have driven this segment’s revenue growth by 45 percent year over year. The company has leveraged strong demand from data center operators and hyperscalers integrating high-capacity SSDs into their storage environments, boosting Micron’s overall revenue mix and profitability.

In the first quarter of fiscal 2026 (ended Nov. 27), Micron’s total revenue jumped 57 percent year over year to $13.6 billion, while non-GAAP earnings rose 170 percent to $4.78 per share. Management disclosed that it has already secured agreements for its full high-bandwidth memory (HBM) production capacity through calendar 2026, underscoring strong order visibility. Analysts forecast that AI-driven HBM demand will propel Micron’s revenue to nearly $30 billion for the full fiscal year, supporting an anticipated 288 percent earnings increase to $32.14 per share.

Despite tripling its net income and expanding net margins to 38 percent in the latest quarter, Micron trades at a forward P/E ratio below 10. The company’s four business segments—Cloud Memory, Core Data Center, Mobile & Client, and Automotive & Embedded—each delivered double-digit revenue growth, with the lowest segment margin still at 36 percent. With quarterly revenue guidance of $18.3 billion to $19.1 billion—more than double last year’s level—and sustained memory shortages expected through 2026, investors gain exposure to a leading memory supplier at a valuation that leaves ample room for upside.