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Held by 3,808 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $5.52T | 46.6× | 41.4× | 25.6× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | -0.0× | 5,775 |
| AVGO | $1.71T | 74.9× | 67.3× | 26.7× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 1.9× | 4,645 |
| MU | $1.08T | 125.6× | 59.6× | 28.9× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.1× | 3,808 |
| AMD | $988.5B | 228.5× | — | 28.5× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | -0.6× | 3,909 |
| INTC | $540.2B | — | 67.0× | 10.2× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 3.8× | 3,481 |
| AMAT | $368.4B | 53.6× | 42.4× | 13.0× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | -0.1× | 3,408 |
| ARM | $272.8B | 300.5× | — | 55.4× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | -2.4× | 957 |
| TXN | $262.9B | 52.8× | 34.5× | 14.9× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.4× | 2,767 |
| MRVL | $241.5B | 87.5× | 157.5× | 29.5× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 1.2× | 2,168 |
| ADI | $200.9B | 90.9× | 62.0× | 18.2× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 1.8× | 2,212 |
| MPWR | $64.8B | 102.6× | 81.6× | 23.2× | 26.4% | 55.2% | 22.3% | 17.6% | 17.6% | -1.4× | 1,194 |
| NXPI | $57.1B | 28.5× | 17.0× | 4.7× | -2.7% | 54.7% | 16.5% | 20.1% | 9.1% | 2.3× | 1,210 |
| ALAB | $56.5B | 266.7× | — | 66.2× | 115% | 75.7% | 25.7% | 16.1% | 16.1% | — | 965 |
| STM | $44.4B | 275.4× | 22.7× | 3.8× | -11.1% | 33.9% | 1.4% | 0.9% | 0.8% | -0.4× | 594 |
| MCHP | $40.3B | 337.1× | 38.6× | 8.5× | 7.1% | 57.7% | 4.9% | 3.6% | 1.9% | 4.5× | 1,254 |
| CRDO | $37.3B | 79.0× | 75.3× | 27.9× | 206% | 68.0% | 35.4% | 22.9% | 22.9% | -2.4× | 945 |
| ON | $29.9B | 264.4× | 39.9× | 5.0× | -15.3% | 33.1% | 2.0% | 1.6% | 1.1% | 1.1× | 969 |
| Q | $25.7B | 37.2× | 21.8× | 5.4× | 9.7% | 46.2% | 15.3% | 10.3% | 6.5% | 2.4× | 1,273 |
| TSEM | $25.1B | 114.5× | 50.4× | 16.0× | 9.1% | 23.2% | 14.1% | 7.6% | 7.2% | -0.1× | 424 |
| MTSI | $23.6B | — | 124.2× | 24.4× | 32.6% | 54.7% | -5.6% | -4.1% | -3.0% | 2.0× | 620 |
Peers = companies sharing MU's sector (Semiconductors & Related Devices) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 31% of free cash flow, leaving room to grow it and fund buybacks. Last year: $522.0M dividends + $0 buybacks = $522.0M returned on $1.67B FCF.
4 consecutive years of dividend increases · 3%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $914.13 today, the market must believe free cash flow compounds 83.4%/yr for a decade (off $894.5M on the 3-yr avg basis).
On the basis (-$8.0M) the requirement is off the scale. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 83.4% is more optimistic than its 8-yr track record.
Default is 15.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.13B shares (market data) · net debt $2.45B
mean 548.4% · volatility σ 1133% · implied rate exceeded in 3/7 yrs
Central path = implied 83.4%/yr growth; shaded band = ±1σ (1133%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $9.64B (at 2025-08-28) covers all $1.50B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-11-27 (10-Q). The cash figure is from 2025-08-28, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.9% on $12.09B of debt.
Cash of $9.64B fully covers short-term debt of $560.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 16% against ROIC 13% — 3% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 17.2% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 13.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2021 | FY2022 | FY2023 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 41.1 | 54.3 | 69.4 | 62.4 | 54.8 | 109.1 | 77.6 | 60.2 |
| Gross Profit | 58.9 | 45.7 | 30.6 | 37.6 | 45.2 | -9.1 | 22.4 | 39.8 |
| R&D | 7.0 | 10.4 | 12.1 | 9.6 | 10.1 | 20.0 | 13.7 | 10.2 |
| SG&A | 2.7 | 3.6 | 4.1 | 3.2 | 3.5 | 5.9 | 4.5 | 3.2 |
| Operating Income | 49.3 | 31.5 | 14.0 | 22.7 | 31.5 | -37.0 | 5.2 | 26.1 |
| Income Tax | 0.6 | 3.0 | 1.3 | 1.4 | 2.9 | 1.1 | 1.8 | 3.0 |
| Net Income | 46.5 | 27.0 | 12.5 | 21.2 | 28.2 | -37.5 | 3.1 | 22.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MU: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -3.2pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 17.0% | 15.0% (today's — no rate published for this year) | 2.0pts |
| FY2021 | 6.2% | 15.0% (today's — no rate published for this year) | -8.8pts |
| FY2022 | 11.5% | 15.0% (today's — no rate published for this year) | -3.5pts |
| FY2023 | 15.7% | 9.7% | 6.0pts |
| FY2023 | -9.3% | 9.7% | -19.0pts |
| FY2024 | 2.0% | 10.0% | -8.0pts |
| FY2025 | 12.9% | 13.6% | -0.7pts |
| Now | 12.9% | 15.0% | -2.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 20.2% | 1.4% | -2.2% |
| FY2017 | 41.5% | 28.9% | 25.0% |
| FY2018 | 58.9% | 49.3% | 46.5% |
| FY2019 | 45.7% | 31.5% | 27.0% |
| FY2021 | 30.6% | 14.0% | 12.5% |
| FY2022 | 37.6% | 22.7% | 21.2% |
| FY2023 | 45.2% | 31.5% | 28.2% |
| FY2023 | -9.1% | -37.0% | -37.5% |
| FY2024 | 22.4% | 5.2% | 3.1% |
| FY2025 | 39.8% | 26.1% | 22.8% |
Leverage and buybacks account for 3 points of the 16% return on equity in FY2025. The business earns 13% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$1.1B of goodwill — 2% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Net margin is 2284.5% against 2824.31% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is $1.67B; after share-based compensation it is $696M. The difference is a real cost that the cash flow statement adds back.
Covers interest 14.3x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 20.48x |
| 5% | 19.46x |
| 10% | 18.43x |
| 15% | 17.41x |
| 20% | 16.39x |
| 25% | 15.36x |
| 30% | 14.34x |
| 35% | 13.31x |
| 40% | 12.29x |
| 45% | 11.27x |
| 50% | 10.24x |
| 55% | 9.22x |
| 60% | 8.19x |
Ladder as of 2025-11-27 (10-Q); cash from the 2025-08-28 balance sheet; FCF from FY2025.
Balance sheet at 2025-08-28. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $953.19, free cash flow must compound 84.3%/yr for 10 years. It has done -11.23%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | −97.6% | 84.3% |
| FY2022 | 2837.3% | 84.3% |
| FY2023 | 27.7% | 84.3% |
| FY2023 | −296.4% | 84.3% |
| FY2025 | 1278.5% | 84.3% |
The implied rate has been matched or beaten in 2 of the last 5 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $8.54B | $8.54B |
| Share-based comp | $972M | $9.51B |
| Other non-cash & working capital | $8.01B | $17.52B |
| Operating cash flow | $17.52B | $17.52B |
| Capex | −$15.86B | $1.67B |
| Free cash flow | $1.67B | $1.67B |
| FCF after SBC | $696M | $696M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | -8.4% | 25.8% | 34.2 points |
| FY2022 | 29.3% | 40.8% | 11.6 points |
| FY2023 | 11.0% | -3.1% | -14.2 points |
| FY2023 | -49.5% | -57.0% | -7.5 points |
| FY2024 | 61.6% | 164.6% | 103.0 points |
| FY2025 | 48.9% | 32.2% | -16.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 43.3 days | 147 days | 48.2 days | 142.2 days |
| FY2021 | 59.5 days | 131.8 days | 53.7 days | 137.5 days |
| FY2022 | 64.8 days | 94.8 days | 36.8 days | 122.8 days |
| FY2023 | 56.5 days | 144.2 days | 46.4 days | 154.4 days |
| FY2023 | 48.1 days | 180.5 days | 37.1 days | 191.5 days |
| FY2024 | 78.8 days | 166.1 days | 51 days | 193.9 days |
| FY2025 | 69.9 days | 135.5 days | 50.8 days | 154.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -14.1 percent |
| FY2021 | -10.5 percent |
| FY2022 | -11.2 percent |
| FY2023 | -9.8 percent |
| FY2023 | -11.5 percent |
| FY2024 | -11.1 percent |
| FY2025 | -10.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $37.38B 100.0% | $25.11B 100.0% | $15.54B 100.0% | $30.76B 100.0% | $27.70B 100.0% | $21.43B 100.0% | $23.41B 100.0% | $30.39B 100.0% | $20.32B 100.0% | $12.40B 100.0% |
| Cost of Revenue | $22.50B 60.2% | $19.50B 77.6% | $16.96B 109.1% | $16.86B 54.8% | $17.28B 62.4% | $14.88B 69.4% | $12.70B 54.3% | $12.50B 41.1% | $11.89B 58.5% | $9.89B 79.8% |
| Gross Profit | $14.87B 39.8% | $5.61B 22.4% | -$1.42B -9.1% | $13.90B 45.2% | $10.42B 37.6% | $6.55B 30.6% | $10.70B 45.7% | $17.89B 58.9% | $8.44B 41.5% | $2.50B 20.2% |
| Research & Development | $3.80B 10.2% | $3.43B 13.7% | $3.11B 20.0% | $3.12B 10.1% | $2.66B 9.6% | $2.60B 12.1% | $2.44B 10.4% | $2.14B 7.0% | $1.82B 9.0% | $1.62B 13.0% |
| Selling, General & Admin | $1.21B 3.2% | $1.13B 4.5% | $920.0M 5.9% | $1.07B 3.5% | $894.0M 3.2% | $881.0M 4.1% | $836.0M 3.6% | $813.0M 2.7% | $743.0M 3.7% | $659.0M 5.3% |
| Operating Income | $9.77B 26.1% | $1.30B 5.2% | -$5.75B -37.0% | $9.70B 31.5% | $6.28B 22.7% | $3.00B 14.0% | $7.38B 31.5% | $14.99B 49.3% | $5.87B 28.9% | $168.0M 1.4% |
| Interest Expense | $477.0M 1.3% | $562.0M 2.2% | $388.0M 2.5% | $189.0M 0.6% | $183.0M 0.7% | $194.0M 0.9% | $128.0M 0.5% | $342.0M 1.1% | $601.0M 3.0% | $437.0M 3.5% |
| Other Income (Expense), net | -$135.0M -0.4% | -$31.0M -0.1% | $7.0M 0.0% | -$38.0M -0.1% | $81.0M 0.3% | $60.0M 0.3% | -$405.0M -1.7% | -$465.0M -1.5% | -$112.0M -0.6% | -$54.0M -0.4% |
| Pretax Income | $9.65B 25.8% | $1.24B 4.9% | -$5.66B -36.4% | $9.57B 31.1% | $6.22B 22.4% | $2.98B 13.9% | $7.05B 30.1% | $14.31B 47.1% | $5.20B 25.6% | -$281.0M -2.3% |
| Income Tax Expense | $1.12B 3.0% | $451.0M 1.8% | $177.0M 1.1% | $888.0M 2.9% | $394.0M 1.4% | $280.0M 1.3% | $693.0M 3.0% | $168.0M 0.6% | $114.0M 0.6% | $19.0M 0.2% |
| Net Income | $8.54B 22.8% | $778.0M 3.1% | -$5.83B -37.5% | $8.69B 28.2% | $5.86B 21.2% | $2.69B 12.5% | $6.31B 27.0% | $14.13B 46.5% | $5.09B 25.0% | -$276.0M -2.2% |
| Per Share | ||||||||||
| EPS (Basic) | $7.65 | $0.70 | -$5.34 | $7.81 | $5.23 | $2.42 | $5.67 | $12.27 | $4.67 | -$0.27 |
| EPS (Diluted) | $7.59 | $0.70 | -$5.34 | $7.75 | $5.14 | $2.37 | $5.51 | $11.51 | $4.41 | -$0.27 |
| Weighted Avg Shares (Basic) | 1.12B | 1.10B | 1.09B | 1.11B | 1.12B | 1.11B | 1.11B | 1.15B | 1.09B | 1.04B |
| Weighted Avg Shares (Diluted) | 1.13B | 1.12B | 1.09B | 1.12B | 1.14B | 1.13B | 1.14B | 1.23B | 1.15B | 1.04B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.