저자: ParkevTatevosian,CFA · 외국인
요약 보기
마이크론 분기 실적이 매출 약 3배, 영업이익률 67.6%로 역대급이라고 강조. 주가는 1년간 353% 상승했지만 실적 발표 후 약 1.6% 하락. 선행 PER 10.37배로 저평가 주장. 내재가치를 주당 473달러 이상으로 상향, 현재가 461달러 미만. 반도체는 경기순환 산업이라 할인 밸류에이션이 정당하다고 설명. 매수 의견 유지, 하락을 기회로 봄, 주가 상승은 가치 증가로 정당화된다고 주장.
다듬은 글
Micron just reported their quarterly financial results and I think they just had their Nvidia moment. Micron stock is up over 353% in the last year and of course I'm happy about that. I've had this stock rated as a buy for the entire time and even longer than tha. Micron reported excellent revenue and profit margin growth and management expects the good times to continue driven by strong demand and tight supply.
The company is able to raise prices and generate extremely high profit margins. Revenue in its fiscal second quarter came in at 23.86 billion, which is almost triple the 8.053 billion it reported in the same quarter last year. But what's more impressive is the profit margins. Gross profit margins more than double to 74.4% of revenue, up from 36.8.
Operating profit margins more than triple to 67.6% of revenue up from 22%. Operating income jumped to 16.1 billion, almost 10 times the 1.773 billion it reported in the same quarter last year. The company keeps spending to expand its manufacturing capacity because demand exceeds supply. In the second quarter, the company's capital expenditures totaled $5 billion, but the company still generated $7 billion in free cash flow.
Looking ahead, the management team is forecasting 33 and 1/2 billion dollars in its fiscal year three. Gross profit margins are forecast to soar to approximately 81%. That's almost unheard of for a company that's selling primarily hardware. These profit margins propel Micron to the top of the list of all the companies that I'm covering.
Only operating profit margins is Micron in first place out of all of the companies that I'm following, surpassing companies like Nvidia, which only recently surpassed Visa as a company with an operating profit margin above 60%. Only three out of the more than 200 companies that I'm following have an operating profit margin above 60%.
Micron joining that group following these quarterly financial results. Micron is using much of its cash flow to pay down some debt in addition to reinvesting in growth. Its long-term debt dropped from 14 billion in the quarter which ended August 28th of 2025 down to 9.557 billion in the quarter which just ended in February 26, 2026.
Cash flow from operations almost tripled in the six months which ended February 26 compared to the same six-month period last year. Total net cash from operations increased to 20.3 billion dollars up from 7.186 billion dollars in the same time last year. And even though the company spent more on property, plant, and equipment, its free cash flow expanded significantly.
You can see the difference here. $20 billion in cash flow from operations compared to 11.776 billion in spending on property, plant, and equipment compared to the same time last year where they generated about $7.2 billion in cash flow from operations and spent about $7.2 billion in cash flow from operations.
Surprisingly, Micron stock is down 1.6% after reporting spectacular numbers like they just did. I think it's a reflection of the company's share price being up almost 354% in the previous year. A lot of these fantastic expectations were already baked in to the company's valuation. Investors were already expecting this because there was news coming out from several sources suggesting that demand for Micron's products exceeded supply, the prices it was retrieving was far above what it normally retrieves, and so a lot of these enthusiastic figures that came out this quarter were already sussed out by Wall Street investors.
Despite its phenomenal business prospects, Micron is still trading at a relatively cheap valuation. On a forward price-to-earnings basis, Micron is trading at 10.37, which is the valuation you would expect for a company that's not growing revenue anywhere near the rates and generating profit margins anywhere near the levels that Micron is generating.
The reason for this discount valuation for Micron is because this is a cyclical business. The semiconductor industry overall is a cyclical industry and right now it's experiencing one of its biggest booms in history. The rising effectiveness of artificial intelligence is creating huge investment plans for the biggest of the biggest spenders including Amazon, Microsoft, and Alphabet.
Investors are concerned that after this big spending boom, there's going to be a time period where revenue is either flat or declines for Micron. I incorporated these prospects into Micron's valuation today and upgraded my intrinsic value per share calculation to over $473. The current market price is under $461 accounting for the after-market price action having the stock price down about 1.6%.
As I mentioned, I've had Micron stock rated as a buy for over a year now and so congratulations to all of you that have been watching my videos and benefiting from that recommendation. What am I rating Micron stock after these quarterly financial results? Well, I'm keeping this stock rated as a buy and in fact, these quarterly results I'm going to continue digesting and I wouldn't be surprised if in the coming days Micron stock is upgraded to my list of one of the best stocks you can buy right now.
That's how great I saw these figures and seeing the market reaction going down instead of jumping, I would have thought the stock price would be up by 5% after seeing these results. And in fact, usually what I do when earnings come out after market hours, I'll go through the earnings without looking at the stock price and I'll play a little game with myself and I'll look at the earnings results and then I'll tell myself, what do I expect to be happening with the stock price when I go check the stock price after looking at the earnings results.
And with these earnings results with Micron, I was thinking to myself that the stock price is probably up by at least 5% following the numbers and the forecast that I just saw. And then to my surprise, when I see Micron stock price down by over now it's down 1.8%, I saw that as an opportunity for investors because this stock and this business has great prospects and I don't think they're reflected in the valuation right now.
I think investors are looking at the price action and being a little bit afraid looking at the 354% price increase over the previous year and thinking to themselves, there should be some kind of retracement, right? There should be some kind of mean reversion, right? The price can't continue going higher from this point forward and I'm more of the opinion where I don't just look at market price.
I look at performance compared to price. If I feel the business has added more value over the previous year compared to the share price increase, then I feel the increase is justified and there's more room to run. That's the way I feel with Micron. I feel the business has added more than 350% in value over the previous year, so I feel the share price increase is justified and I feel there's more upside ahead. 've hed .
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