No Single Customer Accounts for 10% of Micron's Sales Anymore, and That Lowers One Risk in the Stock
One buyer supplied 17% of the memory chipmaker's revenue a year ago. Did it buy less, or did everyone else buy more?
Micron Technology's annual report for the fiscal year ending September 3, 2026 shows a decreased reliance on a single customer for its sales. Previously, one customer accounted for 17% of Micron's revenue in fiscal 2026, down from 10% in the previous year. Despite this shift, Micron still depends heavily on the cloud memory business unit and data centers for revenue, which together account for around 60% of the company's total sales.
The largest customer spent over $6.4 billion on Micron's products in fiscal 2025, but its share of revenue declined as other customers' purchases increased. While Micron has signed 26 multi-year deals with customers, covering over 35% of its revenue through 2030, this still leaves a significant portion of sales unprotected. The company's earnings per share nearly tenfolded to $74.33 in fiscal 2026, but the stock trades at a low price-to-earnings ratio of around 13 times earnings, indicating that investors may anticipate future declines in profitability due to potential drops in memory prices.
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