Micron Technology
Micron makes the memory chips that computers, phones and AI servers use to hold and store data, and it is one of only three big makers.
The scores
Growth3/4 ↑
Revenue rose 256% in fiscal 2026 without acquisitions, but mostly on shortage prices while its share of DRAM revenue barely moved.
Business quality2/4 ↑
Scale shared by three firms, but once qualified the chips are interchangeable; fiscal 2023 lost money, Samsung leads HBM4 and CXMT gains.
Financial position4/4 ↑
Net cash of $68.3B, $62.3B of free cash flow in fiscal 2026 and $5.18B of debt; nothing in the plan needs outside money.
Execution record3/4 ↑
Beat the top of guidance through fiscal 2026, but the record includes building into the fiscal 2023 glut that cost $5.75B.
Per share capture3/4 →
Shares outstanding rose 0.6% in a year and stock pay is small, but buybacks barely offset it until the CHIPS limits lapse.
Potential3/4 ↑
About $150B of take-or-pay revenue is claimed and $12.7B of deposits paid, but the floors and most revenue after 2027 are unfiled.
Risk profile3/4 →
One customer was 17% of revenue and fabs sit in Taiwan, Singapore and Japan; China's ban already cost its Chinese infrastructure sales.
Valuation2/4 →
Undemanding against today's pace, but it needs post-boom operating profit 5.5 times the old record indefinitely.
Evidence quality3/4 →
Statements are filed and market shares measured outside, but the $150B contracted figure and the floor prices rest on management alone.
The Verdict
We rate Micron neutral. It is one of only three big makers of memory chips, and AI servers need far more of them than the industry can make, so prices and profits have soared. The business is solid, and buyers have signed five-year contracts backed by deposits, which is new for memory. The price already expects record profits to fall, but still needs them to stay far above any earlier memory cycle, so it is full, not cheap. The view hinges on those contracts: covering half of sales through 2030 would change it. We think every earlier shortage ended in a glut, and this one may only be shallower.
The long caseAI servers need far more memory than factories can make, and new factories take years; Micron needs that shortage to last longer than past memory booms did.
The evidence under this - 9 claims
- The guided pace for the next year alone is $202.2B, so if it holds for two years the company earns roughly a third of today's enterprise value after tax before any fall.
- Management says agreement floor prices still give margins above any past peak (C10), which would put a post-boom level well above the old record.
Treating deposits as cash rather than debt lowers the enterprise value by $12.7B, about 1%, which changes no conclusion.
The company
Every computer needs two kinds of memory. DRAM holds what the processor is working on right now and forgets it when the power goes off. NAND flash keeps files when the power is off, mostly inside solid-state drives. Micron makes both, and DRAM is 73% of its sales.
Its most prized product is HBM: eight to twelve DRAM chips stacked and wired together and placed right beside an AI processor. Data centres, phone makers, PC makers and carmakers buy from Micron, Samsung or SK hynix.
The evidence under this - 5 claims
Customers asking for more than a supplier can make is also what double-ordering looks like before a downturn; the 10-K risk factors name changes in customer inventory strategy as a risk (S01).
How it makes money
Micron sells chips by the gigabit, and almost all its profit comes from the gap between the price per gigabit and the cost of making it. Costs fall slowly as each new factory process squeezes more memory onto a wafer of silicon.
Prices swing far more than costs. In fiscal 2026 DRAM prices rose about 140% while the amount shipped rose about 30%, which is why profit exploded.
The evidence under this - 4 claims
Where the money comes from, stream by stream
| Stream | Share of sales (FQ4 2026) | How it earns it |
|---|---|---|
| Core Data Center Business Unit | 33.2% | DRAM modules and data center SSDs sold to server makers and companies running their own data centers. |
| Cloud Memory Business Unit | 30.0% | HBM, DRAM and SSDs sold to the large cloud providers, much of it under multi-year take-or-pay agreements. |
| Mobile and Client Business Unit | 24.2% | Low-power DRAM and flash storage for phones, PCs and consumer devices, sold to device makers. |
| Automotive and Embedded Business Unit | 12.6% | Memory and storage for cars, industrial equipment and consumer electronics, often on long qualification cycles. |
Who runs it
Sanjay Mehrotra, who co-founded the flash maker SanDisk, has run Micron since 2017 and also chairs its board; Mark Murphy has run its finances since 2022. Insiders own about 0.24% of the shares, so their stake is mostly their pay. Half the yearly bonus rides on profit; most of the long-term shares pay on how the stock does against other chipmakers and on winning share in AI memory and data-center storage, none on return on capital.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
Building a modern memory factory costs tens of billions of dollars and years of know-how, so three firms make 87.6% of all DRAM. Micron alone spent $27.37B on factories last year.
That keeps newcomers out, but it does not lock customers in: a qualified memory chip is much like any other, and buyers switch on price. The only new entrant in a decade, China's CXMT, needed government backing to get in.
The evidence under this - 5 claims
- Scale did not protect prices in the last downturn: fiscal 2023 was an operating loss of $5.75B (C07).
- CXMT's share rose from 7.6% to 9.5% in one quarter, so the club is not closed (C17).
Construction spending makes cleanroom space, not bits; equipment is added later according to demand, so capital spending overstates near-term supply (S03).
- The take-or-pay agreements with floors, $12.7B of deposits and HBM's harder engineering are new, and could keep margins above old peaks (C09, C10, C13).
- Management says supply stays short through 2028 (C22).
The threat
Samsung moved early into the newest AI memory, HBM4, so Micron's share of the next generation is not settled. In ordinary DRAM, China's CXMT rose to 9.5% of industry sales and is adding about 30% more capacity, mostly for Chinese buyers. In storage, Sandisk and Kioxia sell the same drives.
The evidence under this - 3 claims
The rivals: SNDK, and 3 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| Samsung Electronics HBM4Priced against it: Listed abroad | DRAM, including HBM | On sale | Listed abroad | |
| SK hynix HBM3E and HBM4Priced against it: Listed abroad | DRAM, including HBM | On sale | Listed abroad | |
| Private | CXMT (ChangXin Memory Technologies) DDR5 and LPDDR6Priced against it: Private | DRAM, including HBM | On sale | Private |
| SNDK | Sandisk and Kioxia data center SSDs, and YMTC NANDPriced against it: One segment only | NAND | On sale | One segment only |
How big it could get
How big this could get
The market is huge. Research firm TrendForce counted $154.73B of DRAM sales across the industry in one quarter, and $68.87B of flash sales among the top five makers. Contract prices were still rising in late 2026, by 10% to 15% a quarter for DRAM, though more slowly than earlier in the year.
The evidence under this - 3 claims
Who has signed
Micron says 26 customers have signed five-year contracts that cannot be cancelled and oblige them to pay for set volumes, covering over 35% of its sales through 2030. Most set a price floor and a ceiling. The contracts are not public, and the customers are not named.
The evidence under this - 3 claims
- The $150B is 30 times the $5B in the 10-Q four months earlier and is not yet in a filing; it should appear in the fiscal 2026 10-K (C11).
- It counts only agreements with set prices, at minimum volumes and floor prices, so it is not a revenue forecast either way.
- No agreement is filed, so the no-exit term is management's description; a customer under financial stress has never been tested against it.
- Before 2026 Micron's own 10-K said customers were generally reluctant to sign long-term fixed-price contracts, so the structure has no history (C45).
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year |
|---|---|---|---|---|
| CDBU | 33% | +1041.5% | +850.3% | +420.0% |
| CMBU | 30% | +258.4% | +279.0% | +218.6% |
| MCBU | 24% | +248.8% | +251.2% | +208.6% |
| AEBU | 13% | +375.9% | +347.4% | +234.2% |
| All Other | 0% | +500.0% | +250.0% | +84.6% |
| Whole company | 100% | +379.3% | +364.1% | +256.3% |
The filed split through 2026-09-03. These rates are not carried forward: the reading below says why.
How we read it: The blend. The cloud-memory unit (CDBU) grows fastest, but fiscal 2026 prices rose about 140% for DRAM and 130% for NAND: a shortage lifting every unit. HBM is not reported apart.
The results
The numbers
Sales grew 256% in the year to Sep 2026, faster than the 49% in the year before.
Operating margin is 75%, up from −37% in the year to Aug 2023.
Running costs take 6¢ of each sales dollar, down from 14¢ in the year to Sep 2022.
Each dollar put into the business earns 80% a year after tax, up from 16% in the year to Sep 2022.
It turned 44% of sales into free cash, $59.0B over the year, after spending 23% of sales on buildings and equipment.
It holds $43.4B of cash against $5.18B of debt, $38.3B more cash than it owes.
The share count rose 1.9% in 4.0 years, and pay in shares costs 1.0% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-10. Fiscal years end in September.
| Sep 2022 | Aug 2023 | Aug 2024 | Aug 2025 | Sep 2026 | |
|---|---|---|---|---|---|
| Size and growth | |||||
| Sales | $30.8B | $15.5B | $25.1B | $37.4B | $133B |
| Sales growth | +11% | −49% | +62% | +49% | +256% |
| Profit | |||||
| Gross margin | 45% | −9.1% | 22% | 40% | 81% |
| Operating margin | 32% | −37% | 5.2% | 26% | 75% |
| Net margin | 28% | −38% | 3.1% | 23% | 64% |
| What growth costs, per sales dollar | |||||
| Research and development | 10% | 20% | 14% | 10% | 4.2% |
| Selling, general and admin | 3.5% | 5.9% | 4.5% | 3.2% | 1.5% |
| Pay in shares | 1.7% | 3.8% | 3.3% | 2.6% | 1.0% |
| Capital spending | 39% | 49% | 33% | 42% | 23% |
| Cash | |||||
| Cash from operations | $15.2B | $1.56B | $8.51B | $17.5B | $89.7B |
| Free cash flow | $3.11B | −$6.12B | $121M | $1.67B | $59.0B |
| Balance sheet | |||||
| Cash and short-term investments | $9.33B | $9.59B | $8.11B | $10.3B | $43.4B |
| Debt | $6.91B | $13.3B | $13.4B | $14.6B | $5.18B |
| Net cash | $2.42B | −$3.74B | −$5.29B | −$4.27B | $38.3B |
| Returns and shares | |||||
| Return on capital | 16% | - | 1.4% | 14% | 80% |
| Shares (diluted) | 1.12B | 1.09B | 1.12B | 1.12B | 1.14B |
What growth costs
Micron's research and office costs barely grow with sales, so a jump in memory prices drops almost straight to profit. It works in reverse too: when prices fell in 2023, those fixed costs swallowed the sales and Micron lost money. The cost that does grow is building and equipping factories, and that is rising fast.
The evidence under this - 3 claims
Construction spending makes cleanroom space, not bits; equipment is added later according to demand, so capital spending overstates near-term supply (S03).
The last report (30 Sep)
Quarter ended May 2026, filed figures.
FQ4 2026, the three months to 3 September, was another record. Sales rose 30.8% on the quarter to $54.2B, mainly because prices rose again, and Micron kept 86.8 cents of each sales dollar after production costs.
Management expects about $61.5B of sales in FQ1 2027 and higher sales every quarter of the year. The profit margin dips slightly in FQ1 because of bonuses paid on last year's record, which management says is the low point.
What it did to the thesisIt confirmed the core of the case: prices are still rising and Micron keeps almost all of each extra dollar. It did not settle the open question, which is how long memory prices stay this high, and the share price already assumes they will.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $33.42 against $31.72 expected.
The evidence under this - 4 claims
- TrendForce expects conventional DRAM contract price rises to slow to 10% to 15% a quarter in 4Q26, from far larger rises earlier in 2026 (C19).
- FQ1 gross margin is guided below FQ4's 86.8%, partly from about $1B of higher-cost inventory, so the margin peak may already have passed (C43).
The patent charge and the community contribution are one-time items in management's framing; bonuses tied to record results recur.
What management did with the money
Micron paid down debt to $5.18B and now holds $68.3B more cash than it owes. It bought back only $650M of shares last year, partly because government chip-factory grants restricted buybacks until December 2026, and says it will then return far more.
Insiders in 2026Q3: 0 purchases and 64 sales, from their Form 4 filings.
The evidence under this - 4 claims
Only $650M was bought back in fiscal 2026 against $62.3B of free cash flow, and capital spending is rising (C26, C28).
Construction spending makes cleanroom space, not bits; equipment is added later according to demand, so capital spending overstates near-term supply (S03).
The price, and where we disagree
In short. Full. The price already expects Micron's record profits to fall a long way, but still needs them to stay far above anything it earned in past memory cycles.
The shares have risen more than sixfold in a year, but twice in 2026 they fell by about a third on fears that the boom had peaked, and both times sales then kept rising.
The real test comes later. The industry's big new factories start producing in mid 2027 and late 2028. Until then supply can grow only slowly, which is why management sees no end to the shortage.
The evidence under this - 4 claims
- New fabs take several quarters to ramp after first output, so their bits arrive gradually (S03).
- The timetable is Micron's alone; rivals' additions are on their own schedules (C17).
- Every past memory shortage ended in oversupply: fiscal 2018's record profit fell by half in a year and fiscal 2022's turned into a loss (C07).
- Micron and its rivals are raising capital spending, CXMT is adding about 30% more wafers, and new fabs open in 2027 and 2028 (C17, C23, C24).
How we read the multiple
On the last year's profit, a buyer pays about 14 times, near Micron's usual 13. On last quarter's operating profit (profit from the business itself) times four, the whole company costs about 6.7 times. Cheap-looking.
But memory profits do not stay at peaks. To earn 6% a year after tax on today's price, a common yardstick, Micron must:
- Make about $83B of operating profit a year, for ever.
- That is 84% of what it made in fiscal 2026.
- And 5.5 times its best year before this boom, fiscal 2018.
Against its own history. Dearer than its own past normal on sales, because the market is paying for profits it does not expect to last at today's level.
The evidence under this - 4 claims
Treating deposits as cash rather than debt lowers the enterprise value by $12.7B, about 1%, which changes no conclusion.
- The guided pace for the next year alone is $202.2B, so if it holds for two years the company earns roughly a third of today's enterprise value after tax before any fall.
- Management says agreement floor prices still give margins above any past peak (C10), which would put a post-boom level well above the old record.
Run-rate multiples on a shortage peak flatter the price; on fiscal 2018's record operating income the same value is 78 times (C07).
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Samsung Electronics Co., Ltd., SK hynix Inc., Kioxia Holdings Corporation, ChangXin Memory Technologies, Inc. (CXMT), Yangtze Memory Technologies Co., Ltd. (YMTC).
Where we disagree with the market
This is the top of a boom: profits this high always attract new supply, so buyers should pay very little for each dollar of today's profit.
The contracts and slow factory building keep profits far above old peaks through 2028, but not at today's margins for ever.
The five-year contracts with deposits are new to memory; in past cycles buyers refused to commit. That could make the next downturn much shallower than the last ones.
We are wrong if contract prices start falling in 2027 while Micron's sales drop, or if the annual report shows far less than the $150B of contracted sales management describes.
What analysts say, and the evidence
The evidence under this - 6 claims
- The guided pace for the next year alone is $202.2B, so if it holds for two years the company earns roughly a third of today's enterprise value after tax before any fall.
- Management says agreement floor prices still give margins above any past peak (C10), which would put a post-boom level well above the old record.
- The take-or-pay agreements with floors, $12.7B of deposits and HBM's harder engineering are new, and could keep margins above old peaks (C09, C10, C13).
- Management says supply stays short through 2028 (C22).
What could go wrong, and how we would know
The risks
- The cycle turns. After the 2018 peak Micron's operating profit halved in a year; after 2022 it lost $5.75B. Every past shortage ended in oversupply.
- The contracts cut both ways. The price ceilings sit near spring 2026 levels, so if shortages deepen, Micron earns less than rivals selling at market prices.
- Samsung leads the newest memory. Samsung moved early into HBM4 mass production, so Micron could lose share in the most profitable product.
- China builds its own. CXMT reached 9.5% of DRAM sales and is adding capacity; China already bars many local buyers from Micron.
- One big customer. One unnamed customer took 17% of sales in fiscal 2025, and the ten largest took over half.
The evidence under this - 6 claims
What we still do not know
- Who the 26 contract customers are, and what floor prices they agreed.
- Whether the annual report confirms about $150B of contracted sales; the last quarterly report showed $5B.
- How far profits fall once new factories start producing in 2027 and 2028.
The evidence under this - 3 claims
- The $150B is 30 times the $5B in the 10-Q four months earlier and is not yet in a filing; it should appear in the fiscal 2026 10-K (C11).
- It counts only agreements with set prices, at minimum volumes and floor prices, so it is not a revenue forecast either way.
- The floor prices are not disclosed and the agreements are not filed, so the claim cannot be checked against a number.
- TrendForce says long-term agreements make some suppliers' price rises lag the market, so the same contracts that set floors also cap prices (C19).
What would change our view
- Neutral→AttractiveA price the old cycle could almost justify
It needs:
- ○The whole business, counting cash, costs 4.5 times a full year of last quarter's operating profit, down from about 6.7.about ≈$715.37 today, 33% below the last close
- Neutral→AttractiveThe contracts prove the profit is durable
It needs all of:
- ○The five-year contracts cover half of Micron's sales through 2030, from over 35% now.checked at the next results, due by 16 Dec
- ○The annual report shows at least $200B of contracted future sales, against about $150B management describes.checked at the next results, due by 16 Dec
We would also be wrong if
- Sales fall from one quarter to the next during fiscal 2027.
- Industry contract prices for memory start falling before 2028.
- A customer walks away from a five-year contract or pays below its floor.
What is coming
- October 2026 Fiscal 2026 Form 10-K: The filed terms of the strategic customer agreements, remaining performance obligations and fiscal 2026 customer concentration, against management's $150B description.
Every dated event ahead
- October 2026 Fiscal 2026 Form 10-K: The filed terms of the strategic customer agreements, remaining performance obligations and fiscal 2026 customer concentration, against management's $150B description.
- December 2026 FQ1 2027 results: Revenue against $61.5B, GAAP gross margin against 85.95%, and whether the FQ2 guide stays above FQ1 revenue; the vendor calendar says 23 December, the thesis 16 December.
- 9 December 2026 CHIPS Act buyback restrictions lapse; capital return to rise: Whether buybacks step up from $650M a year toward returning excess cash, or fab spending absorbs it.
- June 2027 Idaho 1 and Tongluo fabs start output: Whether new supply arrives on schedule and how prices respond as industry bit supply grows: the first read on how long the shortage lasts.
Since we wrote this
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 1 OctThesis writtenNeutral, medium convictionA real shortage and record profits, at a price that already expects a fall but needs profit far above any past peak afterwards.
Also checked 6 times with nothing new to act on.
Sources 19
Sources - 19
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2025-10-03Item 1 business units, products, named competitors, customer pricing practice, patents, headcount; risk factors on customer concentration, China's CAC decision and supply; Note 28 customer concentration; Note 29 revenue by customer headquartersbacksC01C15C36C37C45C46C51
- S02primarycompany filing2026-09-30FQ4 and FY2026 income statement, balance sheet and cash flow; business-unit revenue and margins; GAAP to non-GAAP reconciliation; FQ1 2027 guidance; capital spending and adjusted free cash flowbacksC02C03C04C08C13C24C25C26C27C28C33C34C43C48C52C53
- S03primarycompany release2026-09-30DRAM and NAND revenue, price and bit changes; strategic customer agreement count, coverage, commitments and remaining performance obligations; industry bit growth outlook; fab timetable; capex plan; cash, debt and deposits; capital return intent
To date, we have signed 26 SCAs, which we currently estimate to be over 35% of our revenue through 2030.
backsC01C03C04C06C10C12C13C22C23C24C25C29C40C43C47 - S04primarycompany filing2026-06-25MD&A on supply allocation and strategic customer agreements (take-or-pay, price bands, ceiling near calendar Q2 2026 prices); price and bit drivers of revenue; remaining performance obligations of $5B; expected deposits of $22B; capex plan, fab timetable and CHIPS Act funding; share count; buyback authorizationbacksC05C09C10C11C23C27C28C47
- S05primarycompany filing2025-10-03operating income and gross profit by fiscal year through two prior memory cycles, and quarterly gross margin historybacksC07C08C52C53
- S06primarytranscript2026-06-24Fiscal Q3 2026 post-earnings analyst call transcript (FMP), held 2026-06-24data/cache/transcripts/MU-2026Q3.jsonmanagement on the strategic customer agreements (no cancellation, five-year terms, deposits returned late in the term), HBM demand above supply, CXMT and YMTC selling mostly in China, startup costs; 15 analyst turns from 7 analysts, a separate origin from the answers
These Strategic Customer Agreements cannot be canceled. There is no provision in this agreement that allows a customer to walk away.
backsC14C29C44 - S07primaryindustry data2026-09-07industry DRAM revenue for 2Q26 and each supplier's revenue and share, measured outside the company; Samsung's early HBM4 shipments; supply added mainly through process migration
sharp rises in traditional DRAM contract prices have led to a 59.5% QoQ increase in total DRAM industry revenue, reaching nearly US$154.73 billion in 2Q26 ... The company ranked first with a market share of 39.4%. ... Its 2Q26 revenue increased 37.9% QoQ to $38.59 billion, while market share edged down to 24.9%. ... Revenue rose 65.5% QoQ to $36.0 billion in 2Q26, lifting its market share slightly to 23.3%.
backsC16C20 - S08secondaryindustry data2026-09-24CXMT's DRAM revenue share by TrendForce's own count, and CXMT's and YMTC's capacity plans as reported by Commercial Times
CXMT's monthly DRAM capacity is expected to rise from around 320,000 wafers currently to 420,000 wafers by 2027 ... According to TrendForce , CXMT's global DRAM revenue share rose to 9.5% in 2Q26 from 7.6% in 1Q26, placing it fourth behind Samsung at 39.4%, SK hynix at 24.9%, and Micron at 23.3%.
backsC17 - S09primaryindustry data2026-08-18top-five NAND revenue in 2Q26 and each supplier's revenue and share
the combined revenue of the top five publicly listed NAND Flash brands rose 77% QoQ to US$68.87 billion ... Micron likewise benefited from a significant increase in ASPs, with NAND Flash revenue reaching $11.85 billion, up 99.2% QoQ - the highest growth rate among the top five brands.
backsC18 - S10primaryindustry data2026-09-304Q26 contract price forecast for DRAM and NAND, and that long-term agreements make some suppliers' price rises lag the market
Conventional DRAM contract prices are projected to grow 10-15% QoQ in 4Q26, while NAND Flash contract prices are expected to increase 15-20% ... On the pricing front, increases for some suppliers are expected to lag the market average due to pricing mechanisms stipulated in long-term agreements (LTAs).
backsC19 - S11primarycompany filing2026-08-17a NAND rival naming Micron among the vertically integrated flash suppliers it competes withbacksC21
- S12secondaryvendor data2026-10-01Research pack frozen beside this thesis, 2026-10-01content/MU/research-pack.jsonclose of $1,065.11 on 2026-09-30, daily closes, the 252-day return and its decomposition, analyst split and its history, consensus estimates, short interest, insider rosterbacksC33C34C35C42
- S13tertiarynews2026-07-19the objection stated in coverage during the June to July fall
So the sell-off isn't about the numbers. It's about how long numbers like these can last.
backsC35 - S14tertiarynews2026-03-19the objection stated in coverage after the FQ2 2026 print
the market reaction is likely the result of fears that Micron won't be able to continue its torrid growth rate
backsC35 - S15primarycompany filing2026-08-25the Rule 10b5-1 flag on each of 329 open-market sales and 3 purchasesbacksC41
- S16primarycompany filing2026-08-26Manish Bhatia named President and COO, Scott DeBoer President and CTPO, Sumit Sadana moved to senior advisorbacksC51
- S17primarycompany filing2025-09-23fiscal 2025 results and the FQ1 2026 guide a year ago: about $1.2B of sequential revenue growth with gross margin above 50%backsC47
- S18primarycompany filing2026-06-24FQ3 2026 results, the FQ4 guide and the announcement of the first strategic customer agreements; figures cited from the 10-Q filed the next dayread, but no claim rests on it
- S19primarycompany filing2025-11-25beneficial ownership as of October 31, 2025; the fiscal 2025 short-term incentive goals, weights and payout; the PRSU metrics, mix and caps; the fiscal 2026 change to the profit goal; board leadershipbacksC49C50C51