Valuation multiples · August 2026

Micron trades below both the S&P 500 and Nasdaq-100 on P/E

TTM and forward P/E for Micron versus the two major U.S. equity indexes, on a shared multiples (x) scale. Micron's forward P/E is shown as a range because tracker estimates of forward EPS differ (9.90x to 12.87x); the conservative high end is still below either index.

Micron P/E versus S&P 500 and Nasdaq-100, TTM and forward, August 2026 Micron TTM P/E 19.29x vs S&P 500 25.14x and Nasdaq-100 33.21x; Micron forward P/E range 9.90x-12.87x vs S&P 500 forward 20.56x and Nasdaq-100 forward 22.08x. TTM P/E trailing earnings 19.29x 25.14x 33.21x Micron (MU) S&P 500 Nasdaq-100 Forward P/E next-period EPS 9.90–12.87x range 20.56x 22.08x Micron (MU) S&P 500 Nasdaq-100 0x 10x 20x 30x 36x Micron-only multiples no index counterpart in evidence; shown for context EV / EBITDA (TTM) 13.96x enterprise value /TTM EBITDA P / S (TTM) 10.78x price / TTM sales P / B 9.66x price / book value Scale in multiples (x). Index multiples: aggregate tracker estimates, August 2026.

Takeaway: Micron sits below both indexes on P/E — TTM (19.29x vs 25.14x and 33.21x) and forward (9.90x–12.87x vs 20.56x and 22.08x) — even after a 201% YTD stock run. That is the optical-illusion cheapness the article then unpacks: P/E looks low because trailing EPS is inflated by a memory-cycle peak and forward EPS bakes in continued HBM pricing, not because the equity is structurally undervalued. Micron's EV/EBITDA (13.96x), P/S (10.78x), and P/B (9.66x) are shown for context but have no index-level counterpart in the source evidence.