Find the Thesis HereMU · NASDAQ
Can Strategic Customer Agreements Make Its Memory Earnings Less Cyclical?
A published thesis testing whether strategic customer agreements protect Micron's contracted revenue and gross margin when memory prices fall.
PublishedUpdated October 21, 2026
Open thesis →FY2026 SCA evidenceCompany reported
Signed SCAs26September 30 management count
Revenue coverage estimate>35%Through 2030; management estimate
Audited RPO~$134BSeptember 3 minimum-priced volume
Customer contract liabilities$12.895BNoncurrent; FY2026 Form 10-K
Sources: Micron FY2026 Form 10-K and September 30 prepared remarks. The audited September 3 RPO and later management estimates cover different dates and populations; contract floor protection remains untested.