ARM HOLDINGS PLC /UK vs Micron Technology, Inc., two Semiconductors stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin comparison is upside down by instinct: Micron, the commodity memory maker, currently earns an 80.4% operating margin while Arm, the royalty business with a 97.9% gross margin, keeps only 29.4% at the operating line after its R&D bill. Micron's numbers are a cycle at maximum; Arm's are a structure carrying heavy reinvestment. The multiples price exactly that: 25.6 times Micron's peak earnings, 393.6 times Arm's suppressed ones. Both are nearly debt-free. The buyer is choosing which distortion to look through, a cyclical top or an investment trough, and paying fifteen times more per dollar of current profit for the second.
Comparison updated 2026-07-10.
| Metric | ARM | MU |
|---|---|---|
| Price | $334.54 | $1129.73 |
| Market cap | $357.6B | $1.29T |
| Sector | Semiconductors | Semiconductors |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +35.4% |
| P/E | 393.6 | 25.6 |
| P/B | 43.16 | 12.84 |
| P/S | 72.69 | 14.33 |
| EV/EBITDA | 369.7 | 18.6 |
| Revenue growth | +23.3% | +161.2% |
| Gross margin | 97.8% | 84.6% |
| Operating margin | 29.4% | 80.4% |
| Net margin | 18.4% | 55.9% |
| Return on equity | 10.9% | 50.1% |
| Return on assets | 8.4% | 37.6% |
| Return on invested capital | 7.1% | 46.2% |
| FCF yield | 0.3% | 2.0% |
| Dividend yield | — | 0.0% |
| Debt / equity | 0.00 | 0.01 |
| Current ratio | 6.00 | 3.42 |
| Altman Z (solvency) | 7.76 | 8.90 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
Each week boothcheck ranks the stocks whose prices are betting on the most. Read the most stretched bets archive →
boothcheck is also on Android. Get the app on Google Play →
The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.