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Side-by-side financial comparison of Micron Technology (MU) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
Micron Technology is the larger business by last-quarter revenue ($23.9B vs $15.2B, roughly 1.6× PDD Holdings Inc.). Micron Technology runs the higher net margin — 57.8% vs 27.1%, a 30.7% gap on every dollar of revenue. Over the past eight quarters, Micron Technology's revenue compounded faster (87.2% CAGR vs 74.6%).
Micron Technology, Inc. is an American producer of computer memory and computer data storage including dynamic random-access memory, flash memory, and solid-state drives (SSDs). It is headquartered in Boise, Idaho.
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
MU vs PDD — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.9B | $15.2B |
| Net Profit | $13.8B | $4.1B |
| Gross Margin | 74.4% | 56.7% |
| Operating Margin | 67.6% | 23.1% |
| Net Margin | 57.8% | 27.1% |
| Revenue YoY | 196.3% | — |
| Net Profit YoY | 770.8% | — |
| EPS (diluted) | $12.07 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $23.9B | — | ||
| Q4 25 | $13.6B | — | ||
| Q3 25 | $11.3B | $15.2B | ||
| Q2 25 | $9.3B | $14.5B | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $8.7B | — | ||
| Q3 24 | $7.8B | $14.2B | ||
| Q2 24 | $6.8B | — |
| Q1 26 | $13.8B | — | ||
| Q4 25 | $5.2B | — | ||
| Q3 25 | $3.2B | $4.1B | ||
| Q2 25 | $1.9B | $4.3B | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | $332.0M | — |
| Q1 26 | 74.4% | — | ||
| Q4 25 | 56.0% | — | ||
| Q3 25 | 44.7% | 56.7% | ||
| Q2 25 | 37.7% | 55.9% | ||
| Q1 25 | 36.8% | — | ||
| Q4 24 | 38.4% | — | ||
| Q3 24 | 35.3% | 60.0% | ||
| Q2 24 | 26.9% | — |
| Q1 26 | 67.6% | — | ||
| Q4 25 | 45.0% | — | ||
| Q3 25 | 32.3% | 23.1% | ||
| Q2 25 | 23.3% | 24.8% | ||
| Q1 25 | 22.0% | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | 10.6% | — |
| Q1 26 | 57.8% | — | ||
| Q4 25 | 38.4% | — | ||
| Q3 25 | 28.3% | 27.1% | ||
| Q2 25 | 20.3% | 29.6% | ||
| Q1 25 | 19.7% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | 4.9% | — |
| Q1 26 | $12.07 | — | ||
| Q4 25 | $4.60 | — | ||
| Q3 25 | $2.83 | — | ||
| Q2 25 | $1.68 | — | ||
| Q1 25 | $1.41 | — | ||
| Q4 24 | $1.67 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $0.30 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.9B | $13.0B |
| Total DebtLower is stronger | $9.6B | — |
| Stockholders' EquityBook value | $72.5B | $55.0B |
| Total Assets | $101.5B | $86.2B |
| Debt / EquityLower = less leverage | 0.13× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $13.9B | — | ||
| Q4 25 | $9.7B | — | ||
| Q3 25 | $9.6B | $13.0B | ||
| Q2 25 | $10.2B | $8.8B | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $6.7B | — | ||
| Q3 24 | $7.0B | $9.3B | ||
| Q2 24 | $7.6B | — |
| Q1 26 | $9.6B | — | ||
| Q4 25 | $11.2B | — | ||
| Q3 25 | $14.0B | — | ||
| Q2 25 | $15.0B | — | ||
| Q1 25 | $13.9B | — | ||
| Q4 24 | $13.3B | — | ||
| Q3 24 | $13.0B | — | ||
| Q2 24 | $12.9B | — |
| Q1 26 | $72.5B | — | ||
| Q4 25 | $58.8B | — | ||
| Q3 25 | $54.2B | $55.0B | ||
| Q2 25 | $50.7B | $50.5B | ||
| Q1 25 | $48.6B | — | ||
| Q4 24 | $46.8B | — | ||
| Q3 24 | $45.1B | $39.7B | ||
| Q2 24 | $44.2B | — |
| Q1 26 | $101.5B | — | ||
| Q4 25 | $86.0B | — | ||
| Q3 25 | $82.8B | $86.2B | ||
| Q2 25 | $78.4B | $79.2B | ||
| Q1 25 | $73.1B | — | ||
| Q4 24 | $71.5B | — | ||
| Q3 24 | $69.4B | $66.5B | ||
| Q2 24 | $66.3B | — |
| Q1 26 | 0.13× | — | ||
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.26× | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | 0.28× | — | ||
| Q4 24 | 0.28× | — | ||
| Q3 24 | 0.29× | — | ||
| Q2 24 | 0.29× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $11.9B | $6.4B |
| Free Cash FlowOCF − Capex | $5.5B | — |
| FCF MarginFCF / Revenue | 23.1% | — |
| Capex IntensityCapex / Revenue | 26.8% | — |
| Cash ConversionOCF / Net Profit | 0.86× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $11.9B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $11.9B | — | ||
| Q4 25 | $8.4B | — | ||
| Q3 25 | $17.5B | $6.4B | ||
| Q2 25 | $4.6B | $3.0B | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $8.5B | $3.9B | ||
| Q2 24 | $2.5B | — |
| Q1 26 | $5.5B | — | ||
| Q4 25 | $3.0B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $-113.0M | — | ||
| Q4 24 | $38.0M | — | ||
| Q3 24 | $121.0M | — | ||
| Q2 24 | $396.0M | — |
| Q1 26 | 23.1% | — | ||
| Q4 25 | 22.2% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | -1.4% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 5.8% | — |
| Q1 26 | 26.8% | — | ||
| Q4 25 | 39.5% | — | ||
| Q3 25 | 140.1% | — | ||
| Q2 25 | 31.6% | — | ||
| Q1 25 | 50.4% | — | ||
| Q4 24 | 36.8% | — | ||
| Q3 24 | 108.2% | — | ||
| Q2 24 | 30.6% | — |
| Q1 26 | 0.86× | — | ||
| Q4 25 | 1.61× | — | ||
| Q3 25 | 5.47× | 1.56× | ||
| Q2 25 | 2.45× | 0.70× | ||
| Q1 25 | 2.49× | — | ||
| Q4 24 | 1.73× | — | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | 7.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MU
| CMBU | $7.7B | 32% |
| MCBU | $7.7B | 32% |
| CDBU | $5.7B | 24% |
| AEBU | $2.7B | 11% |
| Other Product Sales | $95.0M | 0% |
PDD
Segment breakdown not available.
