Micron’s stock falls into a bear market — and it’s now the cheapest in the S&P 500

Site SearchClearSEARCHAdvanced Search ➔Search ResultsSymbolsNo results foundAll NewsArticlesVideoPodcasts0 ResultsNo Results FoundAuthorsNo results foundSectionsNo results foundColumnsNo results found Tech StocksMicron’s stock falls into a bear market — and it’s now the cheapest in the S&P 500Micron’s price-to-earnings multiple has compressed dramatically, as earnings expectations have surged and the stock has fallenPublished: March 26, 2026 at 5:33 p.m. ETShareResizeListen(4 min)Micron is trading at the lowest forward price-to-earnings ratio among all stocks in the S&P 500. Photo: MarketWatch photo illustration/iStockphotoThe combination of a swift recent decline in memory stocks and a rapid rise in Micron Technology’s earnings estimates has made the memory company’s shares incredibly cheap.Just how cheap? Micron’s stock MU now trades at 4.5 times expected earnings per share for the next 12 months, based on the consensus estimate among analysts polled by LSEG. That makes the chip stock the least expensive in the S&P 500 SPX on a forward price-to-earnings basis. About the Author Britney NguyenBritney Nguyen is a tech reporter covering Nvidia, chips and AI. You can find her on X at @britneycath. Philip van DoornPhilip van Doorn writes the Deep Dive investing column for MarketWatch. Follow him on Twitter @PhilipvanDoorn.Show Conversation (0)Back To TopA Dow Jones CompanyCopyright © 2026 MarketWatch, Inc. All rights reserved.Terms of UsePrivacy NoticeCookie NoticeArchive MarketwatchCustomer CenterContact UsNewslettersNewsroom RosterVirtual Stock ExchangeMarketWatch GuidesCopyright PolicyManage NotificationsCancel My SubscriptionCompanyDow JonesCode of ConductCorrectionsReprints & LicensingDigital Self ServiceYour Ad ChoicesCorporate SubscriptionsAccessibilityDow Jones NetworkThe Wall Street JournalBarron'sInvestor's Business DailyFinancial News Londonrealtor.comMansion GlobalDow Jones Smart MoneyIntraday Data provided by FACTSET and subject to terms of use. Historical and current end-of-day data provided by FACTSET. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.