Micron vs AMD: Which Is the Better Buy? Seven Times the Cash Flow, a Twelfth of the P/E
Micron now generates about seven times AMD's free cash flow and trades on a P/E of 12 against AMD's 147. On the numbers Micron looks far cheaper. But Micron's numbers are the best year a memory maker has ever had, and memory is the most cyclical business in semiconductors. Here is what the filings show, what each price needs to be right, the risks, and where we lean.