Lattice Semiconductor vs Micron: Revenue, Profit and Business Model
Lattice Semiconductor had $523.3M of annual revenue in FY2025 and $3.1M of net income. Micron had $133.2B of annual revenue in FY2026 and $85B of net income.
Latest financial snapshot
Lattice Semiconductor
- Latest annual revenue
- $523.3M (FY2025)
- Net income
- $3.1M
- Net margin
- 0.6%
- Revenue growth
- +2.3% a year, FY2016–FY2025
Micron
- Latest annual revenue
- $133.2B (FY2026)
- Net income
- $85B
- Net margin
- 63.8%
- Revenue growth
- +26.8% a year, FY2016–FY2026
Financial summary
Lattice Semiconductor
Revenue climbed from $404.1 million in 2019 to a record $737.2 million in 2023 under former CEO Jim Anderson, then fell 30.9% to $509.4 million in 2024 as industrial and automotive customers worked down inventory. FY2025 revenue edged up 2.7% to $523.3 million, with net income of only $3.1 million. Growth returned in 2026 on data center and AI demand: Q1 revenue reached $170.9 million and Q2 a record $201.1 million at a 71.7% non-GAAP gross margin. Lattice guided Q3 2026 to about $255 million at the midpoint, including two months of AMI, which management said put it on a $1 billion annual revenue run rate. Lattice Semiconductor Corporation is a major American designer of high-performance programmable logic devices, commanding a market valuation typically over $8 billion.
Micron
Micron's results swing with memory pricing. Revenue fell from $30.76B in fiscal 2022 to $15.54B in fiscal 2023, with a $5.83B net loss, then recovered to $25.11B in fiscal 2024 and $37.38B in fiscal 2025. Fiscal 2026 was a step change: revenue reached $133.19B, GAAP gross margin rose to 80.7% from 39.8%, and GAAP net income hit $84.97B. Fiscal Q4 2026 alone produced $54.23B of revenue and $37.70B of net income. Operating cash flow was $89.68B for the year, and Micron ended it with $73.48B of cash, marketable investments and restricted cash. Micron Technology, Inc. is a massive American producer of computer memory and computer data storage, commanding a market valuation generally exceeding $130 billion.
Revenue and profit by year
Lattice Semiconductor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $523.3M | $3.1M | 0.6% | +2.7% | Source |
| FY2024 | $509.4M | $61.1M | 12.0% | -30.9% | Source |
| FY2023 | $737.2M | $259.1M | 35.1% | +11.6% | Source |
| FY2022 | $660.4M | $178.9M | 27.1% | +28.1% | Source |
| FY2021 | $515.3M | $95.9M | 18.6% | +26.3% | Source |
| FY2020 | $408.1M | $47.4M | 11.6% | +1.0% | Source |
| FY2019 | $404.1M | $43.5M | 10.8% | +1.3% | Source |
| FY2018 | $398.8M | -$26.3M | -6.6% | +3.3% | Source |
| FY2017 | $386M | -$70.6M | -18.3% | -9.6% | Source |
| FY2016 | $427.1M | -$54.1M | -12.7% | — | Source |
Micron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $133.2B | $85B | 63.8% | +256.3% | Source |
| FY2025 | $37.4B | $8.5B | 22.8% | +48.9% | Source |
| FY2024 | $25.1B | $778M | 3.1% | +61.6% | Source |
| FY2023 | $15.5B | -$5.8B | -37.5% | -49.5% | Source |
| FY2022 | $30.8B | $8.7B | 28.2% | +11.0% | Source |
| FY2021 | $27.7B | $5.9B | 21.2% | +29.3% | Source |
| FY2020 | $21.4B | $2.7B | 12.5% | -8.4% | Source |
| FY2019 | $23.4B | $6.3B | 27.0% | -23.0% | Source |
| FY2018 | $30.4B | $14.1B | 46.5% | +49.5% | Source |
| FY2017 | $20.3B | $5.1B | 25.0% | +63.9% | Source |
| FY2016 | $12.4B | -$276M | -2.2% | — | Source |
Where the revenue comes from
Lattice Semiconductor
- Communications and Computing
55.9% of FY2025 revenue
Revenue from servers, client devices, AI control-plane applications, wireless and wireline infrastructure, data networking, cloud, and hyperscaler-related uses reached $292.716 million in FY2025.
- Industrial and Automotive
37.1% of FY2025 revenue
Factory automation, robotics, machine vision, automotive electronics, IoT, aerospace, defense, and related embedded uses generated $193.965 million in FY2025 revenue.
- Consumer
7.0% of FY2025 revenue
Consumer applications including displays, wearables, televisions, drones, home theater, and sound systems generated $36.581 million in FY2025 revenue.
Micron
- Compute And NetworkingMajor
Data-center, graphics, networking, and client-related memory and storage demand.
- MobileMaterial
Low-power DRAM, NAND, and managed memory used in smartphones and mobile devices.
- EmbeddedMaterial
Automotive, industrial, and embedded-market memory and storage products.
- StorageMaterial
SSDs and NAND-based storage products for enterprise, client, and consumer markets.
- Consumer Channels
Complementary
Crucial-branded memory and storage upgrades sold through retail and ecommerce channels.
Business model and strategy
Lattice Semiconductor
How it makes money
Lattice makes money by designing FPGAs and selling the chips, mostly through distributors, to equipment makers. It is fabless: foundry partners manufacture the silicon, while Lattice owns the architecture, the Radiant and Propel design software, and application 'solution stacks' such as sensAI and Sentry.
Growth strategy
Lattice is pursuing three main lines of growth: more FPGA content per AI server for board control and hardware root of trust, the newer mid-range Avant family that widens its market beyond small devices, and cross-selling AMI firmware and management software with Lattice silicon to hyperscalers and server makers.
Competitive advantage
Lattice's edge comes from years spent optimizing small FPGAs for low power and board space, plus a software toolchain and IP library that make those chips easier to deploy. Its control and security FPGAs are designed into server and AI-system boards that run for multiple product generations, which makes them hard to displace.
Micron
How it makes money
Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Growth strategy
Micron's growth strategy centres on high-bandwidth memory (HBM) for artificial intelligence. AI accelerators such as Nvidia's need large amounts of fast memory alongside them, so Micron is investing heavily in HBM3E and competing with Samsung and SK Hynix for contracts to supply the AI data centers built by companies such as Microsoft and Google. The aim is to reduce its dependence on the volatile smartphone market.
Competitive advantage
Micron's advantage rests on the cost of entry and its place in US policy. A modern memory fabrication plant costs more than $15 billion, which keeps new entrants out, and the industry has consolidated into three companies: Samsung, SK Hynix and Micron. As the only American memory maker, Micron also receives US government support through the CHIPS Act, which treats domestic memory supply as a national security matter.
Questions about Lattice Semiconductor vs Micron
Which company has higher revenue — Lattice Semiconductor Corporation or Micron Technology, Inc.?
Lattice Semiconductor Corporation had $523.3M (FY2025), while Micron Technology, Inc. had $133.2B (FY2026). By latest annual revenue, Micron Technology, Inc. is the larger business, with Lattice Semiconductor Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Lattice Semiconductor Corporation vs Micron Technology, Inc.?
Lattice Semiconductor Corporation's market capitalisation stands at $18.2B, while Micron Technology, Inc.'s is $1.15T. Micron Technology, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lattice Semiconductor Corporation.
How does revenue per employee compare for Lattice Semiconductor Corporation and Micron Technology, Inc.?
Lattice Semiconductor Corporation has $291k / employee in revenue per employee, while Micron Technology, Inc. has $2.51M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Lattice Semiconductor Corporation and Micron Technology, Inc. make money?
Lattice Semiconductor Corporation and Micron Technology, Inc. generate revenue in fundamentally different ways. Lattice Semiconductor Corporation: Lattice makes money by designing FPGAs and selling the chips, mostly through distributors, to equipment makers. Micron Technology, Inc.: Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Which company is valued higher relative to revenue — Lattice Semiconductor Corporation or Micron Technology, Inc.?
On a price-to-sales (P/S) basis, Lattice Semiconductor Corporation trades at 34.8x P/S and Micron Technology, Inc. at 8.6x P/S. Lattice Semiconductor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Micron Technology, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Lattice Semiconductor Corporation bigger than Micron Technology, Inc.?
By last reported revenue, Micron Technology, Inc. ($133.2B (FY2026)) is the larger company compared to Lattice Semiconductor Corporation ($523.3M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Lattice Semiconductor vs Micron overview