  {\it NuSTAR} has detected pulsations from the ultraluminous X-ray source X-2
in M82 and archival {\it Chandra} observations have given us a good idea of its
duty cycle. The newly discovered pulsar exhibited at least 4 super-Eddington
outbursts in the past 15 years but, in its lowest-power state, it radiates just
below the Eddington limit and its properties appear to be typical of high-mass
X-ray binaries. M82 X-2 has been described as a common neutron star with a 1~TG
magnetic field that occasionally accretes above the Eddington rate and as a
magnetar-like pulsar with a 10-100~TG magnetic field that reaches above the
quantum limit. We argue in favor of the former interpretation. Using standard
accretion theory and the available observations, we calculate the stellar
magnetic field of this pulsar in two independent ways and we show that it
cannot exceed 3~TG in either case. We discuss the implications of our results
for other ultraluminous X-ray sources that occasionally exhibit similar
powerful outbursts.
