MICRON TECHNOLOGY INC (MU)

MICRON TECHNOLOGY INC (MU) - Stock Research

Revenue by Segment

Segment	2021	2022	2023	2024	2025	% of Total
DRAM	$20.04B	$22.39B	$10.98B	$17.60B	$28.58B	76%
NAND	$7.01B	$7.81B	$4.21B	$7.23B	$8.50B	23%
Other (primarily NOR)	$659M	$561M	$356M	$281M	$297M	1%
Other (primarily 3D XPoint memory and NOR)	$659M	$561M	—	—	—	—

	1-Yr	4-Yr
Sales	47.1%	8.1%
Cash Flow	103.5%	9.3%
Earnings	984.3%	10.2%
Dividends	0.5%	N/A
Book Value	18.6%	5.7%

	1-Yr	4-Yr
ROIC	15.8%	6.3%
Gross Margin	39.8%	24.6%
FCF Yield	0.9%	-0.5%
Buyback Yield	N/A	1.7%

	Q1	Q2	Q3	Q4
2022	2.04	2.00	2.34	1.37
2023	-0.18	-2.12	-1.73	-1.31
2024	-1.12	0.72	0.30	0.80
2025	1.67	1.41	1.67	2.84
2026	4.60	—	—	—

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Financial data for MU from SEC EDGAR
Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Earnings Power
Revenue	16.4B	16.2B	12.4B	20.3B	30.4B	23.4B	21.4B	27.7B	30.8B	15.5B	25.1B	37.4B	42.3B
Net Income	3.0B	2.9B	-276M	5.1B	14.1B	6.3B	2.7B	5.9B	8.7B	-5.8B	778M	8.5B	11.9B
Owner Earnings	3.5B	2.4B	0	4.1B	12.4B	7.5B	2.3B	5.9B	7.6B	-6.8B	-106M	8.2B	13.4B
Non-Recurring	40M	0	67M	N/A	N/A	N/A	60M	488M	48M	171M	0	39M	39M
Gross Margin	33.2%	32.2%	20.2%	41.5%	58.9%	45.7%	30.6%	37.6%	45.2%	-9.1%	22.4%	39.8%	45.3%
Op. Margin	18.9%	18.5%	1.4%	28.9%	49.3%	31.5%	14.0%	22.7%	31.5%	-37.0%	5.2%	26.1%	32.5%
Net Margin	18.6%	17.9%	-2.2%	25.0%	46.5%	27.0%	12.5%	21.2%	28.2%	-37.5%	3.1%	22.8%	28.1%
Returns on Capital
ROE	28.3%	23.6%	-2.3%	27.3%	43.8%	17.6%	6.9%	13.3%	17.4%	-13.2%	1.7%	17.2%	20.3%
ROA	13.6%	12.0%	-1.0%	14.4%	32.6%	12.9%	5.0%	10.0%	13.1%	-9.1%	1.1%	11.2%	13.9%
ROIC	26.6%	18.9%	1.0%	24.9%	50.1%	20.0%	7.2%	13.8%	18.2%	-10.2%	1.6%	15.8%	20.0%
Cash Flow
Free Cash Flow	2.6B	1.2B	-2.6B	3.4B	8.5B	3.4B	83M	2.4B	3.1B	-6.1B	121M	1.7B	4.7B
CapEx	3.1B	4.0B	5.8B	4.7B	8.9B	9.8B	8.2B	10.0B	12.1B	7.7B	8.4B	15.9B	18.0B
Maint. CapEx	2.1B	2.7B	3.0B	3.9B	4.8B	5.4B	5.7B	6.2B	7.1B	7.8B	7.8B	8.4B	8.4B
Growth CapEx	1.0B	1.4B	2.8B	873M	4.1B	4.4B	2.6B	3.8B	5.0B	0	606M	7.5B	9.7B
CapEx/OCF	54.5%	77.2%	183.6%	58.1%	51.0%	74.2%	99.0%	80.4%	79.5%	492.4%	98.6%	90.5%	79.5%
D&A	2.1B	2.7B	3.0B	3.9B	4.8B	5.4B	5.7B	6.2B	7.1B	7.8B	7.8B	8.4B	8.4B
Capital Allocation
Op. Cash Flow	5.7B	5.2B	3.2B	8.2B	17.4B	13.2B	8.3B	12.5B	15.2B	1.6B	8.5B	17.5B	22.7B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0	461M	504M	513M	522M	525M
Share Buybacks	76M	884M	148M	N/A	71M	2.7B	251M	1.2B	2.4B	425M	300M	0	0
Buyback Yield	0.2%	5.5%	0.9%	N/A	0.1%	5.6%	0.5%	1.5%	4.3%	0.6%	0.3%	N/A	0.0%
Debt Repayment	3.8B	2.3B	870M	2.6B	10.2B	3.3B	4.4B	1.5B	2.0B	761M	1.9B	4.6B	4.6B
Stock-Based Comp	115M	168M	191M	215M	198M	243M	328M	378M	514M	596M	833M	972M	972M
Balance Sheet
Total Assets	22.4B	24.1B	27.5B	35.3B	43.4B	48.9B	53.7B	58.8B	66.3B	64.3B	69.4B	82.8B	86.0B
Intangibles	N/A	898M	568M	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B
Total Liabilities	10.8B	10.9B	14.6B	15.8B	10.1B	12.0B	14.7B	14.9B	16.4B	20.1B	24.3B	28.6B	27.2B
Equity	10.8B	12.3B	12.1B	18.6B	32.3B	35.9B	39.0B	43.9B	49.9B	44.1B	45.1B	54.2B	58.8B
Net Debt	359M	2.7B	4.8B	4.4B	-2.7B	-2.6B	-1.3B	-1.1B	-1.5B	4.5B	5.9B	4.4B	1.5B
Long-Term Debt	4.9B	6.3B	9.2B	9.9B	3.8B	4.5B	6.4B	6.6B	6.8B	13.1B	13.0B	14.0B	N/A
Debt/Equity	0.45	0.51	0.76	0.53	0.12	0.13	0.16	0.15	0.14	0.30	0.29	0.26	0.19
Interest Coverage	8.8	8.1	0.4	9.8	43.8	57.6	15.5	34.3	51.3	-14.8	2.3	20.5	20.5
Working Capital	5.5B	4.7B	4.7B	7.1B	10.3B	10.1B	11.3B	13.5B	14.2B	16.5B	15.1B	17.4B	17.4B
Current Assets	10.2B	8.6B	9.5B	12.5B	16.0B	16.5B	18.0B	19.9B	21.8B	21.2B	24.4B	28.8B	28.8B
Current Liabilities	4.8B	3.9B	4.8B	5.3B	5.8B	6.4B	6.6B	6.4B	7.5B	4.8B	9.2B	11.5B	11.5B
Retained Earnings	2.7B	5.6B	5.3B	10.3B	24.4B	30.8B	33.4B	39.1B	47.3B	40.8B	40.9B	48.6B	48.6B
Per Share Data
Avg. Price	25.10	26.03	13.14	25.40	47.71	39.02	47.62	74.18	70.71	60.33	98.25	104.74	394.69
EPS	2.54	2.47	-0.27	4.41	11.51	5.51	2.37	5.14	7.75	-5.34	0.70	7.59	10.52
Owner EPS	2.90	2.02	-0.00	3.53	10.13	6.57	2.05	5.15	6.74	-6.22	-0.10	7.29	11.88
Book Value	8.98	10.48	11.82	16.14	26.30	31.32	34.40	38.53	44.52	40.39	40.61	48.15	52.25
Cash Flow/Share	4.75	4.44	3.10	7.07	14.17	11.51	7.33	10.93	13.54	1.43	7.65	15.58	18.00
Dividends/Share	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.41	0.46	0.46	0.46	0.47
Shares Out.	1.2B	1.2B	1.0B	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Valuation
P/E Ratio	13.0	5.6	N/A	8.4	3.8	7.7	20.5	13.9	6.5	N/A	152.7	20.7	37.5
Price/Book	3.7	1.3	1.4	2.3	1.7	1.3	1.4	1.9	1.1	1.6	2.6	3.3	7.6
Price/Sales	1.8	1.9	1.1	1.4	1.9	1.9	2.5	3.1	2.6	4.2	4.3	3.2	10.5
EV/EBIT	12.9	6.3	131.8	8.0	3.4	6.2	17.9	12.8	5.6	N/A	95.6	18.5	32.5
FCF Yield	6.6%	7.4%	-15.2%	8.0%	15.7%	7.1%	0.2%	3.0%	5.6%	-8.7%	0.1%	0.9%	1.0%
Market Cap	39.6B	16.1B	17.4B	42.7B	54.2B	48.3B	55.0B	81.3B	56.1B	70.5B	118.8B	176.8B	444.2B
Year-End Price	33.01	13.72	17.02	37.04	44.13	42.16	48.51	71.32	50.05	64.52	106.89	157.11	394.69

MICRON TECHNOLOGY INC

Business Description

Revenue by Segment

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