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Arphra AIPlain-English read on Micron Technology, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +37.62% | +45.18% | -9.11% | +22.35% | +39.79% | +17.51% | +17.58% | +17.58% | +17.70% |
| Operating margin | +22.68% | +31.54% | -36.97% | +5.19% | +26.41% | -1.79% | -1.82% | -1.77% | -1.81% |
| EBITDA margin | +46.66% | +54.42% | +14.23% | +35.62% | +49.47% | +33.08% | +32.25% | +32.33% | +34.05% |
| EBIT margin | +24.53% | +31.57% | -35.13% | +4.96% | +27.13% | -1.00% | -1.02% | -1.03% | -0.98% |
| Pre-tax margin | +22.58% | +31.13% | -36.40% | +4.89% | +25.85% | -1.93% | -1.88% | -1.91% | -1.85% |
| Net margin | +21.16% | +28.24% | -37.54% | +3.10% | +22.84% | -3.83% | -3.90% | -3.86% | -3.85% |
| Cost structure | |||||||||
| Cost of revenue / sales | +62.38% | +54.82% | +109.11% | +77.65% | +60.21% | +82.66% | +82.42% | +80.28% | +80.43% |
| R&D intensity | +9.61% | +10.13% | +20.04% | +13.66% | +10.16% | +14.73% | +14.29% | +14.35% | +14.33% |
| SG&A intensity | +3.23% | +3.47% | +5.92% | +4.50% | +3.22% | +4.67% | +4.63% | +4.45% | +4.54% |
| Effective tax rate | +6.30% | +9.27% | — | +36.70% | +11.63% | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +13.34% | +17.41% | -13.22% | +1.72% | +15.76% | -1.86% | -1.92% | -1.96% | -1.88% |
| Return on assets (ROA) | +9.96% | +13.11% | -9.08% | +1.12% | +10.31% | -1.28% | -1.25% | -1.27% | -1.30% |
| Return on capital (ROC) | +12.27% | +16.90% | -9.90% | +2.21% | +14.21% | -0.67% | -0.68% | -0.69% | -0.68% |
| Return on invested capital (ROIC) | +11.44% | +15.13% | -7.42% | +1.32% | +12.30% | -0.50% | -0.51% | -0.52% | -0.51% |
| Asset turnover | +47.08% | +46.40% | +24.19% | +36.17% | +45.14% | +33.55% | +31.96% | +32.81% | +33.83% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +21.16% | +28.24% | -37.54% | +3.10% | +22.84% | -3.83% | -3.90% | -3.86% | -3.85% |
| Asset turnover (× revenue / assets) | +47.08% | +46.40% | +24.19% | +36.17% | +45.14% | +33.55% | +31.96% | +32.81% | +33.83% |
| Equity multiplier (× assets / equity) | +133.95% | +132.81% | +145.63% | +153.81% | +152.86% | +145.07% | +154.10% | +154.92% | +144.76% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.47 | 0.46 | 0.24 | 0.36 | 0.45 | 0.34 | 0.32 | 0.33 | 0.34 |
| Fixed-asset turnover | 0.82 | 0.78 | 0.40 | 0.62 | 0.79 | — | — | — | — |
| Inventory turnover | 3.85 | 2.53 | 2.02 | 2.20 | 2.69 | — | — | — | — |
| Receivables turnover | 5.22 | 6.00 | 6.36 | 3.80 | 4.03 | — | — | — | — |
| Payables turnover | 9.91 | 7.87 | 9.83 | 7.15 | 7.19 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 69.97 | 60.88 | 57.38 | 96.15 | 90.47 | — | — | — | — |
| Days inventory outstanding (DIO) | 94.77 | 144.25 | 180.54 | 166.14 | 135.51 | — | — | — | — |
| Days payables outstanding (DPO) | 36.83 | 46.37 | 37.13 | 51.03 | 50.80 | — | — | — | — |
| Cash conversion cycle | 127.90 | 158.75 | 200.79 | 211.26 | 175.18 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.13 | 1.75 | -0.27 | 10.93 | 2.05 | -8.06 | -7.60 | -7.69 | -7.76 |
| FCF / Net income | 0.42 | 0.36 | 1.05 | 0.16 | 0.20 | 3.01 | 2.86 | 2.90 | 2.99 |
| FCF margin | +8.80% | +10.12% | -39.36% | +0.48% | +4.46% | -11.52% | -11.14% | -11.20% | -11.49% |
| OCF margin | +45.00% | +49.36% | +10.03% | +33.88% | +46.89% | +30.87% | +29.64% | +29.70% | +29.84% |
| CapEx / Revenue | +36.20% | +39.23% | +49.40% | +33.40% | +42.42% | +42.04% | +41.92% | +42.32% | +41.96% |
| CapEx / D&A | 1.61 | 1.70 | 0.99 | 1.08 | 1.90 | — | — | — | — |
| Stock-based comp / Revenue | +1.36% | +1.67% | +3.84% | +3.32% | +2.60% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 5.14 | 7.74 | -5.34 | 0.70 | 7.59 | 58.87 | 101.85 | 95.30 | 68.87 |
| EPS · basic | 5.23 | 7.81 | -5.34 | 0.70 | 7.65 | 58.91 | 102.24 | 96.13 | 69.88 |
| Book value / share | 38.50 | 44.48 | 40.37 | 40.37 | 48.15 | 199.72 | 324.31 | 319.54 | 441.03 |
| Tangible BV / share | 37.12 | 43.01 | 38.94 | 38.97 | 46.72 | 199.72 | 324.31 | 319.54 | 441.03 |
| Sales / share | 24.28 | 27.41 | 14.22 | 22.46 | 33.22 | 97.21 | 159.74 | 162.43 | 216.00 |
| Operating CF / share | 10.93 | 13.53 | 1.43 | 7.61 | 15.58 | 30.01 | 47.35 | 48.25 | 64.46 |
| Free cash flow / share | 2.14 | 2.78 | -5.60 | 0.11 | 1.48 | -11.20 | -17.79 | -18.20 | -24.81 |
| Dividends / share | 0.00 | 0.41 | 0.46 | 0.46 | 0.46 | 2.17 | 3.48 | 3.58 | 4.86 |
| Payout ratio | 0.00% | +5.31% | -8.64% | +65.94% | +6.11% | -58.34% | -55.90% | -57.08% | -58.46% |
| Retention ratio | +100.00% | +94.69% | +108.64% | +34.06% | +93.89% | +158.34% | +155.90% | +157.08% | +158.46% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +11.02% | -49.48% | +61.59% | +48.85% | +190.54% | +64.87% | +1.79% | +33.14% | +31.16% |
| Gross profit · YoY | — | +33.34% | -110.19% | +496.40% | +164.97% | +27.82% | +65.59% | +1.76% | +34.03% | +19.36% |
| Profit | ||||||||||
| Operating income · YoY | — | +54.42% | -159.21% | +122.70% | +656.90% | -119.74% | -66.79% | +0.85% | -36.58% | — |
| EBITDA · YoY | — | +29.49% | -86.79% | +304.52% | +106.75% | +94.29% | +60.72% | +2.03% | +40.24% | +26.10% |
| Net income · YoY | — | +48.22% | -167.15% | +113.34% | +997.56% | -148.69% | -67.94% | -0.84% | -32.54% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +42.86% | -156.23% | +122.82% | +713.80% | -110.72% | -67.72% | -2.70% | -27.48% | — |
| R&D · YoY | — | +17.01% | -0.06% | +10.15% | +10.73% | +321.26% | +59.87% | +2.26% | +32.93% | +37.87% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +50.58% | -168.99% | +113.11% | +984.29% | +675.65% | +73.00% | -6.43% | -27.73% | +38.32% |
| EPS · basic · YoY | — | +49.33% | -168.37% | +113.11% | +992.86% | +670.06% | +73.55% | -5.97% | -27.31% | +38.27% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $7.28B | $7.52B | $13.93B | $14.01B | $15.28B | $66.47B | $111.41B | $110.75B | $151.79B |
| Net debt | -$482M | -$746M | $5.36B | $6.97B | $5.64B | $26.2B | $44.62B | $44.55B | $63.38B |
| Net debt / EBITDA | -0.04 | -0.04 | 2.42 | 0.78 | 0.30 | 0.73 | 0.77 | 0.76 | 0.77 |
| Debt / equity | 0.17 | 0.15 | 0.32 | 0.31 | 0.28 | 0.30 | 0.31 | 0.31 | 0.31 |
| Debt / assets | +12.37% | +11.34% | +21.68% | +20.18% | +18.45% | +20.53% | +19.89% | +19.94% | +21.17% |
| Equity / assets | +74.65% | +75.29% | +68.66% | +65.02% | +65.42% | +68.93% | +64.89% | +64.55% | +69.08% |
| Coverage | |||||||||
| EBITDA / interest expense | 70.64 | 88.57 | 5.70 | 15.91 | 38.77 | 16.27 | 15.95 | 16.47 | 16.75 |
| Operating income / interest | 34.33 | 51.33 | -14.81 | 2.32 | 20.69 | -0.88 | -0.90 | -0.90 | -0.89 |
| Interest expense | $183M | $189M | $388M | $562M | $477M | $2.21B | $3.62B | $3.58B | $4.93B |
| Liquidity | |||||||||
| Current ratio | 3.10 | 2.89 | 4.46 | 2.64 | 2.52 | — | — | — | — |
| Quick ratio | 2.17 | 1.92 | 2.53 | 1.59 | 1.71 | — | — | — | — |
| Cash ratio | 1.21 | 1.10 | 1.80 | 0.76 | 0.84 | — | — | — | — |
| Working capital | $13.48B | $14.24B | $16.48B | $15.12B | $17.39B | — | — | — | — |
| Working capital / revenue | +48.67% | +46.30% | +106.04% | +60.23% | +46.52% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).