Micron Technology, Inc. is a global leader specializing in the development, manufacture, and sale of advanced semiconductor memory and storage solutions. Its operations are structured across four primary business segments: Compute and Networking, Mobile, Storage, and Embedded. The company's product portfolio encompasses a range of memory and data storage technologies. These include high-speed, low-latency Dynamic Random Access Memory (DRAM) components for rapid data retrieval; non-volatile, re-programmable NAND flash storage devices; and fast-read, non-volatile, re-writable NOR memory chips. These innovative solutions are offered under its well-known Micron and Crucial brands, as well as through private label partnerships. Micron's extensive offerings cater to a diverse array of markets and applications. This includes critical infrastructure like cloud servers and enterprise data centers, personal computing (client and graphics), mobile devices such as smartphones, networking equipment, automotive systems, industrial applications, and various consumer electronics. The company utilizes a multi-faceted approach to market its products, employing a direct sales force, independent sales representatives, and a network of distributors and retailers. Additionally, it leverages a web-based direct sales channel and collaborates with various channel and distribution partners. Founded in 1978, Micron Technology, Inc. is headquartered in Boise, Idaho.
| $ billions | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Cash & equivalents | 9.6 | 7.0 | 8.6 | 8.3 | 7.8 |
| Short-term investments | 0.7 | 1.1 | 1.0 | 1.1 | 0.9 |
| Receivables | 9.3 | 6.6 | 2.4 | 5.1 | 5.3 |
| Inventory |
| $ billions | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Operating cash flow | 17.5 | 8.5 | 1.6 | 15.2 | 12.5 |
| Capital expenditure | −15.9 | −8.4 | −7.7 | −12.1 | −10.0 |
| Free cash flow | 1.7 | 0.1 | −6.1 | 3.1 | 2.4 |
P/E vs EPS growth · below the channel = cheaper for its growth
P/S vs revenue growth · below the channel = cheaper for its growth
| Ticker | P/E | Fwd P/E | PEG | P/S | Fwd P/S | PSG | EPS gr | Rev gr |
|---|---|---|---|---|---|---|---|---|
| MU | 19.3 | 11.8 | 0.07 | 10.8 | 7.5 | 0.08 | 180% | 95% |
| CSCO | 36.7 | 25.9 | 0.95 | 7.2 | 6.9 | 0.77 | 27% | 9% |
| AMAT | 49.2 | 42.8 | 1.22 | 14.4 | 12.5 | 0.57 | 35% | 22% |
| LRCX | 57.7 | 53.9 | 1.64 | 17.7 | 16.6 | 0.67 | 33% | 25% |
| ARM | 321.0 | 124.0 | 1.84 | 58.3 | 47.9 | 1.62 | 68% | 30% |
| KLAC | 58.4 | 56.0 | 2.00 | 20.7 | 20.0 | 1.04 | 28% | 19% |
Dots = reported EPS vs consensus · gap = surprise · dashed = estimate ($)
Last 12M · $0M bought · $87M sold · net −$87M
Rows: discount rate (r) · Columns: terminal growth (g∞) · cell = fair value, shaded by up/downside vs 890.
| 8.4 |
| 8.9 |
| 8.4 |
| 6.7 |
| 4.5 |
| Total current assets | 28.8 | 24.4 | 21.2 | 21.8 | 19.9 |
| Property, plant & equipment | 47.3 | 40.4 | 38.6 | 39.2 | 33.8 |
| Long-term investments | 1.6 | 1.0 | 0.8 | 1.6 | 1.8 |
| Other non-current assets | 5.0 | 3.6 | 3.6 | 3.6 | 3.4 |
| Total assets | 82.8 | 69.4 | 64.3 | 66.3 | 58.8 |
| Accounts payable | 3.1 | 2.7 | 1.7 | 2.1 | 1.7 |
| Short-term debt | 0.6 | 0.1 | 0.1 | 0.0 | 0.0 |
| Total current liabilities | 11.5 | 9.2 | 4.8 | 7.5 | 6.4 |
| Long-term debt | 14.0 | 11.2 | 11.9 | 6.0 | 6.0 |
| Total liabilities | 28.6 | 24.3 | 20.1 | 16.4 | 14.9 |
| Shareholders’ equity | 54.2 | 45.1 | 44.1 | 49.9 | 43.9 |
Figures in $ billions · fiscal year · latest five reported years
| Investing cash flow | −14.1 | −8.3 | −6.2 | −11.6 | −10.6 |
| Dividends paid | −0.5 | −0.5 | −0.5 | −0.5 | 0.0 |
| Share buybacks | 0.0 | −0.3 | −0.4 | −2.4 | −1.2 |
| Net debt issued / (repaid) | −0.2 | −0.9 | 6.0 | 0.0 | −0.3 |
| Financing cash flow | −0.8 | −1.8 | 5.0 | −3.0 | −1.8 |
| Net change in cash | 2.6 | −1.6 | 0.3 | 0.5 | 0.1 |
Figures in $ billions · fiscal year · outflows shown negative
Solid = reported · dashed = forward consensus · shaded = analyst low–high ($B)