Stock Analysis on Net
Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Micron Technology Inc., adjusted financial ratios

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Activity Ratio
Total Asset Turnover
Reported 0.24 0.46 0.47 0.40 0.48 0.70
Adjusted 0.24 0.47 0.48 0.40 0.48 0.71
Solvency Ratios
Debt to Equity
Reported 0.30 0.14 0.15 0.17 0.16 0.14
Adjusted 0.32 0.15 0.17 0.19 0.18 0.16
Debt to Capital
Reported 0.23 0.12 0.13 0.15 0.14 0.13
Adjusted 0.24 0.13 0.15 0.16 0.15 0.14
Financial Leverage
Reported 1.46 1.33 1.34 1.38 1.36 1.34
Adjusted 1.46 1.33 1.35 1.38 1.35 1.33
Profitability Ratios
Net Profit Margin
Reported -37.54% 28.24% 21.16% 12.54% 26.97% 46.51%
Adjusted -35.98% 27.37% 20.84% 13.45% 28.60% 45.61%
Return on Equity (ROE)
Reported -13.22% 17.41% 13.34% 6.89% 17.59% 43.77%
Adjusted -12.86% 17.11% 13.38% 7.53% 18.57% 42.99%
Return on Assets (ROA)
Reported -9.08% 13.11% 9.96% 5.01% 12.91% 32.59%
Adjusted -8.81% 12.84% 9.94% 5.44% 13.77% 32.36%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Micron Technology Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Micron Technology Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Micron Technology Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Micron Technology Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Micron Technology Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Micron Technology Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Micron Technology Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Micron Technology Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Reported
Selected Financial Data (US$ in millions)
Revenue 15,540 30,758 27,705 21,435 23,406 30,391
Total assets 64,254 66,283 58,849 53,678 48,887 43,376
Activity Ratio
Total asset turnover1 0.24 0.46 0.47 0.40 0.48 0.70
Adjusted
Selected Financial Data (US$ in millions)
Revenue 15,540 30,758 27,705 21,435 23,406 30,391
Adjusted total assets2 63,498 65,581 58,067 52,971 48,614 42,825
Activity Ratio
Adjusted total asset turnover3 0.24 0.47 0.48 0.40 0.48 0.71

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

1 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 15,540 ÷ 64,254 = 0.24

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 15,540 ÷ 63,498 = 0.24

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Micron Technology Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 13,330 6,906 6,776 6,643 5,851 4,636
Total Micron shareholders’ equity 44,120 49,907 43,933 38,996 35,881 32,294
Solvency Ratio
Debt to equity1 0.30 0.14 0.15 0.17 0.16 0.14
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,999 7,576 7,335 7,230 6,415 5,107
Adjusted total equity3 43,481 49,218 43,161 38,298 36,035 32,242
Solvency Ratio
Adjusted debt to equity4 0.32 0.15 0.17 0.19 0.18 0.16

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Micron shareholders’ equity
= 13,330 ÷ 44,120 = 0.30

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 13,999 ÷ 43,481 = 0.32

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Micron Technology Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 13,330 6,906 6,776 6,643 5,851 4,636
Total capital 57,450 56,813 50,709 45,639 41,732 36,930
Solvency Ratio
Debt to capital1 0.23 0.12 0.13 0.15 0.14 0.13
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 13,999 7,576 7,335 7,230 6,415 5,107
Adjusted total capital3 57,480 56,794 50,496 45,528 42,450 37,349
Solvency Ratio
Adjusted debt to capital4 0.24 0.13 0.15 0.16 0.15 0.14

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 13,330 ÷ 57,450 = 0.23

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 13,999 ÷ 57,480 = 0.24

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Micron Technology Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 64,254 66,283 58,849 53,678 48,887 43,376
Total Micron shareholders’ equity 44,120 49,907 43,933 38,996 35,881 32,294
Solvency Ratio
Financial leverage1 1.46 1.33 1.34 1.38 1.36 1.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 63,498 65,581 58,067 52,971 48,614 42,825
Adjusted total equity3 43,481 49,218 43,161 38,298 36,035 32,242
Solvency Ratio
Adjusted financial leverage4 1.46 1.33 1.35 1.38 1.35 1.33

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Micron shareholders’ equity
= 64,254 ÷ 44,120 = 1.46

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 63,498 ÷ 43,481 = 1.46

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Micron Technology Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron (5,833) 8,687 5,861 2,687 6,313 14,135
Revenue 15,540 30,758 27,705 21,435 23,406 30,391
Profitability Ratio
Net profit margin1 -37.54% 28.24% 21.16% 12.54% 26.97% 46.51%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (5,592) 8,419 5,773 2,882 6,693 13,860
Revenue 15,540 30,758 27,705 21,435 23,406 30,391
Profitability Ratio
Adjusted net profit margin3 -35.98% 27.37% 20.84% 13.45% 28.60% 45.61%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to Micron ÷ Revenue
= 100 × -5,833 ÷ 15,540 = -37.54%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenue
= 100 × -5,592 ÷ 15,540 = -35.98%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Micron Technology Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron (5,833) 8,687 5,861 2,687 6,313 14,135
Total Micron shareholders’ equity 44,120 49,907 43,933 38,996 35,881 32,294
Profitability Ratio
ROE1 -13.22% 17.41% 13.34% 6.89% 17.59% 43.77%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (5,592) 8,419 5,773 2,882 6,693 13,860
Adjusted total equity3 43,481 49,218 43,161 38,298 36,035 32,242
Profitability Ratio
Adjusted ROE4 -12.86% 17.11% 13.38% 7.53% 18.57% 42.99%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to Micron ÷ Total Micron shareholders’ equity
= 100 × -5,833 ÷ 44,120 = -13.22%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × -5,592 ÷ 43,481 = -12.86%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Micron Technology Inc. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron (5,833) 8,687 5,861 2,687 6,313 14,135
Total assets 64,254 66,283 58,849 53,678 48,887 43,376
Profitability Ratio
ROA1 -9.08% 13.11% 9.96% 5.01% 12.91% 32.59%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 (5,592) 8,419 5,773 2,882 6,693 13,860
Adjusted total assets3 63,498 65,581 58,067 52,971 48,614 42,825
Profitability Ratio
Adjusted ROA4 -8.81% 12.84% 9.94% 5.44% 13.77% 32.36%

Based on: 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to Micron ÷ Total assets
= 100 × -5,833 ÷ 64,254 = -9.08%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -5,592 ÷ 63,498 = -8.81%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Micron Technology Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.