Micron Technology Inc. (NASDAQ:MU)

Total inventories exhibited a consistent upward trajectory over the analyzed period, increasing from 4,487 million US dollars in 2021 to 10,372 million US dollars by 2026. This expansion of the inventory asset base was driven primarily by increases in work-in-process and raw material stocks, despite fluctuations in finished goods.

Total Inventory Growth

Total inventory values grew steadily from 2021 through 2024, reaching 8,875 million US dollars. Following a slight contraction in 2025 to 8,355 million US dollars, a sharp increase occurred in 2026, resulting in a period high of 10,372 million US dollars.

Work in Process Analysis

Work in process remains the dominant component of the inventory portfolio. A sustained increase is observed from 3,469 million US dollars in 2021 to 8,252 million US dollars in 2026. This growth indicates expanded production activity and a significantly higher volume of goods residing within the manufacturing cycle.

Finished Goods Trends

Finished goods followed a cyclical pattern of growth followed by contraction. Values rose sharply from 513 million US dollars in 2021 to a peak of 1,616 million US dollars in 2023. A consistent downward trend followed through 2026, with levels falling to 958 million US dollars, suggesting a strategic reduction in completed stock or improved inventory turnover.

Raw Materials and Supplies

Raw materials and supplies demonstrated a general upward trend, rising from 505 million US dollars in 2021 to 1,162 million US dollars in 2026. Although a temporary decrease to 660 million US dollars was noted in 2023, the subsequent period showed steady growth, reflecting increased input acquisition to support higher production capacities.