Common-Size Balance Sheet: Assets
Quarterly Data
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Micron Technology Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Micron Technology Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28), 10-K (reporting date: 2019-08-29), 10-Q (reporting date: 2019-05-30), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-29).
- Cash and equivalents
- Cash and equivalents as a percentage of total assets exhibited moderate fluctuations over the observed periods. The metric started near 10% in late 2018, peaked around 16% in mid-2020, and then showed a generally declining trend, reaching approximately 13% by early 2024. This suggests a strategic variation in liquidity holdings over time, with a tendency toward lower relative cash reserves in the most recent quarters.
- Short-term investments
- Short-term investments generally remained low, averaging around 1% to 2.5% of total assets. The proportion was highest in early 2019 and gradually declined and stabilized around 1% or slightly below from late 2023 onward. This reflects a cautious or limited allocation into short-term marketable securities relative to total asset size.
- Receivables
- Receivables showed a strong downward trend from late 2018 through 2022, decreasing from approximately 12% to under 4%. However, starting in late 2022, there was a rebound with receivables increasing steadily to over 10% by mid-2024. This pattern may indicate cyclical or seasonal impacts on credit sales or collection cycles, with a recent increase in accounts receivable relative to total assets.
- Inventories
- Inventories as a portion of total assets expanded moderately over time, beginning near 9% and rising to peak levels above 13% in 2023, followed by a slight reduction to around 11% in the most recent periods. This overall increase suggests growth in inventory holdings, potentially reflecting increased production or stockpiling activities.
- Other current assets
- Other current assets remained consistently below 1% of total assets, with some short-term spikes notably around early 2021 and early 2024, reaching over 2%. These transient increases may be related to timing of miscellaneous current asset items but overall represent a minor component of the asset base.
- Current assets total
- Current assets hovered around one-third of total assets, with minor variation from about 31% to 36%. Despite fluctuations in individual current asset components, the aggregate remained fairly stable, indicating a balanced approach to liquidity and short-term asset management.
- Long-term marketable investments
- The share of long-term marketable investments displayed a declining trend from 3.5% in late 2018 down to below 1.5% by early 2023, with a slight recovery thereafter to around 1.7%. This suggests a reduction of longer-term liquid investments during the period followed by some reinvestment or valuation changes more recently.
- Property, plant, and equipment (PP&E)
- PP&E consistently comprised the largest share of total assets, typically in the 55% to 60% range. A mild upward trend is observed with maximum concentration near 60%, indicating continued capital investment in fixed assets and likely reflecting the capital-intensive nature of the business.
- Operating lease right-of-use assets
- Introduced around 2019, this asset class remained steady near 1% with slight fluctuations. The relative stability suggests a consistent use of operating leases without major changes in lease commitments or accounting recognition.
- Intangible assets
- Intangible assets formed a small portion of total assets, declining slowly from about 0.8% to just above 0.5%. The steady diminishment might indicate amortization without significant new intangible asset additions.
- Deferred tax assets
- Deferred tax assets experienced a gradual decline from roughly 1.9% to below 0.7% by mid-2024, with some variability in between. This points to a reduction in deferred tax benefits or more conservative future tax asset recognition.
- Goodwill
- Goodwill decreased steadily from nearly 2.8% to about 1.5%, indicating possible impairment charges, divestitures, or a lack of new acquisitions generating goodwill during the timeframe analyzed.
- Other noncurrent assets
- Other noncurrent assets stayed relatively steady in the range of around 1.0% to 2.3%, showing minor variability but no significant trend. The gradual increase toward the later periods may hint at incremental additions to noncore long-term assets.
- Noncurrent assets total
- Noncurrent assets consistently constituted roughly two-thirds of total assets, with a minor decline noted in the last three years, dropping from near 67% to about 64%. This indicates a mostly stable asset base weighted toward long-term assets with slight shifting toward current assets in recent years.
- Total assets
- As expected, the percentages sum to 100% each period, providing a proportional view of the asset structure which underlines the dominant role of fixed assets in the company’s total asset composition and the relatively smaller proportion of liquid and intangible assets.