Common-Size Balance Sheet: Assets
Quarterly Data
Micron Technology Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 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).
The asset composition shows a significant strategic shift toward the end of the observed period, characterized by a transition from a heavy reliance on noncurrent assets to an increase in current asset liquidity. For the majority of the timeline, the balance sheet remained dominated by fixed assets, but a notable divergence occurs starting in early 2026, where current assets expand to nearly half of the total asset base.
- Current Asset Dynamics
- Current assets remained relatively stable between 30% and 35% for several years before climbing sharply to 49.76% by May 2026. This increase is primarily driven by a dramatic rise in receivables, which ascended from a low of 3.42% in March 2023 to 23.13% by May 2026. Cash and cash equivalents exhibited moderate volatility, generally fluctuating between 10% and 15%, with a peak of 18.64% in the final period, suggesting a strengthened immediate liquidity position.
- Inventory Trends
- Inventories experienced a period of growth, peaking at 13.05% of total assets in August 2023. Following this peak, a consistent downward trend is observed, with inventories falling to 6.39% by May 2026. This inverse relationship between the growth of receivables and the decline of inventories indicates a shift in the working capital cycle.
- Fixed Asset and Noncurrent Asset Analysis
- Property, plant, and equipment served as the primary asset driver for the bulk of the period, consistently representing 56% to 60% of total assets. However, a sharp contraction is evident in the final quarters, with the proportion dropping to 42.07% by May 2026. Consequently, total noncurrent assets fell from a historical range of 64% to 69% down to 50.24% by the end of the period.
- Other Noncurrent Asset Trends
- A gradual erosion is observed in the relative weight of intangible assets and goodwill. Goodwill declined steadily from 2.47% in November 2019 to 0.86% by May 2026. Similarly, deferred tax assets followed a downward trajectory, moving from 1.58% to 0.52% over the same interval, indicating that these items have become less significant to the overall asset structure.
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