Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Analysis of Revenues
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Micron Technology Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2024-08-29), 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).
- Liabilities Trend
- The total liabilities as a percentage of total liabilities and equity increased steadily from 24.59% in August 2019 to 34.98% in August 2024. This reflects a growing reliance on liabilities in the company’s capital structure over the five-year period. Current liabilities saw a decline from 13.07% in 2019 down to a low of 7.42% in 2023 but then sharply increased to 13.32% in 2024, indicating fluctuations in short-term obligations. Long-term debt notably rose from 9.29% in 2019 to peak at 20.31% in 2023 before slightly decreasing to 18.68% in 2024, suggesting increased long-term borrowing. Other noncurrent liabilities experienced moderate growth from 0.92% to 1.31%, while noncurrent operating lease liabilities and unearned government incentives remained relatively stable with minor variations.
- Accounts Payable and Related Metrics
- Accounts payable as a percentage of total liabilities and equity showed some variability, starting at 3.43% in 2019, peaking at 4.08% in 2020, dropping to 2.68% in 2023, and rising again to 3.93% in 2024. Accounts payable combined with accrued expenses followed a somewhat similar pattern, peaking near 10.84% in 2020 before dipping to the lowest point of 6.16% in 2023 and rebounding to 10.51% in 2024, suggesting fluctuations in short-term payment obligations and accrued liabilities.
- Assets Composition
- The property, plant, and equipment represented between 2.21% and 4.42% of total liabilities and equity over the period. After rising from 3.65% in 2019 to 4.42% in 2020, this asset category declined to 2.21% in 2023, then increased significantly to 4.21% in 2024, indicating varying investment or depreciation patterns in fixed assets.
- Labor and Tax Expense Proportions
- Salaries, wages, and benefits as a percentage of total liabilities and equity generally fluctuated between 0.57% and 1.67%, with the lowest value observed in 2023. This might indicate temporary cost controls or workforce adjustments. Income and other taxes showed relatively low and inconsistent contributions, ranging from 0.10% to 0.63%, with a noticeable dip to 0.10% in 2023 but a slight recovery in 2024.
- Equity Structure and Retained Earnings
- Total equity decreased gradually from 75.21% in 2019 to 65.02% in 2024. Retained earnings initially increased from 62.92% in 2019 to a peak of 71.32% in 2022 but then declined to 58.89% by 2024, reflecting changes in accumulated profits or dividend distributions. Treasury stock magnitudes increased negatively, deepening from -6.59% to -11.31%, suggesting ongoing share repurchases or other equity reductions. Additional capital remained relatively stable around 16-17%, indicating consistent capital contributions or reserves.
- Other Equity Items and Comprehensive Income
- Accumulated other comprehensive income or loss demonstrated minor fluctuations with a negligible positive balance in 2020 but shifting to negative values from 2022 onward, signaling potential unrealized losses or adjustments in other comprehensive income items.
- Overall Insights
- The data reveals a gradual increase in the relative share of liabilities and a corresponding decline in equity percentage, implying a modest shift toward more leveraged financing. The drop in retained earnings after 2022 coupled with increased treasury stock suggests some erosion of accumulated profits and shareholder equity. Fluctuations in current liabilities and accounts payable may indicate variability in working capital management. The company's investment in fixed assets experienced variability but showed a rebound in the latest period, possibly reflecting renewed capital expenditures. Labor costs and tax expenses remained proportionally low throughout the years.