Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Micron Technology Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-08-28), 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).
- Liabilities Trends
- Over the observed periods, total liabilities as a percentage of total liabilities and equity demonstrated a general upward trend, increasing from 27.35% in 2020 to peak at 34.98% in 2024, before slightly declining to 34.58% in 2025. Current liabilities decreased notably from 12.36% in 2020 to 7.42% in 2023, then rose again to 13.83% by 2025, indicating some volatility in short-term obligations. Specifically, accounts payable and accrued expenses followed a similar pattern, declining initially and then rising to 11.65% by 2025. Current debt showed a minor fluctuation but overall remained a small fraction of liabilities, rising moderately near the end of the period.
- Long-Term Liabilities
- Long-term debt presented a pronounced increase in 2023, reaching 20.31%, a significant jump from around 11-12% in earlier years, before gradually decreasing to 16.93% in 2025. Noncurrent liabilities as a whole mirrored this pattern, increasing sharply in 2023 to 23.92%, then contracting to 20.75% by 2025. Components such as noncurrent operating lease liabilities and other noncurrent liabilities remained relatively stable, without major fluctuations.
- Equity Components
- Shareholders' equity as a percentage of total liabilities and equity experienced a decline from 72.65% in 2020 to a low of 65.02% in 2024, followed by a slight recovery to 65.42% in 2025. Within equity, retained earnings increased steadily from 62.19% in 2020 to a peak of 71.32% in 2022, but then declined notably to 58.68% by 2025, indicating possible distributions or losses affecting accumulated profits in recent years. Treasury stock, a contra-equity account, increased in absolute magnitude from -6.51% to a maximum negative value of -11.75% in 2023, before improving somewhat to -9.48% by 2025, suggesting share repurchases and some partial reversal or lesser repurchase activity.
- Capital Structure
- Additional capital retained a relatively stable proportion, fluctuating marginally between 15.38% and 17.45%, indicating consistency in capital contributions or stock issuance. Common stock showed a gradual decrease from 0.22% to 0.15%, a minor but consistent trend. Accumulated other comprehensive income/loss reflected some volatility with a negative swing observed from 0 in 2021 to -0.84% in 2022, and a gradual recovery toward neutral by 2025.
- Asset-Related Items
- Property, plant, and equipment remained a modest but variable portion of total liabilities and equity, initially declining from 4.42% in 2020 to a low of 2.21% in 2023, then rising sharply to 5.3% in 2025, pointing to asset investments or revaluations towards the end of the period. Salaries, wages, and benefits stayed relatively low and variable throughout the periods, with a notable dip in 2023 before partial recovery. Income and other taxes exhibited fluctuations with no clear consistent trend, reaching a low in 2023 and increasing again by 2025.
- Summary Insights
- The overall financial structure shows a shift toward higher leverage in recent years, particularly due to increased long-term debt and noncurrent liabilities in 2023 and 2024. Equity, while still dominant as a percentage, decreased over time, with reductions in retained earnings and increases in treasury stock pointing to shareholder returns or other capital management strategies. Asset investments, particularly in property, plant, and equipment, appeared subdued for some years but increased significantly by 2025. Fluctuations in current liabilities and taxes reflect varying operational and financial activities year over year. This dynamic suggests active management of capital structure and resources in response to changing financial conditions.