Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Micron Technology Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
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Micron Technology Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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 capital structure exhibits a cyclical shift in leverage, characterized by a period of increased debt reliance followed by a significant deleveraging phase. Total liabilities fluctuated between approximately 24% and 35% of total liabilities and equity, peaking in the first half of 2024 before returning to levels seen in 2019.
- Debt and Liability Trends
- Long-term debt experienced substantial volatility, rising from approximately 10% to 11% in 2019-2022 to a peak of 20.36% by February 2024. This trend reversed sharply thereafter, with long-term debt decreasing to 3.83% by May 2026, indicating a concerted effort to reduce long-term borrowing.
- Current liabilities remained relatively stable, generally oscillating between 7% and 14%. While accounts payable and accrued expenses dipped to a low of 6.16% in August 2023, they rebounded to end the period at 11.57%.
- Other noncurrent liabilities showed a steady upward trajectory toward the end of the observed period, increasing from under 1% for much of the timeline to 5.28% by May 2026.
- Equity and Funding Patterns
- Shareholders' equity consistently represented the primary source of funding, though its proportion declined during the period of peak leverage. Equity dropped from a high of 75.54% in June 2021 to a low of 64.73% in May 2024, subsequently recovering to 75.10% by May 2026.
- Retained earnings serve as the most significant component of equity. These earnings dipped to 58.11% in May 2024 but climbed steadily to 70.60% by the end of the period, reflecting improved earnings retention or reduced distributions.
- Treasury stock activity increased significantly between 2021 and 2023, reaching a peak negative impact of 11.84% in November 2023, before moderating to -6.34% by May 2026.
The overall financial profile indicates a transition from a conservative equity-based structure to a temporary increase in long-term leverage, ending in a return to a highly equity-funded position with minimal long-term debt obligations.