Micron Technology Inc. (NASDAQ:MU)

The financial data over the observed quarters reveals several key trends and patterns in the asset composition and liquidity positions.

Cash and equivalents

The cash and equivalents balance exhibits volatility but generally fluctuates within a moderate range of US$6,600 million to US$10,000 million. It peaked notably in mid-2025 at over US$10,000 million before slightly decreasing towards the latest period, indicating managed but somewhat variable liquidity levels.

Short-term investments

Short-term investments remained relatively stable, oscillating mostly between approximately US$600 million and US$1,000 million, without a clear upward or downward trend, suggesting a consistent level of liquid investment holdings.

Receivables

Receivables show an overall increasing trajectory, rising from about US$3,400 million to over US$9,200 million by the end of the period. This growth points to increased sales or credits extended to customers, with some periods of sharp increases, notably from late 2022 onward.

Inventories

Inventories have generally increased over time from just under US$5,000 million to above US$8,300 million. There are periods of rapid increase, particularly around late 2022 and early 2023, which might indicate stockpiling or supply chain adjustments.

Other current assets

This category fluctuates significantly, including a substantial spike in early 2021 and again in late 2023, with values ranging widely between about US$200 million and nearly US$1,700 million in some quarters. The volatility may reflect timing variations in prepaid expenses, short-term receivables, or other miscellaneous current assets.

Current assets (total)

Total current assets generally trend upwards from approximately US$16,000 million to over US$28,000 million, indicating growth in liquid and near-liquid asset holdings. Despite some fluctuations, the overall increase suggests expanding working capital resources.

Long-term marketable investments

Long-term investments demonstrate a declining trend from around US$600 million down to the lower US$600 million range mid-cycle, then increasing again to exceed US$1,600 million by the latest periods. This pattern could reflect shifts between short- and long-term investment strategies.

Property, plant, and equipment (PP&E)

PP&E consistently increases throughout the timeline, growing from about US$29,300 million to nearly US$46,600 million. This steady growth suggests ongoing capital expenditures and capacity expansion or modernization over the period analyzed.

Operating lease right-of-use assets

The right-of-use assets remain relatively stable around the US$600 million mark, with modest fluctuations, indicating consistent leasing obligations without significant new long-term leases being added or terminated.

Intangible assets

Intangible assets stay mostly stable around US$330 million to US$450 million, with minor variations toward the latter periods. This indicates little change in goodwill or intangible asset base outside of routine adjustments.

Deferred tax assets

The deferred tax assets show modest variation within a band of roughly US$470 million to US$780 million, without a consistent trend, possibly reflecting changes in tax positions or timing differences in income recognition.

Goodwill

Goodwill remains almost constant near US$1,150 million with only a minor increase in the middle periods, indicating minimal acquisitions or impairments affecting goodwill valuation.

Other noncurrent assets

This category fluctuates widely, increasing from near US$500 million to almost US$2,800 million by the last period, exhibiting sporadic surges suggesting investments or recognition of other long-term receivables/assets.

Noncurrent assets

Noncurrent assets show a steady upward trend from around US$33,500 million to over US$53,900 million, supporting the observation of ongoing capital investment and asset base expansion.

Total assets

Total assets have increased consistently from approximately US$49,600 million to nearly US$82,800 million by the end of the period. This represents substantial growth in the overall asset base and reflects a strategy of asset accumulation and capacity growth over these quarters.

In summary, the data indicates an overall growth in both current and noncurrent assets driven by increases in receivables, inventories, and property, plant, and equipment. Liquidity, as reflected by cash and equivalents along with short-term investments, remains sufficient though somewhat variable. The company's expanding asset base suggests ongoing investment activities and operational growth throughout the examined timeframe.