Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Micron Technology Inc., consolidated cash flow statement
US$ in millions
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).
- Net Income (Loss)
- Net income exhibited volatility over the observed periods, starting strong at $6,358 million in 2019 followed by a significant decline to $2,710 million in 2020. There was a recovery and increase to $8,687 million in 2022, before a sharp loss of $5,833 million in 2023 and a slight recovery to $778 million in 2024. This indicates periods of fluctuating profitability with notable losses in recent years.
- Depreciation and Amortization
- Depreciation expense and amortization showed a consistent upward trend, increasing steadily from $5,424 million in 2019 to $7,780 million in 2024, indicating ongoing investment in property, plant, equipment, and intangible assets over the years.
- Stock-based Compensation
- The stock-based compensation expense has steadily increased from $243 million in 2019 to $833 million in 2024, reflecting higher compensation costs potentially linked to employee incentives or retention strategies.
- Inventory Write-downs and Goodwill Impairment
- Provision to write down inventories was recorded notably only in 2023 at $1,831 million, suggesting inventory valuation challenges in that year. Similarly, goodwill impairment of $101 million was recognized in 2023, indicating asset write-downs during that period.
- Changes in Working Capital Items
- Receivables fluctuated notably, with negative values in 2020, 2021, and 2024, which may indicate changes in credit policies or collection practices. Inventories showed negative values in most years except 2021, with a considerable decrease in 2023. Accounts payable and accrued expenses showed mixed movements with a significant decrease in 2023, followed by a strong recovery in 2024. Other current liabilities also showed volatility with a negative value in 2023 and a recovery thereafter.
- Operating Activities
- Adjustments reconciling net income to cash provided by operating activities remained relatively stable, increasing from $6,831 million in 2019 to $7,729 million in 2024. Net cash from operating activities experienced fluctuations with a peak at $15,581 million in 2022, followed by a substantial drop to $1,559 million in 2023, and a partial recovery to $8,507 million in 2024, suggesting operational cash flow challenges in 2023.
- Investing Activities
- Expenditures for property, plant, and equipment consistently remained high, peaking at $12,067 million in 2022 before decreasing to $7,676 million in 2023 and slightly increasing to $8,386 million in 2024. Purchases of available-for-sale securities decreased over time, while proceeds from maturities and sales of securities remained relatively stable. Proceeds from government incentives and asset sales were sporadic, with a notable fab sale in 2022 contributing $888 million. Overall, net cash used for investing activities showed a decreasing trend, dropping from around $10,085 million in 2019 to $6,191 million in 2023, then slightly increasing to $8,309 million in 2024.
- Financing Activities
- Repayments of debt generally decreased from $3,340 million in 2019 to $761 million in 2023 before increasing to $1,897 million in 2024. Dividend payments began in 2022 at $461 million and increased slightly thereafter. Stock repurchases varied considerably, peaking in 2019 at $2,729 million and reducing significantly in the last two years. Proceeds from issuance of debt fluctuated, with a notable increase to $6,716 million in 2023 and $999 million in 2024. Net cash flow from financing activities was negative in most years except for a positive inflow of $4,983 million in 2023, reflecting a shift toward financing inflows in that year.
- Cash, Cash Equivalents, and Restricted Cash
- Cash levels increased gradually from $6,587 million in 2019 to $8,656 million by 2023, followed by a decline to $7,052 million in 2024. The net increase in cash showed modest positive changes or declines aligned with the operational and financing cash flow trends, particularly the large drop in 2024 consistent with lower net cash from operating and financing activities.
- Overall Analysis
- The data reflect significant variability in profitability and cash flows, with 2023 standing out as a challenging year marked by net losses, inventory write-downs, goodwill impairment, decreased operational cash flows, and a sharp turnaround in financing activities with increased debt issuance. Investment in assets remained strong throughout, indicating continued capital expenditure plans. Despite volatility, the cash position remained positive but experienced a reduction in the latest period, suggesting a need for careful liquidity management going forward.