Price to Book Value (P/BV)
since 2005
Calculation
Micron Technology Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 9, 2026 | 8.41 | = | 1,029.00 | ÷ | 122.30 | 122.30 | = | 138,378 | ÷ | 1,131,423,212 | |
| Oct 3, 2025 | 3.89 | = | 187.83 | ÷ | 48.26 | 48.26 | = | 54,165 | ÷ | 1,122,466,035 | |
| Oct 4, 2024 | 2.51 | = | 102.25 | ÷ | 40.70 | 40.70 | = | 45,131 | ÷ | 1,108,742,682 | |
| Oct 6, 2023 | 1.74 | = | 69.96 | ÷ | 40.18 | 40.18 | = | 44,120 | ÷ | 1,098,034,471 | |
| Oct 7, 2022 | 1.15 | = | 52.91 | ÷ | 45.91 | 45.91 | = | 49,907 | ÷ | 1,087,168,584 | |
| Oct 8, 2021 | 1.79 | = | 70.12 | ÷ | 39.27 | 39.27 | = | 43,933 | ÷ | 1,118,623,738 | |
| Oct 19, 2020 | 1.50 | = | 52.63 | ÷ | 35.03 | 35.03 | = | 38,996 | ÷ | 1,113,221,799 | |
| Oct 17, 2019 | 1.40 | = | 45.50 | ÷ | 32.41 | 32.41 | = | 35,881 | ÷ | 1,107,050,823 | |
| Oct 15, 2018 | 1.49 | = | 42.34 | ÷ | 28.47 | 28.47 | = | 32,294 | ÷ | 1,134,255,375 | |
| Oct 26, 2017 | 2.51 | = | 40.60 | ÷ | 16.15 | 16.15 | = | 18,621 | ÷ | 1,153,255,224 | |
| Oct 28, 2016 | 1.48 | = | 17.20 | ÷ | 11.60 | 11.60 | = | 12,080 | ÷ | 1,041,537,057 | |
| Oct 27, 2015 | 1.47 | = | 16.68 | ÷ | 11.33 | 11.33 | = | 12,302 | ÷ | 1,085,753,663 | |
| Oct 27, 2014 | 3.22 | = | 32.30 | ÷ | 10.03 | 10.03 | = | 10,771 | ÷ | 1,073,455,204 | |
| Oct 28, 2013 | 1.92 | = | 16.72 | ÷ | 8.69 | 8.69 | = | 9,142 | ÷ | 1,051,855,450 | |
| Oct 29, 2012 | 0.72 | = | 5.43 | ÷ | 7.57 | 7.57 | = | 7,700 | ÷ | 1,017,560,523 | |
| Oct 25, 2011 | 0.64 | = | 5.49 | ÷ | 8.58 | 8.58 | = | 8,470 | ÷ | 987,573,286 | |
| Oct 26, 2010 | 0.96 | = | 7.72 | ÷ | 8.05 | 8.05 | = | 8,020 | ÷ | 996,245,706 | |
| Oct 28, 2009 | 1.25 | = | 6.83 | ÷ | 5.48 | 5.48 | = | 4,654 | ÷ | 849,823,817 | |
| Oct 27, 2008 | 0.42 | = | 3.39 | ÷ | 8.09 | 8.09 | = | 6,178 | ÷ | 763,759,118 | |
| Oct 26, 2007 | 0.96 | = | 9.76 | ÷ | 10.19 | 10.19 | = | 7,752 | ÷ | 760,412,921 | |
| Nov 8, 2006 | 1.30 | = | 14.00 | ÷ | 10.76 | 10.76 | = | 8,114 | ÷ | 754,409,424 | |
| Nov 4, 2005 | 1.47 | = | 13.92 | ÷ | 9.46 | 9.46 | = | 5,847 | ÷ | 617,991,363 |
Based on: 10-K (reporting date: 2026-09-03), 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), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Micron Technology Inc. Annual Report.
The analysis of the Price to Book Value (P/BV) ratio reveals a long-term trajectory characterized by significant volatility, a period of moderate stabilization, and a final phase of aggressive valuation expansion. The ratio shifted from levels frequently below 1.0 in the first decade of the observed period to a substantial premium in the final projections.
- Historical Valuation Contraction (2005–2012)
- During this interval, the P/BV ratio exhibited extreme instability, reaching a cyclical low of 0.42 in 2008. This period was marked by several instances where the share price traded below the book value per share, specifically between 2007 and 2012, indicating periods of market skepticism or severe industry downturns. The ratio fluctuated between 0.42 and 1.47, reflecting a lack of consistent valuation premiums.
- Intermediate Stabilization and Growth (2013–2023)
- Starting in 2013, a shift occurred as the P/BV ratio moved consistently above 1.0. A significant peak was observed in 2014 at 3.22, followed by a period of relative stability where the ratio generally oscillated between 1.15 and 2.51. While share prices and book value per share both increased during this decade, the P/BV ratio remained relatively contained, suggesting that the market valuation grew in approximate proportion to the underlying equity growth.
- Aggressive Valuation Expansion (2024–2026)
- The most recent data indicates a sharp acceleration in the P/BV ratio. From a ratio of 2.51 in 2024, the valuation climbs to 3.89 in 2025 and reaches a peak of 8.41 in 2026. This represents a decoupling of the share price from the book value, as the share price increases at a rate significantly faster than the growth of the book value per share.
- Book Value per Share (BVPS) Correlation
- The book value per share demonstrated a steady long-term upward trend, rising from 9.46 in 2005 to 122.30 in 2026. However, the relationship between BVPS and share price changed fundamentally over time. In the early years, BVPS acted as a ceiling or a baseline for the share price; in the final years of the analysis, it served as a foundation for an exponentially increasing market premium.
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Comparison to Competitors
Micron Technology Inc., P/BV, long-term trends, comparison to competitors
| Micron Technology Inc. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Marvell Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 9, 2026 | 8.41 | — | — | — | — | — | 39.76 | 31.24 | 5.53 | 30.21 | 6.10 | — |
| Oct 3, 2025 | 3.89 | 5.18 | 3.65 | 10.07 | 19.24 | 1.97 | 25.73 | 13.09 | 4.51 | 40.38 | 9.08 | 12.35 |
| Oct 4, 2024 | 2.51 | 3.15 | 3.09 | 7.25 | 15.29 | 0.85 | 28.08 | 12.13 | 3.95 | 39.25 | 7.31 | 9.86 |
| Oct 6, 2023 | 1.74 | 4.85 | 2.53 | 8.23 | 21.59 | 1.75 | 23.25 | 10.58 | 2.24 | 26.03 | 5.72 | 8.57 |
| Oct 7, 2022 | 1.15 | 2.32 | 2.35 | 7.25 | 10.23 | 1.15 | 40.04 | 10.10 | 3.52 | 24.95 | 7.00 | 11.33 |
| Oct 8, 2021 | 1.79 | 19.21 | 2.50 | 10.60 | 10.50 | 2.21 | 15.98 | 13.64 | 3.84 | 20.14 | 15.59 | 11.87 |
| Oct 19, 2020 | 1.50 | 17.77 | 4.22 | 7.63 | 7.40 | 2.84 | 11.83 | 10.55 | 1.45 | 15.49 | 24.00 | 17.02 |
| Oct 17, 2019 | 1.40 | 20.46 | 3.61 | 6.67 | 5.09 | 3.78 | 8.15 | 6.40 | 1.75 | 10.09 | 19.69 | 13.79 |
| Oct 15, 2018 | 1.49 | 18.30 | 3.02 | 4.73 | 3.74 | 2.94 | 11.40 | 4.28 | 2.52 | 19.60 | 82.57 | 11.20 |
| Oct 26, 2017 | 2.51 | 19.87 | 3.22 | 5.94 | 5.28 | 3.08 | 10.50 | 3.82 | 1.96 | 10.51 | 2.56 | 9.89 |
| Oct 28, 2016 | 1.48 | 31.66 | 4.35 | 4.93 | 3.84 | 2.60 | 17.57 | 2.45 | 1.39 | 3.98 | 3.12 | 7.36 |
| Oct 27, 2015 | 1.47 | — | 3.72 | 2.87 | 8.24 | 2.21 | 19.59 | 2.23 | 1.50 | 2.84 | 2.88 | 5.30 |
| Oct 27, 2014 | 3.22 | 12.72 | 3.64 | 3.80 | 7.98 | 2.91 | 3.26 | 2.29 | 1.65 | 2.19 | 3.28 | 5.94 |
| Oct 28, 2013 | 1.92 | 4.94 | 3.28 | 2.82 | 4.46 | 2.11 | 2.78 | 1.69 | 1.18 | 1.63 | 3.26 | 4.46 |
| Oct 29, 2012 | 0.72 | 3.45 | 2.90 | 1.79 | 3.25 | 2.04 | 2.61 | 1.24 | 1.82 | 2.20 | 2.95 | 3.45 |
| Oct 25, 2011 | 0.64 | 3.28 | 2.62 | 1.65 | 3.51 | 2.90 | 2.11 | 1.80 | 1.85 | 3.27 | 3.25 | 3.48 |
| Oct 26, 2010 | 0.96 | 6.21 | 3.36 | 2.35 | 4.24 | 2.46 | 2.41 | 2.63 | 2.96 | 3.74 | 3.54 | 4.00 |
| Oct 28, 2009 | 1.25 | 8.23 | 3.43 | 2.53 | 3.78 | 2.76 | 2.44 | 2.67 | 1.53 | 2.27 | 3.61 | 3.10 |
| Oct 27, 2008 | 0.42 | — | 2.04 | 1.84 | — | 1.72 | 2.20 | 2.69 | 1.96 | 4.24 | 3.05 | 2.09 |
| Oct 26, 2007 | 0.96 | 1.44 | 3.99 | 3.14 | — | 2.76 | 3.26 | 4.05 | 3.29 | 5.06 | 4.11 | 4.14 |
| Nov 8, 2006 | 1.30 | 1.42 | 3.36 | 3.81 | — | 3.27 | 2.75 | 4.19 | 5.52 | 5.75 | 4.48 | 3.93 |
| Nov 4, 2005 | 1.47 | 5.83 | 3.75 | 3.42 | — | 3.34 | 3.19 | 3.75 | 3.85 | 3.63 | 5.97 | 4.00 |
Based on: 10-K (reporting date: 2026-09-03), 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), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
Micron Technology Inc., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Micron Technology Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Oct 9, 2026 | 8.41 | — |
| Oct 3, 2025 | 3.89 | 12.82 |
| Oct 4, 2024 | 2.51 | 9.07 |
| Oct 6, 2023 | 1.74 | 6.26 |
| Oct 7, 2022 | 1.15 | 5.10 |
| Oct 8, 2021 | 1.79 | 6.22 |
| Oct 19, 2020 | 1.50 | 5.97 |
| Oct 17, 2019 | 1.40 | 5.04 |
| Oct 15, 2018 | 1.49 | 4.59 |
| Oct 26, 2017 | 2.51 | 4.04 |
| Oct 28, 2016 | 1.48 | 3.35 |
| Oct 27, 2015 | 1.47 | 2.84 |
| Oct 27, 2014 | 3.22 | 3.36 |
| Oct 28, 2013 | 1.92 | 2.64 |
| Oct 29, 2012 | 0.72 | 2.32 |
| Oct 25, 2011 | 0.64 | 2.71 |
| Oct 26, 2010 | 0.96 | 2.82 |
| Oct 28, 2009 | 1.25 | 2.88 |
| Oct 27, 2008 | 0.42 | 2.07 |
| Oct 26, 2007 | 0.96 | 3.09 |
| Nov 8, 2006 | 1.30 | 3.39 |
| Nov 4, 2005 | 1.47 | 3.77 |
Based on: 10-K (reporting date: 2026-09-03), 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), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).
Comparison to Industry (Information Technology)
Micron Technology Inc., P/BV, long-term trends, comparison to industry (information technology)
| Micron Technology Inc. | Information Technology | |
|---|---|---|
| Oct 9, 2026 | 8.41 | — |
| Oct 3, 2025 | 3.89 | 13.99 |
| Oct 4, 2024 | 2.51 | 13.09 |
| Oct 6, 2023 | 1.74 | 11.29 |
| Oct 7, 2022 | 1.15 | 10.25 |
| Oct 8, 2021 | 1.79 | 12.37 |
| Oct 19, 2020 | 1.50 | 10.94 |
| Oct 17, 2019 | 1.40 | 8.41 |
| Oct 15, 2018 | 1.49 | 7.00 |
| Oct 26, 2017 | 2.51 | 5.46 |
| Oct 28, 2016 | 1.48 | 4.53 |
| Oct 27, 2015 | 1.47 | 4.30 |
| Oct 27, 2014 | 3.22 | 4.36 |
| Oct 28, 2013 | 1.92 | 3.50 |
| Oct 29, 2012 | 0.72 | 3.75 |
| Oct 25, 2011 | 0.64 | 3.98 |
| Oct 26, 2010 | 0.96 | 4.16 |
| Oct 28, 2009 | 1.25 | 4.31 |
| Oct 27, 2008 | 0.42 | 4.00 |
| Oct 26, 2007 | 0.96 | 8.64 |
| Nov 8, 2006 | 1.30 | 7.24 |
| Nov 4, 2005 | 1.47 | 7.40 |
Based on: 10-K (reporting date: 2026-09-03), 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), 10-K (reporting date: 2019-08-29), 10-K (reporting date: 2018-08-30), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-09-01), 10-K (reporting date: 2015-09-03), 10-K (reporting date: 2014-08-28), 10-K (reporting date: 2013-08-29), 10-K (reporting date: 2012-08-30), 10-K (reporting date: 2011-09-01), 10-K (reporting date: 2010-09-02), 10-K (reporting date: 2009-09-03), 10-K (reporting date: 2008-08-28), 10-K (reporting date: 2007-08-30), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-09-01).