Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

$24.99

Price to Book Value (P/BV)
since 2005

Microsoft Excel

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Calculation

Micron Technology Inc., P/BV, long-term trends, calculation

Microsoft Excel

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), 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 share price exhibited significant volatility over the analyzed period. Initially, the price declined from $13.92 in 2005 to a low of $3.39 in 2008, reflecting a substantial decrease during that interval. Following this trough, a recovery began, with the price rising to $32.30 by 2014. After a brief dip in 2015, the share price increased markedly, reaching a peak of $102.25 in 2024, indicating a strong upward trend in the later years.

The book value per share (BVPS) showed a more moderate pattern of change relative to the share price. BVPS started at $9.46 in 2005 and declined to a low point of $5.48 in 2009, mirroring the period of share price decline. From 2010 onward, BVPS generally increased, reaching a high of $45.91 in 2022 before slightly decreasing to $40.18 in 2023 and stabilizing near that level at $40.70 in 2024. This suggests an overall enhancement in the company's net asset base per share over the longer term, despite some recent plateauing.

The price-to-book value ratio (P/BV) also reflected considerable fluctuation. It started at 1.47 in 2005, then dropped sharply to 0.42 in 2008, corresponding with the low share price and relatively higher book value at that time. Subsequent years saw an increase with notable peaks such as 3.22 in 2013, indicating periods where the market valued the shares at a premium relative to book value. The P/BV ratio remained above 1 from 2013 onwards, exhibiting moderate volatility but generally indicating that the market valued the company above its book value. By 2024, the ratio rose to 2.51, consistent with the strong appreciation in share price relative to BVPS.

Overall, the financial data reveal a company that experienced significant market valuation challenges around the 2008 financial crisis, with both share price and BVPS declining. Since then, there has been a robust recovery in market value outpacing the growth of book value, as evidenced by the rising P/BV ratio. The recent years show a marked improvement in investor confidence and market valuation, although the book value growth has somewhat moderated.


Comparison to Competitors

Micron Technology Inc., P/BV, long-term trends, comparison to competitors

Microsoft Excel

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), 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)

Microsoft Excel

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), 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)