Price to Earnings (P/E)
since 2005
Calculation
Micron Technology Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 9, 2026 | 13.70 | = | 1,029.00 | ÷ | 75.10 | 75.10 | = | 84,969 | ÷ | 1,131,423,212 | |
| Oct 3, 2025 | 24.69 | = | 187.83 | ÷ | 7.61 | 7.61 | = | 8,539 | ÷ | 1,122,466,035 | |
| Oct 4, 2024 | 145.72 | = | 102.25 | ÷ | 0.70 | 0.70 | = | 778 | ÷ | 1,108,742,682 | |
| Oct 6, 2023 | — | = | 69.96 | ÷ | -5.31 | -5.31 | = | -5,833 | ÷ | 1,098,034,471 | |
| Oct 7, 2022 | 6.62 | = | 52.91 | ÷ | 7.99 | 7.99 | = | 8,687 | ÷ | 1,087,168,584 | |
| Oct 8, 2021 | 13.38 | = | 70.12 | ÷ | 5.24 | 5.24 | = | 5,861 | ÷ | 1,118,623,738 | |
| Oct 19, 2020 | 21.80 | = | 52.63 | ÷ | 2.41 | 2.41 | = | 2,687 | ÷ | 1,113,221,799 | |
| Oct 17, 2019 | 7.98 | = | 45.50 | ÷ | 5.70 | 5.70 | = | 6,313 | ÷ | 1,107,050,823 | |
| Oct 15, 2018 | 3.40 | = | 42.34 | ÷ | 12.46 | 12.46 | = | 14,135 | ÷ | 1,134,255,375 | |
| Oct 26, 2017 | 9.20 | = | 40.60 | ÷ | 4.41 | 4.41 | = | 5,089 | ÷ | 1,153,255,224 | |
| Oct 28, 2016 | — | = | 17.20 | ÷ | -0.26 | -0.26 | = | -276 | ÷ | 1,041,537,057 | |
| Oct 27, 2015 | 6.25 | = | 16.68 | ÷ | 2.67 | 2.67 | = | 2,899 | ÷ | 1,085,753,663 | |
| Oct 27, 2014 | 11.39 | = | 32.30 | ÷ | 2.84 | 2.84 | = | 3,045 | ÷ | 1,073,455,204 | |
| Oct 28, 2013 | 14.78 | = | 16.72 | ÷ | 1.13 | 1.13 | = | 1,190 | ÷ | 1,051,855,450 | |
| Oct 29, 2012 | — | = | 5.43 | ÷ | -1.01 | -1.01 | = | -1,032 | ÷ | 1,017,560,523 | |
| Oct 25, 2011 | 32.47 | = | 5.49 | ÷ | 0.17 | 0.17 | = | 167 | ÷ | 987,573,286 | |
| Oct 26, 2010 | 4.16 | = | 7.72 | ÷ | 1.86 | 1.86 | = | 1,850 | ÷ | 996,245,706 | |
| Oct 28, 2009 | — | = | 6.83 | ÷ | -2.16 | -2.16 | = | -1,835 | ÷ | 849,823,817 | |
| Oct 27, 2008 | — | = | 3.39 | ÷ | -2.12 | -2.12 | = | -1,619 | ÷ | 763,759,118 | |
| Oct 26, 2007 | — | = | 9.76 | ÷ | -0.42 | -0.42 | = | -320 | ÷ | 760,412,921 | |
| Nov 8, 2006 | 25.89 | = | 14.00 | ÷ | 0.54 | 0.54 | = | 408 | ÷ | 754,409,424 | |
| Nov 4, 2005 | 45.76 | = | 13.92 | ÷ | 0.30 | 0.30 | = | 188 | ÷ | 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 Price-to-Earnings (P/E) ratio exhibits extreme volatility over the analyzed period, reflecting a strong correlation with the cyclical nature of earnings per share (EPS). Significant gaps in the P/E metric occur during periods of negative EPS, specifically between 2007 and 2009, 2012, 2016, and 2023, indicating intervals of net losses that render the ratio mathematically undefined.
- Cyclical Earnings Patterns
- Earnings per share demonstrate frequent oscillations between profit and loss. This instability results in a P/E ratio that fluctuates from single digits to high double digits, illustrating the inherent difficulty in applying a consistent valuation multiple to the entity over the long term.
- Valuation Extremes
- A historical peak in the P/E ratio is observed in 2024, reaching 145.72. This spike was driven by a divergence where the share price climbed to 102.25 while earnings remained depressed at 0.70. In contrast, the ratio reached a low of 3.40 in 2018, occurring during a period of high earnings per share of 12.46, suggesting a period of market undervaluation relative to realized profits.
- Recent Convergence and Normalization
- From 2024 to 2026, a trend of valuation normalization is evident. Despite an exponential increase in the share price to 1,029.00 by 2026, the P/E ratio compressed significantly to 13.70. This contraction was driven by a massive surge in earnings per share, which grew from 0.70 in 2024 to 75.10 in 2026, effectively aligning the market price with fundamental earnings growth.
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Comparison to Competitors
Micron Technology Inc., P/E, 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 | 13.70 | — | — | — | — | — | 52.26 | 53.62 | 29.61 | 39.58 | — | — |
| Oct 3, 2025 | 24.69 | 75.29 | 54.43 | 29.37 | 67.63 | — | 29.72 | 24.09 | — | 43.95 | 34.74 | 40.19 |
| Oct 4, 2024 | 145.72 | 110.61 | 66.48 | 19.20 | 175.56 | — | 34.24 | 27.05 | — | 56.68 | 18.95 | 34.72 |
| Oct 6, 2023 | — | 317.27 | 27.14 | 19.63 | 36.78 | 109.27 | 20.04 | 19.26 | — | 131.70 | 17.07 | 22.24 |
| Oct 7, 2022 | 6.62 | 96.16 | 31.21 | 13.55 | 20.70 | 14.54 | 16.89 | 13.77 | — | 68.08 | 9.75 | 18.88 |
| Oct 8, 2021 | 13.38 | 45.54 | 68.31 | 22.05 | 40.73 | 10.59 | 25.97 | 21.03 | — | 78.54 | 17.15 | 20.38 |
| Oct 19, 2020 | 21.80 | 41.66 | 41.43 | 22.31 | 66.38 | 11.02 | 25.92 | 24.23 | 7.94 | 67.59 | 28.06 | 27.95 |
| Oct 17, 2019 | 7.98 | 169.62 | 31.04 | 20.25 | 47.09 | 13.91 | 18.44 | 13.64 | — | 22.77 | 22.03 | 24.47 |
| Oct 15, 2018 | 3.40 | 68.76 | 22.17 | 9.75 | 8.14 | 10.41 | 23.02 | 11.70 | 20.02 | 48.05 | — | 18.05 |
| Oct 26, 2017 | 9.20 | 282.39 | 44.94 | 16.16 | 63.27 | 22.15 | 15.04 | 15.33 | 372.92 | 36.34 | 31.96 | 27.77 |
| Oct 28, 2016 | — | — | 26.07 | 20.68 | — | 16.72 | 17.18 | 15.81 | — | 28.95 | 17.37 | 21.45 |
| Oct 27, 2015 | 6.25 | — | 27.06 | 15.88 | 28.48 | 11.85 | 22.54 | 17.37 | 17.70 | 19.88 | 17.18 | 17.66 |
| Oct 27, 2014 | 11.39 | — | 27.51 | 27.87 | 98.35 | 13.90 | 20.52 | 18.20 | 24.44 | 22.17 | 16.11 | 21.89 |
| Oct 28, 2013 | 14.78 | — | 23.06 | 78.13 | 23.31 | 12.80 | 17.82 | 66.48 | 17.31 | 14.02 | 17.19 | 22.29 |
| Oct 29, 2012 | — | — | 18.56 | 118.67 | 13.97 | 9.48 | 11.45 | 37.82 | 14.87 | 15.69 | 16.21 | 21.47 |
| Oct 25, 2011 | 32.47 | 10.61 | 11.45 | 7.52 | 12.75 | 10.29 | 7.61 | 6.16 | 11.31 | 41.12 | 20.59 | 17.06 |
| Oct 26, 2010 | 4.16 | 13.36 | 15.08 | 18.91 | 15.37 | 10.60 | 25.53 | 13.40 | 36.98 | — | 22.76 | 12.93 |
| Oct 28, 2009 | — | 17.53 | 35.03 | — | — | 26.39 | — | — | 39.76 | — | 46.01 | 20.53 |
| Oct 27, 2008 | — | — | 6.28 | 14.45 | — | 12.70 | 18.23 | 10.91 | — | 13.91 | 17.31 | 10.17 |
| Oct 26, 2007 | — | — | 18.79 | 14.37 | — | 16.91 | 21.95 | 6.95 | — | 22.62 | 19.70 | 15.55 |
| Nov 8, 2006 | 25.89 | — | 20.98 | 16.71 | — | 23.84 | 25.83 | 17.41 | 50.71 | 27.68 | 24.33 | 10.29 |
| Nov 4, 2005 | 45.76 | 118.04 | 33.33 | 25.22 | — | 13.93 | 20.83 | 13.36 | 67.90 | 42.67 | 30.98 | 20.56 |
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/E, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| Micron Technology Inc. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Oct 9, 2026 | 13.70 | — |
| Oct 3, 2025 | 24.69 | 47.92 |
| Oct 4, 2024 | 145.72 | 81.32 |
| Oct 6, 2023 | — | 49.31 |
| Oct 7, 2022 | 6.62 | 23.72 |
| Oct 8, 2021 | 13.38 | 25.08 |
| Oct 19, 2020 | 21.80 | 24.71 |
| Oct 17, 2019 | 7.98 | 19.59 |
| Oct 15, 2018 | 3.40 | 13.92 |
| Oct 26, 2017 | 9.20 | 24.36 |
| Oct 28, 2016 | — | 26.55 |
| Oct 27, 2015 | 6.25 | 15.22 |
| Oct 27, 2014 | 11.39 | 17.33 |
| Oct 28, 2013 | 14.78 | 17.07 |
| Oct 29, 2012 | — | 15.65 |
| Oct 25, 2011 | 32.47 | 12.72 |
| Oct 26, 2010 | 4.16 | 13.77 |
| Oct 28, 2009 | — | 55.18 |
| Oct 27, 2008 | — | 21.75 |
| Oct 26, 2007 | — | 23.45 |
| Nov 8, 2006 | 25.89 | 20.73 |
| Nov 4, 2005 | 45.76 | 20.78 |
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/E, long-term trends, comparison to industry (information technology)
| Micron Technology Inc. | Information Technology | |
|---|---|---|
| Oct 9, 2026 | 13.70 | — |
| Oct 3, 2025 | 24.69 | 40.70 |
| Oct 4, 2024 | 145.72 | 45.43 |
| Oct 6, 2023 | — | 36.13 |
| Oct 7, 2022 | 6.62 | 26.99 |
| Oct 8, 2021 | 13.38 | 29.75 |
| Oct 19, 2020 | 21.80 | 30.97 |
| Oct 17, 2019 | 7.98 | 23.40 |
| Oct 15, 2018 | 3.40 | 23.17 |
| Oct 26, 2017 | 9.20 | 23.55 |
| Oct 28, 2016 | — | 19.69 |
| Oct 27, 2015 | 6.25 | 16.54 |
| Oct 27, 2014 | 11.39 | 17.14 |
| Oct 28, 2013 | 14.78 | 14.15 |
| Oct 29, 2012 | — | 14.37 |
| Oct 25, 2011 | 32.47 | 13.71 |
| Oct 26, 2010 | 4.16 | 15.08 |
| Oct 28, 2009 | — | 21.50 |
| Oct 27, 2008 | — | 15.83 |
| Oct 26, 2007 | — | 36.48 |
| Nov 8, 2006 | 25.89 | 32.07 |
| Nov 4, 2005 | 45.76 | 33.76 |
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).