Micron Technology Inc. (NASDAQ:MU)

The financial data indicates notable fluctuations in the company's share price over the observed periods. Initially, the share price hovered between approximately $9.76 and $14 from 2005 to 2007, but experienced a marked decline in 2008 to a low near $3.39, likely reflecting adverse market or company-specific conditions. Following this dip, the share price demonstrated a general recovery trend, reaching $16.72 in 2013 and continuing a significant upward trajectory thereafter, culminating at $187.83 by the latest period in 2025. This long-term growth suggests increased investor confidence and improved market valuation over time.

Operating profit per share exhibited considerable volatility. Early years show some profitability in 2005 and 2006, but negative values appear from 2007 through 2009, with the lowest at approximately -$2.09 in 2008 and -$1.97 in 2009. This period corresponds with the global economic downturn timeframe, potentially impacting operational profitability. From 2010 onwards, the company showed various shifts between positive and negative results, with significant profitability spikes like $13.22 in 2018 and $8.92 in 2022. However, there are instances of negative profitability even in later periods, such as -$5.23 in 2023, indicating occasional operational challenges or cyclical pressures affecting earnings.

The price-to-operating profit ratio (P/OP) reflects these operational performance dynamics relative to market valuation. Early periods show high ratios near 30 to almost 40, reducing during years with negative or negligible operating profits where ratio calculation is not applicable or not meaningful. Notably, very high P/OP values appear during some profitable years, such as over 100 in 2017, indicating market pricing considerably above operating earnings at that time. More recently, the P/OP ratio fluctuates substantially, with values like 19.51 in 2021 and 86.94 in 2024, signifying periods where share prices may have outpaced operating profit growth or where operating profit declined sharply relative to market valuation.

Overall, the data indicates a company subject to significant cyclicality in operating profitability, with sharp recoveries and setbacks over the years. The substantial rise in share price towards later years, despite some volatility in operating profits, suggests strong market optimism or growth expectations. The divergence in P/OP ratios over time highlights varying investor sentiment and possibly differing assessments of long-term company prospects versus short-term operational results.