Micron Technology Inc. (NASDAQ:MU)

The share price exhibited significant volatility over the analyzed period. Initially, it showed a modest increase from $13.92 in 2005 to $14 in 2006, followed by a sharp decline to $3.39 in 2008. Subsequently, the share price experienced a general upward trend, with notable peaks in 2014 ($32.3) and 2021 ($70.12). The highest recorded value was $102.25 in 2024, indicating strong price appreciation in recent years despite some fluctuations, such as the dip in 2022 to $52.91.

Operating profit per share (OPPS) revealed fluctuating profitability with several periods of negative results. From positive $0.35 in 2005, the OPPS turned negative in 2007 (-$0.37) and hit a low of -$2.09 in 2008, reflective of challenging operational conditions. Recovery phases were intermittent, with strong positive OPPS recorded in 2018 ($13.22) and 2019 ($6.66). However, the figure again declined to a negative value in 2023 (-$5.23) before a modest recovery to $1.18 in 2024. Overall, OPPS demonstrates a cyclical pattern with periods of both profitability and losses.

The price to operating profit ratio (P/OP) showed considerable variation and gaps in data, complicating a continuous trend analysis. Early data points indicated relatively high ratios, such as 39.55 in 2005 and 30.18 in 2006, suggesting the share price was high relative to operating profits. Mid-decade ratios fluctuated widely, with an extreme peak at 106.63 in 2016 and a notably low ratio of 3.2 in 2018, implying significant shifts in market valuation relative to operating profit. The latter years display moderately lower ratios, with a jump again to 86.94 in 2024, signaling a high valuation relative to earnings in the most recent period.

In summary, the financial data reveals a cyclical nature in operating profitability accompanied by substantial share price growth over the long term. Valuation measured by P/OP has been highly variable, reflecting changes in market perception and operating performance. The recent years suggest strong market confidence notwithstanding fluctuating profitability, as evidenced by the elevated share prices and high relative valuation metrics in 2024.