Micron Technology Inc. (NASDAQ:MU)

Revenue Trends

Revenue exhibited an overall increasing trend with notable fluctuations over the years. From 2005 to 2008, revenue grew moderately, peaking at $5,841 million in 2008 before declining sharply to $4,803 million in 2009. Following this dip, there was substantial growth reaching a peak of $30,391 million in 2018. After 2018, revenue showed variability, decreasing to $15,540 million in 2023 and rebounding to $25,111 million in 2024.

Operating Income (Loss) Patterns

Operating income demonstrated significant volatility during the period. Negative operating income was observed during 2007 to 2009, with a nadir at -$1,675 million in 2009. A recovery phase followed, with positive operating income peaking at $14,994 million in 2018. Afterward, operating income again experienced fluctuations, notably turning negative in 2023 (-$5,745 million) before recovering slightly to $1,304 million in 2024.

Net Income (Loss) Attributable to the Company

Net income also showed a high degree of variability aligned with operating income trends. Losses appeared clearly in the 2007–2009 period, with the largest net loss of -$1,835 million recorded in 2009. Positive net income resumed afterward, peaking at $14,135 million in 2018. Recent years saw a decline with net loss of -$5,833 million in 2023; however, the net income recouped slightly to $778 million in 2024.

Overall Financial Performance Insights

The data reveals cyclical financial performance characterized by periods of substantial growth and acute downturns likely influenced by broader market cycles or sector-specific challenges. The peaks in 2018 for all three key metrics (revenue, operating income, and net income) signify a particularly strong year. However, the severe drops around 2009 and again in 2023 indicate exposure to volatile conditions, affecting profitability and income generation. Recovery signs in 2024 suggest potential stabilization or improvement in operational efficiency and market conditions after recent losses.

The analysis of the annual financial data reveals notable trends in both current assets and total assets over the examined periods.

Current Assets

Current assets exhibit significant growth from 2,926 million USD in 2005 to 24,372 million USD in 2024, highlighting an overall upward trajectory.
The increase is steady but not linear, showing fluctuations such as a decrease in 2008 and 2009, where values dipped from 5,234 million USD (2007) to 3,344 million USD (2009).
After 2009, a strong recovery and substantial growth followed, with consistent increments especially from 2013 onwards, peaking at over 24 billion USD by 2024.
This trend suggests improved liquidity and possibly enhanced operational capacity over the long term, with some setbacks during the 2008-2009 period likely reflecting broader economic conditions.

Total Assets

Total assets also show marked growth, starting from 8,006 million USD in 2005 and rising to 69,416 million USD in 2024.
Similar to current assets, there is a decline around 2008 and 2009, with assets decreasing from a peak of 14,818 million USD in 2007 to 11,455 million USD in 2009.
Subsequently, the total assets demonstrate consistent growth, with notable leaps between 2016 and 2019 and again from 2020 onward, suggesting capital investments, acquisitions, or retained earnings driving asset accumulation.
Despite some minor downward movement in 2023, the general long-term progression indicates strengthening asset base and potential expansion activities.

Overall, the patterns point towards a company experiencing growth with intermittent impacts likely related to external economic challenges. The resilience after downturns and continuous asset buildup contribute to an improved financial position over the analyzed period.

Current liabilities

The current liabilities exhibit a generally increasing trend over the analyzed period, beginning at 979 million USD and reaching 9248 million USD by the latest date. Some fluctuations are notable, such as a decrease from 4811 million to 3905 million, then an increase and subsequent slight declines. The overall pattern indicates a significant growth in short-term financial obligations, particularly evident in the most recent years.

Total liabilities

Total liabilities also show an upward trajectory from 2160 million USD to 24285 million USD. There are periods of sharper increases, especially between 2015 and 2017, and again from 2022 onward. This increase suggests expanding total obligations, reflecting perhaps increased borrowing or accrual of other liabilities.

Total debt

The total debt figures demonstrate notable volatility. After an initial drop from 1167 million USD to 571 million USD, debt surged to 2410 million USD, followed by continued rises and falls through the years. Of particular interest is the substantial debt increase observed from 2017 onwards, reaching values over 13000 million USD, indicating accelerated leverage or increased financing through debt instruments in recent years.

Total Micron shareholders’ equity

Shareholders’ equity generally trends upward, starting at 5847 million USD and peaking at approximately 49907 million USD around 2018, before experiencing a modest decline in subsequent years, leveling around 45131 million USD most recently. This suggests that while overall equity grew considerably, possibly due to retained earnings and capital inflows, the recent slight decreases might indicate share buybacks, dividend payments, or other equity reductions.

The financial data indicates fluctuating cash flow patterns in operating, investing, and financing activities over the examined periods.

Operating Activities

Net cash provided by operating activities shows a generally positive trend with some volatility. Initial years saw values around 1,000 to 2,000 million, with notable spikes in 2014 and 2015 reaching over 5,000 million. A significant increase occurs particularly between 2017 and 2019, peaking at 17,400 million in 2018, followed by a gradual decline and stabilization around 8,000 to 15,000 million until 2022. The last two years indicate reduced cash inflow, with a marked drop to 1,559 million in 2023 but a recovery to 8,507 million in 2024, suggesting some operating cash flow challenges more recently.

Investing Activities

Net cash used for investing activities reveals consistent outflows throughout the periods, reflecting ongoing investments. The negative cash flows started around -1,000 million, deepening considerably in later years. The highest outflows occurred between 2014 and 2018, peaking at over -10,000 million in 2019. Post-2019, although outflows remain substantial, there is a noticeable reduction in magnitude, with values around -6,000 to -8,000 million by 2023 and 2024, indicating a possible moderation or completion of some investment projects.

Financing Activities

Net cash provided by or used in financing activities exhibits erratic behavior with alternating periods of positive and negative cash flows. Early years showed moderate values with spikes to 2,215 million in 2007 and 1,745 million in 2016. The middle periods (2013 - 2018) experienced significant negative financing cash flows, including a steep decline to -7,776 million in 2018, likely representing debt repayments or equity buybacks. More recently, positive cash flows resumed in 2023 with 4,983 million, followed by a reversal to -1,842 million in 2024, signifying fluctuating financing strategies over the period.

Overall, the company demonstrates a pattern of strong operating cash generation, funded heavily by substantial investing outflows, with financing activities used flexibly to support liquidity needs. The volatility in cash flows, particularly in financing, suggests active management of capital structure in response to investment and operational requirements.

Basic Earnings Per Share (EPS)

The basic EPS exhibits considerable volatility over the observed period. Initial growth is noted from 0.29 US$ in 2005 to 0.59 US$ in 2006, followed by a strong decline into negative territory from 2007 (-0.42 US$) through 2009 (-2.29 US$). A recovery phase begins in 2010 with positive earnings of 2.09 US$, though fluctuations occur in subsequent years, including several declines and increases. Significant peaks appear in 2018 (12.27 US$) and 2022 (7.81 US$), with a marked decline to -5.34 US$ in 2023, followed by a modest recovery in 2024 (0.7 US$).

Diluted Earnings Per Share

The diluted EPS closely follows the trend of the basic EPS, indicating consistency in earnings behavior when considering potential share dilution. Minor differences in magnitude exist, but all major fluctuations mirror those of the basic EPS, including the negative results in the late 2000s and robust increases around 2018 and 2022, with a notable decrease in 2023 before partial recovery.

Dividend Per Share

Dividend payments were not distributed until 2022, as no values are reported prior to that year. The dividends commenced modestly at 0.10 US$ in 2022, increasing significantly to 0.32 US$ in 2023 and further to 0.46 US$ in 2024, where they stabilized. This initiation and growth in dividends may reflect improved cash flow and shareholder return strategy following periods of earnings volatility.