Micron Technology Inc. (NASDAQ:MU)

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).

Micron Technology Inc., asset turnover by geographic area

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
United States	6.31	2.86	2.02	1.50	3.11	2.34
Taiwan	0.61	0.30	0.33	0.21	0.47	0.58
China	30.92	6.94	8.47	6.38	11.31	11.56
Japan	0.29	0.13	0.12	0.13	0.24	0.23
Other	0.58	0.24	0.19	0.12	0.14	0.22

Asset turnover ratios across all geographic segments exhibit a pattern of volatility between 2021 and 2025, followed by a synchronized and significant increase in 2026. This overall trend indicates a substantial improvement in the efficiency of asset utilization across the global footprint in the final analyzed period.

China: This region consistently maintains the highest asset turnover ratios of all segments. A period of contraction was observed between 2021 and 2023, where the ratio fell from 11.56 to 6.38. However, this was followed by a period of recovery and an eventual surge to 30.92 by September 2026, representing an exceptional increase in revenue generation relative to the assets deployed in the region.
United States: The United States demonstrates moderate volatility with a fluctuating trend. After reaching a peak of 3.11 in 2022, the ratio declined to 1.50 in 2023. A steady upward trajectory followed, with the ratio climbing to 2.86 in 2025 and sharply accelerating to 6.31 in 2026.
Taiwan: Taiwan experienced a general decline in asset efficiency during the early part of the period, dropping from 0.58 in 2021 to a low of 0.21 in 2023. The ratio remained relatively suppressed through 2025 at 0.30, before recovering to 0.61 in 2026.
Japan and Other Regions: Japan and the Other geographic category consistently report the lowest turnover ratios, typically remaining below 0.30 for the majority of the period. Japan remained largely stagnant, fluctuating between 0.12 and 0.24, while the Other category showed a gradual recovery from a low of 0.12 in 2023. Both segments saw a notable increase in 2026, with Japan reaching 0.29 and Other reaching 0.58.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Area Asset Turnover: United States

Micron Technology Inc.; United States; area asset turnover calculation

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
Selected Financial Data (US$ in millions)
Revenue	91,323)	24,113)	13,168)	7,805)	16,026)	12,155)
Long-lived assets	14,463)	8,445)	6,508)	5,196)	5,155)	5,205)
Area Activity Ratio
Area asset turnover¹	6.31	2.86	2.02	1.50	3.11	2.34

¹ 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 91,323 ÷ 14,463 = 6.31

The financial performance regarding asset utilization in the United States exhibits a cyclical pattern followed by a phase of exponential growth between September 2021 and September 2026.

Revenue Volatility and Growth: Revenue experienced a peak in 2022 at 16,026 million USD, followed by a sharp contraction to 7,805 million USD in 2023. A strong recovery trend is observed from 2024 onward, with revenue increasing to 13,168 million USD in 2024 and 24,113 million USD in 2025, culminating in a substantial surge to 91,323 million USD by September 2026.
Long-Lived Asset Expansion: Asset levels remained relatively stable between 2021 and 2023, fluctuating minimally around 5,200 million USD. A period of increased capital investment began in 2024, with long-lived assets rising to 6,508 million USD, further increasing to 8,445 million USD in 2025, and reaching 14,463 million USD in 2026.
Area Asset Turnover Efficiency: The area asset turnover ratio mirrors the volatility of revenue. The ratio rose to 3.11 in 2022 before dropping to a period low of 1.50 in 2023, reflecting the decline in revenue against a static asset base. A consistent improvement in efficiency is observed thereafter, with the ratio climbing to 2.02 in 2024 and 2.86 in 2025. The most significant expansion occurs in 2026, where the ratio reaches 6.31, indicating that revenue growth is drastically outpacing the expansion of long-lived assets.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Area Asset Turnover: Taiwan

Micron Technology Inc.; Taiwan; area asset turnover calculation

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
Selected Financial Data (US$ in millions)
Revenue	16,950)	5,672)	4,708)	2,697)	6,185)	6,606)
Long-lived assets	27,613)	18,965)	14,156)	12,926)	13,143)	11,457)
Area Activity Ratio
Area asset turnover¹	0.61	0.30	0.33	0.21	0.47	0.58

¹ 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 16,950 ÷ 27,613 = 0.61

The financial performance in the Taiwan region is characterized by a period of significant revenue volatility coupled with a consistent expansion of the long-lived asset base, culminating in a substantial increase in operational efficiency by the end of the analyzed period.

Revenue Trends: Revenue exhibited a sharp contraction between 2021 and 2023, falling from US$ 6,606 million to a trough of US$ 2,697 million. This downward trend reversed starting in 2024, leading to a moderate recovery in 2025 and an exponential surge to US$ 16,950 million by September 2026.
Long-lived Asset Investment: A sustained upward trajectory in long-lived assets is observed, increasing from US$ 11,457 million in 2021 to US$ 27,613 million in 2026. The continued growth of the asset base during the revenue decline of 2023 suggests a strategic commitment to capacity expansion regardless of short-term market fluctuations.
Area Asset Turnover Analysis: The area asset turnover ratio declined from 0.58 in 2021 to its lowest point of 0.21 in 2023, reflecting a period of severe asset underutilization. While the ratio showed modest improvement and stabilization between 2024 and 2025, it reached a peak of 0.61 in 2026. This indicates that the aggressive capital investments made in prior years eventually aligned with a massive increase in revenue, resulting in the highest level of asset productivity across the six-year period.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Area Asset Turnover: China

Micron Technology Inc.; China; area asset turnover calculation

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
Selected Financial Data (US$ in millions)
Revenue	14,627)	3,777)	4,116)	2,521)	4,976)	5,038)
Long-lived assets	473)	544)	486)	395)	440)	436)
Area Activity Ratio
Area asset turnover¹	30.92	6.94	8.47	6.38	11.31	11.56

¹ 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 14,627 ÷ 473 = 30.92

The financial performance in China is characterized by significant volatility in revenue generation relative to a stable base of long-lived assets, resulting in substantial fluctuations in asset utilization efficiency.

Revenue Trends: Revenue exhibited a period of relative stability between September 2021 and September 2022, followed by a sharp contraction in August 2023, where figures fell to 2,521 million USD. A partial recovery occurred in 2024, followed by a slight decline in 2025. However, a dramatic increase is observed by September 2026, with revenue surging to 14,627 million USD, marking a significant expansion in market activity.
Long-lived Asset Base: Investment in long-lived assets remained comparatively stable throughout the analyzed period. Assets fluctuated within a narrow range, peaking at 544 million USD in August 2025 before decreasing to 473 million USD in September 2026. The lack of aggressive asset expansion suggests that the revenue growth observed in the final period was not driven by a proportional increase in physical infrastructure.
Area Asset Turnover Analysis: The area asset turnover ratio reflects the direct impact of revenue volatility. The ratio declined from 11.56 in 2021 to a low of 6.38 in 2023, indicating a period of diminished asset productivity. After fluctuating between 6.94 and 8.47 in 2024 and 2025, the ratio spiked to 30.92 in 2026. This suggests an exceptional increase in operational efficiency, where a smaller asset base generated a disproportionately higher volume of revenue.

Overall, the trend indicates a shift from steady utilization to a period of instability, culminating in an aggressive acceleration of revenue generation against a streamlined asset base in the final reporting period.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Area Asset Turnover: Japan

Micron Technology Inc.; Japan; area asset turnover calculation

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
Selected Financial Data (US$ in millions)
Revenue	2,066)	895)	840)	987)	1,696)	1,652)
Long-lived assets	7,247)	7,038)	7,085)	7,323)	7,113)	7,222)
Area Activity Ratio
Area asset turnover¹	0.29	0.13	0.12	0.13	0.24	0.23

¹ 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 2,066 ÷ 7,247 = 0.29

The financial performance of the Japan geographic area is characterized by significant fluctuations in revenue efficiency between 2021 and 2026, while the underlying asset base remained relatively constant.

Revenue Trends: Revenue exhibited a volatile trajectory, starting at 1,652 million USD in 2021 and peaking at 1,696 million USD in 2022. A substantial decline occurred over the following two years, reaching a low of 840 million USD in 2024. A recovery phase followed, with revenue increasing to 895 million USD in 2025 and surging to a period high of 2,066 million USD by 2026.
Long-lived Asset Stability: Long-lived assets maintained a consistent level throughout the analyzed period, fluctuating within a narrow range between 7,038 million USD and 7,323 million USD. This stability indicates that changes in operational efficiency were driven by top-line revenue performance rather than significant shifts in capital investment or asset divestment.
Area Asset Turnover Analysis: The asset turnover ratio closely mirrored the revenue trends. After remaining stable at 0.23 and 0.24 in 2021 and 2022, the ratio declined sharply to 0.13 in 2023 and 0.12 in 2024, signaling a period of diminished asset productivity. A strong recovery is observed by 2026, where the ratio rose to 0.29, indicating a marked improvement in the ability to generate sales from the long-lived asset base.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Area Asset Turnover: Other

Micron Technology Inc.; Other; area asset turnover calculation

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
Selected Financial Data (US$ in millions)
Revenue	8,222)	2,921)	2,279)	1,530)	1,875)	2,254)
Long-lived assets	14,235)	12,334)	12,159)	12,754)	13,376)	10,343)
Area Activity Ratio
Area asset turnover¹	0.58	0.24	0.19	0.12	0.14	0.22

¹ 2026 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= 8,222 ÷ 14,235 = 0.58

The analysis of the "Other" geographic area reveals a cyclical trend in asset utilization, characterized by an initial period of declining efficiency followed by a substantial recovery and a sharp acceleration in productivity.

Revenue Performance: Revenue experienced a contraction between 2021 and 2023, declining from US$ 2,254 million to a trough of US$ 1,530 million. A strong recovery followed, with revenue climbing to US$ 2,921 million by 2025 and experiencing an exponential increase to US$ 8,222 million by September 2026.
Long-lived Asset Trends: Investment in long-lived assets increased significantly in 2022 to US$ 13,376 million. The asset base then remained relatively stable, fluctuating slightly between US$ 12,159 million and US$ 12,334 million from 2023 through 2025, before rising to US$ 14,235 million in 2026.
Area Asset Turnover Efficiency: The area asset turnover ratio exhibited a U-shaped trajectory, falling from 0.22 in 2021 to a low of 0.12 in 2023. This downturn was driven by the combination of diminishing revenues and an expanded asset base. A reversal occurred in 2024, with the ratio improving to 0.24 in 2025 and surging to 0.58 in 2026. This final increase indicates a substantial improvement in operational efficiency, as revenue growth far outpaced the growth of long-lived assets.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Revenue

Micron Technology Inc., revenue by geographic area

US$ in millions

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
United States	91,323)	24,113)	13,168)	7,805)	16,026)	12,155)
Taiwan	16,950)	5,672)	4,708)	2,697)	6,185)	6,606)
China	14,627)	3,777)	4,116)	2,521)	4,976)	5,038)
Japan	2,066)	895)	840)	987)	1,696)	1,652)
Other	8,222)	2,921)	2,279)	1,530)	1,875)	2,254)
Total	133,188)	37,378)	25,111)	15,540)	30,758)	27,705)

Total revenue exhibits a cyclical pattern characterized by a significant contraction in 2023, followed by a recovery phase and an extraordinary surge in 2026. After reaching 30,758 million USD in 2022, total revenue declined by approximately 49.6% to 15,540 million USD in 2023. This downturn was followed by steady growth in 2024 and 2025, culminating in a sharp increase to 133,188 million USD by September 2026.

United States Market Performance: The United States serves as the primary revenue driver, consistently representing the largest share of total earnings. Following a dip to 7,805 million USD in 2023, revenue in this region scaled rapidly, reaching 91,323 million USD in 2026. This growth indicates a strengthening domestic market position and a high concentration of revenue in the US territory.
Asian Market Dynamics: Revenue from Taiwan and China followed a similar trajectory to the global trend, experiencing sharp declines in 2023. Taiwan demonstrated a more consistent recovery, growing from 2,697 million USD in 2023 to 16,950 million USD in 2026. China's revenue remained relatively stagnant between 2024 and 2025 before experiencing a significant spike to 14,627 million USD in 2026.
Secondary and Other Regions: Japan represents the smallest revenue stream among the specified geographies, with values remaining relatively flat between 2023 and 2025 before doubling to 2,066 million USD in 2026. The "Other" category showed resilient growth, increasing from 1,530 million USD in 2023 to 8,222 million USD in 2026, suggesting a broadening of the global customer base.

The period ending September 2026 is marked by an anomalous growth spike across all geographic segments. Total revenue increased by approximately 256% between 2025 and 2026, with the United States accounting for the vast majority of this expansion. This suggests a massive shift in demand or a significant scaling of operations that disproportionately benefited the North American market.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?

Long-lived assets

Micron Technology Inc., long-lived assets by geographic area

US$ in millions

	Sep 3, 2026	Aug 28, 2025	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021
United States	14,463)	8,445)	6,508)	5,196)	5,155)	5,205)
Taiwan	27,613)	18,965)	14,156)	12,926)	13,143)	11,457)
China	473)	544)	486)	395)	440)	436)
Japan	7,247)	7,038)	7,085)	7,323)	7,113)	7,222)
Other	14,235)	12,334)	12,159)	12,754)	13,376)	10,343)
Total	64,031)	47,326)	40,394)	38,594)	39,227)	34,663)

Total long-lived assets exhibited a consistent upward trajectory, increasing from 34,663 million USD in 2021 to 64,031 million USD by 2026. While growth was moderate between 2021 and 2024, a significant acceleration occurred in the final two years of the observed period, with the most substantial expansion occurring between August 2025 and September 2026.

Primary Asset Concentration in Taiwan: Taiwan remained the largest geographic concentration of long-lived assets throughout the period. Assets in this region grew from 11,457 million USD in 2021 to 27,613 million USD in 2026, more than doubling in value and representing the most significant absolute increase among all regions.
Accelerated Expansion in the United States: The United States demonstrated the most rapid relative growth. Long-lived assets rose from 5,205 million USD in 2021 to 14,463 million USD in 2026. A marked increase in investment is observed starting in 2024, with the value nearly doubling between 2024 and 2026.
Asset Stagnation in Japan and China: Investment levels in Japan and China remained relatively flat. Japan's assets fluctuated slightly, starting at 7,222 million USD in 2021 and ending at 7,247 million USD in 2026. China maintained the smallest asset footprint, with values remaining below 550 million USD throughout the entire period.
Moderate Growth in Other Regions: Assets categorized as Other experienced steady but moderate growth, increasing from 10,343 million USD in 2021 to 14,235 million USD in 2026, indicating a diversified but less aggressive expansion strategy outside the primary hubs.

AI Ask an analyst for more