Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU) 

Analysis of Solvency Ratios

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

Micron Technology Inc., solvency ratios

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Debt Ratios
Debt to equity 0.15 0.17 0.16 0.14 0.60 0.82
Debt to equity (including operating lease liability) 0.17 0.19 0.16 0.14 0.60 0.82
Debt to capital 0.13 0.15 0.14 0.13 0.37 0.45
Debt to capital (including operating lease liability) 0.14 0.16 0.14 0.13 0.37 0.45
Debt to assets 0.12 0.12 0.12 0.11 0.32 0.36
Debt to assets (including operating lease liability) 0.12 0.13 0.12 0.11 0.32 0.36
Financial leverage 1.34 1.38 1.36 1.34 1.90 2.28
Coverage Ratios
Interest coverage 35.18 16.41 56.09 42.83 9.66 0.41
Fixed charge coverage 22.49 11.10 32.90 36.32 8.97 0.47

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Micron Technology Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Micron Technology Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Micron Technology Inc. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Micron Technology Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Micron Technology Inc. debt to assets ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Micron Technology Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Micron Technology Inc. financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Micron Technology Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Micron Technology Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Equity

Micron Technology Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Current debt 155  270  1,310  859  1,262  756 
Long-term debt 6,621  6,373  4,541  3,777  9,872  9,154 
Total debt 6,776  6,643  5,851  4,636  11,134  9,910 
 
Total Micron shareholders’ equity 43,933  38,996  35,881  32,294  18,621  12,080 
Solvency Ratio
Debt to equity1 0.15 0.17 0.16 0.14 0.60 0.82
Benchmarks
Debt to Equity, Competitors2
Advanced Micro Devices Inc. 0.04 0.06 0.17 0.99 2.28
Analog Devices Inc. 0.18 0.43 0.47 0.58 0.77 0.34
Applied Materials Inc. 0.45 0.52 0.65 0.78 0.57 0.46
Broadcom Inc. 1.59 1.72 1.32 0.66 0.87 0.72
Intel Corp. 0.40 0.45 0.37 0.35 0.39
Lam Research Corp. 0.83 1.12 0.96 0.37 0.40 0.74
NVIDIA Corp. 0.41 0.16 0.21 0.27 0.48
Qualcomm Inc. 1.58 2.59 3.25 17.64 0.71 0.37
Texas Instruments Inc. 0.58 0.74 0.65 0.56 0.39
Debt to Equity, Sector
Semiconductors & Semiconductor Equipment 0.49 0.61 0.57 0.49 0.56
Debt to Equity, Industry
Information Technology 0.74 0.83 0.81 0.80 0.78

Based on: 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Total Micron shareholders’ equity
= 6,776 ÷ 43,933 = 0.15

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Micron Technology Inc. debt to equity ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Equity (including Operating Lease Liability)

Micron Technology Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Current debt 155  270  1,310  859  1,262  756 
Long-term debt 6,621  6,373  4,541  3,777  9,872  9,154 
Total debt 6,776  6,643  5,851  4,636  11,134  9,910 
Current operating lease liabilities (included in Accounts payable and accrued expenses) 55  54  —  —  —  — 
Noncurrent operating lease liabilities 504  533  —  —  —  — 
Total debt (including operating lease liability) 7,335  7,230  5,851  4,636  11,134  9,910 
 
Total Micron shareholders’ equity 43,933  38,996  35,881  32,294  18,621  12,080 
Solvency Ratio
Debt to equity (including operating lease liability)1 0.17 0.19 0.16 0.14 0.60 0.82
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Advanced Micro Devices Inc. 0.10 0.10 0.26 0.99 2.28
Analog Devices Inc. 0.19 0.46 0.47 0.58 0.77 0.34
Applied Materials Inc. 0.47 0.54 0.65 0.78 0.57 0.46
Broadcom Inc. 1.61 1.75 1.32 0.66 0.87 0.72
Intel Corp. 0.40 0.46 0.38 0.35 0.39
Lam Research Corp. 0.86 1.16 0.96 0.37 0.40 0.74
NVIDIA Corp. 0.46 0.22 0.21 0.27 0.48
Qualcomm Inc. 1.64 2.67 3.25 17.64 0.71 0.37
Texas Instruments Inc. 0.62 0.77 0.69 0.56 0.39
Debt to Equity (including Operating Lease Liability), Sector
Semiconductors & Semiconductor Equipment 0.51 0.63 0.57 0.49 0.56
Debt to Equity (including Operating Lease Liability), Industry
Information Technology 0.80 0.90 0.84 0.81 0.78

Based on: 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).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Micron shareholders’ equity
= 7,335 ÷ 43,933 = 0.17

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Micron Technology Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Capital

Micron Technology Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Current debt 155  270  1,310  859  1,262  756 
Long-term debt 6,621  6,373  4,541  3,777  9,872  9,154 
Total debt 6,776  6,643  5,851  4,636  11,134  9,910 
Total Micron shareholders’ equity 43,933  38,996  35,881  32,294  18,621  12,080 
Total capital 50,709  45,639  41,732  36,930  29,755  21,990 
Solvency Ratio
Debt to capital1 0.13 0.15 0.14 0.13 0.37 0.45
Benchmarks
Debt to Capital, Competitors2
Advanced Micro Devices Inc. 0.04 0.05 0.15 0.50 0.70
Analog Devices Inc. 0.15 0.30 0.32 0.37 0.44 0.25
Applied Materials Inc. 0.31 0.34 0.39 0.44 0.36 0.32
Broadcom Inc. 0.61 0.63 0.57 0.40 0.46 0.42
Intel Corp. 0.29 0.31 0.27 0.26 0.28
Lam Research Corp. 0.45 0.53 0.49 0.27 0.28 0.42
NVIDIA Corp. 0.29 0.14 0.18 0.21 0.33
Qualcomm Inc. 0.61 0.72 0.76 0.95 0.42 0.27
Texas Instruments Inc. 0.37 0.43 0.39 0.36 0.28
Debt to Capital, Sector
Semiconductors & Semiconductor Equipment 0.33 0.38 0.36 0.33 0.36
Debt to Capital, Industry
Information Technology 0.43 0.45 0.45 0.44 0.44

Based on: 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 6,776 ÷ 50,709 = 0.13

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Micron Technology Inc. debt to capital ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Capital (including Operating Lease Liability)

Micron Technology Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Current debt 155  270  1,310  859  1,262  756 
Long-term debt 6,621  6,373  4,541  3,777  9,872  9,154 
Total debt 6,776  6,643  5,851  4,636  11,134  9,910 
Current operating lease liabilities (included in Accounts payable and accrued expenses) 55  54  —  —  —  — 
Noncurrent operating lease liabilities 504  533  —  —  —  — 
Total debt (including operating lease liability) 7,335  7,230  5,851  4,636  11,134  9,910 
Total Micron shareholders’ equity 43,933  38,996  35,881  32,294  18,621  12,080 
Total capital (including operating lease liability) 51,268  46,226  41,732  36,930  29,755  21,990 
Solvency Ratio
Debt to capital (including operating lease liability)1 0.14 0.16 0.14 0.13 0.37 0.45
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Advanced Micro Devices Inc. 0.09 0.09 0.20 0.50 0.70
Analog Devices Inc. 0.16 0.31 0.32 0.37 0.44 0.25
Applied Materials Inc. 0.32 0.35 0.39 0.44 0.36 0.32
Broadcom Inc. 0.62 0.64 0.57 0.40 0.46 0.42
Intel Corp. 0.29 0.31 0.28 0.26 0.28
Lam Research Corp. 0.46 0.54 0.49 0.27 0.28 0.42
NVIDIA Corp. 0.31 0.18 0.18 0.21 0.33
Qualcomm Inc. 0.62 0.73 0.76 0.95 0.42 0.27
Texas Instruments Inc. 0.38 0.44 0.41 0.36 0.28
Debt to Capital (including Operating Lease Liability), Sector
Semiconductors & Semiconductor Equipment 0.34 0.39 0.36 0.33 0.36
Debt to Capital (including Operating Lease Liability), Industry
Information Technology 0.45 0.47 0.46 0.45 0.44

Based on: 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).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 7,335 ÷ 51,268 = 0.14

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Micron Technology Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Assets

Micron Technology Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Current debt 155  270  1,310  859  1,262  756 
Long-term debt 6,621  6,373  4,541  3,777  9,872  9,154 
Total debt 6,776  6,643  5,851  4,636  11,134  9,910 
 
Total assets 58,849  53,678  48,887  43,376  35,336  27,540 
Solvency Ratio
Debt to assets1 0.12 0.12 0.12 0.11 0.32 0.36
Benchmarks
Debt to Assets, Competitors2
Advanced Micro Devices Inc. 0.03 0.04 0.08 0.27 0.39
Analog Devices Inc. 0.13 0.24 0.26 0.31 0.37 0.22
Applied Materials Inc. 0.21 0.24 0.28 0.30 0.27 0.23
Broadcom Inc. 0.53 0.54 0.49 0.35 0.32 0.27
Intel Corp. 0.23 0.24 0.21 0.21 0.22
Lam Research Corp. 0.31 0.40 0.37 0.19 0.22 0.35
NVIDIA Corp. 0.24 0.11 0.15 0.18 0.28
Qualcomm Inc. 0.38 0.44 0.48 0.50 0.33 0.22
Texas Instruments Inc. 0.31 0.35 0.32 0.30 0.23
Debt to Assets, Sector
Semiconductors & Semiconductor Equipment 0.26 0.30 0.29 0.26 0.28
Debt to Assets, Industry
Information Technology 0.27 0.29 0.29 0.29 0.30

Based on: 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).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= 6,776 ÷ 58,849 = 0.12

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Micron Technology Inc. debt to assets ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Debt to Assets (including Operating Lease Liability)

Micron Technology Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Current debt 155  270  1,310  859  1,262  756 
Long-term debt 6,621  6,373  4,541  3,777  9,872  9,154 
Total debt 6,776  6,643  5,851  4,636  11,134  9,910 
Current operating lease liabilities (included in Accounts payable and accrued expenses) 55  54  —  —  —  — 
Noncurrent operating lease liabilities 504  533  —  —  —  — 
Total debt (including operating lease liability) 7,335  7,230  5,851  4,636  11,134  9,910 
 
Total assets 58,849  53,678  48,887  43,376  35,336  27,540 
Solvency Ratio
Debt to assets (including operating lease liability)1 0.12 0.13 0.12 0.11 0.32 0.36
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Advanced Micro Devices Inc. 0.06 0.06 0.12 0.27 0.39
Analog Devices Inc. 0.14 0.25 0.26 0.31 0.37 0.22
Applied Materials Inc. 0.22 0.26 0.28 0.30 0.27 0.23
Broadcom Inc. 0.53 0.55 0.49 0.35 0.32 0.27
Intel Corp. 0.23 0.24 0.22 0.21 0.22
Lam Research Corp. 0.33 0.41 0.37 0.19 0.22 0.35
NVIDIA Corp. 0.27 0.15 0.15 0.18 0.28
Qualcomm Inc. 0.40 0.46 0.48 0.50 0.33 0.22
Texas Instruments Inc. 0.33 0.37 0.34 0.30 0.23
Debt to Assets (including Operating Lease Liability), Sector
Semiconductors & Semiconductor Equipment 0.27 0.31 0.29 0.26 0.28
Debt to Assets (including Operating Lease Liability), Industry
Information Technology 0.29 0.31 0.30 0.29 0.30

Based on: 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).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 7,335 ÷ 58,849 = 0.12

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Micron Technology Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Financial Leverage

Micron Technology Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Total assets 58,849  53,678  48,887  43,376  35,336  27,540 
Total Micron shareholders’ equity 43,933  38,996  35,881  32,294  18,621  12,080 
Solvency Ratio
Financial leverage1 1.34 1.38 1.36 1.34 1.90 2.28
Benchmarks
Financial Leverage, Competitors2
Advanced Micro Devices Inc. 1.66 1.54 2.13 3.60 5.79
Analog Devices Inc. 1.38 1.79 1.83 1.86 2.08 1.54
Applied Materials Inc. 2.11 2.11 2.32 2.60 2.08 2.02
Broadcom Inc. 3.03 3.18 2.71 1.88 2.68 2.64
Intel Corp. 1.77 1.89 1.76 1.72 1.79
Lam Research Corp. 2.64 2.81 2.57 1.92 1.78 2.08
NVIDIA Corp. 1.70 1.42 1.42 1.50 1.71
Qualcomm Inc. 4.14 5.86 6.71 35.22 2.13 1.65
Texas Instruments Inc. 1.85 2.11 2.02 1.91 1.71
Financial Leverage, Sector
Semiconductors & Semiconductor Equipment 1.88 2.06 1.99 1.91 1.99
Financial Leverage, Industry
Information Technology 2.73 2.86 2.81 2.80 2.61

Based on: 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Total Micron shareholders’ equity
= 58,849 ÷ 43,933 = 1.34

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Micron Technology Inc. financial leverage ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Interest Coverage

Micron Technology Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron 5,861  2,687  6,313  14,135  5,089  (276)
Add: Net income attributable to noncontrolling interest —  23  45 
Add: Income tax expense 394  280  693  168  114  19 
Add: Interest expense 183  194  128  342  601  437 
Earnings before interest and tax (EBIT) 6,438  3,184  7,179  14,648  5,805  181 
Solvency Ratio
Interest coverage1 35.18 16.41 56.09 42.83 9.66 0.41
Benchmarks
Interest Coverage, Competitors2
Advanced Micro Devices Inc. 109.09 28.23 4.96 3.71 1.49
Analog Devices Inc. 8.19 7.79 7.49 7.46 4.30 11.78
Applied Materials Inc. 29.69 18.36 14.79 21.06 19.84 13.99
Broadcom Inc. 4.59 2.37 2.54 8.24 5.02 -0.89
Intel Corp. 37.35 40.87 50.20 50.82 32.50
Lam Research Corp. 21.95 15.51 21.86 33.36 16.39 8.12
NVIDIA Corp. 24.96 58.12 68.17 53.39 33.84
Qualcomm Inc. 19.38 10.50 12.93 1.67 7.11 24.01
Texas Instruments Inc. 49.47 32.67 34.69 54.49 78.95
Interest Coverage, Sector
Semiconductors & Semiconductor Equipment 18.50 14.30 17.14 21.13 15.82
Interest Coverage, Industry
Information Technology 23.43 17.30 16.59 18.11 17.25

Based on: 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).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= 6,438 ÷ 183 = 35.18

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Micron Technology Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Fixed Charge Coverage

Micron Technology Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018 Aug 31, 2017 Sep 1, 2016
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Micron 5,861  2,687  6,313  14,135  5,089  (276)
Add: Net income attributable to noncontrolling interest —  23  45 
Add: Income tax expense 394  280  693  168  114  19 
Add: Interest expense 183  194  128  342  601  437 
Earnings before interest and tax (EBIT) 6,438  3,184  7,179  14,648  5,805  181 
Add: Operating lease cost 108  102  93  63  52  46 
Earnings before fixed charges and tax 6,546  3,286  7,272  14,711  5,857  227 
 
Interest expense 183  194  128  342  601  437 
Operating lease cost 108  102  93  63  52  46 
Fixed charges 291  296  221  405  653  483 
Solvency Ratio
Fixed charge coverage1 22.49 11.10 32.90 36.32 8.97 0.47
Benchmarks
Fixed Charge Coverage, Competitors2
Advanced Micro Devices Inc. 36.00 13.08 3.48 2.89 1.36
Analog Devices Inc. 6.64 6.48 5.62 5.84 3.68 7.50
Applied Materials Inc. 22.50 14.48 12.35 17.53 17.08 11.43
Broadcom Inc. 3.70 1.92 2.27 6.28 3.58 -0.36
Intel Corp. 16.56 25.00 36.69 34.36 23.36
Lam Research Corp. 17.80 12.52 17.83 27.07 14.13 7.36
NVIDIA Corp. 14.40 18.89 29.23 28.79 19.32
Qualcomm Inc. 14.48 8.30 10.68 1.55 5.85 17.54
Texas Instruments Inc. 29.86 21.33 21.68 33.77 39.24
Fixed Charge Coverage, Sector
Semiconductors & Semiconductor Equipment 12.64 10.47 13.30 16.11 12.19
Fixed Charge Coverage, Industry
Information Technology 13.91 10.65 10.90 11.70 10.99

Based on: 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).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 6,546 ÷ 291 = 22.49

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Micron Technology Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.