Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Micron Technology Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
The analysis of solvency ratios reveals three distinct financial phases: a period of stability and strength from late 2020 to mid-2022, a period of increased leverage and operational distress from late 2022 through early 2025, and a rapid deleveraging and recovery phase concluding in May 2026.
- Debt-to-Equity and Capitalization Ratios
- Debt levels remained low and stable between December 2020 and September 2022, with the debt-to-equity ratio reaching a low of 0.14. Starting in December 2022, a consistent upward trend occurred, with the debt-to-equity ratio peaking at 0.31 by November 2023 and remaining elevated through May 2025. A sharp contraction followed in the final year of the period, as the debt-to-equity ratio plummeted to 0.06 by May 2026, indicating a significant reduction in borrowed capital relative to shareholder equity.
- Asset-Based Solvency
- The debt-to-assets ratio mirrors the trend seen in equity ratios, moving from a stable 0.10-0.12 range (2020-2022) to a peak of 0.21 in late 2023. This indicates that for a period, a larger portion of the company's assets were financed through debt. However, this trend reversed aggressively starting in August 2025, ending at a period-low of 0.04 by May 2026, reflecting a substantially stronger asset-backed solvency position.
- Financial Leverage
- Financial leverage remained relatively constant at approximately 1.32 to 1.35 during the first two years. A gradual increase began in December 2022, peaking at 1.54 in May 2024 and May 2025. This suggests a higher reliance on debt to amplify returns during those periods. By May 2026, the ratio returned to 1.33, aligning with the levels seen at the start of the analyzed period.
- Interest Coverage and Earnings Solvency
- The interest coverage ratio exhibited the most extreme volatility. After climbing to a peak of 58.47 in June 2022, the ratio collapsed into negative territory starting in March 2023, reaching a trough of -13.58 in June 2023. These negative values indicate that operating income was insufficient to cover interest expenses. A recovery began in May 2024, followed by an exponential increase in the ratio, reaching 257.85 by May 2026, which signifies an exceptionally high capacity to service debt from current operations.
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Debt Ratios
Coverage Ratios
Debt to Equity
Micron Technology Inc., debt to equity calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current debt | 582) | 585) | 569) | 560) | 538) | 504) | 533) | 431) | 398) | 344) | 908) | 278) | 259) | 237) | 171) | 103) | 107) | 123) | 118) | 155) | 297) | 323) | 273) | |||||||
| Long-term debt | 5,140) | 9,557) | 11,187) | 14,017) | 15,003) | 13,851) | 13,252) | 12,966) | 12,860) | 13,378) | 12,597) | 13,052) | 12,986) | 12,037) | 10,094) | 6,803) | 6,856) | 6,953) | 6,904) | 6,621) | 6,418) | 6,298) | 6,356) | |||||||
| Total debt | 5,722) | 10,142) | 11,756) | 14,577) | 15,541) | 14,355) | 13,785) | 13,397) | 13,258) | 13,722) | 13,505) | 13,330) | 13,245) | 12,274) | 10,265) | 6,906) | 6,963) | 7,076) | 7,022) | 6,776) | 6,715) | 6,621) | 6,629) | |||||||
| Shareholders’ equity | 100,724) | 72,459) | 58,806) | 54,165) | 50,748) | 48,633) | 46,797) | 45,131) | 44,225) | 43,870) | 42,885) | 44,120) | 45,405) | 47,257) | 49,306) | 49,907) | 49,281) | 47,845) | 45,908) | 43,933) | 42,259) | 40,663) | 39,907) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity1 | 0.06 | 0.14 | 0.20 | 0.27 | 0.31 | 0.30 | 0.29 | 0.30 | 0.30 | 0.31 | 0.31 | 0.30 | 0.29 | 0.26 | 0.21 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.17 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 0.26 | 0.26 | 0.25 | 0.25 | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | 0.20 | 0.20 | 0.19 | 0.19 | 0.18 | 0.18 | 0.17 | 0.17 | 0.17 | 0.18 | 0.42 | 0.42 | 0.43 | |||||||
| Applied Materials Inc. | — | 0.27 | 0.30 | 0.32 | 0.32 | 0.33 | 0.34 | 0.33 | 0.33 | 0.31 | 0.32 | 0.34 | 0.37 | 0.40 | 0.42 | 0.45 | 0.45 | 0.47 | 0.46 | 0.45 | 0.45 | 0.45 | 0.47 | |||||||
| Broadcom Inc. | — | 0.74 | 0.83 | 0.80 | 0.88 | 0.97 | 0.95 | 1.00 | 1.07 | 1.06 | 1.08 | 1.64 | 1.78 | 1.79 | 1.69 | 1.74 | 1.89 | 1.88 | 1.72 | 1.59 | 1.66 | 1.69 | 1.75 | |||||||
| Intel Corp. | — | — | 0.40 | 0.41 | 0.44 | 0.52 | 0.50 | 0.50 | 0.50 | 0.46 | 0.49 | 0.47 | 0.48 | 0.49 | 0.51 | 0.41 | 0.40 | 0.35 | 0.36 | — | — | — | — | |||||||
| KLA Corp. | 1.01 | 1.08 | 1.18 | 1.25 | 1.47 | 1.64 | 1.86 | 1.97 | 2.14 | 1.94 | 1.97 | 2.02 | 2.20 | 2.35 | 3.00 | 4.75 | 0.91 | 0.85 | 0.89 | 1.02 | 1.11 | 1.18 | 1.25 | |||||||
| Lam Research Corp. | 0.35 | 0.44 | 0.44 | 0.45 | 0.47 | 0.57 | 0.59 | 0.58 | 0.62 | 0.61 | 0.62 | 0.61 | 0.60 | 0.60 | 0.67 | 0.80 | 0.83 | 0.77 | 0.86 | 0.83 | 1.08 | 1.06 | 1.08 | |||||||
| NVIDIA Corp. | 0.07 | 0.08 | 0.10 | 0.11 | 0.13 | 0.15 | 0.20 | 0.23 | 0.29 | 0.35 | 0.45 | 0.50 | 0.51 | 0.46 | 0.42 | 0.41 | 0.46 | 0.56 | 0.37 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 0.56 | 0.64 | 0.70 | 0.54 | 0.53 | 0.54 | 0.56 | 0.59 | 0.63 | 0.67 | 0.71 | 0.75 | 0.81 | 0.90 | 0.86 | 0.97 | 1.18 | 1.39 | 1.58 | 1.92 | 2.12 | 2.13 | |||||||
| Texas Instruments Inc. | — | — | 0.84 | 0.86 | 0.84 | 0.86 | 0.78 | 0.80 | 0.80 | 0.81 | 0.84 | 0.66 | 0.67 | 0.70 | 0.66 | 0.60 | 0.55 | 0.51 | 0.55 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 5,722 ÷ 100,724 = 0.06
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct cyclical pattern characterized by an initial period of stability, a phase of increased leverage, and a concluding period of aggressive deleveraging and equity expansion.
- Total Debt Trends
- Total debt remained relatively stable between December 2020 and September 2022, fluctuating within a narrow range of US$ 6.6 billion to US$ 7.1 billion. A significant escalation began in December 2022, with debt rising to US$ 10.3 billion and peaking at US$ 15.5 billion by May 2025. Following this peak, a rapid reduction in debt is observed, falling sharply to US$ 5.7 billion by May 2026.
- Shareholders’ Equity Trends
- Equity demonstrated steady growth from December 2020 (US$ 39.9 billion) through September 2022 (US$ 49.9 billion). A period of contraction occurred between December 2022 and November 2023, where equity dipped to US$ 42.9 billion. From February 2024 onward, a strong recovery trend emerged, culminating in an exponential increase to US$ 100.7 billion by May 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio initially trended downward from 0.17 to 0.14, indicating a conservative capital structure. This trend reversed sharply between December 2022 and November 2023, with the ratio climbing to a peak of 0.31. This increase coincided with the simultaneous rise in total debt and the decline in shareholders' equity. In the final stages of the analyzed period, the ratio declined precipitously from 0.27 in May 2025 to 0.06 by May 2026, signaling a transition toward an extremely low-leverage financial position.
The analysis indicates that the company shifted from a low-leverage position to a more leveraged state mid-period, before executing a substantial deleveraging strategy. The final period is marked by a significant strengthening of the balance sheet, driven by a massive increase in equity and a concomitant reduction in total debt obligations.
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Debt to Equity (including Operating Lease Liability)
Micron Technology Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current debt | 582) | 585) | 569) | 560) | 538) | 504) | 533) | 431) | 398) | 344) | 908) | 278) | 259) | 237) | 171) | 103) | 107) | 123) | 118) | 155) | 297) | 323) | 273) | |||||||
| Long-term debt | 5,140) | 9,557) | 11,187) | 14,017) | 15,003) | 13,851) | 13,252) | 12,966) | 12,860) | 13,378) | 12,597) | 13,052) | 12,986) | 12,037) | 10,094) | 6,803) | 6,856) | 6,953) | 6,904) | 6,621) | 6,418) | 6,298) | 6,356) | |||||||
| Total debt | 5,722) | 10,142) | 11,756) | 14,577) | 15,541) | 14,355) | 13,785) | 13,397) | 13,258) | 13,722) | 13,505) | 13,330) | 13,245) | 12,274) | 10,265) | 6,906) | 6,963) | 7,076) | 7,022) | 6,776) | 6,715) | 6,621) | 6,629) | |||||||
| Noncurrent operating lease liabilities | 654) | 656) | 669) | 701) | 600) | 599) | 588) | 610) | 609) | 593) | 601) | 603) | 603) | 610) | 625) | 610) | 629) | 535) | 523) | 504) | 513) | 528) | 529) | |||||||
| Total debt (including operating lease liability) | 6,376) | 10,798) | 12,425) | 15,278) | 16,141) | 14,954) | 14,373) | 14,007) | 13,867) | 14,315) | 14,106) | 13,933) | 13,848) | 12,884) | 10,890) | 7,516) | 7,592) | 7,611) | 7,545) | 7,280) | 7,228) | 7,149) | 7,158) | |||||||
| Shareholders’ equity | 100,724) | 72,459) | 58,806) | 54,165) | 50,748) | 48,633) | 46,797) | 45,131) | 44,225) | 43,870) | 42,885) | 44,120) | 45,405) | 47,257) | 49,306) | 49,907) | 49,281) | 47,845) | 45,908) | 43,933) | 42,259) | 40,663) | 39,907) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.06 | 0.15 | 0.21 | 0.28 | 0.32 | 0.31 | 0.31 | 0.31 | 0.31 | 0.33 | 0.33 | 0.32 | 0.30 | 0.27 | 0.22 | 0.15 | 0.15 | 0.16 | 0.16 | 0.17 | 0.17 | 0.18 | 0.18 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.06 | 0.06 | 0.06 | 0.07 | 0.08 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.04 | — | — | — | — | |||||||
| NVIDIA Corp. | 0.09 | 0.10 | 0.12 | 0.13 | 0.15 | 0.17 | 0.22 | 0.25 | 0.32 | 0.39 | 0.49 | 0.54 | 0.55 | 0.49 | 0.44 | 0.44 | 0.49 | 0.60 | 0.40 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 6,376 ÷ 100,724 = 0.06
2 Click competitor name to see calculations.
The solvency profile exhibits three distinct phases: a period of stability, a phase of increased leverage, and a final period of aggressive deleveraging and equity expansion. Overall, the financial position evolves from a low-leverage state to a moderately leveraged state, concluding with a significantly strengthened capital structure.
- Total Debt Trends
- Total debt, inclusive of operating lease liabilities, remained relatively stable between December 2020 and September 2022, fluctuating within a narrow range of approximately 7.1 billion to 7.6 billion US dollars. A sharp increase began in December 2022, where debt rose to 10.8 billion US dollars, continuing an upward trajectory to peak at 16.1 billion US dollars by May 2025. Subsequently, a rapid reduction in debt is observed, with the balance falling to 6.3 billion US dollars by May 2026.
- Shareholders' Equity Evolution
- Equity grew steadily from 39.9 billion US dollars in December 2020 to a peak of 49.9 billion US dollars in September 2022. A period of contraction and volatility followed, with equity dipping to 42.8 billion US dollars by November 2023. However, a significant acceleration in equity accumulation occurred starting in February 2025, with the value rising sharply from 48.6 billion US dollars in November 2024 to 100.7 billion US dollars by May 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio reflects these underlying balance sheet shifts. From December 2020 to September 2022, the ratio remained low and stable, ranging between 0.15 and 0.18. The ratio climbed during the period of increased borrowing and equity stagnation, reaching a peak of 0.33 between August and November 2023. From May 2025 onward, the ratio declined precipitously, ending at a historical low of 0.06 by May 2026, driven by the simultaneous reduction in total debt and the massive expansion of shareholders' equity.
The transition from a peak ratio of 0.33 to 0.06 indicates a strategic shift toward a highly conservative capital structure, substantially reducing the reliance on borrowed funds relative to equity financing.
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Debt to Capital
Micron Technology Inc., debt to capital calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current debt | 582) | 585) | 569) | 560) | 538) | 504) | 533) | 431) | 398) | 344) | 908) | 278) | 259) | 237) | 171) | 103) | 107) | 123) | 118) | 155) | 297) | 323) | 273) | |||||||
| Long-term debt | 5,140) | 9,557) | 11,187) | 14,017) | 15,003) | 13,851) | 13,252) | 12,966) | 12,860) | 13,378) | 12,597) | 13,052) | 12,986) | 12,037) | 10,094) | 6,803) | 6,856) | 6,953) | 6,904) | 6,621) | 6,418) | 6,298) | 6,356) | |||||||
| Total debt | 5,722) | 10,142) | 11,756) | 14,577) | 15,541) | 14,355) | 13,785) | 13,397) | 13,258) | 13,722) | 13,505) | 13,330) | 13,245) | 12,274) | 10,265) | 6,906) | 6,963) | 7,076) | 7,022) | 6,776) | 6,715) | 6,621) | 6,629) | |||||||
| Shareholders’ equity | 100,724) | 72,459) | 58,806) | 54,165) | 50,748) | 48,633) | 46,797) | 45,131) | 44,225) | 43,870) | 42,885) | 44,120) | 45,405) | 47,257) | 49,306) | 49,907) | 49,281) | 47,845) | 45,908) | 43,933) | 42,259) | 40,663) | 39,907) | |||||||
| Total capital | 106,446) | 82,601) | 70,562) | 68,742) | 66,289) | 62,988) | 60,582) | 58,528) | 57,483) | 57,592) | 56,390) | 57,450) | 58,650) | 59,531) | 59,571) | 56,813) | 56,244) | 54,921) | 52,930) | 50,709) | 48,974) | 47,284) | 46,536) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital1 | 0.05 | 0.12 | 0.17 | 0.21 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.23 | 0.23 | 0.21 | 0.17 | 0.12 | 0.12 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 0.20 | 0.20 | 0.20 | 0.20 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 | 0.15 | 0.30 | 0.30 | 0.30 | |||||||
| Applied Materials Inc. | — | 0.21 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | 0.23 | 0.24 | 0.25 | 0.27 | 0.29 | 0.30 | 0.31 | 0.31 | 0.32 | 0.31 | 0.31 | 0.31 | 0.31 | 0.32 | |||||||
| Broadcom Inc. | — | 0.43 | 0.45 | 0.44 | 0.47 | 0.49 | 0.49 | 0.50 | 0.52 | 0.51 | 0.52 | 0.62 | 0.64 | 0.64 | 0.63 | 0.64 | 0.65 | 0.65 | 0.63 | 0.61 | 0.62 | 0.63 | 0.64 | |||||||
| Intel Corp. | — | — | 0.29 | 0.29 | 0.30 | 0.34 | 0.33 | 0.34 | 0.34 | 0.32 | 0.33 | 0.32 | 0.32 | 0.33 | 0.34 | 0.29 | 0.28 | 0.26 | 0.27 | — | — | — | — | |||||||
| KLA Corp. | 0.50 | 0.52 | 0.54 | 0.56 | 0.59 | 0.62 | 0.65 | 0.66 | 0.68 | 0.66 | 0.66 | 0.67 | 0.69 | 0.70 | 0.75 | 0.83 | 0.48 | 0.46 | 0.47 | 0.50 | 0.52 | 0.54 | 0.55 | |||||||
| Lam Research Corp. | 0.26 | 0.31 | 0.31 | 0.31 | 0.32 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.38 | 0.38 | 0.37 | 0.38 | 0.40 | 0.44 | 0.45 | 0.44 | 0.46 | 0.45 | 0.52 | 0.51 | 0.52 | |||||||
| NVIDIA Corp. | 0.07 | 0.08 | 0.09 | 0.10 | 0.11 | 0.13 | 0.16 | 0.18 | 0.23 | 0.26 | 0.31 | 0.33 | 0.34 | 0.31 | 0.29 | 0.29 | 0.32 | 0.36 | 0.27 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 0.36 | 0.39 | 0.41 | 0.35 | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.43 | 0.45 | 0.47 | 0.46 | 0.49 | 0.54 | 0.58 | 0.61 | 0.66 | 0.68 | 0.68 | |||||||
| Texas Instruments Inc. | — | — | 0.46 | 0.46 | 0.46 | 0.46 | 0.44 | 0.45 | 0.45 | 0.45 | 0.46 | 0.40 | 0.40 | 0.41 | 0.40 | 0.37 | 0.35 | 0.34 | 0.36 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 5,722 ÷ 106,446 = 0.05
2 Click competitor name to see calculations.
The analysis of the solvency profile indicates a distinct three-phase evolution in the capital structure, characterized by initial stability, a period of increased leverage, and a subsequent aggressive deleveraging phase.
- Initial Stability and Low Leverage
- From December 2020 through September 2022, a period of high stability is observed. Total debt remained relatively flat, fluctuating between 6.6 billion and 7.1 billion US dollars, while the debt to capital ratio remained consistently low, ranging between 0.12 and 0.14. This indicates a conservative approach to financing during this interval.
- Leverage Expansion Phase
- A significant shift occurred starting in December 2022, marked by a sharp increase in total debt, which rose from 6.9 billion US dollars in September 2022 to 10.2 billion US dollars in December 2022. This upward trajectory continued through early 2024, with the debt to capital ratio peaking at 0.24 between November 2023 and February 2024. This period reflects a strategic increase in borrowed funds relative to the total capital base.
- Capital Base Acceleration and Deleveraging
- Starting in May 2025, a rapid transition toward a more equity-heavy capital structure is evident. While total capital grew aggressively—rising from 66.2 billion US dollars in February 2025 to 106.4 billion US dollars by May 2026—total debt underwent a substantial reduction. Total debt fell from a peak of 15.5 billion US dollars in May 2025 to 5.7 billion US dollars by May 2026.
- Final Solvency Position
- The combined effect of shrinking total debt and an expanding capital base resulted in a dramatic decline in the debt to capital ratio. The ratio decreased from 0.23 in February 2025 to a period low of 0.05 by May 2026, signifying a substantial improvement in long-term solvency and a significant reduction in financial risk.
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Debt to Capital (including Operating Lease Liability)
Micron Technology Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current debt | 582) | 585) | 569) | 560) | 538) | 504) | 533) | 431) | 398) | 344) | 908) | 278) | 259) | 237) | 171) | 103) | 107) | 123) | 118) | 155) | 297) | 323) | 273) | |||||||
| Long-term debt | 5,140) | 9,557) | 11,187) | 14,017) | 15,003) | 13,851) | 13,252) | 12,966) | 12,860) | 13,378) | 12,597) | 13,052) | 12,986) | 12,037) | 10,094) | 6,803) | 6,856) | 6,953) | 6,904) | 6,621) | 6,418) | 6,298) | 6,356) | |||||||
| Total debt | 5,722) | 10,142) | 11,756) | 14,577) | 15,541) | 14,355) | 13,785) | 13,397) | 13,258) | 13,722) | 13,505) | 13,330) | 13,245) | 12,274) | 10,265) | 6,906) | 6,963) | 7,076) | 7,022) | 6,776) | 6,715) | 6,621) | 6,629) | |||||||
| Noncurrent operating lease liabilities | 654) | 656) | 669) | 701) | 600) | 599) | 588) | 610) | 609) | 593) | 601) | 603) | 603) | 610) | 625) | 610) | 629) | 535) | 523) | 504) | 513) | 528) | 529) | |||||||
| Total debt (including operating lease liability) | 6,376) | 10,798) | 12,425) | 15,278) | 16,141) | 14,954) | 14,373) | 14,007) | 13,867) | 14,315) | 14,106) | 13,933) | 13,848) | 12,884) | 10,890) | 7,516) | 7,592) | 7,611) | 7,545) | 7,280) | 7,228) | 7,149) | 7,158) | |||||||
| Shareholders’ equity | 100,724) | 72,459) | 58,806) | 54,165) | 50,748) | 48,633) | 46,797) | 45,131) | 44,225) | 43,870) | 42,885) | 44,120) | 45,405) | 47,257) | 49,306) | 49,907) | 49,281) | 47,845) | 45,908) | 43,933) | 42,259) | 40,663) | 39,907) | |||||||
| Total capital (including operating lease liability) | 107,100) | 83,257) | 71,231) | 69,443) | 66,889) | 63,587) | 61,170) | 59,138) | 58,092) | 58,185) | 56,991) | 58,053) | 59,253) | 60,141) | 60,196) | 57,423) | 56,873) | 55,456) | 53,453) | 51,213) | 49,487) | 47,812) | 47,065) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.06 | 0.13 | 0.17 | 0.22 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.24 | 0.23 | 0.21 | 0.18 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.06 | 0.06 | 0.06 | 0.06 | 0.08 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | — | — | — | — | |||||||
| NVIDIA Corp. | 0.08 | 0.09 | 0.11 | 0.11 | 0.13 | 0.14 | 0.18 | 0.20 | 0.25 | 0.28 | 0.33 | 0.35 | 0.35 | 0.33 | 0.31 | 0.31 | 0.33 | 0.37 | 0.29 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 6,376 ÷ 107,100 = 0.06
2 Click competitor name to see calculations.
The solvency profile exhibited a multi-phase trajectory characterized by initial stability, a period of significant debt accumulation, and a final phase of aggressive deleveraging accompanied by substantial capital growth.
- Debt Accumulation and Ratio Expansion
- Between December 2020 and September 2022, the debt-to-capital ratio remained remarkably stable, fluctuating within a narrow range of 0.13 to 0.15. However, a sharp inflection point occurred in December 2022, where total debt rose from 7,516 million US$ to 10,890 million US$. This upward trend continued through November 2023, with the ratio peaking at 0.25. This period represents a significant increase in leverage, as total debt nearly doubled from its 2020 levels.
- Leverage Plateau
- From February 2024 through May 2025, the solvency metrics entered a period of relative consolidation. Total debt fluctuated between 13,867 million US$ and 16,141 million US$, while the debt-to-capital ratio remained consistently elevated between 0.22 and 0.24. This indicates a sustained period of higher leverage relative to the company's overall capital structure.
- Aggressive Deleveraging and Capital Growth
- A dramatic shift in the solvency position is observed starting in August 2025. Total debt declined precipitously from 15,278 million US$ in August 2025 to 6,376 million US$ by May 2026. Simultaneously, total capital experienced an accelerated expansion, rising from 69,443 million US$ to 107,100 million US$ over the same period. This combination of debt reduction and capital base expansion resulted in the debt-to-capital ratio falling to 0.06, the lowest level recorded across the entire analyzed timeframe.
The overall trend indicates a strategic shift from a moderately leveraged position to a period of increased borrowing, followed by a comprehensive restructuring that substantially strengthened the solvency position by reducing total debt while significantly increasing the total capital base.
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Debt to Assets
Micron Technology Inc., debt to assets calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current debt | 582) | 585) | 569) | 560) | 538) | 504) | 533) | 431) | 398) | 344) | 908) | 278) | 259) | 237) | 171) | 103) | 107) | 123) | 118) | 155) | 297) | 323) | 273) | |||||||
| Long-term debt | 5,140) | 9,557) | 11,187) | 14,017) | 15,003) | 13,851) | 13,252) | 12,966) | 12,860) | 13,378) | 12,597) | 13,052) | 12,986) | 12,037) | 10,094) | 6,803) | 6,856) | 6,953) | 6,904) | 6,621) | 6,418) | 6,298) | 6,356) | |||||||
| Total debt | 5,722) | 10,142) | 11,756) | 14,577) | 15,541) | 14,355) | 13,785) | 13,397) | 13,258) | 13,722) | 13,505) | 13,330) | 13,245) | 12,274) | 10,265) | 6,906) | 6,963) | 7,076) | 7,022) | 6,776) | 6,715) | 6,621) | 6,629) | |||||||
| Total assets | 134,112) | 101,509) | 85,971) | 82,798) | 78,397) | 73,053) | 71,461) | 69,416) | 66,255) | 65,718) | 63,776) | 64,254) | 65,680) | 66,520) | 67,874) | 66,283) | 65,296) | 63,696) | 61,246) | 58,849) | 55,943) | 54,135) | 53,691) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets1 | 0.04 | 0.10 | 0.14 | 0.18 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | 0.20 | 0.18 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.04 | 0.04 | 0.04 | 0.04 | 0.06 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 0.18 | 0.18 | 0.18 | 0.18 | 0.15 | 0.16 | 0.16 | 0.17 | 0.16 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 | 0.12 | 0.12 | 0.13 | 0.24 | 0.24 | 0.24 | |||||||
| Applied Materials Inc. | — | 0.16 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.18 | 0.19 | 0.17 | 0.18 | 0.18 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | |||||||
| Broadcom Inc. | — | 0.36 | 0.39 | 0.38 | 0.39 | 0.41 | 0.40 | 0.41 | 0.42 | 0.42 | 0.43 | 0.54 | 0.55 | 0.55 | 0.54 | 0.54 | 0.55 | 0.55 | 0.54 | 0.53 | 0.53 | 0.54 | 0.54 | |||||||
| Intel Corp. | — | — | 0.22 | 0.22 | 0.23 | 0.26 | 0.26 | 0.25 | 0.26 | 0.26 | 0.27 | 0.26 | 0.26 | 0.26 | 0.27 | 0.23 | 0.23 | 0.21 | 0.21 | — | — | — | — | |||||||
| KLA Corp. | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.39 | 0.42 | 0.43 | 0.44 | 0.41 | 0.42 | 0.42 | 0.43 | 0.45 | 0.48 | 0.53 | 0.31 | 0.29 | 0.31 | 0.34 | 0.35 | 0.35 | 0.37 | |||||||
| Lam Research Corp. | 0.18 | 0.21 | 0.20 | 0.21 | 0.22 | 0.25 | 0.26 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.26 | 0.26 | 0.27 | 0.29 | 0.30 | 0.30 | 0.32 | 0.31 | 0.38 | 0.38 | 0.39 | |||||||
| NVIDIA Corp. | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.10 | 0.13 | 0.15 | 0.18 | 0.20 | 0.25 | 0.27 | 0.27 | 0.25 | 0.24 | 0.25 | 0.27 | 0.31 | 0.23 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 0.27 | 0.28 | 0.30 | 0.27 | 0.26 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.30 | 0.32 | 0.33 | 0.34 | 0.32 | 0.33 | 0.35 | 0.37 | 0.38 | 0.41 | 0.42 | 0.42 | |||||||
| Texas Instruments Inc. | — | — | 0.41 | 0.41 | 0.40 | 0.40 | 0.38 | 0.38 | 0.39 | 0.40 | 0.41 | 0.35 | 0.35 | 0.36 | 0.35 | 0.32 | 0.30 | 0.29 | 0.31 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 5,722 ÷ 134,112 = 0.04
2 Click competitor name to see calculations.
The analysis of the solvency profile reveals three distinct phases: a period of stability, a phase of increased leverage, and a subsequent period of aggressive deleveraging coupled with significant asset expansion.
- Initial Stability Phase (December 2020 – September 2022)
- During this interval, total debt remained relatively flat, fluctuating within a narrow range between $6.6 billion and $7.1 billion. Concurrently, total assets grew steadily from $53.7 billion to $66.3 billion, resulting in a gradual compression of the debt-to-assets ratio from 0.12 to 0.10, indicating a stable and low-risk financial position.
- Leverage Increase Phase (December 2022 – February 2024)
- A significant shift occurred starting in December 2022, as total debt rose sharply from $6.9 billion to over $13.7 billion by November 2023. This increase in liabilities outpaced asset growth, causing the debt-to-assets ratio to climb from 0.10 to a peak of 0.21. This trend suggests a strategic increase in borrowing to fund operations or investments during this window.
- Deleveraging and Asset Growth Phase (May 2024 – May 2026)
- The final period is characterized by a dual trend of rapid asset accumulation and debt reduction. Total assets accelerated from $66.3 billion in May 2024 to $134.1 billion by May 2026. Simultaneously, total debt began a steep decline from a peak of $15.5 billion in May 2025 down to $5.7 billion by May 2026. This combined effect led to a precipitous drop in the debt-to-assets ratio, which fell from 0.20 to a record low of 0.04.
The overall trajectory indicates a transition toward an extremely conservative capital structure. The sharp decline in the ratio toward the end of the observed period demonstrates a substantial strengthening of the balance sheet and a significant reduction in financial leverage.
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Debt to Assets (including Operating Lease Liability)
Micron Technology Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current debt | 582) | 585) | 569) | 560) | 538) | 504) | 533) | 431) | 398) | 344) | 908) | 278) | 259) | 237) | 171) | 103) | 107) | 123) | 118) | 155) | 297) | 323) | 273) | |||||||
| Long-term debt | 5,140) | 9,557) | 11,187) | 14,017) | 15,003) | 13,851) | 13,252) | 12,966) | 12,860) | 13,378) | 12,597) | 13,052) | 12,986) | 12,037) | 10,094) | 6,803) | 6,856) | 6,953) | 6,904) | 6,621) | 6,418) | 6,298) | 6,356) | |||||||
| Total debt | 5,722) | 10,142) | 11,756) | 14,577) | 15,541) | 14,355) | 13,785) | 13,397) | 13,258) | 13,722) | 13,505) | 13,330) | 13,245) | 12,274) | 10,265) | 6,906) | 6,963) | 7,076) | 7,022) | 6,776) | 6,715) | 6,621) | 6,629) | |||||||
| Noncurrent operating lease liabilities | 654) | 656) | 669) | 701) | 600) | 599) | 588) | 610) | 609) | 593) | 601) | 603) | 603) | 610) | 625) | 610) | 629) | 535) | 523) | 504) | 513) | 528) | 529) | |||||||
| Total debt (including operating lease liability) | 6,376) | 10,798) | 12,425) | 15,278) | 16,141) | 14,954) | 14,373) | 14,007) | 13,867) | 14,315) | 14,106) | 13,933) | 13,848) | 12,884) | 10,890) | 7,516) | 7,592) | 7,611) | 7,545) | 7,280) | 7,228) | 7,149) | 7,158) | |||||||
| Total assets | 134,112) | 101,509) | 85,971) | 82,798) | 78,397) | 73,053) | 71,461) | 69,416) | 66,255) | 65,718) | 63,776) | 64,254) | 65,680) | 66,520) | 67,874) | 66,283) | 65,296) | 63,696) | 61,246) | 58,849) | 55,943) | 54,135) | 53,691) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.05 | 0.11 | 0.14 | 0.18 | 0.21 | 0.20 | 0.20 | 0.20 | 0.21 | 0.22 | 0.22 | 0.22 | 0.21 | 0.19 | 0.16 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 | 0.13 | 0.13 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 0.05 | 0.05 | 0.05 | 0.05 | 0.07 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | — | — | — | — | |||||||
| NVIDIA Corp. | 0.07 | 0.07 | 0.08 | 0.09 | 0.10 | 0.11 | 0.14 | 0.16 | 0.20 | 0.22 | 0.27 | 0.29 | 0.29 | 0.27 | 0.26 | 0.26 | 0.29 | 0.33 | 0.25 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 6,376 ÷ 134,112 = 0.05
2 Click competitor name to see calculations.
The solvency profile exhibits three distinct phases: a period of stability, a phase of significant debt accumulation, and a subsequent aggressive deleveraging process.
- Debt Accumulation and Leverage Expansion
- Between December 2020 and September 2022, total debt remained relatively flat, with the debt-to-assets ratio fluctuating minimally between 0.11 and 0.13. A sharp inflection point occurred in December 2022, when total debt rose to $10.89 billion. This upward trajectory continued through 2023 and 2024, peaking at $16.14 billion in May 2025. Consequently, the debt-to-assets ratio increased from 0.11 in September 2022 to a peak of 0.22 by August 2023, reflecting a heightened reliance on borrowed capital.
- Asset Growth Trends
- Total assets demonstrated consistent long-term growth, increasing from $53.69 billion in December 2020 to $134.11 billion by May 2026. While growth was steady throughout the majority of the period, a significant acceleration in asset expansion is observable starting in February 2026. This expansion provided a substantial cushion that mitigated the impact of total debt on the overall solvency ratio.
- Deleveraging and Solvency Improvement
- A significant shift in the financial position occurred after May 2025. Total debt decreased sharply from $16.14 billion to $6.38 billion by May 2026. This reduction in liabilities, paired with the simultaneous expansion of the asset base, resulted in a precipitous drop in the debt-to-assets ratio, falling from 0.21 in May 2025 to 0.05 by May 2026. This trend indicates a strategic transition toward a highly conservative capital structure and a significantly strengthened balance sheet.
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Financial Leverage
Micron Technology Inc., financial leverage calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Total assets | 134,112) | 101,509) | 85,971) | 82,798) | 78,397) | 73,053) | 71,461) | 69,416) | 66,255) | 65,718) | 63,776) | 64,254) | 65,680) | 66,520) | 67,874) | 66,283) | 65,296) | 63,696) | 61,246) | 58,849) | 55,943) | 54,135) | 53,691) | |||||||
| Shareholders’ equity | 100,724) | 72,459) | 58,806) | 54,165) | 50,748) | 48,633) | 46,797) | 45,131) | 44,225) | 43,870) | 42,885) | 44,120) | 45,405) | 47,257) | 49,306) | 49,907) | 49,281) | 47,845) | 45,908) | 43,933) | 42,259) | 40,663) | 39,907) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Financial leverage1 | 1.33 | 1.40 | 1.46 | 1.53 | 1.54 | 1.50 | 1.53 | 1.54 | 1.50 | 1.50 | 1.49 | 1.46 | 1.45 | 1.41 | 1.38 | 1.33 | 1.32 | 1.33 | 1.33 | 1.34 | 1.32 | 1.33 | 1.35 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 1.24 | 1.22 | 1.26 | 1.25 | 1.24 | 1.20 | 1.22 | 1.20 | 1.21 | 1.21 | 1.23 | 1.23 | 1.24 | 1.23 | 1.24 | 1.22 | 1.21 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 1.42 | 1.42 | 1.42 | 1.41 | 1.35 | 1.37 | 1.37 | 1.38 | 1.39 | 1.36 | 1.37 | 1.37 | 1.38 | 1.38 | 1.38 | 1.37 | 1.37 | 1.37 | 1.38 | 1.76 | 1.77 | 1.77 | |||||||
| Applied Materials Inc. | — | 1.68 | 1.73 | 1.78 | 1.75 | 1.77 | 1.79 | 1.81 | 1.79 | 1.76 | 1.81 | 1.88 | 2.01 | 2.06 | 2.08 | 2.19 | 2.17 | 2.20 | 2.14 | 2.11 | 2.03 | 2.01 | 2.03 | |||||||
| Broadcom Inc. | — | 2.04 | 2.13 | 2.10 | 2.26 | 2.37 | 2.37 | 2.45 | 2.56 | 2.50 | 2.53 | 3.04 | 3.24 | 3.26 | 3.13 | 3.23 | 3.42 | 3.42 | 3.19 | 3.03 | 3.12 | 3.15 | 3.21 | |||||||
| Intel Corp. | — | — | 1.84 | 1.85 | 1.92 | 1.97 | 1.93 | 1.98 | 1.94 | 1.79 | 1.82 | 1.81 | 1.85 | 1.84 | 1.89 | 1.80 | 1.75 | 1.68 | 1.71 | — | — | — | — | |||||||
| KLA Corp. | 2.89 | 3.06 | 3.27 | 3.42 | 3.79 | 4.19 | 4.41 | 4.58 | 4.83 | 4.69 | 4.73 | 4.82 | 5.10 | 5.27 | 6.24 | 8.99 | 2.95 | 2.89 | 2.89 | 3.04 | 3.19 | 3.34 | 3.39 | |||||||
| Lam Research Corp. | 1.96 | 2.11 | 2.15 | 2.16 | 2.10 | 2.25 | 2.31 | 2.20 | 2.28 | 2.28 | 2.30 | 2.29 | 2.29 | 2.31 | 2.53 | 2.74 | 2.75 | 2.58 | 2.67 | 2.64 | 2.85 | 2.79 | 2.78 | |||||||
| NVIDIA Corp. | 1.36 | 1.41 | 1.49 | 1.41 | 1.46 | 1.47 | 1.57 | 1.53 | 1.63 | 1.80 | 1.81 | 1.86 | 1.90 | 1.82 | 1.72 | 1.66 | 1.71 | 1.83 | 1.64 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 2.09 | 2.30 | 2.36 | 2.02 | 2.00 | 2.07 | 2.10 | 2.14 | 2.17 | 2.26 | 2.37 | 2.37 | 2.46 | 2.66 | 2.72 | 2.93 | 3.32 | 3.78 | 4.14 | 4.74 | 5.01 | 5.08 | |||||||
| Texas Instruments Inc. | — | — | 2.05 | 2.13 | 2.11 | 2.13 | 2.06 | 2.10 | 2.05 | 2.04 | 2.05 | 1.91 | 1.90 | 1.94 | 1.92 | 1.87 | 1.80 | 1.75 | 1.80 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 134,112 ÷ 100,724 = 1.33
2 Click competitor name to see calculations.
The financial leverage of the organization has transitioned through three distinct phases: a period of stability, a phase of increasing leverage, and a subsequent deleveraging process accompanying massive asset expansion.
- Asset and Equity Growth Dynamics
- Total assets grew steadily from US$ 53,691 million in December 2020 to US$ 67,874 million by December 2022. A period of contraction followed, with assets reaching a low of US$ 63,776 million in November 2023, before entering a phase of rapid acceleration that culminated in US$ 134,112 million by May 2026. Shareholders' equity mirrored this volatility, peaking at US$ 49,907 million in September 2022, declining to US$ 42,885 million by November 2023, and eventually surging to US$ 100,724 million by May 2026.
- Financial Leverage Analysis
- The financial leverage ratio remained highly stable between 1.32 and 1.35 from December 2020 through September 2022, indicating a consistent capital structure. Starting in December 2022, the ratio trended upward, peaking at 1.54 in both March 2022 and May 2025. This increase reflects a period where the growth of liabilities outpaced the growth of equity, or where equity experienced a relative decline, thereby increasing the organization's reliance on external financing.
- Deleveraging and Capital Structure Normalization
- A significant reversal in the leverage trend is observed beginning in May 2025. The ratio declined from 1.53 to 1.33 by May 2026. This deleveraging was driven by the aggressive growth in shareholders' equity, which expanded more rapidly than total assets in the final quarters. Consequently, the financial leverage ratio has returned to the conservative baseline established at the beginning of the analyzed period, despite the substantial increase in the overall scale of the balance sheet.
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Interest Coverage
Micron Technology Inc., interest coverage calculation (quarterly data)
| May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to Micron | 28,243) | 13,785) | 5,240) | 3,201) | 1,885) | 1,583) | 1,870) | 887) | 332) | 793) | (1,234) | (1,430) | (1,896) | (2,312) | (195) | 1,492) | 2,626) | 2,263) | 2,306) | 2,720) | 1,735) | 603) | 803) | |||||||
| Add: Net income attributable to noncontrolling interest | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Add: Income tax expense | 4,978) | 2,371) | 829) | 429) | 235) | 177) | 283) | 623) | 377) | (622) | 73) | (24) | 139) | 54) | 8) | 56) | 358) | 255) | 219) | 230) | 65) | 48) | 51) | |||||||
| Add: Interest expense | —) | 32) | 74) | 124) | 123) | 112) | 118) | 136) | 150) | 144) | 132) | 129) | 119) | 89) | 51) | 45) | 44) | 55) | 45) | 47) | 46) | 42) | 48) | |||||||
| Earnings before interest and tax (EBIT) | 33,221) | 16,188) | 6,143) | 3,754) | 2,243) | 1,872) | 2,271) | 1,646) | 859) | 315) | (1,029) | (1,325) | (1,638) | (2,169) | (136) | 1,593) | 3,028) | 2,573) | 2,570) | 2,997) | 1,846) | 693) | 902) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Interest coverage1 | 257.85 | 80.25 | 32.36 | 21.26 | 16.43 | 12.88 | 9.29 | 3.19 | -2.13 | -7.02 | -13.14 | -13.58 | -7.73 | 10.11 | 36.19 | 51.66 | 58.47 | 51.74 | 45.03 | 35.18 | 24.82 | 19.35 | 17.83 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 34.41 | 32.80 | 27.25 | 25.11 | 32.99 | 22.98 | 15.91 | 10.78 | 7.65 | 5.79 | 1.05 | -2.15 | 2.73 | 14.61 | 33.91 | 69.08 | 104.42 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 12.48 | 10.80 | 9.54 | 8.50 | 7.29 | 6.31 | 6.52 | 6.89 | 8.74 | 11.83 | 14.63 | 17.96 | 19.23 | 19.42 | 16.46 | 10.14 | 9.06 | 7.26 | 8.19 | 11.64 | 10.46 | 9.14 | |||||||
| Applied Materials Inc. | — | 38.76 | 35.60 | 35.46 | 34.71 | 32.79 | 32.62 | 34.00 | 36.27 | 36.06 | 34.86 | 33.42 | 32.62 | 33.39 | 34.20 | 34.33 | 34.58 | 34.95 | 33.14 | 29.69 | 26.24 | 21.94 | 19.19 | |||||||
| Broadcom Inc. | — | 10.69 | 9.11 | 8.08 | 6.83 | 5.73 | 4.61 | 3.51 | 3.94 | 4.91 | 6.88 | 10.31 | 10.09 | 9.94 | 8.83 | 8.16 | 7.22 | 6.28 | 5.69 | 4.59 | 4.06 | 3.40 | 2.82 | |||||||
| KLA Corp. | 19.94 | 19.31 | 17.75 | 16.37 | 14.66 | 12.56 | 11.71 | 11.25 | 11.00 | 11.51 | 13.03 | 13.76 | 15.81 | 18.22 | 20.31 | 22.76 | 21.81 | 20.60 | 17.91 | 16.00 | 14.05 | 10.71 | 9.97 | |||||||
| NVIDIA Corp. | 471.72 | 408.49 | 361.39 | 341.19 | 293.83 | 244.51 | 192.72 | 132.59 | 82.40 | 43.66 | 18.63 | 16.96 | 23.23 | 31.40 | 39.65 | 43.12 | 38.65 | 34.29 | 26.81 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 18.26 | 19.77 | 20.07 | 19.26 | 18.26 | 17.14 | 15.83 | 14.25 | 13.43 | 12.44 | 11.72 | 15.28 | 22.27 | 26.92 | 31.61 | 31.54 | 24.20 | 21.71 | 19.38 | 18.60 | 16.10 | 13.40 | |||||||
| Texas Instruments Inc. | — | — | 12.06 | 11.52 | 11.71 | 11.86 | 11.45 | 11.73 | 12.85 | 14.57 | 17.87 | 22.01 | 26.51 | 33.49 | 42.10 | 47.88 | 51.88 | 52.00 | 51.03 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-05-28), 10-Q (reporting date: 2026-02-26), 10-Q (reporting date: 2025-11-27), 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (33,221 + 16,188 + 6,143 + 3,754)
÷ (0 + 32 + 74 + 124)
= 257.85
2 Click competitor name to see calculations.
The interest coverage analysis reveals a highly volatile financial cycle characterized by an initial period of strong solvency, a subsequent phase of severe operational distress, and a final period of exponential financial recovery.
- Expansion and Peak Solvency (December 2020 – June 2022)
- During this period, the interest coverage ratio exhibited a consistent upward trajectory, rising from 17.83 to a peak of 58.47. This growth was driven by a significant increase in Earnings before interest and tax (EBIT), which climbed from 902 million USD to 3,028 million USD. Interest expenses remained relatively stable, fluctuating within a narrow range between 42 million USD and 55 million USD, thereby enhancing the entity's ability to service its debt.
- Operational Contraction and Negative Coverage (September 2022 – February 2024)
- A sharp decline in solvency is observed beginning in September 2022. EBIT plummeted, entering negative territory in December 2022 (-136 million USD) and reaching a trough of -2,169 million USD in March 2023. Concurrently, interest expenses increased, peaking at 150 million USD in February 2024. This convergence of falling earnings and rising costs resulted in negative interest coverage ratios from June 2023 through February 2024, signaling a period where operating profits were insufficient to meet interest obligations.
- Rapid Recovery and Exponential Growth (May 2024 – May 2026)
- A recovery phase commenced in May 2024, with the interest coverage ratio returning to positive territory at 3.19. From this point, an exponential increase is observed, culminating in a ratio of 257.85 by May 2026. This dramatic improvement is attributed to a massive surge in EBIT, which reached 33,221 million USD by the end of the period. The solvency position was further strengthened by a marked reduction in interest expenses, which fell from 144 million USD in November 2023 to 32 million USD by February 2026.
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