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: 2026-02-26), 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 solvency position of the company exhibits a generally increasing risk profile over the analyzed period, particularly from late 2022 through early 2024, followed by a period of improvement. Initially, leverage ratios were relatively stable, but a noticeable upward trend emerges in several key metrics, indicating a growing reliance on debt financing. More recently, these ratios have begun to decline, suggesting a strengthening financial foundation.
- Debt to Equity
- The debt to equity ratio remained relatively consistent at approximately 0.16 to 0.17 from December 2020 through September 2021. A clear upward trend began in December 2021, rising to a peak of 0.31 in November 2023. Subsequently, the ratio has decreased, reaching 0.14 by February 2026, indicating a reduction in the proportion of debt relative to equity.
- Debt to Equity (Including Operating Lease Liability)
- This ratio mirrors the trend of the standard debt to equity ratio, remaining stable in the initial period and then increasing from December 2021 to November 2023, peaking at 0.33. A similar decline is observed thereafter, with the ratio falling to 0.15 by February 2026. The inclusion of operating lease liabilities consistently results in a slightly higher ratio compared to the standard debt to equity calculation.
- Debt to Capital
- The debt to capital ratio demonstrates a similar pattern to the other debt ratios. It remained stable around 0.14 from December 2020 to September 2021, then increased to 0.24 by November 2023 before decreasing to 0.12 by February 2026. This indicates a changing capital structure with a greater proportion of debt.
- Debt to Capital (Including Operating Lease Liability)
- The trend observed in the debt to capital ratio, including operating lease liability, is consistent with the other debt ratios. An increase from 0.15 in December 2020 to 0.25 in November 2023 is followed by a decrease to 0.13 in February 2026. The inclusion of operating lease liabilities results in a slightly higher ratio.
- Debt to Assets
- The debt to assets ratio shows a gradual increase from 0.12 in December 2020 to 0.22 in March 2023, then declines to 0.10 by February 2026. This suggests a growing proportion of assets financed by debt, followed by a reduction in debt financing.
- Debt to Assets (Including Operating Lease Liability)
- This ratio follows a similar trajectory to the standard debt to assets ratio, increasing from 0.13 to 0.22 and then decreasing to 0.11. The inclusion of operating lease liabilities consistently results in a higher ratio.
- Financial Leverage
- Financial leverage, as measured by this ratio, generally increased from 1.35 in December 2020 to 1.54 in August 2024, before decreasing to 1.40 by February 2026. This indicates a growing use of debt to amplify returns, followed by a reduction in leverage.
- Interest Coverage
- The interest coverage ratio demonstrates a significant decline over the period. Initially strong at 17.83 in December 2020, it peaked at 80.25 in February 2026. However, it decreased substantially, reaching negative values in June and August 2023, and remained negative through February 2024. The ratio then recovers significantly, indicating an improved ability to cover interest expenses with earnings. The negative values suggest periods where earnings were insufficient to cover interest obligations.
In summary, the company experienced a period of increasing leverage from late 2021 through early 2024, as evidenced by rising debt ratios. However, more recent data indicates a positive trend, with debt ratios declining and interest coverage improving, suggesting a strengthening solvency position.
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Debt Ratios
Coverage Ratios
Debt to Equity
Micron Technology Inc., debt to equity calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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 | 0.14 | 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 | 0.07 | 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 | 0.25 | 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. | — | 0.30 | 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. | — | 0.83 | 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. | — | — | 0.41 | 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. | 1.08 | 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. | 0.44 | 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. | 0.08 | 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. | — | 0.64 | 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. | — | — | 0.86 | 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: 2026-02-26), 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 Q2 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 10,142 ÷ 72,459 = 0.14
2 Click competitor name to see calculations.
The debt to equity ratio for the analyzed period demonstrates a generally increasing trend, punctuated by periods of relative stability. Initially, the ratio remained relatively consistent, fluctuating between 0.15 and 0.17 from December 2020 through September 2021. A noticeable upward trajectory began in December 2021, accelerating through the subsequent quarters.
- Initial Stability (Dec 2020 – Sep 2021)
- During this period, the debt to equity ratio exhibited minimal variation, suggesting a balanced approach to financing with a consistent reliance on debt relative to equity. The ratio remained below 0.17, indicating a conservative capital structure.
- Increasing Leverage (Dec 2021 – May 2025)
- From December 2021, the ratio began a sustained increase, rising from 0.15 to 0.31 by May 2025. This indicates a growing reliance on debt financing compared to equity. The most significant increases occurred between December 2022 and November 2024. This period suggests a strategic decision to utilize debt, potentially for investments or acquisitions, or possibly due to a decrease in equity.
- Recent Decline (Aug 2025 – May 2025)
- Following the peak in May 2025, the debt to equity ratio experienced a decline, falling to 0.27 in August 2025 and further decreasing to 0.14 by February 2026. This suggests a reduction in debt levels, an increase in equity, or a combination of both. The decrease is substantial, potentially indicating debt repayment or successful equity fundraising.
Overall, the observed pattern suggests a shift in the company’s capital structure over the analyzed timeframe. While initially maintaining a conservative debt to equity ratio, the company progressively increased its leverage before subsequently reducing it in the most recent periods. The fluctuations warrant further investigation into the underlying financial activities driving these changes.
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Debt to Equity (including Operating Lease Liability)
Micron Technology Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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) | 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 | 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 | 0.15 | 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 | 0.07 | 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. | 0.10 | 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: 2026-02-26), 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 Q2 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 10,798 ÷ 72,459 = 0.15
2 Click competitor name to see calculations.
The debt to equity ratio, including operating lease liability, for the analyzed period demonstrates a generally increasing trend, punctuated by periods of relative stability. Initially, the ratio remained consistent around 0.18 from December 2020 through March 2021. A slight decrease was then observed, falling to 0.15 by September 2022, before experiencing a notable increase.
- Overall Trend
- From September 2022 through May 2025, the debt to equity ratio exhibited a consistent upward trajectory, rising from 0.15 to a peak of 0.32. This indicates a growing reliance on debt financing relative to equity. Subsequently, the ratio began to decline, reaching 0.28 by August 2025 and continuing to decrease to 0.15 by February 2026.
- Significant Increases
- The most substantial increases in the ratio occurred between December 2022 and March 2023 (from 0.22 to 0.27), and again between March 2023 and May 2025 (from 0.27 to 0.32). These periods suggest significant increases in debt, potentially through borrowing or the adoption of new lease obligations, without a corresponding increase in shareholders’ equity.
- Recent Developments
- The latter portion of the analyzed period, from May 2025 to February 2026, shows a marked decrease in the debt to equity ratio. This suggests a reduction in debt levels, an increase in shareholders’ equity, or a combination of both. The decline from 0.32 to 0.15 represents a substantial improvement in the company’s solvency position during this timeframe.
Throughout the period, shareholders’ equity generally increased, although the rate of increase varied. The most significant growth in equity occurred between November 2024 and February 2026. However, the growth in debt, particularly between December 2022 and May 2025, outpaced the growth in equity, driving the observed increase in the debt to equity ratio. The recent reduction in the ratio indicates a rebalancing of the capital structure.
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Debt to Capital
Micron Technology Inc., debt to capital calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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 | 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 | 0.12 | 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 | 0.07 | 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 | 0.17 | 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. | — | 0.23 | 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. | — | 0.45 | 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 | 0.30 | 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. | 0.52 | 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. | 0.31 | 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. | 0.08 | 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. | — | 0.39 | 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 | 0.44 | 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: 2026-02-26), 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 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 10,142 ÷ 82,601 = 0.12
2 Click competitor name to see calculations.
The debt to capital ratio for the analyzed period demonstrates a generally stable profile with a notable increase in later quarters. Initially, the ratio remained consistent around 0.14 from December 2020 through June 2021. A gradual decline to 0.12 was then observed between June 2022 and June 2023, before a significant upward trend began.
- Initial Stability (Dec 2020 – Jun 2021)
- The debt to capital ratio held steady at approximately 0.14 during this period, indicating a consistent relationship between the company’s debt financing and its overall capital structure. This suggests a relatively stable financial leverage position.
- Gradual Decline (Jun 2021 – Jun 2023)
- A slow, incremental decrease in the ratio occurred over this timeframe, falling from 0.13 to 0.12. This suggests a slight strengthening of the capital structure relative to debt, potentially through retained earnings or equity issuance.
- Significant Increase (Dec 2022 – May 2025)
- Beginning in December 2022, the debt to capital ratio experienced a marked increase, rising from 0.17 to a peak of 0.23 in May 2025. This indicates a substantial increase in debt relative to capital, potentially due to increased borrowing to fund operations or investments. The ratio remained at 0.23 for three consecutive quarters.
- Recent Moderation (Aug 2025 – May 2026)
- Following the peak, the ratio began to moderate, decreasing to 0.21 in August 2025, 0.17 in November 2025, and further to 0.12 in May 2026. This suggests a potential effort to reduce debt or increase capital, reversing the earlier trend. The most recent value, 0.12, represents a return to levels observed in mid-2022.
Overall, the trend indicates a period of stable leverage followed by a significant increase in debt financing, and a subsequent, more recent effort to moderate that increase. The fluctuations suggest dynamic changes in the company’s financing strategy and capital structure over the analyzed period.
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Debt to Capital (including Operating Lease Liability)
Micron Technology Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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) | 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 | 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) | 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 | 0.13 | 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 | 0.08 | 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. | 0.09 | 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: 2026-02-26), 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 Q2 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 10,798 ÷ 83,257 = 0.13
2 Click competitor name to see calculations.
The debt to capital ratio, including operating lease liabilities, exhibits a generally increasing trend over the observed period, though with fluctuations. Initially, the ratio remained relatively stable, followed by a more pronounced increase in later quarters. This analysis details the observed patterns and potential implications.
- Initial Stability (Dec 3, 2020 – Sep 1, 2022)
- From December 2020 through September 2022, the debt to capital ratio remained consistently between 0.13 and 0.15. This indicates a stable capital structure with a relatively constant proportion of debt financing. Minor fluctuations within this range suggest normal business operations and financing adjustments.
- Increasing Leverage (Dec 1, 2022 – May 29, 2025)
- Beginning in December 2022, the ratio began a noticeable upward trend. It increased from 0.18 to reach a peak of 0.24 in November 2024 and remained at 0.24 in May 2025. This suggests an increasing reliance on debt financing relative to equity and other capital sources. The ratio reached 0.21 in March 2023, 0.23 in June 2023, and 0.25 in both December 2023 and February 2024 before stabilizing at 0.24 for two consecutive quarters.
- Recent Decline (Aug 28, 2025 – Feb 26, 2026)
- Following the peak, the debt to capital ratio demonstrates a declining trend. It decreased to 0.22 in August 2025, then further to 0.17 in November 2025, and continued to fall to 0.13 in February 2026. This indicates a reduction in debt relative to capital, potentially through debt repayment, equity issuance, or increased retained earnings. The most significant decrease occurred between November 2025 and February 2026.
- Magnitude of Change
- The overall change in the ratio from December 2020 (0.15) to February 2026 (0.13) is relatively small in absolute terms. However, the interim increase to 0.25 represents a substantial 67% increase from the initial value, followed by a significant reduction. This volatility suggests dynamic financing strategies or responses to changing market conditions.
In summary, the company experienced a period of stable leverage, followed by increased debt financing, and then a recent reduction in its debt to capital ratio. The fluctuations warrant further investigation to understand the underlying drivers and their impact on the company’s financial health.
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Debt to Assets
Micron Technology Inc., debt to assets calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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 | 0.10 | 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 | 0.06 | 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 | 0.15 | 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. | — | 0.17 | 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. | — | 0.39 | 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 | 0.23 | 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 | 0.36 | 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. | 0.21 | 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. | 0.06 | 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. | — | 0.28 | 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 | 0.40 | 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: 2026-02-26), 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 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 10,142 ÷ 101,509 = 0.10
2 Click competitor name to see calculations.
The debt to assets ratio for the analyzed period demonstrates a generally stable profile initially, followed by a noticeable increase and subsequent decline. From December 2020 through September 2022, the ratio remained relatively consistent, fluctuating between 10% and 12%. A significant upward trend begins in December 2022, continuing through May 2025, before reversing course. The most recent periods show a decreasing trend in the ratio.
- Initial Stability (Dec 2020 – Sep 2022)
- For the first two years of the observed period, the debt to assets ratio exhibited minimal variation, consistently around 0.11 to 0.12. This suggests a stable capital structure and a consistent reliance on debt financing relative to the company’s asset base during this time. The slight decrease from 0.12 to 0.10 between June 2022 and September 2022 may indicate asset growth outpacing debt accumulation.
- Increasing Leverage (Dec 2022 – May 2025)
- Starting in December 2022, the ratio began a sustained increase, reaching a peak of 0.20 in May 2025. This indicates a growing reliance on debt to finance assets. The increase from 0.15 in December 2022 to 0.20 in May 2025 suggests a deliberate strategy to increase leverage, potentially to fund expansion or acquisitions, or possibly due to a decline in asset value. The largest single increase occurred between December 2022 and March 2023, rising from 0.15 to 0.18.
- Decreasing Leverage (Aug 2025 – Feb 2026)
- From August 2025 onwards, the debt to assets ratio demonstrates a clear downward trend, decreasing from 0.18 to 0.10 by February 2026. This suggests a reduction in debt levels, an increase in asset values, or a combination of both. The most substantial decrease occurred between November 2025 and February 2026, falling from 0.20 to 0.10. This could be attributed to debt repayment, asset sales, or improved profitability leading to increased equity.
- Magnitude of Change
- The overall change in the ratio from December 2020 (0.12) to February 2026 (0.10) indicates a return to levels similar to the beginning of the analyzed period, despite a significant period of increased leverage. The peak ratio of 0.20 represents a substantial increase compared to the initial values, highlighting a period of heightened financial risk. The subsequent decline suggests a successful deleveraging strategy or favorable asset performance.
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Debt to Assets (including Operating Lease Liability)
Micron Technology Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | 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 | 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 | 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 | 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) | 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 | 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 | 0.11 | 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 | 0.07 | 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 | 0.08 | 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: 2026-02-26), 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 Q2 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 10,798 ÷ 101,509 = 0.11
2 Click competitor name to see calculations.
The debt to assets ratio, including operating lease liabilities, exhibited a generally stable pattern for the initial period analyzed, followed by a notable increase and subsequent decline. Throughout much of 2021 and the first half of 2022, the ratio remained consistently around 0.12 to 0.13. A significant upward trend began in the latter half of 2022, continuing into the first half of 2023, peaking at 0.22 in June 2023. Following this peak, the ratio demonstrated a clear downward trajectory, decreasing to 0.11 by February 2026.
- Initial Stability (Dec 2020 – Jun 2022)
- From December 2020 through June 2022, the debt to assets ratio remained relatively flat, fluctuating between 0.11 and 0.13. This suggests a consistent financial leverage position during this period, with debt levels growing in proportion to asset growth.
- Increase in Leverage (Sep 2022 – Jun 2023)
- Starting in September 2022, the ratio began to increase, accelerating through March 2023 and reaching a high of 0.22 in June 2023. This indicates a period of increased reliance on debt financing relative to asset growth. The increase from 0.16 in December 2022 to 0.22 in June 2023 represents a substantial shift in the company’s capital structure.
- Deleveraging Trend (Jun 2023 – Feb 2026)
- After peaking in June 2023, the debt to assets ratio exhibited a consistent decline, falling to 0.11 by February 2026. This suggests a deliberate effort to reduce debt levels, potentially through debt repayment or asset growth outpacing debt accumulation. The decline indicates improving solvency and reduced financial risk.
- Magnitude of Change
- The largest single-period increase occurred between December 2022 and March 2023, with the ratio increasing from 0.16 to 0.19. The most significant decrease occurred between November 2025 and February 2026, decreasing from 0.26 to 0.11. These periods represent the most substantial shifts in the company’s financial leverage.
The observed trends suggest a dynamic financial strategy, with periods of stable leverage followed by a deliberate increase and subsequent reduction in debt relative to assets. The recent decline in the ratio is a positive indicator of improving financial health.
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Financial Leverage
Micron Technology Inc., financial leverage calculation (quarterly data)
| 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 | 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 | 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 | 1.40 | 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. | — | — | 1.22 | 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 | 1.41 | 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. | — | 1.73 | 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. | — | 2.13 | 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. | — | — | 1.85 | 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. | 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. | 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. | 1.41 | 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. | — | 2.30 | 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. | — | — | 2.13 | 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: 2026-02-26), 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 Q2 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 101,509 ÷ 72,459 = 1.40
2 Click competitor name to see calculations.
The financial leverage ratio for the observed period demonstrates a generally increasing trend, indicating a growing reliance on debt financing relative to equity. While fluctuations exist, the overall pattern suggests a shift in the company’s capital structure.
- Overall Trend
- From December 2020 through February 2026, the financial leverage ratio generally increased. Starting at 1.35, it experienced minor variations before steadily climbing to 1.40 in December 2022. The ratio continued to rise, peaking at 1.54 in May 2025, before decreasing slightly to 1.40 in February 2026.
- Short-Term Fluctuations
- Within the overall upward trend, several short-term fluctuations are apparent. For example, a slight decrease was observed from December 2020 to March 2021, followed by a period of relative stability. A more pronounced increase occurred between November 2023 and February 2024, from 1.49 to 1.50. The period between August 2024 and February 2026 shows some volatility, with the ratio initially decreasing from 1.53 to 1.46 and then increasing again to 1.40.
- Peak and Recent Values
- The highest recorded financial leverage ratio was 1.54, occurring in May 2025. The most recent value, as of February 2026, is 1.40, representing a slight decrease from the peak. This suggests a potential recent effort to moderate the level of financial leverage, although it remains elevated compared to earlier periods.
- Relationship to Total Assets and Equity
- Total assets consistently increased throughout the period, rising from US$53,691 million to US$101,509 million. Shareholders’ equity also increased, but at a slower pace, growing from US$39,907 million to US$72,459 million. The disparity in growth rates between assets and equity contributes to the observed increase in financial leverage.
The observed trend in financial leverage warrants continued monitoring. While increased leverage can amplify returns, it also elevates financial risk. The company’s ability to service its debt obligations and manage its capital structure effectively will be crucial as leverage continues to be a prominent feature of its financial profile.
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Interest Coverage
Micron Technology Inc., interest coverage calculation (quarterly data)
| Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to Micron | 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 | 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) | 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 | 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. | — | — | 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. | — | 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. | — | 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. | — | 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. | 19.31 | 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. | 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. | — | 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. | — | — | 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: 2026-02-26), 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 Q2 2026 Calculation
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= (16,188 + 6,143 + 3,754 + 2,243)
÷ (32 + 74 + 124 + 123)
= 80.25
2 Click competitor name to see calculations.
The interest coverage ratio exhibits significant fluctuations over the observed period. Initially, the ratio demonstrates a strong and consistent upward trend, followed by a dramatic decline and subsequent recovery. A detailed examination reveals distinct phases in the company’s ability to meet its interest obligations.
- Initial Growth Phase (Dec 3, 2020 – Jun 2, 2022)
- From December 2020 through June 2022, the interest coverage ratio increased steadily, moving from 17.83 to a peak of 58.47. This indicates a substantial improvement in the company’s capacity to cover its interest expense with earnings before interest and tax. The growth is attributable to increasing EBIT while interest expense remained relatively stable.
- Decline and Negative Coverage (Sep 1, 2022 – Feb 29, 2024)
- Beginning in September 2022, the ratio experienced a sharp decline. This trend culminated in negative interest coverage in both March 2023 (-7.73) and February 2024 (-7.02). This period is characterized by a significant decrease in EBIT, coupled with a rise in interest expense, resulting in insufficient earnings to cover interest obligations. The ratio bottomed out at -13.58 in March 2023.
- Recovery and Continued Improvement (Mar 2, 2024 – Nov 27, 2025)
- Starting in March 2024, the interest coverage ratio began a recovery trajectory. The ratio turned positive in May 2024 and continued to improve, reaching 16.43 by May 2025. This recovery is driven by a substantial increase in EBIT, while interest expense remained relatively consistent. The improvement suggests a strengthening ability to service debt.
- Peak and Stabilization (Aug 28, 2025 – Feb 26, 2026)
- The ratio peaked at 80.25 in February 2026, representing the highest level observed throughout the period. This indicates a very strong capacity to meet interest obligations. The ratio demonstrates a significant increase in EBIT, while interest expense decreased slightly. The ratio remains high, suggesting a robust financial position regarding debt servicing.
Overall, the interest coverage ratio demonstrates a cyclical pattern, with periods of strong coverage followed by periods of decline and recovery. The recent trend indicates a substantial improvement in the company’s ability to meet its interest obligations, reaching a very favorable position by the end of the observed period.
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