Micron Technology Inc. (NASDAQ:MU)

The financial ratios indicate fluctuations and overall trends in the utilization of assets and equity across the reported periods. A detailed analysis follows for each ratio:

Net Fixed Asset Turnover

This ratio demonstrates an initial upward trend from 0.68 to 0.88 between December 2020 and June 2022, implying improved efficiency in generating sales from net fixed assets. However, it subsequently declines to 0.41 by August 2023, indicating a period of decreased asset utilization efficiency. Following this low point, a consistent recovery is observed, reaching 0.87 by November 2025, suggesting a restoration of asset productivity over time.

Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)

The pattern closely mirrors the net fixed asset turnover ratio without leases, starting at 0.67 and peaking at 0.87 in June 2022. It then shows a downturn to 0.40 by August 2023. After this dip, the ratio increases steadily, ending at 0.86 in November 2025. The similarity in trends between the two variants highlights consistent operational factors influencing asset turnover with or without consideration of lease assets.

Total Asset Turnover

This ratio begins at 0.41 in December 2020 and rises moderately to 0.50 by June 2022, representing a gradual improvement in generating revenue from total assets. A subsequent decline follows through August 2023, bottoming at 0.24. From this point onward, there is a recovery trend, with the ratio increasing to 0.49 by November 2025. The decline and recovery pattern suggests cyclical variations likely associated with changes in asset base or sales volume.

Equity Turnover

Equity turnover shows a relatively strong upward progression from 0.55 in December 2020 to 0.66 by June 2022, signifying enhanced efficiency in using shareholders' equity to generate sales. This is followed by a decline to 0.35 during August 2023, indicating a reduction in equity turnover efficiency. Subsequently, a steady rise is observed, peaking at 0.72 in November 2025, reflecting improved equity utilization in later periods.

In summary, all ratios exhibit a consistent pattern characterized by an initial growth phase until mid-2022, followed by a contraction reaching the lowest points around mid-2023. Thereafter, there is a sustained recovery through to late 2025. These patterns may correspond to underlying business cycles, investment fluctuations, or market conditions impacting asset and equity utilization. The convergence of these ratios' trends highlights a likely coordinated impact on the company's operational efficiency and productivity metrics over the reported timeframe.

The financial data demonstrates notable trends across several key metrics over the observed periods.

Revenue

Revenue showed a general upward trend over the entire period, albeit with some fluctuations. It increased from 5,773 million USD in December 2020 to a peak of 13,643 million USD in November 2025. Initial growth was consistent until September 2022, followed by a significant decrease reaching a low in March 2023. Subsequently, revenue steadily recovered and accelerated, indicating a positive growth trajectory toward the end of the timeline.

Property, Plant, and Equipment (PP&E)

The investment in property, plant, and equipment steadily increased throughout the period, moving from 32,229 million USD in December 2020 to 48,477 million USD by November 2025. The growth appears continuous and gradual, reflecting ongoing capital expenditures or asset acquisitions without any significant declines or volatility.

Net Fixed Asset Turnover

Net fixed asset turnover initially increased from 0.68 in December 2020 to a high of 0.88 by June 2022, indicating improved efficiency in generating revenue from fixed assets. However, starting from September 2022, the ratio declined sharply to a low of 0.41 by August 2023, corresponding with the period of revenue decline. After this trough, the ratio exhibited a recovery trend, rising to 0.87 by November 2025, nearly reaching its previous peak. This pattern suggests periods of fluctuating asset utilization efficiency aligned with revenue performance.

Overall, the data indicates that while revenue experienced moderate volatility with a mid-term downturn, fixed asset investments increased steadily. The net fixed asset turnover ratio closely tracked revenue changes, reflecting efficiency variations in the usage of these assets. The latter periods showed strong recovery and growth, signaling improved operational efficiency and expanding business scale.

The financial data reveals several notable trends over the periods observed. Revenue demonstrates a general upward trajectory with some fluctuations. After reaching a peak in September 2021, revenue declined sharply through December 2022 and the first quarter of 2023, hitting a low point. From that quarter onward, revenue recovered strongly, surpassing previous highs by the end of the final period, indicating a robust growth phase.

Property, plant, and equipment (PP&E), including operating lease and right-of-use assets, shows a steady and continuous increase throughout the timeline. This asset base expansion suggests ongoing investment in fixed assets, reflecting capacity growth or modernization efforts. Despite minor fluctuations, the overall trend is upward, ending at a significantly higher value than at the start of the period.

The net fixed asset turnover ratio, which measures how efficiently the company uses its fixed assets to generate revenue, exhibits fluctuations closely tied to the revenue pattern. Initially, the ratio increases steadily, reaching its highest point around mid-2022. Subsequently, the ratio declines sharply through the first part of 2023, coinciding with the period of revenue decline while asset levels remained relatively stable or increased. In the later periods, the ratio gradually recovers, indicating improved efficiency or better asset utilization as revenue grows again. However, even at its recovery, the turnover ratio remains below its earlier peak, suggesting that asset growth has outpaced revenue growth to some degree.

Revenue Trends

Overall increasing, with a peak in late 2021, a dip through late 2022 and early 2023, followed by a strong recovery and growth through 2025.

Property, Plant, and Equipment (PP&E)

Consistent upward trend, reflecting ongoing capital expenditure and asset base expansion over the entire period.

Net Fixed Asset Turnover Ratio

Improved initially up to mid-2022, then decreased notably during the revenue downturn, followed by a gradual recovery aligning with renewed revenue growth. Suggests varying efficiency in asset utilization across the timeline.

In summary, the data indicates that while the company has substantially expanded its fixed assets, revenue growth has not always kept pace, especially during the mid-to-late 2022 to early 2023 period. Recent quarters show signs of returning to more efficient asset utilization and strong sales growth, which may reflect successful operational adjustments or market improvements.

The revenue of the company exhibited a generally upward trend over the observed periods, with notable fluctuations. Starting at $5,773 million in December 2020, revenue increased steadily, reaching peaks around the middle of 2022 before experiencing a significant decline towards the end of 2022 and the first quarter of 2023. From mid-2023 onward, revenue rebounded strongly and consistently, culminating in a peak of $13,643 million by November 2025. This pattern suggests a period of market or operational challenges followed by robust recovery and growth.

Total assets demonstrated a consistent upward trajectory throughout the timeline. Beginning at $53,691 million in December 2020, the asset base expanded steadily, reflecting ongoing investment or asset accumulation strategies. By the end of the period in November 2025, total assets reached $85,971 million, representing significant growth in the company's asset holdings over the analyzed timeframe.

The total asset turnover ratio, which measures the efficiency of asset use in generating revenue, initially improved from 0.41 in December 2020 to a peak of 0.50 in June 2022. Following this peak, the ratio declined sharply to 0.24 by August 2023, indicating a period where asset utilization efficiency worsened, possibly due to the declines in revenue during this time or increased asset base not yet translating into revenue. Subsequently, the ratio recovered gradually to 0.49 by November 2025, signaling an improvement in operational efficiency and a better conversion of asset investments into revenue.

Revenue Trends

Overall growth with periods of volatility; strong rebound and expansion after mid-2023.

Total Assets Trends

Consistent increase indicating asset base expansion and possible capital investment strategies.

Total Asset Turnover Trends

Initial improvement followed by efficiency decline and subsequent recovery; reflects changes in revenue generation efficiency relative to asset levels.

In summary, the data indicates a company that has grown its asset base significantly while experiencing cyclical patterns in revenue and asset utilization efficiency. The recovery in revenue and asset turnover ratio in later periods points to improved operational performance and potentially successful strategic adjustments after an interim phase of challenges.

The financial data reveals several notable trends over the observed periods.

Revenue

Revenue shows significant fluctuations and an overall increasing trend across the quarters. Initial growth is observed from US$5,773 million to a peak of US$8,274 million by September 2, 2021. This is followed by a sharp decline, reaching a trough at US$3,693 million in March 2, 2023. After this dip, revenue stabilizes and then begins to recover strongly, climbing steadily to a new high of US$13,643 million by November 27, 2025, indicating a robust turnaround and accelerated growth in recent quarters.

Shareholders’ Equity

Shareholders’ equity generally exhibits a consistent upward trend, increasing from US$39,907 million at the beginning to US$58,806 million by the end of the timeline. There is a slight decline noticed from December 1, 2022, to February 29, 2024, where equity decreases from US$49,306 million to US$42,885 million, followed by a resumption of steady growth thereafter. This trend suggests periods of shareholder value erosion possibly due to losses or dividends, followed by recovery.

Equity Turnover Ratio

The equity turnover ratio, which measures revenue generated per dollar of shareholders’ equity, initially increases from 0.55 to 0.66 by June 2, 2022, implying improving efficiency in using equity to generate revenue. Subsequently, it declines sharply to 0.35 by August 31, 2023, mirroring the revenue decline phase. Following this low point, the ratio improves steadily, reaching 0.72 by November 27, 2025, surpassing previous peaks and indicating enhanced utilization of equity in generating revenue as market conditions improve.

Overall, the data reflects a period of growth followed by a marked decline in business performance and efficiency from late 2021 through early 2023. After this, the company demonstrates a strong recovery phase with expanding revenues and improving efficiency ratios, supported by a gradual increase in shareholders’ equity. This cyclical pattern may reflect industry-specific challenges with eventual adaptation and growth momentum resumption.