Stock Analysis on Net
Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

$24.99

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Paying user area

Try for free

Micron Technology Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Long-term Activity Ratios (Summary)

Micron Technology Inc., long-term (investment) activity ratios

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
Net fixed asset turnover
Net fixed asset turnover (including operating lease, right-of-use asset)
Total asset turnover
Equity turnover

Based on: 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29).

Net Fixed Asset Turnover
The net fixed asset turnover ratio experienced fluctuations during the analyzed period. It decreased from 0.83 in 2019 to 0.69 in 2020, then recovered to 0.83 in 2021, remaining relatively stable at 0.80 in 2022. However, there was a significant decline to 0.41 in 2023, followed by a partial recovery to 0.63 in 2024. This pattern indicates variability in the efficiency with which the company used its fixed assets to generate revenue, with notable deterioration in 2023 and some improvement thereafter.
Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset
This ratio closely mirrors the net fixed asset turnover without the lease adjustment, displaying similar trends over the years. It started at 0.83 in 2019, dipped to 0.68 in 2020, rose slightly to 0.82 in 2021, and then decreased to 0.78 in 2022. A substantial drop to 0.40 occurred in 2023, followed by a rise to 0.62 in 2024. The similarity in movements suggests operating leases and right-of-use assets have a consistent influence on asset utilization metrics.
Total Asset Turnover
The total asset turnover ratio demonstrates a declining trend, starting at 0.48 in 2019 and falling to 0.40 in 2020. It showed some recovery to 0.47 in 2021 and remained stable at 0.46 in 2022. A sharp decrease to 0.24 occurred in 2023, with a slight improvement to 0.36 in 2024. Overall, the data reflects a reduction in the company's ability to generate sales from its total assets, particularly evident in the latest three years.
Equity Turnover
Equity turnover also followed a similar trajectory to other efficiency ratios. Beginning at 0.65 in 2019, it declined to 0.55 in 2020, increased to 0.63 in 2021, and stayed stable at 0.62 in 2022. A pronounced drop to 0.35 was observed in 2023, with a recovery to 0.56 in 2024. This fluctuation points to changes in how effectively equity is being employed to generate revenues, with a significant weakening in 2023 but some regain in 2024.

Net Fixed Asset Turnover

Micron Technology Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
Selected Financial Data (US$ in millions)
Revenue
Property, plant, and equipment
Long-term Activity Ratio
Net fixed asset turnover1
Benchmarks
Net Fixed Asset Turnover, Competitors2
Advanced Micro Devices Inc.
Analog Devices Inc.
Applied Materials Inc.
Broadcom Inc.
Intel Corp.
KLA Corp.
Lam Research Corp.
NVIDIA Corp.
Qualcomm Inc.
Texas Instruments Inc.
Net Fixed Asset Turnover, Sector
Semiconductors & Semiconductor Equipment
Net Fixed Asset Turnover, Industry
Information Technology

Based on: 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29).

1 2024 Calculation
Net fixed asset turnover = Revenue ÷ Property, plant, and equipment
= ÷ =

2 Click competitor name to see calculations.

Revenue
The revenue exhibited a generally increasing trend from 2019 through 2022, rising from 23,406 million USD in 2019 to a peak of 30,758 million USD in 2022. However, there was a significant decline in 2023, with revenue dropping to 15,540 million USD. In 2024, revenue recovered notably to 25,111 million USD, indicating a partial rebound but still below the 2022 peak.
Property, Plant, and Equipment (PP&E)
The value of property, plant, and equipment showed consistent growth over the entire period, increasing from 28,240 million USD in 2019 to 39,749 million USD in 2024. The expansion was steady with only a slight slowdown in growth between 2022 and 2023, where the increase was minimal, suggesting continued investment in fixed assets even during revenue fluctuations.
Net Fixed Asset Turnover
This ratio, which measures the efficiency of fixed assets in generating revenue, fluctuated notably over the period. It started at 0.83 in 2019, dropped to 0.69 in 2020, recovered to 0.83 in 2021, and then slightly decreased to 0.80 in 2022. A sharp decline to 0.41 occurred in 2023, corresponding with the revenue decrease despite relatively stable fixed asset levels. By 2024, there was an improvement to 0.63, reflecting a recovery in asset utilization but still below earlier levels.
Overall Insights
The data reflects a period of growth in fixed asset investment alongside fluctuating revenue performance. The sharp decline in revenue in 2023, coupled with a stable PP&E base, led to a decreased efficiency in asset utilization, as shown by the net fixed asset turnover ratio. The partial recovery in 2024 suggests some operational improvement, although asset turnover remains below historical highs. This pattern may indicate challenges in market conditions or operational execution during 2023, followed by efforts to regain efficiency and growth.

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

Micron Technology Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
Selected Financial Data (US$ in millions)
Revenue
 
Property, plant, and equipment
Operating lease right-of-use assets
Property, plant, and equipment (including operating lease, right-of-use asset)
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Advanced Micro Devices Inc.
Analog Devices Inc.
Applied Materials Inc.
Broadcom Inc.
Intel Corp.
KLA Corp.
Lam Research Corp.
NVIDIA Corp.
Qualcomm Inc.
Texas Instruments Inc.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Semiconductors & Semiconductor Equipment
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Information Technology

Based on: 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29).

1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property, plant, and equipment (including operating lease, right-of-use asset)
= ÷ =

2 Click competitor name to see calculations.

Revenue
Revenue experienced fluctuations over the periods presented. It initially declined from 23,406 million USD in 2019 to 21,435 million USD in 2020. Subsequently, there was a notable increase reaching a peak of 30,758 million USD in 2022. However, in 2023, revenue dropped sharply to 15,540 million USD before recovering to 25,111 million USD in 2024. This pattern indicates volatility with a significant dip in 2023 that was partially reversed the following year.
Property, Plant, and Equipment (Including Operating Lease, Right-of-Use Asset)
The value of property, plant, and equipment demonstrated a consistent upward trend throughout the periods. Starting at 28,240 million USD in 2019, it increased steadily each year to reach 40,394 million USD by 2024. Despite a slight decline from 39,227 million USD in 2022 to 38,594 million USD in 2023, the overall trend reflects continued capital investment and expansion of fixed assets.
Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
The net fixed asset turnover ratio exhibited variability across the time frame. It began at 0.83 in 2019, dropped to a low of 0.68 in 2020, and then improved to 0.82 in 2021. The ratio decreased slightly to 0.78 in 2022 before experiencing a substantial decline to 0.40 in 2023. In 2024, it increased to 0.62 but remained below earlier levels. This suggests a decline in the efficiency with which fixed assets are utilized to generate revenue, particularly pronounced in the 2023 period, potentially related to the notable revenue drop observed that year.

Total Asset Turnover

Micron Technology Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
Selected Financial Data (US$ in millions)
Revenue
Total assets
Long-term Activity Ratio
Total asset turnover1
Benchmarks
Total Asset Turnover, Competitors2
Advanced Micro Devices Inc.
Analog Devices Inc.
Applied Materials Inc.
Broadcom Inc.
Intel Corp.
KLA Corp.
Lam Research Corp.
NVIDIA Corp.
Qualcomm Inc.
Texas Instruments Inc.
Total Asset Turnover, Sector
Semiconductors & Semiconductor Equipment
Total Asset Turnover, Industry
Information Technology

Based on: 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29).

1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Revenue
The revenue exhibited a fluctuating pattern over the reported periods. Starting at 23,406 million USD in 2019, there was a decrease to 21,435 million USD in 2020, followed by a steady increase reaching a peak of 30,758 million USD in 2022. However, in 2023, revenue sharply declined to 15,540 million USD, before partially recovering to 25,111 million USD in 2024. This indicates significant volatility, with a notable drop in 2023 that was somewhat offset in the subsequent year.
Total assets
Total assets grew consistently from 48,887 million USD in 2019 to 69,416 million USD in 2024, demonstrating steady expansion of the asset base. Although there was a slight dip in 2023 to 64,254 million USD from the previous year’s 66,283 million USD, the overall trend remains upward, suggesting continued investment or accumulation of resources over the period.
Total asset turnover
This ratio, which measures how efficiently the company uses its assets to generate revenue, declined from 0.48 in 2019 to 0.4 in 2020, then improved slightly to around 0.46-0.47 in 2021 and 2022. A sharp decrease to 0.24 occurred in 2023, coinciding with the significant revenue drop, indicating lower asset utilization efficiency during that year. A partial recovery to 0.36 in 2024 suggests improved, yet still below historical levels, operational efficiency.

Equity Turnover

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

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
Selected Financial Data (US$ in millions)
Revenue
Total Micron shareholders’ equity
Long-term Activity Ratio
Equity turnover1
Benchmarks
Equity Turnover, Competitors2
Advanced Micro Devices Inc.
Analog Devices Inc.
Applied Materials Inc.
Broadcom Inc.
Intel Corp.
KLA Corp.
Lam Research Corp.
NVIDIA Corp.
Qualcomm Inc.
Texas Instruments Inc.
Equity Turnover, Sector
Semiconductors & Semiconductor Equipment
Equity Turnover, Industry
Information Technology

Based on: 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03), 10-K (reporting date: 2019-08-29).

1 2024 Calculation
Equity turnover = Revenue ÷ Total Micron shareholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Revenue
The revenue figures exhibit considerable fluctuations over the six-year period. Initially, there was a decrease from 23,406 million USD in 2019 to 21,435 million USD in 2020. This was followed by a notable increase reaching a peak of 30,758 million USD in 2022. Subsequently, revenue experienced a sharp decline in 2023, falling to 15,540 million USD, before rebounding significantly to 25,111 million USD in 2024. Overall, the trend reflects volatility with a recovery phase after a substantial dip.
Total Micron shareholders’ equity
The total shareholders' equity showed a consistent upward trajectory from 2019 through 2022, increasing from 35,881 million USD to 49,907 million USD. However, in 2023, there was a decrease to 44,120 million USD. This was followed by a slight recovery in 2024, reaching 45,131 million USD. The data indicates a mostly positive growth trend in equity with a minor setback in the penultimate year.
Equity turnover ratio
The equity turnover ratio declined from 0.65 in 2019 to 0.55 in 2020, then increased again to 0.63 in 2021, maintaining near this level at 0.62 in 2022. A notable decrease to 0.35 occurred in 2023, coinciding with the revenue drop and equity reduction in that year. In 2024, the ratio improved to 0.56, showing partial recovery but remaining lower than the earlier peak years. This suggests varying efficiency in the use of equity to generate revenue, with a significant dip corresponding to the revenue downturn in 2023.