Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Micron Technology Inc., profitability ratios (quarterly data)
Based on: 10-K (reporting date: 2026-09-03), 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).
The profitability profile exhibits a pronounced cyclical trajectory, characterized by an initial period of stability, a severe contraction leading to negative margins, and a subsequent aggressive recovery that surpasses previous peaks. This U-shaped trend indicates a period of significant volatility followed by a substantial expansion in profitability across all measured metrics.
- Profit Margin Analysis
- Gross profit margin experienced a sharp decline starting in early 2023, falling from a peak of 46.89% in June 2022 to a trough of -14.49% by November 2023. Recovery began in early 2024, with margins turning positive in May 2024 (11.42%) and accelerating rapidly to reach a terminal high of 80.72% by September 2026.
- Operating and net profit margins followed a similar trajectory but with greater volatility. Both metrics plummeted into deep negative territory by November 2023, with the operating margin hitting -41.18% and the net margin reaching -42.47%. Profitability was restored in August 2024, after which both margins grew exponentially, ending the period at 74.59% and 63.80%, respectively.
- Return on Investment Metrics
- Return on Equity (ROE) demonstrated significant fluctuations, peaking early at 20.12% in June 2022 before dropping to a low of -16.02% in November 2023. Following the recovery phase that began in August 2024, ROE climbed steeply, ending at 61.40% in September 2026, indicating a substantial increase in shareholder value generation.
- Return on Assets (ROA) mirrored the ROE trend, declining from 15.18% in June 2022 to -10.78% in November 2023. The subsequent rebound led to an ROA of 43.38% by September 2026, reflecting a dramatic improvement in asset utilization and operational efficiency.
The synchronization of these ratios suggests a systemic shift in the operational environment. The transition from severe losses in late 2023 to record-high profitability by 2026 indicates a successful turnaround or a highly favorable shift in market demand and pricing power, resulting in margins and returns that far exceed the levels observed at the start of the analyzed period.
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Gross Profit Margin
Micron Technology Inc., gross profit margin calculation (quarterly data)
| Sep 3, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Gross margin | 47,047) | 35,056) | 17,755) | 7,646) | 5,054) | 3,508) | 2,963) | 3,348) | 2,737) | 1,832) | 1,079) | (35) | (435) | (668) | (1,206) | 893) | 2,622) | 4,035) | 3,676) | 3,565) | ||||||
| Revenue | 54,229) | 41,456) | 23,860) | 13,643) | 11,315) | 9,301) | 8,053) | 8,709) | 7,750) | 6,811) | 5,824) | 4,726) | 4,010) | 3,752) | 3,693) | 4,085) | 6,643) | 8,642) | 7,786) | 7,687) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Gross profit margin1 | 80.72% | 72.57% | 58.44% | 45.31% | 39.79% | 37.13% | 34.73% | 30.92% | 22.35% | 11.42% | -0.32% | -14.49% | -9.11% | 9.03% | 27.51% | 41.34% | 45.18% | 46.89% | 45.81% | 41.37% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 53.20% | 50.28% | 49.52% | 48.26% | 47.62% | 50.09% | 49.35% | 48.38% | 47.61% | 46.76% | 46.12% | 45.01% | 43.70% | 43.98% | 44.93% | 46.55% | 48.01% | 48.53% | ||||||
| Analog Devices Inc. | — | 65.80% | 64.49% | 62.84% | 61.47% | 60.15% | 58.76% | 57.16% | 57.08% | 57.85% | 59.84% | 62.47% | 64.01% | 65.23% | 65.69% | 65.62% | 62.70% | 58.63% | 58.33% | 57.81% | ||||||
| Applied Materials Inc. | — | 49.40% | 48.96% | 48.72% | 48.67% | 48.50% | 48.14% | 47.73% | 47.46% | 47.41% | 47.18% | 46.98% | 46.70% | 46.40% | 46.35% | 46.39% | 46.51% | 47.05% | 47.51% | 47.67% | ||||||
| Broadcom Inc. | — | 68.77% | 68.28% | 67.82% | 67.77% | 66.83% | 66.09% | 64.70% | 63.03% | 63.90% | 65.05% | 67.06% | 68.93% | 68.28% | 67.71% | 66.98% | 66.55% | 65.68% | 64.42% | 62.95% | ||||||
| Intel Corp. | — | — | 38.60% | 35.43% | 34.77% | 35.58% | 29.76% | 31.67% | 32.66% | 34.67% | 41.42% | 41.49% | 40.04% | 38.14% | 38.27% | 38.34% | 42.61% | 46.56% | 49.85% | 54.32% | ||||||
| KLA Corp. | 61.30% | 61.45% | 61.57% | 61.30% | 60.91% | 60.56% | 59.68% | 59.75% | 59.97% | 59.57% | 59.76% | 59.44% | 59.81% | 60.16% | 60.69% | 61.23% | 61.00% | 60.86% | 60.77% | 60.27% | ||||||
| Lam Research Corp. | 50.47% | 49.98% | 49.80% | 49.31% | 48.71% | 48.03% | 47.60% | 47.47% | 47.32% | 46.84% | 45.23% | 44.80% | 44.62% | 44.65% | 45.31% | 45.74% | 45.69% | 45.93% | 46.30% | 46.19% | ||||||
| Marvell Technology Inc. | 51.02% | 50.69% | 44.64% | 43.17% | 41.31% | 39.60% | 44.15% | 42.35% | 41.64% | 41.87% | 45.01% | 48.22% | 50.47% | 51.34% | 50.94% | 47.21% | 46.26% | 45.92% | 46.07% | 50.83% | ||||||
| NVIDIA Corp. | 71.07% | 70.05% | 69.85% | 70.11% | 74.99% | 75.86% | 75.98% | 75.29% | 72.72% | 69.85% | 64.62% | 56.31% | 56.93% | 57.84% | 60.45% | 65.26% | 64.93% | 64.40% | 63.76% | 62.43% | ||||||
| Qualcomm Inc. | — | 54.23% | 54.80% | 55.10% | 55.43% | 55.68% | 55.68% | 55.99% | 56.21% | 55.90% | 55.80% | 55.54% | 55.70% | 56.31% | 56.46% | 57.22% | 57.84% | 57.99% | 58.51% | 58.16% | ||||||
| Texas Instruments Inc. | — | — | 58.33% | 57.32% | 57.02% | 57.48% | 58.03% | 58.02% | 58.14% | 58.63% | 59.36% | 61.01% | 62.90% | 64.46% | 66.29% | 67.64% | 68.76% | 69.51% | 69.26% | 68.68% | ||||||
Based on: 10-K (reporting date: 2026-09-03), 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).
1 Q4 2026 Calculation
Gross profit margin = 100
× (Gross marginQ4 2026
+ Gross marginQ3 2026
+ Gross marginQ2 2026
+ Gross marginQ1 2026)
÷ (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
= 100 × (47,047 + 35,056 + 17,755 + 7,646)
÷ (54,229 + 41,456 + 23,860 + 13,643)
= 80.72%
2 Click competitor name to see calculations.
The gross profit margin exhibits a highly cyclical trajectory characterized by an initial period of stability, a severe contraction into negative territory, and a subsequent rapid recovery leading to unprecedented levels of profitability.
- Margin Contraction and Volatility
- A significant downward trend is observed beginning in December 2022, where the gross profit margin fell from 41.34% to a trough of -14.49% by November 2023. During this period, the company experienced a total erosion of profitability, with gross margin values turning negative, indicating that the costs associated with producing goods exceeded the revenue generated.
- Operational Recovery Phase
- A reversal of the downward trend occurred in early 2024. Starting from a near-break-even point of -0.32% in February 2024, the margin climbed steadily throughout the year, reaching 30.92% by November 2024. This recovery phase aligns with a gradual increase in quarterly revenue, signaling a return to operational viability.
- Exponential Expansion
- From February 2025 through September 2026, an aggressive growth pattern is evident. The gross profit margin ascended from 34.73% to a peak of 80.72%. This expansion is mirrored by a massive surge in revenue, which escalated from 8.05 billion US$ in November 2024 to 54.23 billion US$ by September 2026. The simultaneous increase in both revenue volume and margin percentage suggests a substantial increase in pricing power or a shift toward higher-value product mixes.
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Operating Profit Margin
Micron Technology Inc., operating profit margin calculation (quarterly data)
| Sep 3, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating income (loss) | 43,751) | 33,318) | 16,135) | 6,136) | 3,654) | 2,169) | 1,773) | 2,174) | 1,522) | 719) | 191) | (1,128) | (1,472) | (1,761) | (2,303) | (209) | 1,521) | 3,004) | 2,546) | 2,631) | ||||||
| Revenue | 54,229) | 41,456) | 23,860) | 13,643) | 11,315) | 9,301) | 8,053) | 8,709) | 7,750) | 6,811) | 5,824) | 4,726) | 4,010) | 3,752) | 3,693) | 4,085) | 6,643) | 8,642) | 7,786) | 7,687) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | 74.59% | 65.63% | 48.34% | 32.45% | 26.14% | 22.59% | 19.76% | 15.83% | 5.19% | -7.91% | -22.77% | -41.18% | -36.97% | -15.14% | 8.73% | 25.27% | 31.54% | 34.38% | 31.86% | 27.17% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 15.71% | 11.65% | 10.66% | 8.78% | 7.66% | 9.62% | 7.37% | 5.64% | 3.74% | 2.55% | 1.77% | -0.41% | -1.73% | 0.73% | 5.36% | 11.48% | 16.83% | 20.86% | ||||||
| Analog Devices Inc. | — | 35.55% | 32.50% | 29.24% | 26.61% | 24.61% | 22.71% | 20.76% | 21.56% | 21.63% | 24.23% | 28.34% | 31.07% | 33.43% | 33.06% | 32.15% | 27.29% | 20.49% | 20.42% | 18.87% | ||||||
| Applied Materials Inc. | — | 29.64% | 28.59% | 28.16% | 29.22% | 30.14% | 29.66% | 29.22% | 28.95% | 29.02% | 28.87% | 28.89% | 28.86% | 28.92% | 29.28% | 29.64% | 30.20% | 31.03% | 31.80% | 31.37% | ||||||
| Broadcom Inc. | — | 48.05% | 43.39% | 40.69% | 39.89% | 37.72% | 35.94% | 32.35% | 26.10% | 27.93% | 30.84% | 36.50% | 45.25% | 45.00% | 45.19% | 44.23% | 42.84% | 40.47% | 37.37% | 34.35% | ||||||
| Intel Corp. | — | — | -0.14% | -9.39% | -4.19% | -4.46% | -22.84% | -20.57% | -21.99% | -17.52% | -0.83% | 0.89% | 0.17% | -6.86% | -7.01% | -6.16% | 3.70% | 12.16% | 18.88% | 25.87% | ||||||
| KLA Corp. | 41.69% | 41.68% | 41.99% | 39.86% | 39.28% | 38.10% | 35.37% | 34.78% | 34.10% | 33.27% | 34.30% | 37.20% | 38.06% | 39.00% | 39.86% | 40.05% | 39.67% | 39.30% | 38.90% | 37.26% | ||||||
| Lam Research Corp. | 35.29% | 34.26% | 33.76% | 33.00% | 32.01% | 30.85% | 29.50% | 28.89% | 28.61% | 28.03% | 27.08% | 28.42% | 29.69% | 30.76% | 31.76% | 31.71% | 31.24% | 31.18% | 31.60% | 31.06% | ||||||
| Marvell Technology Inc. | 16.14% | 14.80% | 1.29% | -4.57% | -12.49% | -18.39% | -8.19% | -10.05% | -10.31% | -9.29% | -4.61% | -0.25% | 4.02% | 4.27% | 2.00% | -3.85% | -7.79% | -9.80% | -10.42% | -7.87% | ||||||
| NVIDIA Corp. | 60.38% | 58.84% | 58.09% | 58.03% | 62.42% | 62.71% | 61.87% | 59.85% | 54.12% | 45.94% | 33.04% | 17.37% | 15.66% | 20.79% | 26.93% | 33.69% | 37.31% | 35.34% | 33.36% | 28.62% | ||||||
| Qualcomm Inc. | — | 23.19% | 25.52% | 27.12% | 27.90% | 27.78% | 27.14% | 26.29% | 25.85% | 23.83% | 23.35% | 22.74% | 21.74% | 26.03% | 30.91% | 33.66% | 35.88% | 35.82% | 32.65% | 30.88% | ||||||
| Texas Instruments Inc. | — | — | 37.29% | 35.29% | 34.06% | 34.33% | 34.89% | 34.29% | 34.94% | 35.78% | 37.03% | 39.78% | 41.85% | 44.03% | 46.54% | 48.77% | 50.63% | 51.84% | 51.52% | 50.55% | ||||||
Based on: 10-K (reporting date: 2026-09-03), 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).
1 Q4 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q4 2026
+ Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026)
÷ (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
= 100 × (43,751 + 33,318 + 16,135 + 6,136)
÷ (54,229 + 41,456 + 23,860 + 13,643)
= 74.59%
2 Click competitor name to see calculations.
The operating profit margin exhibits a cyclical pattern characterized by a period of stability, a severe contraction into negative territory, a steady recovery, and a subsequent phase of exponential growth. This trajectory reflects significant volatility in operating efficiency and profitability over the analyzed period.
- Margin Contraction and Profitability Loss
- A peak operating margin of 34.38% was reached in June 2022, followed by a precipitous decline. This downward trend accelerated through 2023, with margins falling from 25.27% in December 2022 to a trough of -41.18% by November 2023. This period was marked by operating losses that peaked at -2,303 million US dollars in March 2023, coinciding with a significant reduction in revenue.
- Recovery and Return to Profitability
- A reversal of the negative trend began in February 2024, as operating income returned to positive territory at 191 million US dollars. The operating profit margin improved steadily from -22.77% in February 2024 to 15.83% by November 2024. This recovery phase is characterized by a consistent increase in both revenue and operating income, signaling a restoration of operational efficiency.
- Exponential Growth and Margin Expansion
- Starting in 2025, the profitability profile shifted from recovery to aggressive expansion. The operating profit margin increased from 19.76% in February 2025 to 74.59% by September 2026. This surge is driven by a massive increase in revenue, which rose from approximately 8 billion US dollars in late 2024 to over 54 billion US dollars by September 2026, while operating income grew disproportionately faster, reaching 43,751 million US dollars.
The overall financial trend indicates a transition from a highly volatile state of operating losses to a high-margin growth phase, where the scale of operations has expanded significantly while costs have been managed to allow for substantial margin expansion.
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Net Profit Margin
Micron Technology Inc., net profit margin calculation (quarterly data)
| Sep 3, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 37,701) | 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) | ||||||
| Revenue | 54,229) | 41,456) | 23,860) | 13,643) | 11,315) | 9,301) | 8,053) | 8,709) | 7,750) | 6,811) | 5,824) | 4,726) | 4,010) | 3,752) | 3,693) | 4,085) | 6,643) | 8,642) | 7,786) | 7,687) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | 63.80% | 55.91% | 41.49% | 28.15% | 22.84% | 18.41% | 14.92% | 13.34% | 3.10% | -7.20% | -20.57% | -42.47% | -37.54% | -16.02% | 6.99% | 22.78% | 28.24% | 30.61% | 28.95% | 24.86% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 15.58% | 13.37% | 12.51% | 10.32% | 9.57% | 8.03% | 6.36% | 7.52% | 5.82% | 4.89% | 3.77% | 0.94% | -0.11% | 1.71% | 5.59% | 9.96% | 14.51% | 17.98% | ||||||
| Analog Devices Inc. | — | 29.79% | 26.01% | 23.02% | 20.58% | 18.85% | 18.65% | 16.75% | 17.35% | 17.07% | 20.45% | 24.34% | 26.94% | 29.23% | 28.16% | 27.27% | 22.88% | 17.00% | 16.84% | 15.18% | ||||||
| Applied Materials Inc. | — | 30.05% | 29.31% | 27.78% | 24.67% | 23.88% | 24.06% | 22.95% | 26.41% | 27.74% | 27.56% | 27.03% | 25.86% | 24.27% | 24.36% | 24.57% | 25.31% | 26.42% | 27.20% | 27.10% | ||||||
| Broadcom Inc. | — | 42.94% | 38.85% | 36.57% | 36.20% | 31.59% | 22.64% | 18.47% | 11.43% | 10.88% | 24.10% | 29.93% | 39.31% | 39.25% | 39.06% | 37.19% | 34.62% | 31.96% | 29.76% | 27.47% | ||||||
| Intel Corp. | — | — | -19.79% | -5.90% | -0.51% | 0.37% | -38.64% | -36.19% | -35.32% | -29.42% | 1.77% | 7.36% | 3.11% | -3.11% | -1.71% | -5.06% | 12.71% | 19.13% | 26.03% | 31.68% | ||||||
| KLA Corp. | 35.57% | 35.66% | 35.76% | 33.83% | 33.41% | 31.99% | 29.58% | 28.92% | 28.15% | 27.19% | 27.98% | 30.51% | 32.27% | 33.01% | 33.77% | 33.28% | 36.06% | 36.41% | 36.57% | 36.52% | ||||||
| Lam Research Corp. | 31.27% | 30.94% | 30.22% | 29.66% | 29.06% | 27.19% | 26.49% | 26.02% | 25.68% | 25.35% | 24.15% | 25.08% | 25.88% | 26.08% | 26.91% | 26.96% | 26.73% | 27.13% | 27.78% | 27.07% | ||||||
| Marvell Technology Inc. | 32.58% | 31.75% | -1.43% | -7.56% | -15.35% | -27.49% | -18.30% | -18.33% | -16.95% | -10.11% | -6.74% | -2.88% | -2.76% | -2.43% | -3.95% | -9.82% | -9.44% | -10.48% | -10.74% | -8.13% | ||||||
| NVIDIA Corp. | 55.60% | 53.01% | 52.41% | 51.69% | 55.85% | 55.69% | 55.04% | 53.40% | 48.85% | 42.09% | 31.59% | 18.52% | 16.19% | 20.85% | 26.03% | 32.02% | 36.23% | 33.81% | 32.33% | 27.66% | ||||||
| Qualcomm Inc. | — | 21.01% | 22.31% | 11.96% | 12.51% | 26.76% | 26.11% | 25.94% | 26.03% | 23.33% | 23.03% | 21.39% | 20.19% | 22.33% | 25.67% | 27.40% | 29.27% | 30.52% | 28.42% | 27.71% | ||||||
| Texas Instruments Inc. | — | — | 31.11% | 29.11% | 28.28% | 29.21% | 30.23% | 30.36% | 30.68% | 31.60% | 33.01% | 35.16% | 37.16% | 39.21% | 40.84% | 42.33% | 43.68% | 44.21% | 43.78% | 43.34% | ||||||
Based on: 10-K (reporting date: 2026-09-03), 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).
1 Q4 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026)
÷ (RevenueQ4 2026
+ RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026)
= 100 × (37,701 + 28,243 + 13,785 + 5,240)
÷ (54,229 + 41,456 + 23,860 + 13,643)
= 63.80%
2 Click competitor name to see calculations.
The analyzed period reveals a highly cyclical profitability trend, characterized by an initial phase of stability, a severe contraction into negative margins, and a subsequent period of aggressive exponential growth. The net profit margin experienced extreme volatility, swinging from peaks above 30% to troughs below -42% before ascending to historic highs.
- Initial Stability and Contraction Phase
- Between December 2021 and September 2022, profitability remained robust, with net profit margins fluctuating between 24.86% and a peak of 30.61%. However, a sharp decline began in December 2022, leading to a period of sustained losses. This downward trajectory accelerated throughout 2023, with the net profit margin reaching its lowest point of -42.47% in November 2023, coinciding with a significant drop in both revenue and net income.
- Recovery and Transition to Profitability
- A recovery trend emerged in early 2024. The net profit margin improved from -20.57% in February 2024 to a return to positive territory in May 2024 at 3.10%. This upward momentum continued through the remainder of the year, reaching 13.34% by November 2024, signaling a successful reversal of the previous loss-making cycle.
- Exponential Margin Expansion
- From February 2025 through September 2026, an extraordinary acceleration in profitability is observed. The net profit margin climbed steadily from 14.92% to 28.15% by November 2025, before surging to 41.49% in February 2026. The period concludes with a peak net profit margin of 63.80% in September 2026, driven by a massive increase in net income to 37,701 million US$ against revenues of 54,229 million US$.
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Return on Equity (ROE)
Micron Technology Inc., ROE calculation (quarterly data)
| Sep 3, 2026 | May 28, 2026 | Feb 26, 2026 | Nov 27, 2025 | Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 37,701) | 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) | ||||||
| Shareholders’ equity | 138,378) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | 61.40% | 50.11% | 33.28% | 20.25% | 15.76% | 12.27% | 9.61% | 8.30% | 1.72% | -3.48% | -8.59% | -16.02% | -13.22% | -6.41% | 3.41% | 12.55% | 17.41% | 20.12% | 18.86% | 16.04% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 9.57% | 7.77% | 6.88% | 5.44% | 4.75% | 3.85% | 2.85% | 3.20% | 2.39% | 1.99% | 1.53% | 0.38% | -0.05% | 0.72% | 2.41% | 4.17% | 5.67% | 6.13% | ||||||
| Analog Devices Inc. | — | 12.32% | 9.82% | 8.01% | 6.70% | 5.74% | 5.23% | 4.46% | 4.65% | 4.70% | 6.07% | 7.92% | 9.32% | 10.45% | 10.06% | 9.39% | 7.54% | 5.15% | 4.43% | 3.43% | ||||||
| Applied Materials Inc. | — | 36.16% | 35.58% | 36.10% | 34.28% | 35.03% | 35.64% | 34.06% | 37.77% | 39.54% | 40.14% | 41.07% | 41.94% | 42.69% | 45.93% | 48.06% | 53.51% | 55.06% | 58.35% | 55.09% | ||||||
| Broadcom Inc. | — | 38.38% | 33.43% | 31.27% | 28.45% | 25.84% | 18.56% | 14.43% | 8.71% | 7.76% | 14.68% | 16.55% | 58.70% | 63.03% | 62.20% | 54.90% | 50.62% | 48.50% | 42.58% | 34.09% | ||||||
| Intel Corp. | — | — | -12.90% | -2.85% | -0.23% | 0.19% | -20.95% | -19.24% | -18.89% | -16.04% | 0.85% | 3.84% | 1.60% | -1.61% | -0.91% | -2.91% | 7.90% | 13.32% | 18.88% | 23.87% | ||||||
| KLA Corp. | 76.08% | 80.11% | 83.39% | 84.99% | 86.56% | 92.27% | 89.51% | 83.33% | 82.00% | 84.34% | 88.92% | 103.76% | 116.01% | 130.76% | 136.01% | 156.01% | 237.04% | 77.19% | 73.76% | 70.61% | ||||||
| Lam Research Corp. | 58.26% | 63.38% | 61.24% | 57.01% | 54.33% | 48.98% | 48.75% | 47.89% | 44.82% | 45.00% | 42.06% | 49.36% | 54.94% | 58.49% | 61.71% | 65.45% | 73.35% | 75.35% | 70.88% | 73.28% | ||||||
| Marvell Technology Inc. | 18.66% | 17.60% | -0.77% | -3.69% | -6.59% | -11.05% | -6.80% | -6.77% | -6.29% | -3.65% | -2.46% | -1.08% | -1.05% | -0.91% | -1.40% | -3.22% | -2.68% | -2.62% | -2.52% | -1.70% | ||||||
| NVIDIA Corp. | 76.33% | 83.43% | 86.48% | 91.57% | 91.87% | 95.71% | 91.15% | 86.68% | 69.24% | 56.78% | 37.54% | 19.55% | 19.76% | 27.90% | 32.45% | 35.93% | 36.65% | 34.49% | 33.48% | 28.37% | ||||||
| Qualcomm Inc. | — | 33.48% | 36.38% | 23.25% | 26.13% | 42.55% | 39.82% | 39.27% | 38.60% | 35.31% | 34.27% | 33.67% | 33.51% | 41.68% | 53.52% | 62.58% | 71.81% | 80.15% | 83.73% | 88.12% | ||||||
| Texas Instruments Inc. | — | — | 33.61% | 31.99% | 30.73% | 30.33% | 30.73% | 29.70% | 28.39% | 28.75% | 30.86% | 34.78% | 38.53% | 42.70% | 48.22% | 54.16% | 60.02% | 61.52% | 60.86% | 58.62% | ||||||
Based on: 10-K (reporting date: 2026-09-03), 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).
1 Q4 2026 Calculation
ROE = 100
× (Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026)
÷ Shareholders’ equity
= 100 × (37,701 + 28,243 + 13,785 + 5,240)
÷ 138,378 = 61.40%
2 Click competitor name to see calculations.
The financial trajectory exhibits a pronounced cyclical pattern characterized by an initial phase of stability, a significant period of contraction, and a subsequent phase of exponential growth in profitability and equity expansion.
- Profitability Contraction and Trough
- A sharp decline in performance is observed starting in December 2022, where net income shifted from positive territory to a loss of US$ 195 million. This downward trend intensified, reaching a peak loss of US$ 2,312 million in March 2023. Consequently, the Return on Equity (ROE) collapsed from a high of 20.12% in June 2022 to a low of -16.02% by November 2023. This erosion in profitability coincided with a reduction in shareholders' equity, which fell from a peak of US$ 49.9 billion in September 2022 to US$ 42.9 billion in November 2023.
- Recovery and Stabilization Phase
- A trend reversal began in February 2024, as net income returned to positive values, recording US$ 793 million. The ROE mirrored this recovery, transitioning from -8.59% in February 2024 to 8.30% by November 2024. During this period, the equity base began to stabilize and gradually increase, reaching US$ 46.8 billion by the end of 2024, signaling a restoration of financial health.
- Exponential Growth and Capital Expansion
- The period from February 2025 to September 2026 is marked by an aggressive acceleration in both earnings and equity. Net income rose exponentially from US$ 1,583 million in February 2025 to US$ 37,701 million by September 2026. This surge drove ROE to unprecedented levels, climbing from 9.61% to 61.40%. The growth was supported by a massive increase in shareholders' equity, which expanded from US$ 48.6 billion in late 2024 to US$ 138.4 billion by September 2026, indicating a period of exceptional capital accumulation and operational efficiency.
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Return on Assets (ROA)
Micron Technology Inc., ROA calculation (quarterly data)
| Sep 3, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 37,701) | 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) | ||||||
| Total assets | 195,888) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | 43.38% | 37.63% | 23.75% | 13.85% | 10.31% | 7.94% | 6.40% | 5.43% | 1.12% | -2.32% | -5.73% | -10.78% | -9.08% | -4.43% | 2.42% | 9.11% | 13.11% | 15.18% | 14.17% | 12.02% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 7.62% | 6.29% | 5.64% | 4.30% | 3.79% | 3.11% | 2.37% | 2.62% | 1.99% | 1.64% | 1.26% | 0.31% | -0.04% | 0.58% | 1.95% | 3.35% | 4.64% | 5.07% | ||||||
| Analog Devices Inc. | — | 8.54% | 6.91% | 5.64% | 4.72% | 4.06% | 3.87% | 3.26% | 3.39% | 3.41% | 4.38% | 5.82% | 6.79% | 7.60% | 7.32% | 6.83% | 5.46% | 3.75% | 3.23% | 2.50% | ||||||
| Applied Materials Inc. | — | 21.29% | 21.12% | 20.82% | 19.28% | 19.97% | 20.09% | 19.03% | 20.86% | 22.14% | 22.86% | 22.69% | 22.31% | 21.19% | 22.31% | 23.07% | 24.41% | 25.40% | 26.54% | 25.76% | ||||||
| Broadcom Inc. | — | 20.34% | 16.36% | 14.70% | 13.52% | 11.43% | 7.85% | 6.09% | 3.56% | 3.03% | 5.86% | 6.54% | 19.33% | 19.44% | 19.10% | 17.54% | 15.69% | 14.20% | 12.45% | 10.69% | ||||||
| Intel Corp. | — | — | -5.58% | -1.55% | -0.13% | 0.10% | -10.65% | -9.99% | -9.55% | -8.25% | 0.47% | 2.11% | 0.88% | -0.87% | -0.50% | -1.54% | 4.40% | 7.61% | 11.21% | 13.96% | ||||||
| KLA Corp. | 26.91% | 27.68% | 27.26% | 25.96% | 25.28% | 24.33% | 21.39% | 18.92% | 17.90% | 17.45% | 18.95% | 21.95% | 24.07% | 25.64% | 25.79% | 24.99% | 26.37% | 26.21% | 25.57% | 24.46% | ||||||
| Lam Research Corp. | 30.88% | 32.26% | 29.05% | 26.53% | 25.10% | 23.33% | 21.64% | 20.77% | 20.42% | 19.75% | 18.41% | 21.43% | 24.02% | 25.55% | 26.68% | 25.91% | 26.78% | 27.37% | 27.51% | 27.40% | ||||||
| Marvell Technology Inc. | 11.98% | 11.47% | -0.50% | -2.45% | -4.38% | -7.50% | -4.76% | -4.78% | -4.40% | -2.56% | -1.74% | -0.75% | -0.73% | -0.63% | -0.98% | -2.26% | -1.90% | -1.87% | -1.78% | -1.19% | ||||||
| NVIDIA Corp. | 58.06% | 61.56% | 61.53% | 61.29% | 65.30% | 65.69% | 62.20% | 55.27% | 45.28% | 34.88% | 20.84% | 10.78% | 10.61% | 14.71% | 17.80% | 20.92% | 22.07% | 20.20% | 18.32% | 17.30% | ||||||
| Qualcomm Inc. | — | 16.14% | 17.37% | 10.12% | 11.05% | 21.10% | 19.94% | 18.99% | 18.39% | 16.52% | 15.77% | 14.89% | 14.17% | 17.58% | 21.80% | 23.54% | 26.39% | 27.35% | 25.19% | 23.32% | ||||||
| Texas Instruments Inc. | — | — | 16.87% | 15.60% | 14.46% | 14.41% | 14.43% | 14.44% | 13.51% | 14.06% | 15.16% | 16.93% | 20.12% | 22.44% | 24.85% | 28.25% | 32.16% | 34.25% | 34.69% | 32.51% | ||||||
Based on: 10-K (reporting date: 2026-09-03), 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).
1 Q4 2026 Calculation
ROA = 100
× (Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026)
÷ Total assets
= 100 × (37,701 + 28,243 + 13,785 + 5,240)
÷ 195,888 = 43.38%
2 Click competitor name to see calculations.
The financial performance exhibits a distinct cyclical pattern characterized by an initial period of stability, a significant contraction, and a subsequent phase of aggressive growth and expansion.
- Return on Assets (ROA) Volatility
- A cyclical trend is observed in the ROA, which peaked at 15.18% in June 2022 before entering a sharp decline. The ratio turned negative in June 2023 and reached its lowest point of -10.78% in November 2023. A recovery phase began in early 2024, with the ROA returning to positive territory by August 2024 (1.12%) and subsequently accelerating to a peak of 43.38% by September 2026.
- Net Income and Profitability Trends
- Net income demonstrated extreme fluctuations, transitioning from steady gains in 2021 and early 2022 to substantial losses starting in December 2022. The most significant deficit occurred in March 2023, with a loss of $2.312 billion. Following this trough, profitability returned in February 2024 and grew exponentially, culminating in a quarterly net income of $37.701 billion by September 2026.
- Asset Base Expansion and Efficiency
- The total asset base remained relatively stable between $61 billion and $67 billion from December 2021 through November 2023. However, a period of rapid capital expansion is observed starting in 2024, with assets increasing to $195.888 billion by September 2026. The fact that ROA increased simultaneously with this massive asset growth indicates that the increase in net income far outpaced the expansion of the balance sheet, reflecting a substantial improvement in asset utilization efficiency.
- Analysis of the Growth Phase
- The period between February 2026 and September 2026 represents an unprecedented surge in performance. During these quarters, net income rose from $13.785 billion to $37.701 billion, while ROA jumped from 23.75% to 43.38%. This suggests that the investments made in the asset base during the preceding quarters yielded high marginal returns, leading to an accelerated profitability trajectory.
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