Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Micron Technology Inc., EBITDA calculation

US$ in millions

12 months ended:	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
Net income (loss) attributable to Micron	(5,833)	8,687)	5,861)	2,687)	6,313)	14,135)
Add: Net income attributable to noncontrolling interest	—)	—)	—)	23)	45)	3)
Add: Income tax expense	177)	888)	394)	280)	693)	168)
Earnings before tax (EBT)	(5,656)	9,575)	6,255)	2,990)	7,051)	14,306)
Add: Interest expense	388)	189)	183)	194)	128)	342)
Earnings before interest and tax (EBIT)	(5,268)	9,764)	6,438)	3,184)	7,179)	14,648)
Add: Depreciation expense and amortization of intangible assets	7,756)	7,116)	6,214)	5,650)	5,424)	4,759)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,488)	16,880)	12,652)	8,834)	12,603)	19,407)

Based on: 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), 10-K (reporting date: 2018-08-30).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Micron Technology Inc. EBITDA increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Micron Technology Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	127,296)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,488)
Valuation Ratio
EV/EBITDA	51.16
Benchmarks
EV/EBITDA, Competitors¹
Advanced Micro Devices Inc.	60.27
Analog Devices Inc.	16.89
Applied Materials Inc.	19.23
Broadcom Inc.	30.40
Intel Corp.	15.75
KLA Corp.	20.81
Lam Research Corp.	20.90
NVIDIA Corp.	57.60
ON Semiconductor Corp.	9.09
Qualcomm Inc.	18.73
Texas Instruments Inc.	18.01
EV/EBITDA, Sector
Semiconductors & Semiconductor Equipment	44.85
EV/EBITDA, Industry
Information Technology	28.53

Based on: 10-K (reporting date: 2023-08-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Micron Technology Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	80,554)	55,097)	76,581)	57,090)	49,156)	46,728)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	2,488)	16,880)	12,652)	8,834)	12,603)	19,407)
Valuation Ratio
EV/EBITDA³	32.38	3.26	6.05	6.46	3.90	2.41
Benchmarks
EV/EBITDA, Competitors⁴
Advanced Micro Devices Inc.	65.81	22.63	34.19	62.10	82.59	—
Analog Devices Inc.	15.56	16.23	38.55	23.61	18.67	14.37
Applied Materials Inc.	15.75	11.04	17.54	16.82	14.60	6.24
Broadcom Inc.	26.42	13.54	19.72	18.89	16.32	12.21
Intel Corp.	18.96	6.20	6.02	6.40	8.73	—
KLA Corp.	15.67	14.97	19.26	18.10	14.14	10.91
Lam Research Corp.	15.35	11.34	16.67	17.76	10.07	7.08
NVIDIA Corp.	95.68	57.59	58.96	52.90	21.10	—
ON Semiconductor Corp.	10.57	11.65	14.40	20.27	11.13	—
Qualcomm Inc.	12.82	7.84	12.76	19.49	10.55	28.47
Texas Instruments Inc.	16.36	14.69	15.54	21.75	17.73	—
EV/EBITDA, Sector
Semiconductors & Semiconductor Equipment	25.99	14.44	15.49	14.76	11.56	—
EV/EBITDA, Industry
Information Technology	23.37	18.28	20.37	19.53	14.42	—

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 80,554 ÷ 2,488 = 32.38

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Micron Technology Inc. EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Micron Technology Inc. (NASDAQ:MU)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical