Enterprise Value to EBITDA (EV/EBITDA)
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Micron Technology Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Micron Technology Inc., EBITDA calculation
US$ in millions
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 Income (loss) attributable to Micron (US$ in millions)
- The net income experienced significant fluctuations over the analyzed periods. After a peak of 6,313 million in 2019, there was a sharp decline to 2,687 million in 2020. This was followed by a recovery to 5,861 million in 2021 and further growth to 8,687 million in 2022. However, in 2023 there was a notable reversal, with the company reporting a substantial net loss of 5,833 million. In 2024, net income returned to a positive figure of 778 million, indicating a partial recovery but remaining well below the previous peaks.
- Earnings Before Tax (EBT) (US$ in millions)
- EBT followed a similar pattern to net income. It peaked initially at 7,051 million in 2019, declined to 2,990 million in 2020, and then increased to 6,255 million in 2021 and further to 9,575 million in 2022. The year 2023 saw a sharp decrease to a negative 5,656 million, reflecting operational and/or market challenges. In 2024, EBT improved to a positive 1,229 million, indicating some recovery in profitability before tax.
- Earnings Before Interest and Tax (EBIT) (US$ in millions)
- EBIT also demonstrated volatility across the years. From 7,179 million in 2019, it dropped to 3,184 million in 2020, then increased again to 6,438 million in 2021 and 9,764 million in 2022. The 2023 EBIT figure turned negative at -5,268 million, closely mirroring the net income and EBT losses in the same year. In 2024, EBIT rebounded to 1,791 million but remained below earlier high levels.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) (US$ in millions)
- EBITDA displayed considerable variation with generally strong performance until 2022. The amount was 12,603 million in 2019, decreased to 8,834 million in 2020, and rose to 12,652 million in 2021 and peaked at 16,880 million in 2022. In 2023, EBITDA plummeted significantly to 2,488 million, the lowest point in the series, indicating a sharp reduction in operational cash flow. By 2024, EBITDA recovered substantially to 9,571 million, although it still did not reach the peak values observed in 2022.
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) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| 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. | |
| EV/EBITDA, Sector | |
| Semiconductors & Semiconductor Equipment | |
| EV/EBITDA, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2024-08-29).
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 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | Aug 29, 2019 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Enterprise value (EV)1 | |||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | |||||||
| Valuation Ratio | |||||||
| EV/EBITDA3 | |||||||
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| 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. | |||||||
| EV/EBITDA, Sector | |||||||
| Semiconductors & Semiconductor Equipment | |||||||
| EV/EBITDA, 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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited an overall upward trend from 2019 to 2024. Starting at 49,156 million USD in 2019, it increased steadily to 57,090 million USD in 2020 and 76,581 million USD in 2021. There was a notable decline in 2022 to 55,097 million USD, before rising sharply to 80,554 million USD in 2023 and further surging to 118,660 million USD in 2024, reflecting significant growth in valuation towards the end of the period.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA showed volatility throughout the years. It decreased from 12,603 million USD in 2019 to 8,834 million USD in 2020, then rebounded to 12,652 million USD in 2021. The metric reached a peak of 16,880 million USD in 2022, followed by a sharp decline to 2,488 million USD in 2023. In 2024, EBITDA partially recovered to 9,571 million USD, indicating some operational improvement but remaining below earlier highs.
- EV/EBITDA Ratio
- The EV/EBITDA ratio fluctuated notably over the period. It started at a moderate level of 3.9 in 2019, increased to 6.46 in 2020, and remained relatively stable at 6.05 in 2021. In 2022, the ratio dropped to its lowest point of 3.26, suggesting an attractive valuation relative to earnings at that time. However, the ratio skyrocketed to 32.38 in 2023, reflecting the combination of a lower EBITDA and higher enterprise value. In 2024, it decreased to 12.4 but remained significantly elevated compared to earlier years, signaling a less favorable valuation metric relative to EBITDA.