Micron Technology Inc., FCFF calculation

US$ in millions

12 months ended:	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019
Net income (loss) attributable to Micron	778)	(5,833)	8,687)	5,861)	2,687)	6,313)
Net income attributable to noncontrolling interests	—)	—)	—)	—)	23)	45)
Net noncash charges	8,894)	10,303)	7,749)	6,977)	6,083)	6,102)
Change in operating assets and liabilities	(1,165)	(2,911)	(1,255)	(370)	(487)	729)
Net cash provided by operating activities	8,507)	1,559)	15,181)	12,468)	8,306)	13,189)
Interest paid, net of amounts capitalized, net of tax¹	320)	255)	140)	160)	149)	48)
Interest capitalized as part of cost of property, plant, and equipment, net of tax²	143)	164)	70)	62)	70)	93)
Expenditures for property, plant, and equipment	(8,386)	(7,676)	(12,067)	(10,030)	(8,223)	(9,780)
Free cash flow to the firm (FCFF)	584)	(5,698)	3,324)	2,660)	302)	3,550)

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, 2} See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Micron Technology Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Micron Technology Inc. FCFF decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Micron Technology Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Aug 29, 2024	Aug 31, 2023	Sep 1, 2022	Sep 2, 2021	Sep 3, 2020	Aug 29, 2019
Effective Income Tax Rate (EITR)
EITR¹	36.40%	21.00%	9.30%	6.30%	9.40%	9.70%
Interest Paid, Net of Tax
Interest paid, net of amounts capitalized, before tax	503)	323)	154)	171)	165)	53)
Less: Interest paid, net of amounts capitalized, tax²	183)	68)	14)	11)	16)	5)
Interest paid, net of amounts capitalized, net of tax	320)	255)	140)	160)	149)	48)
Interest Costs Capitalized, Net of Tax
Interest capitalized as part of cost of property, plant, and equipment, before tax	225)	208)	77)	66)	77)	103)
Less: Interest capitalized as part of cost of property, plant, and equipment, tax³	82)	44)	7)	4)	7)	10)
Interest capitalized as part of cost of property, plant, and equipment, net of tax	143)	164)	70)	62)	70)	93)

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 See details »

² 2024 Calculation
Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= 503 × 36.40% = 183

³ 2024 Calculation
Interest capitalized as part of cost of property, plant, and equipment, tax = Interest capitalized as part of cost of property, plant, and equipment × EITR
= 225 × 36.40% = 82

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	91,210)
Free cash flow to the firm (FCFF)	584)
Valuation Ratio
EV/FCFF	156.18
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	61.80
Analog Devices Inc.	29.91
Applied Materials Inc.	15.43
Broadcom Inc.	44.65
Intel Corp.	—
KLA Corp.	28.60
Lam Research Corp.	21.48
Monolithic Power Systems Inc.	42.38
NVIDIA Corp.	42.99
Qualcomm Inc.	13.76
Texas Instruments Inc.	78.72
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	66.47
EV/FCFF, Industry
Information Technology	40.81

Based on: 10-K (reporting date: 2024-08-29).

¹ Click competitor name to see calculations.

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

Micron Technology Inc., historical EV/FCFF 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	118,660)	80,554)	55,097)	76,581)	57,090)	49,156)
Free cash flow to the firm (FCFF)²	584)	(5,698)	3,324)	2,660)	302)	3,550)
Valuation Ratio
EV/FCFF³	203.18	—	16.58	28.79	188.88	13.85
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	72.30	225.41	38.82	43.41	126.98	—
Analog Devices Inc.	33.82	25.61	23.12	39.16	27.12	21.67
Applied Materials Inc.	17.55	17.40	19.06	26.22	22.52	18.91
Broadcom Inc.	51.00	28.53	14.74	19.47	16.54	15.04
Intel Corp.	—	—	—	16.94	11.08	—
KLA Corp.	29.56	19.99	19.05	26.29	18.70	20.92
Lam Research Corp.	24.56	17.99	24.08	24.40	26.78	10.44
Monolithic Power Systems Inc.	41.80	58.38	117.73	91.92	80.84	—
NVIDIA Corp.	61.32	142.92	78.06	69.50	41.66	—
Qualcomm Inc.	16.26	11.61	18.18	17.47	30.89	14.91
Texas Instruments Inc.	89.36	89.85	27.02	24.20	27.67	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	56.69	60.26	35.28	26.38	22.16	—
EV/FCFF, Industry
Information Technology	40.33	34.40	26.74	27.56	23.97	—

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 118,660 ÷ 584 = 203.18

⁴ Click competitor name to see calculations.

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Micron Technology Inc. (NASDAQ:MU)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical