Price to FCFE (P/FCFE)
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
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Free Cash Flow to Equity (FCFE)
Micron Technology Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-08-28), 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).
- Net Cash Provided by Operating Activities
- Over the observed periods, the net cash generated from operations demonstrates considerable volatility. Beginning at $8,306 million in 2020, there is a substantial upward trend through 2021 and 2022, reaching a peak of $15,181 million. However, in 2023, this figure experiences a sharp decline to $1,559 million, followed by a partial recovery in 2024 to $8,507 million, and then a significant increase again in 2025 to $17,525 million. This pattern indicates fluctuating operational performance with strong cash flow generation in most years except for a notable dip in 2023.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity shows a generally positive trend in the initial years, increasing from $717 million in 2020 to $3,082 million in 2022. However, it turns negative in 2023 and 2024, recording values of -$162 million and -$777 million respectively, indicating potential cash outflows to equity holders during these years. In 2025, FCFE recovers to a positive $1,479 million. The negative FCFE in 2023 and 2024 contrasts with the net operating cash flow figures and may suggest increased capital expenditures, debt repayments, or other equity-related cash movements impacting this metric.
- Overall Insights
- The data suggests periods of strong operational cash generation predominantly in the early and latter years, with a disruption around 2023. Despite fluctuations in cash from operations, the free cash flow to equity shows a more volatile pattern with negative values in two consecutive years, implying variability in financial policies or investment activities. The reconciliation between operating cash flow and FCFE movements indicates the importance of analyzing financing and investing activities to fully understand cash flow dynamics during these intervals.
Price to FCFE Ratio, Current
Micron Technology Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, 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. | |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-08-28).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Micron Technology Inc., historical P/FCFE calculation, comparison to benchmarks
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| 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. | |||||||
| P/FCFE, Sector | |||||||
| Semiconductors & Semiconductor Equipment | |||||||
| P/FCFE, Industry | |||||||
| Information Technology | |||||||
Based on: 10-K (reporting date: 2025-08-28), 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Micron Technology Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price shows notable fluctuations over the periods observed. Initially, from 2020 to 2021, there is a significant increase from $52.63 to $70.12. This is followed by a decline to $52.91 in 2022. Subsequently, the price rebounds sharply to $69.96 in 2023 and experiences a substantial rise in the following two years, reaching $102.25 in 2024 and further surging to $187.83 in 2025. Overall, despite intermediate volatility, the share price demonstrates a strong upward trajectory in the longer term.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share exhibits considerable variability. It begins at a relatively low level of $0.64 in 2020, increases significantly to $1.88 in 2021 and further to $2.83 in 2022. However, this positive trend reverses sharply with negative values recorded in 2023 (-$0.15) and 2024 (-$0.70), indicating possible cash flow challenges during these years. The figure recovers to a positive $1.32 in 2025, suggesting improvement in cash flow generation toward the end of the period.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio decreases markedly from 81.71 in 2020 to 37.24 in 2021, and further down to 18.66 in 2022, reflecting a period where the market valuation became more favorably aligned with the company’s cash flow per share. Data for 2023 and 2024 are unavailable, likely due to negative FCFE values in those years, which makes this ratio non-calculable or less meaningful. In 2025, with FCFE turning positive again, the P/FCFE ratio increases significantly to 142.55, implying a much higher market premium relative to the free cash flow, possibly reflecting higher growth expectations or market optimism.
- Overall Observations
- The data reveal a period of volatility in both share price and FCFE per share, with the company experiencing a notable downturn in free cash flow during 2023 and 2024. Despite this, the share price recovers robustly in the later years, culminating in a sharp rise by 2025. The wide variation in the P/FCFE ratio suggests shifting market perceptions and investor sentiment, possibly influenced by the company’s financial performance and external factors. The recovery in both FCFE and share price by 2025 indicates a potential turnaround in operational or market conditions.