Stock Analysis on Net
Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Micron Technology Inc., FCFE calculation

US$ in millions

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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
Net income attributable to noncontrolling interests — — — 23 45 3
Net noncash charges 10,288 7,739 6,977 6,083 6,102 4,919
Change in operating assets and liabilities (2,896) (1,245) (370) (487) 729 (1,657)
Net cash provided by operating activities 1,559 15,181 12,468 8,306 13,189 17,400
Expenditures for property, plant, and equipment (7,676) (12,067) (10,030) (8,223) (9,780) (8,879)
Proceeds from issuance of debt 6,716 2,000 1,188 5,000 3,550 1,009
Repayments of debt (761) (2,032) (1,520) (4,366) (3,340) (10,194)
Free cash flow to equity (FCFE) (162) 3,082 2,106 717 3,619 (664)

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Micron Technology Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Micron Technology Inc. FCFE increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Price to FCFE Ratio, Current

Micron Technology Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,107,368,110
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) (162)
FCFE per share -0.15
Current share price (P) 111.58
Valuation Ratio
P/FCFE —
Benchmarks
P/FCFE, Competitors1
Advanced Micro Devices Inc. 221.63
Analog Devices Inc. 24.31
Applied Materials Inc. 21.37
Broadcom Inc. 34.81
Intel Corp. —
KLA Corp. 35.91
Lam Research Corp. 25.39
NVIDIA Corp. 80.16
ON Semiconductor Corp. 223.71
Qualcomm Inc. 17.67
Texas Instruments Inc. 41.46
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 84.03
P/FCFE, Industry
Information Technology 40.83

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

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

Microsoft Excel
Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019 Aug 30, 2018
No. shares of common stock outstanding1 1,098,034,471 1,087,168,584 1,118,623,738 1,113,221,799 1,107,050,823 1,134,255,375
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 (162) 3,082 2,106 717 3,619 (664)
FCFE per share3 -0.15 2.83 1.88 0.64 3.27 -0.59
Share price1, 4 69.96 52.91 70.12 52.63 45.50 42.34
Valuation Ratio
P/FCFE5 — 18.66 37.24 81.71 13.92 —
Benchmarks
P/FCFE, Competitors6
Advanced Micro Devices Inc. 241.70 33.46 44.72 133.51 — —
Analog Devices Inc. 22.28 24.14 34.67 33.98 37.52 50.53
Applied Materials Inc. 17.53 19.17 27.20 23.21 19.53 10.21
Broadcom Inc. 30.06 14.62 22.35 9.16 5.64 13.72
Intel Corp. — — 14.25 8.57 16.55 —
KLA Corp. 26.78 9.01 28.05 19.15 9.84 39.74
Lam Research Corp. 18.67 24.95 34.58 16.89 6.14 14.02
NVIDIA Corp. 151.04 54.83 35.20 44.23 30.19 —
ON Semiconductor Corp. 261.49 21.51 38.47 50.56 9.02 —
Qualcomm Inc. 11.97 19.13 17.93 34.91 16.39 —
Texas Instruments Inc. 37.61 23.88 21.87 24.10 18.77 —
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 48.11 28.83 25.00 17.80 14.04 —
P/FCFE, Industry
Information Technology 33.34 26.56 27.30 23.29 18.92 —

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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -162,000,000 ÷ 1,098,034,471 = -0.15

4 Closing price as at the filing date of Micron Technology Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 69.96 ÷ -0.15 = —

6 Click competitor name to see calculations.