Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Micron Technology Inc., current price multiples

	Micron Technology Inc.	Advanced Micro Devices Inc.	Analog Devices Inc.	Apple Inc.	Applied Materials Inc.	Broadcom Inc.	Cisco Systems Inc.	Intel Corp.	Lam Research Corp.	NVIDIA Corp.	Qualcomm Inc.	Texas Instruments Inc.	Technology Hardware & Equipment	Technology
Selected Financial Data
Current share price (P)	$83.50
No. shares of common stock outstanding	1,118,671,492
Growth rate (g)	19.64%

Earnings per share (EPS)	$2.40
Next year expected EPS	$2.87
Operating profit per share	$2.68
Sales per share	$19.16
Book value per share (BVPS)	$34.86
Valuation Ratios (Price Multiples)
Price to earnings (P/E)	34.76	313.02	48.38	39.10	27.25	70.54	17.08	11.42	36.01	118.36	35.81	31.71	33.99	36.96
Price to next year expected earnings	29.06	401.58	46.22	27.98	22.18	70.59	15.42	10.14	29.49	97.07	32.51	26.26	28.50	31.69
Price-earnings-growth (PEG)	1.77	—	10.35	0.98	1.19	—	1.59	0.90	1.63	5.40	3.53	1.53	1.76	2.22
Price to operating profit (P/OP)	31.11	169.16	39.42	33.86	22.59	46.80	14.07	10.91	30.32	116.28	29.76	27.80	29.19	32.61
Price to sales (P/S)	4.36	15.86	10.54	8.18	5.73	7.86	3.89	3.34	8.07	30.31	7.91	11.06	7.69	8.46
Price to book value (P/BV)	2.40	37.76	4.92	34.36	9.32	7.87	5.05	3.10	15.67	27.12	30.63	17.86	12.72	11.00

Based on: 10-K (filing date: 2020-10-19).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Micron Technology Inc., historical price multiples

	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018	Aug 31, 2017	Sep 1, 2016	Sep 3, 2015
Price to earnings (P/E)	21.80	7.98	3.40	9.20	—	6.25
Price to operating profit (P/OP)	19.51	6.83	3.20	7.98	106.63	6.04
Price to sales (P/S)	2.73	2.15	1.58	2.30	1.44	1.12
Price to book value (P/BV)	1.50	1.40	1.49	2.51	1.48	1.47

Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Micron Technology Inc.’s P/E ratio increased from 2018 to 2019 and from 2019 to 2020.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Micron Technology Inc.’s P/OP ratio increased from 2018 to 2019 and from 2019 to 2020.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Micron Technology Inc.’s P/S ratio increased from 2018 to 2019 and from 2019 to 2020.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Micron Technology Inc.’s P/BV ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Micron Technology Inc., historical P/E calculation, comparison to benchmarks

	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018	Aug 31, 2017	Sep 1, 2016	Sep 3, 2015
No. shares of common stock outstanding¹	1,113,221,799	1,107,050,823	1,134,255,375	1,153,255,224	1,041,537,057	1,085,753,663
Selected Financial Data (US$)
Net income (loss) attributable to Micron (in millions)	2,687	6,313	14,135	5,089	(276)	2,899
Earnings per share (EPS)²	2.41	5.70	12.46	4.41	-0.26	2.67
Share price^1, 3	52.63	45.50	42.34	40.60	17.20	16.68
Valuation Ratio
P/E ratio⁴	21.80	7.98	3.40	9.20	—	6.25
Benchmarks
P/E Ratio, Competitors⁵
Advanced Micro Devices Inc.	—	169.62	68.76	282.39	—	—
Analog Devices Inc.	41.43	31.04	22.17	44.94	26.07	27.06
Apple Inc.	32.24	20.00	16.07	18.32	13.49	12.46
Applied Materials Inc.	22.31	20.25	9.75	16.16	20.68	15.88
Broadcom Inc.	66.37	47.09	8.14	63.27	—	28.48
Cisco Systems Inc.	15.46	17.69	1,964.84	16.37	14.69	14.82
Intel Corp.	—	13.91	10.41	22.15	16.72	11.85
Lam Research Corp.	24.22	13.64	11.70	15.33	15.82	17.38
NVIDIA Corp.	67.57	22.80	48.05	36.34	28.97	19.77
Qualcomm Inc.	28.06	22.03	—	31.96	17.37	17.18
Texas Instruments Inc.	—	24.47	18.05	27.77	21.45	17.66
P/E Ratio, Sector
Technology Hardware & Equipment	—	19.47	16.73	20.19	16.96	13.48
P/E Ratio, Industry
Technology	—	24.18	23.18	27.34	21.75	19.33

Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
EPS = Net income (loss) attributable to Micron ÷ No. shares of common stock outstanding
= 2,687,000,000 ÷ 1,113,221,799 = 2.41

³ Closing price as at the filing date of Micron Technology Inc.’s Annual Report.

⁴ 2020 Calculation
P/E ratio = Share price ÷ EPS
= 52.63 ÷ 2.41 = 21.80

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Micron Technology Inc.’s P/E ratio increased from 2018 to 2019 and from 2019 to 2020.

Micron Technology Inc., historical P/OP calculation, comparison to benchmarks

	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018	Aug 31, 2017	Sep 1, 2016	Sep 3, 2015
No. shares of common stock outstanding¹	1,113,221,799	1,107,050,823	1,134,255,375	1,153,255,224	1,041,537,057	1,085,753,663
Selected Financial Data (US$)
Operating income (in millions)	3,003	7,376	14,994	5,868	168	2,998
Operating profit per share²	2.70	6.66	13.22	5.09	0.16	2.76
Share price^1, 3	52.63	45.50	42.34	40.60	17.20	16.68
Valuation Ratio
P/OP ratio⁴	19.51	6.83	3.20	7.98	106.63	6.04
Benchmarks
P/OP Ratio, Competitors⁵
Advanced Micro Devices Inc.	—	91.66	51.38	59.52	—	—
Analog Devices Inc.	33.76	24.74	17.62	30.97	21.85	22.69
Apple Inc.	27.92	17.29	13.49	14.44	10.27	9.34
Applied Materials Inc.	18.50	16.36	6.74	14.35	16.54	12.92
Broadcom Inc.	44.03	36.85	19.42	44.93	—	23.80
Cisco Systems Inc.	12.73	14.46	17.56	13.14	12.46	12.36
Intel Corp.	—	13.29	9.40	11.86	13.40	9.66
Lam Research Corp.	20.40	12.12	8.66	13.68	13.46	14.45
NVIDIA Corp.	66.38	24.82	45.61	31.30	23.81	16.42
Qualcomm Inc.	23.32	12.60	103.26	30.15	15.26	15.68
Texas Instruments Inc.	—	21.46	15.00	16.81	16.07	12.34
P/OP Ratio, Sector
Technology Hardware & Equipment	—	16.72	13.41	15.17	13.01	10.50
P/OP Ratio, Industry
Technology	—	21.34	17.83	19.87	17.13	14.77

Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 3,003,000,000 ÷ 1,113,221,799 = 2.70

³ Closing price as at the filing date of Micron Technology Inc.’s Annual Report.

⁴ 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 52.63 ÷ 2.70 = 19.51

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Micron Technology Inc.’s P/OP ratio increased from 2018 to 2019 and from 2019 to 2020.

Micron Technology Inc., historical P/S calculation, comparison to benchmarks

	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018	Aug 31, 2017	Sep 1, 2016	Sep 3, 2015
No. shares of common stock outstanding¹	1,113,221,799	1,107,050,823	1,134,255,375	1,153,255,224	1,041,537,057	1,085,753,663
Selected Financial Data (US$)
Revenue (in millions)	21,435	23,406	30,391	20,322	12,399	16,192
Sales per share²	19.25	21.14	26.79	17.62	11.90	14.91
Share price^1, 3	52.63	45.50	42.34	40.60	17.20	16.68
Valuation Ratio
P/S ratio⁴	2.73	2.15	1.58	2.30	1.44	1.12
Benchmarks
P/S Ratio, Competitors⁵
Advanced Micro Devices Inc.	—	8.59	3.58	2.28	3.08	0.38
Analog Devices Inc.	9.03	7.06	5.35	6.40	6.57	5.49
Apple Inc.	6.74	4.25	3.60	3.86	2.86	2.85
Applied Materials Inc.	4.69	3.75	1.87	3.82	3.29	2.26
Broadcom Inc.	7.40	5.62	4.78	6.07	5.48	5.69
Cisco Systems Inc.	3.52	3.96	4.38	3.28	3.20	2.71
Intel Corp.	—	4.07	3.09	3.39	2.90	2.44
Lam Research Corp.	5.43	3.10	2.51	3.25	2.46	2.17
NVIDIA Corp.	17.30	8.06	15.07	8.76	3.55	2.66
Qualcomm Inc.	6.20	3.98	3.37	3.54	4.21	3.58
Texas Instruments Inc.	—	8.54	6.38	6.83	5.77	4.06
P/S Ratio, Sector
Technology Hardware & Equipment	—	4.41	3.76	3.91	3.16	2.81
P/S Ratio, Industry
Technology	—	5.54	4.82	5.06	4.20	3.72

Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 21,435,000,000 ÷ 1,113,221,799 = 19.25

³ Closing price as at the filing date of Micron Technology Inc.’s Annual Report.

⁴ 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 52.63 ÷ 19.25 = 2.73

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Micron Technology Inc.’s P/S ratio increased from 2018 to 2019 and from 2019 to 2020.

Micron Technology Inc., historical P/BV calculation, comparison to benchmarks

	Sep 3, 2020	Aug 29, 2019	Aug 30, 2018	Aug 31, 2017	Sep 1, 2016	Sep 3, 2015
No. shares of common stock outstanding¹	1,113,221,799	1,107,050,823	1,134,255,375	1,153,255,224	1,041,537,057	1,085,753,663
Selected Financial Data (US$)
Total Micron shareholders’ equity (in millions)	38,996	35,881	32,294	18,621	12,080	12,302
Book value per share (BVPS)²	35.03	32.41	28.47	16.15	11.60	11.33
Share price^1, 3	52.63	45.50	42.34	40.60	17.20	16.68
Valuation Ratio
P/BV ratio⁴	1.50	1.40	1.49	2.51	1.48	1.47
Benchmarks
P/BV Ratio, Competitors⁵
Advanced Micro Devices Inc.	—	20.46	18.30	19.87	31.66	—
Analog Devices Inc.	4.22	3.61	3.02	3.22	4.35	3.72
Apple Inc.	28.33	12.21	8.93	6.61	4.81	5.57
Applied Materials Inc.	7.63	6.67	4.73	5.94	4.93	2.87
Broadcom Inc.	7.40	5.09	3.74	5.28	3.84	8.24
Cisco Systems Inc.	4.57	6.12	5.00	2.38	2.48	2.23
Intel Corp.	—	3.78	2.94	3.08	2.60	2.21
Lam Research Corp.	10.55	6.39	4.28	3.82	2.45	2.23
NVIDIA Corp.	15.48	10.10	19.60	10.51	3.98	2.82
Qualcomm Inc.	24.00	19.69	82.57	2.56	3.12	2.88
Texas Instruments Inc.	—	13.79	11.20	9.89	7.36	5.30
P/BV Ratio, Sector
Technology Hardware & Equipment	—	7.28	6.06	4.65	3.72	3.75
P/BV Ratio, Industry
Technology	—	7.20	6.25	5.50	4.51	4.34

Based on: 10-K (filing date: 2020-10-19), 10-K (filing date: 2019-10-17), 10-K (filing date: 2018-10-15), 10-K (filing date: 2017-10-26), 10-K (filing date: 2016-10-28), 10-K (filing date: 2015-10-27).

¹ Data adjusted for splits and stock dividends.

² 2020 Calculation
BVPS = Total Micron shareholders’ equity ÷ No. shares of common stock outstanding
= 38,996,000,000 ÷ 1,113,221,799 = 35.03

³ Closing price as at the filing date of Micron Technology Inc.’s Annual Report.

⁴ 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 52.63 ÷ 35.03 = 1.50

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Micron Technology Inc.’s P/BV ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Micron Technology Inc. (NASDAQ:MU)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)