Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

Common Stock Valuation Ratios (Price Multiples)

Microsoft Excel

Current Valuation Ratios

Micron Technology Inc., current price multiples

Microsoft Excel
Micron Technology Inc. Advanced Micro Devices Inc. Analog Devices Inc. Applied Materials Inc. Broadcom Inc. First Solar Inc. Intel Corp. KLA Corp. Lam Research Corp. Monolithic Power Systems Inc. NVIDIA Corp. Qualcomm Inc. Texas Instruments Inc. Semiconductors & Semiconductor Equipment Information Technology
Selected Financial Data
Current share price (P) $102.06
No. shares of common stock outstanding 1,108,742,682
Growth rate (g) 10.22%
 
Earnings per share (EPS) $0.70
Next year expected EPS $0.77
Operating profit per share $1.18
Sales per share $22.65
Book value per share (BVPS) $40.70
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 145.45 247.32 65.89 20.58 60.76 25.90 51.38 31.42 26.30 71.20 114.64 17.51 26.86 114.44 57.16
Price to next year expected earnings 131.96 214.13 64.48 15.24 60.18 24.64 49.02 20.79 18.61 65.00 86.17 12.61 21.60 100.83 45.46
Price-earnings-growth (PEG) 14.23 15.96 30.14 0.59 62.61 5.07 10.68 0.61 0.64 7.46 3.47 0.45 1.10 8.48 2.22
Price to operating profit (P/OP) 86.78 526.70 53.01 18.43 52.80 25.10 933.09 25.94 23.61 63.17 103.47 17.63 23.85 105.56 48.07
Price to sales (P/S) 4.51 9.31 11.43 5.32 23.89 6.48 1.60 8.84 6.75 16.71 56.00 4.56 9.98 19.68 12.60
Price to book value (P/BV) 2.51 3.78 3.06 8.63 35.67 3.22 0.82 25.77 11.79 14.84 79.38 6.76 10.35 15.25 18.15

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

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.


Historical Valuation Ratios (Summary)

Micron Technology Inc., historical price multiples

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
Price to earnings (P/E) 145.72 6.62 13.38 21.80 7.98
Price to operating profit (P/OP) 86.94 5.93 12.48 19.51 6.83
Price to sales (P/S) 4.51 4.94 1.87 2.83 2.73 2.15
Price to book value (P/BV) 2.51 1.74 1.15 1.79 1.50 1.40

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).

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. P/S ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Micron Technology Inc. P/BV ratio increased from 2022 to 2023 and from 2023 to 2024.

Price to Earnings (P/E)

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

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
No. shares of common stock outstanding1 1,108,742,682 1,098,034,471 1,087,168,584 1,118,623,738 1,113,221,799 1,107,050,823
Selected Financial Data (US$)
Net income (loss) attributable to Micron (in millions) 778 (5,833) 8,687 5,861 2,687 6,313
Earnings per share (EPS)2 0.70 -5.31 7.99 5.24 2.41 5.70
Share price1, 3 102.25 69.96 52.91 70.12 52.63 45.50
Valuation Ratio
P/E ratio4 145.72 6.62 13.38 21.80 7.98
Benchmarks
P/E Ratio, Competitors5
Advanced Micro Devices Inc. 317.27 96.16 45.54 41.66 169.62
Analog Devices Inc. 66.48 27.14 31.21 68.31 41.43 31.04
Applied Materials Inc. 19.63 13.55 22.05 22.31 20.25
Broadcom Inc. 36.78 20.70 40.73 66.38 47.09
First Solar Inc. 18.65 17.16 21.56
Intel Corp. 109.27 14.54 9.85 11.02 13.91
KLA Corp. 34.24 20.04 16.89 25.97 25.92 18.44
Lam Research Corp. 27.05 19.26 13.77 21.03 24.23 13.64
Monolithic Power Systems Inc. 81.98 52.21 88.67 107.98 65.01
NVIDIA Corp. 56.68 131.70 68.08 78.54 67.59 22.77
Qualcomm Inc. 18.95 17.07 9.75 17.15 28.06 22.03
Texas Instruments Inc. 22.24 18.88 20.38 27.95 24.47
P/E Ratio, Sector
Semiconductors & Semiconductor Equipment 48.18 23.29 24.48 25.47 19.52
P/E Ratio, Industry
Information Technology 35.79 27.09 29.31 31.15 22.70

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 Data adjusted for splits and stock dividends.

2 2024 Calculation
EPS = Net income (loss) attributable to Micron ÷ No. shares of common stock outstanding
= 778,000,000 ÷ 1,108,742,682 = 0.70

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

4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 102.25 ÷ 0.70 = 145.72

5 Click competitor name to see calculations.


Price to Operating Profit (P/OP)

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

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
No. shares of common stock outstanding1 1,108,742,682 1,098,034,471 1,087,168,584 1,118,623,738 1,113,221,799 1,107,050,823
Selected Financial Data (US$)
Operating income (loss) (in millions) 1,304 (5,745) 9,702 6,283 3,003 7,376
Operating profit per share2 1.18 -5.23 8.92 5.62 2.70 6.66
Share price1, 3 102.25 69.96 52.91 70.12 52.63 45.50
Valuation Ratio
P/OP ratio4 86.94 5.93 12.48 19.51 6.83
Benchmarks
P/OP Ratio, Competitors5
Advanced Micro Devices Inc. 675.69 100.42 39.48 75.77 91.66
Analog Devices Inc. 53.48 23.53 26.16 56.12 33.76 24.74
Applied Materials Inc. 17.58 11.35 18.85 18.50 16.36
Broadcom Inc. 31.96 16.33 30.78 44.04 36.85
First Solar Inc. 18.07 13.70 27.05
Intel Corp. 1,984.43 49.91 10.06 9.72 13.29
KLA Corp. 28.26 16.99 15.36 21.69 20.99 15.60
Lam Research Corp. 24.29 16.79 11.79 18.34 20.40 12.13
Monolithic Power Systems Inc. 72.73 43.38 81.78 111.71 68.99
NVIDIA Corp. 51.16 136.19 66.12 75.08 66.40 24.79
Qualcomm Inc. 19.08 15.85 7.95 15.84 23.32 12.60
Texas Instruments Inc. 19.75 16.29 17.67 26.53 21.46
P/OP Ratio, Sector
Semiconductors & Semiconductor Equipment 44.44 21.66 22.23 22.65 16.84
P/OP Ratio, Industry
Information Technology 30.10 22.87 26.09 26.67 19.87

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 Data adjusted for splits and stock dividends.

2 2024 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= 1,304,000,000 ÷ 1,108,742,682 = 1.18

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

4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 102.25 ÷ 1.18 = 86.94

5 Click competitor name to see calculations.


Price to Sales (P/S)

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

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
No. shares of common stock outstanding1 1,108,742,682 1,098,034,471 1,087,168,584 1,118,623,738 1,113,221,799 1,107,050,823
Selected Financial Data (US$)
Revenue (in millions) 25,111 15,540 30,758 27,705 21,435 23,406
Sales per share2 22.65 14.15 28.29 24.77 19.25 21.14
Share price1, 3 102.25 69.96 52.91 70.12 52.63 45.50
Valuation Ratio
P/S ratio4 4.51 4.94 1.87 2.83 2.73 2.15
Benchmarks
P/S Ratio, Competitors5
Advanced Micro Devices Inc. 11.95 5.38 8.76 10.63 8.59
Analog Devices Inc. 11.53 7.31 7.14 12.98 9.03 7.06
Applied Materials Inc. 5.08 3.43 5.63 4.69 3.75
Broadcom Inc. 14.46 7.00 9.55 7.40 5.62
First Solar Inc. 4.67 6.88 2.75 3.17 1.74
Intel Corp. 3.40 1.85 2.48 2.96 4.07
KLA Corp. 9.64 6.47 6.09 7.80 5.43 4.74
Lam Research Corp. 6.95 4.99 3.68 5.62 5.43 3.10
Monolithic Power Systems Inc. 19.24 12.74 17.77 21.02 11.27
NVIDIA Corp. 27.69 21.33 24.67 20.41 17.31 8.05
Qualcomm Inc. 4.93 3.45 2.85 4.62 6.20 3.98
Texas Instruments Inc. 8.26 8.25 8.63 10.81 8.54
P/S Ratio, Sector
Semiconductors & Semiconductor Equipment 8.28 5.87 6.26 5.82 4.69
P/S Ratio, Industry
Information Technology 7.89 6.48 7.49 6.65 5.03

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 Data adjusted for splits and stock dividends.

2 2024 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 25,111,000,000 ÷ 1,108,742,682 = 22.65

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

4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 102.25 ÷ 22.65 = 4.51

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. P/S ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Price to Book Value (P/BV)

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

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
No. shares of common stock outstanding1 1,108,742,682 1,098,034,471 1,087,168,584 1,118,623,738 1,113,221,799 1,107,050,823
Selected Financial Data (US$)
Total Micron shareholders’ equity (in millions) 45,131 44,120 49,907 43,933 38,996 35,881
Book value per share (BVPS)2 40.70 40.18 45.91 39.27 35.03 32.41
Share price1, 3 102.25 69.96 52.91 70.12 52.63 45.50
Valuation Ratio
P/BV ratio4 2.51 1.74 1.15 1.79 1.50 1.40
Benchmarks
P/BV Ratio, Competitors5
Advanced Micro Devices Inc. 4.85 2.32 19.21 17.77 20.46
Analog Devices Inc. 3.09 2.53 2.35 2.50 4.22 3.61
Applied Materials Inc. 8.23 7.25 10.60 7.63 6.67
Broadcom Inc. 21.59 10.23 10.50 7.40 5.09
First Solar Inc. 2.32 3.09 1.35 1.56 1.05
Intel Corp. 1.75 1.15 2.05 2.84 3.78
KLA Corp. 28.07 23.25 40.05 15.98 11.83 8.15
Lam Research Corp. 12.13 10.58 10.10 13.64 10.55 6.40
Monolithic Power Systems Inc. 17.09 13.69 17.25 18.36 9.15
NVIDIA Corp. 39.25 26.03 24.95 20.14 15.49 10.09
Qualcomm Inc. 7.31 5.72 7.00 15.59 24.00 19.69
Texas Instruments Inc. 8.57 11.33 11.87 17.02 13.79
P/BV Ratio, Sector
Semiconductors & Semiconductor Equipment 6.42 5.18 6.19 6.09 5.08
P/BV Ratio, Industry
Information Technology 11.36 10.38 12.39 10.91 8.28

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 Data adjusted for splits and stock dividends.

2 2024 Calculation
BVPS = Total Micron shareholders’ equity ÷ No. shares of common stock outstanding
= 45,131,000,000 ÷ 1,108,742,682 = 40.70

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

4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 102.25 ÷ 40.70 = 2.51

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 required rate of return and its actual rate of return. Micron Technology Inc. P/BV ratio increased from 2022 to 2023 and from 2023 to 2024.