Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Micron Technology Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited notable fluctuations over the observed periods, initially declining from approximately 29 in late 2020 to a low near 6 by mid-2022. This downward trend suggests a contraction in market valuation relative to earnings during this timeframe. Following this dip, the ratio experienced a significant spike to over 43 in early 2023, indicating heightened market expectations or reduced earnings. Subsequent data for 2024 show sporadic availability but include a sharp peak at about 146, then a return to more moderate levels around 22 to 25 by mid-2025. Overall, the P/E ratio demonstrates periods of volatility with sharp rises and falls, reflecting shifts in investor sentiment and company earnings performance.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the pattern observed in the P/E ratio, with an initial decrease from roughly 26 at the end of 2020 to near 5 by mid-2022, indicating improved operating profit valuation relative to price during the period. A marked increase follows, peaking at approximately 35 in early 2023. Later data within 2024 show an absence of values initially, but a notable surge to nearly 87 by late 2024. Towards mid-2025, the ratio declines to a range of 17 to 22, suggesting a normalization after substantial volatility. These changes highlight pronounced variations in market expectations concerning operating profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio generally trended downwards from about 3.9 at the end of 2020 to below 2 by late 2022, signifying a diminishing price premium relative to sales. However, from early 2023 onward, the ratio reverses this trend and consistently increases, reaching a peak around 6.86 in mid-2024 before dipping somewhat and then rising again to near 5.6 by mid-2025. This pattern suggests a recovery in market valuation relative to sales following a period of relative weakness.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio fluctuated between about 2.2 at the end of 2020 and a low near 1.1 in late 2022, indicating a reduction in market valuation relative to the book value of the company during this timeframe. Post-2022, the ratio progressively increased, surpassing 3.3 by mid-2024 and peaking near 3.9 by mid-2025. This upward movement reflects an improving market perception of the company's equity value relative to its book value.
Price to Earnings (P/E)
Micron Technology Inc., historical P/E calculation (quarterly data)
| Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (loss) attributable to Micron (in millions) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net income (loss) attributable to MicronQ4 2025
+ Net income (loss) attributable to MicronQ3 2025
+ Net income (loss) attributable to MicronQ2 2025
+ Net income (loss) attributable to MicronQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Micron Technology Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated volatility over the observed periods, initially rising from $77.42 to a peak of $95.65 by December 2021. Subsequently, the price declined significantly through 2022, reaching a low around $49.43 by December 2022. In 2023 and into 2024, a strong recovery was noted, with the price increasing steadily to $132.23 by May 2024. Some fluctuations followed, but the upward trend accelerated sharply toward the end of the observation period, culminating at $187.83 by August 2025.
- Earnings Per Share (EPS) Analysis
- EPS grew substantially from $2.68 in December 2020 to a peak of $8.99 by June 2022, indicating strong profitability in this timeframe. After this peak, EPS declined sharply, turning negative throughout much of 2023 and early 2024, reaching a low of -$6.23 in November 2023. Starting in early 2024, EPS showed a recovery trend, turning positive by May 2024 and continuing to increase steadily to $7.61 by August 2025. This pattern suggests a period of financial difficulty followed by a strong rebound in earnings performance.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio varied widely, reflecting the share price and earnings fluctuations. Initially, P/E decreased from 28.88 to a low of 5.97 in June 2022, coinciding with rising earnings and declining share price. The ratio then increased markedly, peaking at 43.16 in March 2023, likely due to the sharp decline in EPS turning negative. Data gaps occur between mid-2023 and early 2024, potentially indicating calculation unreliability during negative earnings. A notable spike to 145.72 in May 2024 aligns with a low EPS and rising share price, before settling around the mid-20s in later periods, suggesting normalization as earnings recover.
- Overall Observations
- The data reveals a cyclical trend of growth, decline, and recovery in the financial performance. The peak profitability and stock price observed in late 2021 and early 2022 were followed by a significant downturn impacting both market valuation and earnings. Recovery signs emerge in early 2024, with improving EPS and renewed investor confidence reflected in rising share prices and stabilizing P/E ratios. The late increase in share price, outpacing EPS growth, indicates heightened market optimism or expectations of future performance improvements.
Price to Operating Profit (P/OP)
Micron Technology Inc., historical P/OP calculation (quarterly data)
| Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Micron Technology Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced notable fluctuations over the analyzed periods. Initially, it increased from $77.42 to a peak of $95.65 by December 2021, followed by a significant decline to a low of $49.43 by December 2022. Starting in early 2023, the price showed a recovery trend, advancing steadily to reach a high of $187.83 by August 2025. This recovery illustrates a strong positive momentum in the latter periods after a substantial dip.
- Operating Profit Per Share
- The operating profit per share generally trended upward from $3.00 at the end of 2020 to a maximum of $10.09 in June 2022, indicating improved operational performance. After this peak, the metric sharply declined into negative territory, reaching -$6.04 by November 2023. This decline suggests a period of considerable operational challenges. However, starting from February 2024, operating profit per share began to recover, moving back into positive figures and improving steadily to $8.70 by August 2025.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited significant volatility, decreasing from a high of 29.00 in March 2021 to lows around 5.31-7.86 during mid to late 2022, indicating that the market price was relatively low compared to operating profits at that time. The ratio increased drastically thereafter, peaking at 86.94 in early 2024, which corresponds with the period when operating profit per share was significantly negative, causing the ratio to become distorted or less meaningful. Subsequently, as operating profit recovered and share prices increased, the P/OP ratio stabilized to levels ranging from approximately 17 to 22 by mid-2025.
- General Observations
- The data reveals a cyclical pattern in financial performance with an initial phase of growth in both share price and operating profit, followed by a pronounced downturn affecting profitability and market valuation multiples. The turnaround from early 2023 onward highlights operational recovery and restoration of investor confidence. The sharp swings in the P/OP ratio point to the sensitivity of valuation multiples in response to negative earnings periods. Overall, the later half of the timeline shows strengthening fundamentals underpinned by improving operating profits and share price appreciation.
Price to Sales (P/S)
Micron Technology Inc., historical P/S calculation (quarterly data)
| Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Micron Technology Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable volatility throughout the periods. Initially, it increased from $77.42 to a peak of $95.65 by December 2021, followed by a significant decline to a low near $49.43 by December 2022. Subsequently, the share price rebounded sharply, reaching a high of $132.23 by May 2024. After this peak, the price decreased again but maintained higher levels compared to earlier lows, ultimately surging to $187.83 by August 2025.
- Sales Per Share Trend
- Sales per share showed a consistent upward trajectory over the entire timeframe, increasing steadily from $19.72 in December 2020 to $33.30 in August 2025. Despite some minor fluctuations, the pattern indicates sustained improvement in revenue generation per share.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio displayed considerable fluctuations corresponding with the share price movements. Starting at 3.93, it rose to a temporary high of 4.41, then dipped below 2.00 in mid-2022, reflecting the share price decline outpacing sales growth. Following this, the ratio ascended sharply, peaking at 6.86 in May 2024, indicating that share prices increased more rapidly than sales per share at that time. Subsequent periods saw declines in the P/S ratio, but it remained elevated compared to earlier periods, finishing at 5.64.
- Overall Analysis
- The data reflects a scenario where sales per share have steadily increased, pointing to growing operational performance or revenue efficiency. The sizable swings in the share price, and consequently the P/S ratio, suggest market sentiment and valuation multiples experienced substantial variability beyond fundamental sales trends. Periods of share price weakness were followed by pronounced recoveries, indicating fluctuating investor confidence. The overall trend towards higher share prices coupled with sales growth implies positive long-term market expectations despite interim volatility.
Price to Book Value (P/BV)
Micron Technology Inc., historical P/BV calculation (quarterly data)
| Aug 28, 2025 | May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Shareholders’ equity (in millions) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-08-28), 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Micron Technology Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Analysis
- The share price exhibited notable volatility over the observed periods. Initially, it increased from $77.42 in December 2020 to a peak of $95.65 by December 2021, followed by a significant decline to approximately $49.43 by December 2022. Post this low, the price showed a steady upward trend, reaching a substantial high of $187.83 by August 2025. This demonstrates a recovery phase beginning early 2023 and accelerating into 2024 and 2025.
- Book Value Per Share (BVPS) Movement
- BVPS showed a generally positive trend with mild fluctuations. Starting at $35.67 in December 2020, it increased steadily to $45.91 by September 2022 before experiencing a slight decline to $38.85 by November 2023. From that point onwards, BVPS resumed its upward trajectory, ultimately reaching $48.26 by August 2025. This indicates consistent growth in the company's underlying net asset value per share over the long term, despite short-term variances.
- Price-to-Book Value Ratio (P/BV) Trends
- The P/BV ratio reflected considerable variability in market valuation relative to book value. It started at 2.17 in December 2020, rose to 2.55 in March 2021, and then declined sharply to nearly 1.09 by December 2022, corresponding with the share price dip and relative stability in BVPS. From late 2022 onward, P/BV increased markedly to 3.89 by August 2025. This suggests that market sentiment and expectations of future growth become more optimistic in the latter periods, leading to higher valuation multiples despite only moderate growth in book value per share.
- Overall Interpretation
- The financial data reveals a cycle of initial growth in market valuation followed by a significant correction through 2022. Subsequently, the period from 2023 to 2025 marks strong market recovery and increasing investor confidence, as evidenced by rising share prices and expanding P/BV ratios. Book value per share growth remains steady yet moderate, indicating that the share price appreciation and increased P/BV ratio are likely driven by improved market sentiment and expectations beyond fundamental net asset increases. The data underscore the company's resilience and improving outlook in the mid to long term.