Micron Technology Inc. (NASDAQ:MU) 

The financial ratios exhibit notable fluctuations over the analyzed quarters, reflecting changing market perceptions and company performance metrics.

Price to Earnings (P/E)

The P/E ratio, absent in the initial quarters, begins at 7.98 and shows a rising trend peaking at 32.41 around mid-2021. Subsequently, it decreases steadily reaching a low of 5.97 by mid-2022, indicating potentially reduced market optimism or higher earnings. The ratio then rises sharply to 43.16 but displays inconsistency afterwards, culminating in a very elevated figure of 145.72, before settling around the low twenties. These variations suggest periods of significant earnings volatility or shifts in investor expectations.

Price to Operating Profit (P/OP)

This ratio follows a similar pattern to the P/E ratio, starting from 6.83 and peaking at 29 in mid-2021, followed by a decline to approximately 5.31 by mid-2022. Afterward, it increases again, reaching 34.54 before showing some fluctuations and ending with a notable drop to 17.11 before a slight increase. The resemblance of this pattern to the P/E trend points to operating profit dynamics heavily influencing valuation multiples.

Price to Sales (P/S)

The P/S ratio exhibits an initial upward movement from 2.15 to highs around 4.94 to 6.86 in late 2023 and early 2024, indicating an expanding valuation relative to sales. This is followed by a retracement to approximately 3.34, then a mild recovery around 4.17 towards the last quarter shown. The overall trend shows increasing willingness to pay higher prices for each unit of sales over time, with a notable spike followed by correction.

Price to Book Value (P/BV)

The P/BV ratio starts at a modest 1.04, rises steadily with some volatility, reaching a high above 2.7 around early 2024. It then decreases somewhat before ending near 2.78. The gradual increase suggests improving market valuation of equity relative to book value, albeit with moderate fluctuations possibly reflecting changes in asset values or investor sentiment.

In summary, the company experienced significant valuation multiple variability over the analyzed periods. The sharp rises and falls in earnings and operating profit-based multiples indicate periods of fluctuating profitability and investor confidence. Revenue-related multiples increased notably before a correction, while book value multiples show a general upward trajectory. These patterns underline the importance of monitoring profitability trends and market sentiment in assessing the company's financial standing.

The examined financial data illustrates notable fluctuations in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over multiple quarters.

Share Price

The share price exhibited a general upward trend from November 2018 through late 2021, with initial values around $31.41 rising to near $95.65 by December 2021. There were some fluctuations during this period, including a peak at $92.41 in March 2021 followed by a dip to $70.12 in September 2021 before recovering again to $95.65. After this period, the share price experienced a downward correction, declining to levels near $49.43 by December 2022. Subsequently, the share price rebounded, reaching the highest point in the dataset of $132 by May 2025, despite some intermittent volatility.

Earnings Per Share (EPS)

EPS data is available from May 2019 onward. Initially, EPS values show moderate growth, starting around 5.7 and fluctuating downward to approximately 1.47 by March 2023. A sharp decline is evident after late 2022, with negative EPS figures recorded from March 2023 through at least August 2023, indicating periods of losses. However, from November 2023 forward, the EPS begins to recover steadily, returning to positive territory and increasing to $5.56 by May 2025.

Price-to-Earnings (P/E) Ratio

The P/E ratio follows a variable pattern reflective of EPS and share price dynamics. Early readings around May 2019 indicate relatively low P/E ratios (under 25), coinciding with moderate EPS and share price growth. The P/E ratio peaks significantly at 43.16 during a period corresponding to very low or negative earnings, suggesting investor expectations remained high despite earnings setbacks. Further along, P/E ratios become sporadic or missing amid negative EPS periods. Toward the end of the timeline, the P/E stabilizes in the low to mid-20s, aligning with a rebound in both EPS and share price.

Overall, the data reflect a cycle of growth, contraction, and recovery. Initially, strong share price gains occurred alongside improving earnings, followed by a phase marked by declining earnings and share corrections. The subsequent recovery phase, evident from late 2023 through mid-2025, suggests improved profitability and renewed investor confidence, as indicated by rising EPS and share prices accompanied by normalized P/E ratios.

Share Price Trends

The share price exhibited substantial volatility over the analyzed period. Initially, it rose from $31.41 in November 2018 to a peak of $92.41 in March 2021, reflecting a strong upward momentum during this phase. After reaching this apex, the price declined significantly to $49.43 by December 2022. Subsequently, the share price resumed its upward trajectory, reaching $132.23 by November 2024, the highest point recorded, before moderating slightly to $126 by May 2025. Overall, the share price demonstrated strong growth with phases of correction and recovery.

Operating Profit Per Share (OPPS) Trends

Operating profit per share showed an initial increase starting from $6.66 in August 2019 to a peak of $10.09 in September 2022. This was followed by a marked decline into negative territory beginning in June 2023, with a low of -$6.04 in August 2023. However, it recovered steadily thereafter, returning to positive values, reaching $6.82 by May 2025. These fluctuations indicate a period of operational challenges mid-cycle with a subsequent turnaround toward the end of the timeline.

Price to Operating Profit Ratio (P/OP) Patterns

The Price to Operating Profit ratio showed substantial variability, reflecting changing market perceptions relative to operating profitability. Early values ranged moderately, peaking at 29 in March 2021 during heightened share prices relative to operating profits. A significant spike to 34.54 occurred in June 2023, coinciding with the operating profit turning negative, indicating valuation disconnects during financial distress. Later values stabilized, fluctuating around 17 to 22, with an exceptional high of 86.94 recorded in November 2024, suggesting moments of market optimism not fully mirrored by operating profits.

Overall Insights

The company experienced cyclical performance with significant fluctuations in both operating profitability and share price. The period of declining operating profits in mid-2023 corresponded with higher relative valuations, hinting at investor anticipation of recovery or other market factors beyond immediate earnings. The resurgence in both operating profits and share prices toward the end of the dataset denotes operational recovery and improved market confidence. The data underscores the importance of monitoring both earnings trends and market valuation metrics to understand company performance dynamics comprehensively.

The share price of the company exhibits considerable volatility over the analyzed periods. Initially, the share price increased from $31.41 in late November 2018 to a peak of $95.65 by early December 2021, demonstrating a general upward trend. Thereafter, the share price declined noticeably to levels near $49.43 by December 2022. Subsequent to this trough, the share price showed recovery, reaching a new high of $132.23 by late November 2024 before experiencing a slight reduction to $94.72 at the end of February 2025 and then rising again to $126 by May 2025.

Sales per share data begins from May 2019, with an initial value of $21.14, followed by a downward trend reaching approximately $14.15 by November 2023. From this low, sales per share initiated a moderate recovery, increasing steadily and reaching $30.21 by May 2025. The trend suggests fluctuations in sales performance, with periods of decline and subsequent resurgence over time.

The price-to-sales (P/S) ratio, which reflects valuation relative to sales, followed a variable pattern. Beginning at 2.15 in May 2019, the ratio exhibited peaks and troughs, reaching as high as 6.86 by August 2024. Notably, periods of elevated P/S ratios coincide with intervals of declining or moderate sales per share, indicating higher valuation multiples relative to sales during these times. Following the peak, the ratio declined to 3.34 by February 2025 but increased again to 4.17 by May 2025.

Share Price Trends

Overall growth from approximately $31 to over $130 across the timeframe, with cyclical fluctuations and notable volatility.

Sales per Share Trends

Initial moderate decline following inception of measurement in 2019, bottoming around late 2023, then recovering onward through mid-2025.

Price-to-Sales Ratio Trends

Variable with multiple peaks surpassing 6.5, reflecting periods where market valuation exceeded sales growth, followed by adjustments downward and renewed increases.

Interrelations

The disconnection between share price movements and sales per share at times, implied by fluctuations in P/S ratio, suggests market sentiment and valuation multiples significantly influenced stock price beyond fundamental sales performance during certain periods.

The analysis of the financial data over the given periods reveals several notable trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio.

Share Price

The share price shows significant fluctuation with an overall upward trend from the beginning to the end of the period. Starting at $31.41, it experiences periods of growth and decline. Notably, sharp increases occur between late 2019 and early 2021, peaking at $95.65 in December 2021. Following this peak, a decline is observed through mid-2022, reaching as low as $49.43 by December 2022. From early 2023 onwards, the share price recovers strongly again, ultimately reaching $126.00 by May 2025, indicating renewed investor confidence or improved market conditions.

Book Value Per Share (BVPS)

The BVPS exhibits a consistent and gradual increase over the entire timeline, moving from $30.21 at the start to $45.35 by the end. This steady rise suggests ongoing accumulation of shareholder equity on a per-share basis, which could be attributed to retained earnings growth and/or share repurchases reducing the denominator. Minor fluctuations are present, but the directional trend remains upward, signaling strengthening financial fundamentals.

Price-to-Book Value (P/BV) Ratio

The P/BV ratio varies more dynamically and mirrors the interplay between stock price movements and the steady BVPS growth. Initially hovering close to parity, it climbs markedly to levels above 2.0 in some periods, peaking at 3.32 in May 2024. This reflects periods where the market price significantly exceeds the book value, possibly driven by optimistic growth expectations or favorable market sentiment. Noteworthy is the decline in the ratio during late 2021 and mid-2022, corresponding with the share price dip against the rising BVPS, which may indicate lowered market valuation relative to fundamental book value during that time. The resurgence in P/BV towards the later periods suggests a return to premium valuation multiples.

In summary, the data depict a company with solid and gradually improving book value per share, coupled with a share price that reacts to broader market or company-specific factors, resulting in fluctuating valuation multiples. The overall trajectory points to strengthening equity fundamentals with periods of significant market optimism reflected in elevated P/BV ratios.