Financials Micron Technology, Inc.

Equities

MU

US5951121038

Semiconductors

Market Closed - Nasdaq Other stock markets 03:59:58 2024-05-06 pm EDT			After market 04:19:02 pm
120.2 ^USD	+4.77%		120.1	-0.05%

11:40am	Baird Upgrades Micron Technology to Outperform From Neutral, Adjusts Price Target to $150 From $115	MT
09:16am	Micron Technology Insider Sold Shares Worth $4,412,400, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,969	50,562	82,968	62,361	76,605	127,015	-	-
Enterprise Value (EV) ¹	47,865	47,949	79,280	58,212	80,341	130,349	127,873	126,134
P/E ratio	8.22 x	19.2 x	14.3 x	7.29 x	-13.1 x	265 x	15.1 x	12.5 x
Yield	-	-	0.14%	0.76%	0.66%	0.4%	0.43%	0.45%
Capitalization / Revenue	2.13 x	2.36 x	2.99 x	2.03 x	4.93 x	5.16 x	3.67 x	3.25 x
EV / Revenue	2.04 x	2.24 x	2.86 x	1.89 x	5.17 x	5.3 x	3.7 x	3.22 x
EV / EBITDA	3.73 x	5.54 x	6.34 x	3.46 x	40 x	15.7 x	7.76 x	6.69 x
EV / FCF	14 x	578 x	32.5 x	18.7 x	-13.1 x	77 x	24.5 x	22.5 x
FCF Yield	7.12%	0.17%	3.08%	5.35%	-7.61%	1.3%	4.08%	4.45%
Price to Book	1.45 x	1.32 x	1.91 x	1.27 x	1.73 x	2.89 x	2.52 x	2.26 x
Nbr of stocks (in thousands)	1,103,803	1,110,998	1,125,754	1,103,145	1,095,302	1,107,368	-	-
Reference price ²	45.27	45.51	73.70	56.53	69.94	114.7	114.7	114.7
Announcement Date	9/26/19	9/29/20	9/28/21	9/29/22	9/27/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,406	21,435	27,705	30,758	15,540	24,604	34,584	39,125
EBITDA ¹	12,849	8,653	12,497	16,818	2,011	8,315	16,471	18,862
EBIT ¹	7,801	3,419	7,667	10,281	-4,819	1,432	10,247	13,322
Operating Margin	33.33%	15.95%	27.67%	33.43%	-31.01%	5.82%	29.63%	34.05%
Earnings before Tax (EBT) ¹	7,048	2,983	6,218	9,571	-5,658	702.3	9,630	11,638
Net income ¹	6,313	2,687	5,861	8,687	-5,833	606.9	8,452	11,062
Net margin	26.97%	12.54%	21.16%	28.24%	-37.54%	2.47%	24.44%	28.27%
EPS ²	5.510	2.370	5.140	7.750	-5.340	0.4325	7.601	9.192
Free Cash Flow ¹	3,409	83	2,438	3,114	-6,117	1,693	5,222	5,612
FCF margin	14.56%	0.39%	8.8%	10.12%	-39.36%	6.88%	15.1%	14.34%
FCF Conversion (EBITDA)	26.53%	0.96%	19.51%	18.52%	-	20.36%	31.71%	29.75%
FCF Conversion (Net income)	54%	3.09%	41.6%	35.85%	-	278.93%	61.79%	50.74%
Dividend per Share ²	-	-	0.1000	0.4300	0.4600	0.4620	0.4938	0.5144
Announcement Date	9/26/19	9/29/20	9/28/21	9/29/22	9/27/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	7,687	7,786	8,642	6,643	4,085	3,693	3,752	4,010	4,726	5,824	6,634	7,406	8,078	8,539	9,204
EBITDA ¹	4,302	4,288	4,825	3,403	1,712	-361	195	465	787	2,115	2,412	2,941	3,421	4,109	-
EBIT ¹	2,725	2,750	3,144	1,662	-65	-2,077	-1,469	-1,208	-955	204	793.6	1,390	2,006	2,451	2,978
Operating Margin	35.45%	35.32%	36.38%	25.02%	-1.59%	-56.24%	-39.15%	-30.12%	-20.21%	3.5%	11.96%	18.77%	24.83%	28.7%	32.36%
Earnings before Tax (EBT) ¹	2,521	2,509	2,988	1,553	-176	-2,271	-1,753	-1,458	-1,155	170	577.1	1,255	1,794	2,660	3,332
Net income ¹	2,306	2,263	2,626	1,492	-195	-2,312	-1,896	-1,430	-1,234	793	301.9	938.5	1,657	2,152	2,632
Net margin	30%	29.06%	30.39%	22.46%	-4.77%	-62.6%	-50.53%	-35.66%	-26.11%	13.62%	4.55%	12.67%	20.51%	25.2%	28.6%
EPS ²	2.040	2.000	2.340	1.350	-0.1800	-2.120	-1.730	-1.310	-1.120	0.7100	0.2429	0.8480	1.483	1.901	2.328
Dividend per Share ²	0.1000	0.1000	0.1150	0.1150	0.1150	0.1150	0.1150	0.1150	0.1150	0.1150	0.1142	0.1142	0.1163	0.1163	0.1166
Announcement Date	12/20/21	3/29/22	6/30/22	9/29/22	12/21/22	3/28/23	6/28/23	9/27/23	12/20/23	3/20/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	3,736	3,334	858	-
Net Cash position ¹	2,104	2,613	3,688	4,149	-	-	-	881
Leverage (Debt/EBITDA)	-	-	-	-	1.858 x	0.4009 x	0.0521 x	-
Free Cash Flow ¹	3,409	83	2,438	3,114	-6,117	1,693	5,222	5,612
ROE (net income / shareholders' equity)	21.5%	8.64%	16.8%	18.5%	-10.3%	0.28%	13.4%	17%
ROA (Net income/ Total Assets)	15.9%	6.31%	12.4%	13.9%	-7.45%	1.17%	12%	12.5%
Assets ¹	39,817	42,595	47,270	62,566	78,303	52,020	70,321	88,307
Book Value Per Share ²	31.20	34.50	38.50	44.50	40.40	39.80	45.50	50.80
Cash Flow per Share ²	11.50	7.340	10.90	13.50	1.430	7.950	15.10	15.80
Capex ¹	9,780	8,223	10,030	12,067	7,676	7,786	10,184	11,029
Capex / Sales	41.78%	38.36%	36.2%	39.23%	49.4%	31.64%	29.45%	28.19%
Announcement Date	9/26/19	9/29/20	9/28/21	9/29/22	9/27/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Micron Technology, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

114.7 USD

Average target price

129 USD

Spread / Average Target

+12.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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