Micron Technology, Inc. (MU) Financial Ratios
30 years of historical data (1996–2025) · Technology · Semiconductors
EV/EBITDA
↑
39.96
↑+172% vs avg
5yr avg: 14.71
30Y Low1.8·High68.6
P/FCF
↑
433.11
↑+70% vs avg
5yr avg: 255.15
30Y Low2.9·High114.3
P/B Ratio
↑
13.30
↑+576% vs avg
5yr avg: 1.97
30Y Low0.3·High7.4
ROE
↑
17.2%
↓+119% vs avg
5yr avg: 7.8%
30Y Low-24%·High54%
Debt/EBITDA
↑
0.84
↓-61% vs avg
5yr avg: 2.13
30Y Low0.2·High46.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MU Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Micron Technology, Inc. trades at 84.4x earnings, 94% above its 5-year average of 43.6x, sitting at the 95th percentile of its historical range. Compared to the Technology sector median P/E of 26.7x, the stock trades at a premium of 216%. On a free-cash-flow basis, the stock trades at 433.1x P/FCF, 70% above the 5-year average of 255.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $722.4B | $137.3B | $106.8B | $76.4B | $64.3B | $84.4B | $52.4B | $51.1B | $64.8B | $36.9B | $17.2B |
| Enterprise Value | $728.1B | $142.9B | $113.8B | $81.8B | $63.6B | $83.9B | $52.0B | $49.8B | $63.0B | $42.9B | $23.0B |
| P/E Ratio → | 84.38 | 16.07 | 136.53 | — | 7.40 | 14.39 | 19.55 | 8.09 | 4.59 | 7.25 | — |
| P/S Ratio | 19.33 | 3.67 | 4.25 | 4.92 | 2.09 | 3.05 | 2.44 | 2.18 | 2.13 | 1.82 | 1.39 |
| P/B Ratio | 13.30 | 2.53 | 2.37 | 1.73 | 1.29 | 1.92 | 1.34 | 1.39 | 1.96 | 1.89 | 1.33 |
| P/FCF | 433.11 | 82.28 | 883.04 | — | 20.65 | 34.63 | 631.32 | 15.31 | 7.80 | 12.72 | — |
| P/OCF | 41.22 | 7.83 | 12.56 | 49.03 | 4.24 | 6.77 | 6.31 | 3.87 | 3.73 | 4.53 | 5.44 |
P/E links to full P/E history page with 30-year chart
MU EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Micron Technology, Inc.'s enterprise value stands at 40.0x EBITDA, 172% above its 5-year average of 14.7x. The Technology sector median is 17.5x, placing the stock at a 129% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.82 | 4.53 | 5.26 | 2.07 | 3.03 | 2.42 | 2.13 | 2.07 | 2.11 | 1.86 |
| EV / EBITDA | 39.96 | 7.84 | 12.64 | 42.49 | 3.80 | 6.76 | 6.00 | 3.89 | 3.19 | 4.41 | 7.31 |
| EV / EBIT | 73.77 | 14.09 | 91.34 | — | 6.55 | 12.35 | 16.98 | 6.73 | 4.22 | 7.31 | 98.33 |
| EV / FCF | — | 85.66 | 940.61 | — | 20.41 | 34.43 | 625.92 | 14.92 | 7.57 | 14.81 | — |
MU Profitability
Margins and return-on-capital ratios measuring operating efficiency
Micron Technology, Inc. earns an operating margin of 26.4%. Operating margins have expanded from -37.0% to 26.4% over the past 3 years, signaling improving operational efficiency. ROE of 17.2% indicates solid capital efficiency. ROIC of 13.2% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.8% | 39.8% | 22.4% | -9.1% | 45.2% | 37.6% | 30.6% | 45.7% | 58.9% | 41.5% | 20.2% |
| Operating Margin | 26.4% | 26.4% | 5.2% | -37.0% | 31.5% | 22.7% | 14.0% | 31.5% | 49.3% | 28.9% | 1.4% |
| Net Profit Margin | 22.8% | 22.8% | 3.1% | -37.5% | 28.2% | 21.2% | 12.5% | 27.0% | 46.5% | 25.0% | -2.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.2% | 17.2% | 1.7% | -12.4% | 18.5% | 14.1% | 7.1% | 18.1% | 53.7% | 31.4% | -2.1% |
| ROA | 11.2% | 11.2% | 1.2% | -8.9% | 13.9% | 10.4% | 5.2% | 13.7% | 35.9% | 16.2% | -1.1% |
| ROIC | 13.2% | 13.2% | 1.9% | -8.7% | 15.7% | 11.5% | 6.1% | 16.6% | 39.6% | 19.9% | 0.7% |
| ROCE | 15.0% | 15.0% | 2.2% | -9.7% | 17.5% | 12.6% | 6.7% | 18.4% | 44.3% | 22.3% | 0.8% |
MU Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Micron Technology, Inc. carries a Debt/EBITDA ratio of 0.8x, which is very conservative (71% below the sector average of 2.9x). Net debt stands at $5.6B ($15.3B total debt minus $9.6B cash). Interest coverage of 20.7x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.31 | 0.32 | 0.15 | 0.17 | 0.18 | 0.16 | 0.14 | 0.57 | 0.77 |
| Debt / EBITDA | 0.84 | 0.84 | 1.56 | 7.24 | 0.45 | 0.59 | 0.83 | 0.46 | 0.23 | 1.15 | 3.15 |
| Net Debt / Equity | — | 0.10 | 0.15 | 0.12 | -0.01 | -0.01 | -0.01 | -0.04 | -0.06 | 0.31 | 0.45 |
| Net Debt / EBITDA | 0.31 | 0.31 | 0.77 | 2.78 | -0.04 | -0.04 | -0.05 | -0.10 | -0.09 | 0.62 | 1.83 |
| Debt / FCF | — | 3.38 | 57.57 | — | -0.24 | -0.20 | -5.40 | -0.39 | -0.22 | 2.08 | — |
| Interest Coverage | 20.69 | 20.69 | 2.32 | -14.81 | 51.33 | 34.33 | 15.48 | 57.63 | 43.84 | 9.76 | 0.38 |
MU Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Micron Technology, Inc.'s current ratio of 2.52x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.79x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 4.46x to 2.52x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.52 | 2.52 | 2.64 | 4.46 | 2.89 | 3.10 | 2.71 | 2.58 | 2.79 | 2.34 | 1.96 |
| Quick Ratio | 1.79 | 1.79 | 1.68 | 2.70 | 2.01 | 2.40 | 1.86 | 1.78 | 2.16 | 1.75 | 1.37 |
| Cash Ratio | 0.90 | 0.90 | 0.88 | 2.01 | 1.24 | 1.34 | 1.23 | 1.24 | 1.18 | 1.02 | 0.91 |
| Asset Turnover | — | 0.45 | 0.36 | 0.24 | 0.46 | 0.47 | 0.40 | 0.48 | 0.70 | 0.58 | 0.45 |
| Inventory Turnover | 2.69 | 2.69 | 2.20 | 2.02 | 2.53 | 3.85 | 2.65 | 2.48 | 3.48 | 3.81 | 3.42 |
| Days Sales Outstanding | — | 90.47 | 96.15 | 57.38 | 60.88 | 69.97 | 66.61 | 49.82 | 65.79 | 67.51 | 60.88 |
MU Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Micron Technology, Inc. returns 0.1% to shareholders annually primarily through dividends. The payout ratio of 6.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 1.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.4% | 0.5% | 0.7% | 0.7% | — | — | — | — | — | — |
| Payout Ratio | 6.1% | 6.1% | 65.9% | — | 5.3% | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 6.2% | 0.7% | — | 13.5% | 6.9% | 5.1% | 12.4% | 21.8% | 13.8% | — |
| FCF Yield | 0.2% | 1.2% | 0.1% | — | 4.8% | 2.9% | 0.2% | 6.5% | 12.8% | 7.9% | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.6% | 3.8% | 1.4% | 0.3% | 5.3% | 0.1% | 0.1% | 0.9% |
| Total Shareholder Yield | 0.1% | 0.4% | 0.8% | 1.2% | 4.5% | 1.4% | 0.3% | 5.3% | 0.1% | 0.1% | 0.9% |
| Shares Outstanding | — | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B | $1.2B | $1.0B |
Peer Comparison
Compare MU with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MUYou | $722B | 84.4 | 40.0 | 433.1 | 39.8% | 26.4% | 17.2% | 13.2% | 0.8 |
 INTC | $543B | -1836.7 | 49.3 | — | 34.8% | -0.0% | -0.2% | -0.0% | 4.0 |
 WDC | $158B | 90.9 | 57.7 | 122.9 | 38.8% | 24.5% | 23.1% | 13.8% | 1.8 |
 STX | $168B | 113.9 | 80.6 | 205.5 | 35.2% | 20.8% | — | 41.4% | 2.5 |
 IOSP | $2B | 16.7 | 8.4 | 22.0 | 27.7% | 8.8% | 8.9% | 10.7% | 0.4 |
 WOLF | $2B | -1.1 | — | — | -16.1% | -175.4% | -739.9% | -17.1% | — |
 CRUS | $9B | 28.5 | 18.5 | 21.5 | 52.5% | 21.6% | 17.6% | 20.4% | 0.3 |
 NVDA | $4.8T | 40.1 | 35.9 | 49.4 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
 AMD | $579B | 134.1 | 86.3 | 86.0 | 49.5% | 10.7% | 7.2% | 4.7% | 0.7 |
 AMAT | $326B | 47.4 | 38.7 | 57.2 | 48.7% | 29.2% | 35.5% | 33.3% | 0.8 |
 LRCX | $344B | 66.5 | 54.5 | 63.6 | 48.7% | 32.0% | 58.2% | 55.7% | 0.8 |
| Technology Median | — | 26.7 | 17.5 | 19.5 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonMU — Frequently Asked Questions
Quick answers to the most common questions about buying MU stock.
What is Micron Technology, Inc.'s P/E ratio?
Micron Technology, Inc.'s current P/E ratio is 84.4x. The historical average is 24.9x. This places it at the 95th percentile of its historical range.
What is Micron Technology, Inc.'s EV/EBITDA?
Micron Technology, Inc.'s current EV/EBITDA is 40.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
What is Micron Technology, Inc.'s ROE?
Micron Technology, Inc.'s return on equity (ROE) is 17.2%. The historical average is 6.8%.
Is MU stock overvalued?
Based on historical data, Micron Technology, Inc. is trading at a P/E of 84.4x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Micron Technology, Inc.'s dividend yield?
Micron Technology, Inc.'s current dividend yield is 0.07% with a payout ratio of 6.1%.
What are Micron Technology, Inc.'s profit margins?
Micron Technology, Inc. has 39.8% gross margin and 26.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Micron Technology, Inc. have?
Micron Technology, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.