Latest Ratios: P/E Ratio 144.4x · EV/EBITDA 68.2x · ROE 17.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.24T | $137.3B | $106.8B | $76.4B | $64.3B | $84.4B | $52.4B | $51.1B | $64.8B | $36.9B | $17.2B |
| Enterprise Value | $1.24T | $142.9B | $113.8B | $81.8B | $63.6B | $83.9B | $52.0B | $49.8B | $63.0B | $42.9B | $23.0B |
| P/E Ratio → | 144.42 | 16.07 | 136.53 | — | 7.40 | 14.39 | 19.55 | 8.09 | 4.59 | 7.25 | — |
| P/S Ratio | 33.12 | 3.67 | 4.25 | 4.92 | 2.09 | 3.05 | 2.44 | 2.18 | 2.13 | 1.82 | 1.39 |
| P/B Ratio | 22.77 | 2.53 | 2.37 | 1.73 | 1.29 | 1.92 | 1.34 | 1.39 | 1.96 | 1.89 | 1.33 |
| P/FCF | 742.20 | 82.28 | 883.04 | — | 20.65 | 34.63 | 631.32 | 15.31 | 7.80 | 12.72 | — |
| P/OCF | 70.64 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 68.25 | 7.84 | 12.64 | 42.49 | 3.80 | 6.76 | 6.00 | 3.89 | 3.19 | 4.41 | 7.31 |
| EV / EBIT | 126.00 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 21.26 | 21.26 | 2.22 | -14.07 | 51.37 | 37.14 | 15.77 | 57.73 | 43.64 | 9.78 | 0.54 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 0.0% | 0.4% | 0.5% | 0.7% | 0.7% | — | — | — | — | — | — |
| Payout Ratio | 6.1% | 6.1% | 65.9% | — | 5.3% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 6.2% | 0.7% | — | 13.5% | 6.9% | 5.1% | 12.4% | 21.8% | 13.8% | — |
| FCF Yield | 0.1% | 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 | 0.0% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MU stock.
Micron Technology, Inc.'s current P/E ratio is 144.4x. The historical average is 24.9x. This places it at the 100th percentile of its historical range.
Micron Technology, Inc.'s current EV/EBITDA is 68.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
Micron Technology, Inc.'s return on equity (ROE) is 17.2%. The historical average is 6.8%.
Based on historical data, Micron Technology, Inc. is trading at a P/E of 144.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Micron Technology, Inc.'s current dividend yield is 0.04% with a payout ratio of 6.1%.
Micron Technology, Inc. has 39.8% gross margin and 26.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Micron Technology, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cyclical demand and yield volatility
Metrics are mathematically derived from official filings.
Premium Multiples Reflecting AI Optimism
According to recent market data, Micron's P/E ratio of 149.19 and P/S of 34.16 suggest that investors are pricing the company as a high-growth AI beneficiary rather than a cyclical memory manufacturer, which warrants caution given the historical volatility of the semiconductor memory sector's earnings profile.
The current valuation appears to bake in aggressive long-term growth expectations that may not align with the inherent cyclicality of the DRAM and NAND markets. Investors should monitor whether these elevated multiples are supported by sustained margin expansion or if they represent a temporary peak in sentiment that ignores the potential for future earnings compression.
Capital Efficiency Scaling With Demand
Based on reported figures, Micron's ROIC has surged to 32.7% in 2026Q3, a significant improvement from the 0.3% observed in 2024Q2, indicating that the company is successfully compounding returns on its massive capital investments as high-value HBM3E products gain traction within the data center market.
This dramatic recovery in capital efficiency suggests that the company's recent investments in advanced nodes are beginning to yield superior returns. However, maintaining such high levels of ROIC will likely require continued discipline in managing the cost-per-bit curve, as any slowdown in AI-driven demand could quickly erode these gains.
Working Capital Dynamics and Turnover
As evidenced by the company's financial statements, the asset turnover ratio has improved to 0.35 in 2026Q3 from 0.09 in 2024Q2, reflecting a more efficient utilization of the expanded manufacturing base as production volumes scale to meet the heightened requirements of hyperscale cloud service providers.
While the improvement in asset turnover is encouraging, the cash conversion cycle remains sensitive to inventory levels, which have fluctuated significantly. Investors should monitor the DIO trend, as any buildup in inventory days could signal a mismatch between production capacity and actual market demand, potentially leading to future margin pressure.
Fortress Liquidity Supports Operational Flexibility
According to recent SEC filings, Micron maintains a current ratio of 3.42, which provides a substantial liquidity buffer that appears designed to insulate the company from the extreme volatility and capital-intensive nature of the global semiconductor memory manufacturing cycle during periods of potential market downturns.
This robust liquidity position is a critical strategic asset, allowing the company to continue its multi-year fab expansion projects even if industry pricing conditions deteriorate. The ability to maintain such high liquidity while simultaneously funding massive capital expenditures suggests a conservative financial management style that prioritizes long-term operational resilience.
Misapplied P/E Multiples in Cyclicality
The P/E ratio is frequently misapplied to Micron's business model because it fails to account for the extreme earnings volatility inherent in the memory industry, where cyclical inventory write-downs and ASP fluctuations can render trailing earnings metrics misleading indicators of the company's true long-term earning power.
Investors should instead focus on metrics like EV/EBITDA or price-to-book, which better capture the capital-intensive nature of the business and the underlying asset base. Relying on P/E during the peak of a cycle often leads to an overestimation of value, as the market may be capitalizing earnings that are unlikely to be sustained through the next industry downturn.