NASDAQ · Technology

Micron Technology, Inc.

MU · Semiconductors

$578.61

▲ 36.39 (6.71%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Micron Technology, Inc. at $578.61.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 39.8%

Operating Margin 26.2%

Net Income Margin 22.8%

Fin. Health A

Years to Pay Off Debt 1.8 yrs

Working Capital vs Long-Term Debt $5.9B

Working Capital $17.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 12.05x

Cash Flow C

Free Cash Flow $1.7B

CapEx % of Net Income 185.7%

Owner Earnings $32.7B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $652.5B

Enterprise Value $607.7B

P/E (TTM) 27.29

Dividend Yield 0.09%

Exchange NASDAQ

Key Margins

Gross Profit 39.8%

Operating Margin 26.2%

Net Margin 22.8%

Company Info

Sector Technology

Industry Semiconductors

Employees 53000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Micron Technology, Inc. at $578.61.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $578.61, the stock trades at a 539% premium to its Graham Number of $90.57. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 3137.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Micron Technology, Inc.

Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and internationally. It operates through the Cloud Memory Business Unit; Core Data Center Business Unit; Mobile and Client Business Unit; and Automotive and Embedded Business Unit segments. The company provides memory products, including dynamic random access memory components and modules, CXL-based memory, LPDDR components and modules, graphics memory, high-bandwidth memory, and data center memory products; multichip packages (MCP) comprising embedded multimedia card-based, universal flash storage-based, and NAND-based MCPs; and technology leadership products that include 1y DRAM and G9 NAND technologies. It also offers storage products, such as data center solid-state drives (SSD), client SSD storage, and auto and industrial SSD storage; managed NAND; NAND flash; NOR flash; and memory cards. In addition, the company provides design tools, including FBGA and part decoders; DRAM power calculators; NAND power calculators; simulation models; chipset compatibility guides; serial presence-detection tools; cross-reference tools; UFSparm; SSD firmware; software and drivers; storage executive software; and obsolete part catalogs. It markets its semiconductor memory and storage products under the Micron and Crucial brands. The company serves the data center, PC, graphics, networking, automotive, industrial, and consumer embedded markets, as well as the smartphone and other mobile-device markets. It sells its products through its direct sales force, independent sales representatives, distributors, and retailers; web-based customer direct sales channel; and channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	39.8% ▲	22.4%	-9.1%	45.2%	N/A
Operating Margin %	26.2% ▲	5.2%	-34.8%	31.6%	N/A
Net Income %	22.8% ▲	3.1%	-37.5%	28.2%	N/A
Diluted EPS	7.59 ▲	0.70	-5.34	7.75	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$82.8B	$69.4B	$64.3B	$66.3B	N/A
Total Debt	$15.3B ↑	$14.0B	$13.9B	$7.5B	N/A
Working Capital	$17.4B ▲	$15.1B	$16.5B	$14.2B	N/A
Years to Pay Debt	1.79	18.00	-2.39	0.87	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.7B ▲	$121M	-$6.1B	$3.1B	N/A
Owner Earnings	$32.7B	$16.9B	$9.6B	$27.9B	N/A
CapEx % of Net Income	185.7%	1,077.9%	N/A	138.9%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-19,720	-5,460	-69,300	-5,952
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	18,653,000	9,597,000	2,816,000	16,940,000
Total Unusual Items	-170,000	-15,000	-330,000	-64,000
Total Unusual Items Excluding Goodwill	-170,000	-15,000	-330,000	-64,000
Net Income From Continuing Operation Net Minority Interest	8,539,000	778,000	-5,833,000	8,687,000
Reconciled Depreciation	8,352,000	7,780,000	7,756,000	7,116,000
Reconciled Cost Of Revenue	22,505,000	19,498,000	16,956,000	16,860,000
EBITDA	18,483,000	9,582,000	2,486,000	16,876,000
EBIT	10,131,000	1,802,000	-5,270,000	9,760,000
Net Interest Income	19,000	-33,000	80,000	-93,000
Interest Expense	477,000	562,000	388,000	189,000
Interest Income	496,000	529,000	468,000	96,000
Normalized Income	8,689,280	787,540	-5,572,300	8,745,048
Net Income From Continuing And Discontinued Operation	8,539,000	778,000	-5,833,000	8,687,000
Total Expenses	27,569,000	23,806,000	20,945,000	21,049,000
Total Operating Income As Reported	9,770,000	1,304,000	-5,745,000	9,702,000
Diluted Average Shares	1,125,000	1,118,000	1,093,000	1,122,000
Basic Average Shares	1,116,000	1,105,000	1,093,000	1,112,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	8,539,000	778,000	-5,833,000	8,687,000
Net Income Common Stockholders	8,539,000	778,000	-5,833,000	8,687,000
Net Income	8,539,000	778,000	-5,833,000	8,687,000
Net Income Including Noncontrolling Interests	8,539,000	778,000	-5,833,000	8,687,000
Net Income Continuous Operations	8,539,000	778,000	-5,833,000	8,687,000
Earnings From Equity Interest Net Of Tax	9,000	-11,000	2,000	4,000
Tax Provision	1,124,000	451,000	177,000	888,000
Pretax Income	9,654,000	1,240,000	-5,658,000	9,571,000
Other Income Expense	-174,000	-32,000	-333,000	-45,000
Other Non Operating Income Expenses	-4,000	-17,000	-3,000	19,000
Special Income Charges	-98,000	-2,000	-340,000	-90,000
Gain On Sale Of Ppe		59,000	54,000	41,000	24,000
Other Special Charges	59,000		68,000	83,000	1,000
Write Off	9,000	0	14,000	63,000
Impairment Of Capital Assets	0	0	101,000	0
Restructuring And Mergern Acquisition	30,000	1,000	157,000	-15,000
Gain On Sale Of Security	-72,000		10,000	26,000	82,000
Net Non Operating Interest Income Expense	19,000	-33,000	80,000	-93,000
Interest Expense Non Operating	477,000	562,000	388,000	189,000
Interest Income Non Operating	496,000	529,000	468,000	96,000
Operating Income	9,809,000	1,305,000	-5,405,000	9,709,000
Operating Expense	5,064,000	4,308,000	3,989,000	4,189,000
Other Operating Expenses	61,000	-251,000	-45,000	7,000
Research And Development	3,798,000	3,430,000	3,114,000	3,116,000
Selling General And Administration	1,205,000	1,129,000	920,000	1,066,000
Gross Profit	14,873,000	5,613,000	-1,416,000	13,898,000
Cost Of Revenue	22,505,000	19,498,000	16,956,000	16,860,000
Total Revenue	37,378,000	25,111,000	15,540,000	30,758,000
Operating Revenue	37,378,000	25,111,000	15,540,000	30,758,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	144,000	144,000	141,000	132,000
Ordinary Shares Number	1,122,000	1,108,841	1,098,000	1,094,000
Share Issued	1,266,000	1,252,841	1,239,000	1,226,000
Net Debt	1,891,000	4,302,000	3,472,000
Total Debt	15,278,000	14,007,000	13,933,000	7,516,000
Tangible Book Value	52,562,000	43,565,000	42,566,000	48,258,000
Invested Capital	65,698,000	56,474,000	56,169,000	55,927,000
Working Capital	17,387,000	15,124,000	16,479,000	14,242,000
Net Tangible Assets	52,562,000	43,565,000	42,566,000	48,258,000
Capital Lease Obligations	3,745,000	2,664,000	1,884,000	1,496,000
Common Stock Equity	54,165,000	45,131,000	44,120,000	49,907,000
Total Capitalization	65,698,000	56,368,000	56,063,000	55,927,000
Total Equity Gross Minority Interest	54,165,000	45,131,000	44,120,000	49,907,000
Stockholders Equity	54,165,000	45,131,000	44,120,000	49,907,000
Gains Losses Not Affecting Retained Earnings	-32,000	-134,000	-312,000	-560,000
Other Equity Adjustments	-32,000	-134,000	-312,000	-560,000
Treasury Stock	7,852,000	7,852,000	7,552,000	7,127,000
Retained Earnings	48,583,000	40,877,000	40,824,000	47,274,000
Additional Paid In Capital	13,339,000	12,115,000	11,036,000	10,197,000
Capital Stock	127,000	125,000	124,000	123,000
Common Stock	127,000	125,000	124,000	123,000
Total Liabilities Net Minority Interest	28,633,000	24,285,000	20,134,000	16,376,000
Total Non Current Liabilities Net Minority Interest	17,179,000	15,037,000	15,369,000	8,837,000
Other Non Current Liabilities	1,443,000	911,000	987,000	835,000
Non Current Deferred Liabilities	1,018,000	550,000	727,000	589,000
Non Current Deferred Revenue	1,018,000	550,000	727,000	589,000
Long Term Debt And Capital Lease Obligation	14,718,000	13,576,000	13,655,000	7,413,000
Long Term Capital Lease Obligation	3,185,000	2,339,000	1,712,000	1,393,000
Long Term Debt	11,533,000	11,237,000	11,943,000	6,020,000
Current Liabilities	11,454,000	9,248,000	4,765,000	7,539,000
Other Current Liabilities	1,245,000	1,518,000	529,000	1,346,000
Current Debt And Capital Lease Obligation	560,000	431,000	278,000	103,000
Current Capital Lease Obligation	560,000	325,000	172,000	103,000
Current Debt		106,000	106,000		1,000
Other Current Borrowings		106,000	106,000		1,000
Payables And Accrued Expenses	9,649,000	7,299,000	3,958,000	6,090,000
Current Accrued Expenses	1,498,000	1,430,000	747,000	1,358,000
Payables	8,151,000	5,869,000	3,211,000	4,732,000
Other Payable	4,391,000	2,925,000	1,419,000	2,170,000
Total Tax Payable	628,000	218,000	67,000	420,000
Accounts Payable	3,132,000	2,726,000	1,725,000	2,142,000
Total Assets	82,798,000	69,416,000	64,254,000	66,283,000
Total Non Current Assets	53,957,000	45,044,000	43,010,000	44,502,000
Other Non Current Assets	2,783,000	1,518,000	1,262,000	1,277,000
Non Current Deferred Assets	616,000	520,000	756,000	702,000
Non Current Deferred Taxes Assets	616,000	520,000	756,000	702,000
Investments And Advances	1,629,000	1,046,000	844,000	1,647,000
Investmentin Financial Assets	1,629,000	1,046,000	844,000	1,647,000
Available For Sale Securities	1,629,000	1,046,000	844,000	1,647,000
Goodwill And Other Intangible Assets	1,603,000	1,566,000	1,554,000	1,649,000
Other Intangible Assets	453,000	416,000	404,000	421,000
Goodwill	1,150,000	1,150,000	1,150,000	1,228,000
Net PPE	47,326,000	40,394,000	38,594,000	39,227,000
Accumulated Depreciation	-63,106,000	-56,298,000	-49,657,000	-42,782,000
Gross PPE	110,432,000	96,692,000	88,251,000	82,009,000
Construction In Progress	5,518,000	3,444,000	2,464,000	1,897,000
Other Properties	80,670,000	71,458,000	66,221,000	62,032,000
Machinery Furniture Equipment	1,651,000	1,365,000	1,316,000	1,124,000
Buildings And Improvements	22,173,000	20,141,000	17,967,000	16,676,000
Land And Improvements	420,000	284,000	283,000	280,000
Current Assets	28,841,000	24,372,000	21,244,000	21,781,000
Other Current Assets	914,000	776,000	820,000	657,000
Assets Held For Sale Current				13,000	974,000
Inventory	8,355,000	8,875,000	8,387,000	6,663,000
Finished Goods	1,094,000	1,308,000	1,616,000	1,028,000
Work In Process	6,401,000	6,774,000	6,111,000	4,830,000
Raw Materials	860,000	793,000	660,000	805,000
Receivables	9,265,000	6,615,000	2,443,000	5,130,000
Other Receivables	1,666,000	928,000	201,000	114,000
Taxes Receivable	436,000	268,000	194,000	251,000
Accounts Receivable	7,163,000	5,419,000	2,048,000	4,765,000
Cash Cash Equivalents And Short Term Investments	10,307,000	8,106,000	9,594,000	9,331,000
Other Short Term Investments	665,000	1,065,000	1,017,000	1,069,000
Cash And Cash Equivalents	9,642,000	7,041,000	8,577,000	8,262,000
Cash Equivalents	1,767,000	387,000	2,806,000	2,207,000
Cash Financial	7,875,000	6,654,000	5,771,000	6,055,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,668,000	121,000	-6,117,000	3,114,000
Repurchase Of Capital Stock	0	-300,000	-425,000	-2,432,000
Repayment Of Debt	-4,619,000	-1,897,000	-761,000	-2,032,000
Issuance Of Debt	4,430,000	999,000	6,716,000	2,000,000
Capital Expenditure	-15,857,000	-8,386,000	-7,676,000	-12,067,000
Interest Paid Supplemental Data	418,000	503,000	323,000	154,000
Income Tax Paid Supplemental Data	583,000	338,000	532,000	493,000
End Cash Position	9,646,000	7,052,000	8,656,000	8,339,000
Beginning Cash Position	7,052,000	8,656,000	8,339,000	7,829,000
Effect Of Exchange Rate Changes	6,000	40,000	-34,000	-106,000
Changes In Cash	2,588,000	-1,644,000	351,000	616,000
Financing Cash Flow	-850,000	-1,842,000	4,983,000	-2,980,000
Cash Flow From Continuing Financing Activities	-850,000	-1,842,000	4,983,000	-2,980,000
Net Other Financing Charges	-139,000	-131,000	-43,000	-55,000
Proceeds From Stock Option Exercised				-125,000	-94,000
Cash Dividends Paid	-522,000	-513,000	-504,000	-461,000
Common Stock Dividend Paid	-522,000	-513,000	-504,000	-461,000
Net Common Stock Issuance	0	-300,000	-425,000	-2,432,000
Common Stock Payments	0	-300,000	-425,000	-2,432,000
Net Issuance Payments Of Debt	-189,000	-898,000	5,955,000	-32,000
Net Long Term Debt Issuance	-189,000	-898,000	5,955,000	-32,000
Long Term Debt Payments	-4,619,000	-1,897,000	-761,000	-2,032,000
Long Term Debt Issuance	4,430,000	999,000	6,716,000	2,000,000
Investing Cash Flow	-14,087,000	-8,309,000	-6,191,000	-11,585,000
Cash Flow From Continuing Investing Activities	-14,087,000	-8,309,000	-6,191,000	-11,585,000
Net Other Investing Changes	1,962,000	282,000	617,000	-251,000
Net Investment Purchase And Sale	-192,000	-205,000	868,000	-155,000
Sale Of Investment	1,698,000	1,794,000	1,591,000	1,615,000
Purchase Of Investment	-1,890,000	-1,999,000	-723,000	-1,770,000
Net Business Purchase And Sale		0	0	888,000	0
Sale Of Business		0	0	888,000	0
Capital Expenditure Reported	-15,857,000	-8,386,000	-7,676,000	-12,067,000
Operating Cash Flow	17,525,000	8,507,000	1,559,000	15,181,000
Cash Flow From Continuing Operating Activities	17,525,000	8,507,000	1,559,000	15,181,000
Change In Working Capital	-666,000	-1,165,000	-2,911,000	-1,255,000
Change In Other Working Capital					-50,000
Change In Other Current Liabilities	-272,000	989,000	-817,000	400,000
Change In Payables And Accrued Expense	862,000	1,915,000	-1,302,000	334,000
Change In Inventory	520,000	-488,000	-3,555,000	-2,179,000
Change In Receivables	-1,776,000	-3,581,000	2,763,000	190,000
Other Non Cash Items	328,000	281,000	19,000	119,000
Stock Based Compensation	972,000	833,000	596,000	514,000
Asset Impairment Charge	0	0	1,932,000	0
Depreciation Amortization Depletion	8,352,000	7,780,000	7,756,000	7,116,000
Depreciation And Amortization	8,352,000	7,780,000	7,756,000	7,116,000
Operating Gains Losses				83,000	1,000
Net Income From Continuing Operations	8,539,000	778,000	-5,833,000	8,687,000

These metrics estimate what Micron Technology, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$90.57

Margin of Safety

Market Cap ÷ Company Value

1.21

P/B Ratio

12.05

Warren's Owner Earnings

$32.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$37.4B

vs > $1.5B revenue

✅ Strong Financial Condition

2.52x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.09%

vs Uninterrupted dividends

❌ Earnings Growth

-2.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

27.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

12.05x P/B (P/E×P/B: 328.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$0.18

Trading at 3137.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$96.64

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	185.7%	1,077.9%	N/A	138.9%	N/A
Repurchase of Capital Stock	$0M	-$300M	-$425M	-$2.4B	N/A
Free Cash Flow	$1.7B ▲	$121M ▲	-$6.1B ▼	$3.1B •	N/A •
Warren's Owner Earnings	$32.7B	$16.9B	$9.6B	$27.9B	N/A

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
MU	$578.61	$652.5B	27.29	39.8%	22.8%	$37.4B
NVDA NVIDIA Corporation	$198.78	$4,831.2B	40.6	71.1%	55.6%	$215.9B
AMD Advanced Micro Devices, Inc.	$344.39	$561.5B	132.5	52.5%	12.5%	$34.6B
INTC Intel Corporation	$96.45	$484.8B	N/A	37.2%	-5.9%	$53.8B
QCOM QUALCOMM Incorporated	$169.33	$178.5B	18.2	54.8%	22.3%	$44.5B
AVGO Broadcom Inc.	$416.60	$1,972.5B	81.1	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.26%

Low — management has little skin in the game

Return on Equity (ROE)

15.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

10.3%

Strong — management uses assets efficiently

Debt Trend YoY

+9.1% YoY

Debt is roughly stable

Leadership Team

Sanjay Mehrotra

CEO, President & Chairman

Age 66

Pay: $5,580,117

0.065% of net income

Mark Murphy

Executive VP & CFO

Age 57

Pay: $2,116,665

0.025% of net income

Manish Bhatia

Executive Vice President of Global Operations

Age 53

Pay: $2,262,010

0.026% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.45%	106,608,094
Blackrock Inc.	8.93%	100,701,543
Capital World Investors	5.17%	58,249,125
State Street Corporation	4.68%	52,749,817
FMR, LLC	3.51%	39,596,338
Geode Capital Management, LLC	2.31%	25,997,769
Primecap Management Company	2.20%	24,794,936
NORGES BANK	2.00%	22,541,101

Risk Analysis

Beta (Market Risk)

1.92

High volatility — moves more than the market

Short Interest

3.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.15x

Conservative balance sheet — low financial risk

Current Ratio

2.90x

Strong liquidity — Graham approved

52-Week Price Range

Low: $78.54 Current: $578.61 High: $592.77

Currently at 97% of 52-week range

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