Stock Analysis on Net
Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Micron Technology Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Nov 28, 2024 8.30% = 5.43% × 1.53
Aug 29, 2024 1.72% = 1.12% × 1.54
May 30, 2024 -3.48% = -2.32% × 1.50
Feb 29, 2024 -8.59% = -5.73% × 1.50
Nov 30, 2023 -16.02% = -10.78% × 1.49
Aug 31, 2023 -13.22% = -9.08% × 1.46
Jun 1, 2023 -6.41% = -4.43% × 1.45
Mar 2, 2023 3.41% = 2.42% × 1.41
Dec 1, 2022 12.55% = 9.11% × 1.38
Sep 1, 2022 17.41% = 13.11% × 1.33
Jun 2, 2022 20.12% = 15.18% × 1.32
Mar 3, 2022 18.86% = 14.17% × 1.33
Dec 2, 2021 16.04% = 12.02% × 1.33
Sep 2, 2021 13.34% = 9.96% × 1.34
Jun 3, 2021 9.77% = 7.38% × 1.32
Mar 4, 2021 7.86% = 5.91% × 1.33
Dec 3, 2020 7.51% = 5.59% × 1.35
Sep 3, 2020 6.89% = 5.01% × 1.38
May 28, 2020 5.98% = 4.35% × 1.38
Feb 27, 2020 6.20% = 4.63% × 1.34
Nov 28, 2019 9.62% = 7.07% × 1.36
Aug 29, 2019 17.59% = 12.91% × 1.36
May 30, 2019 — = — × 1.31
Feb 28, 2019 — = — × 1.37
Nov 29, 2018 — = — × 1.32

Based on: 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28), 10-K (reporting date: 2019-08-29), 10-Q (reporting date: 2019-05-30), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-29).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2025 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Micron Technology Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Nov 28, 2024 8.30% = 13.34% × 0.41 × 1.53
Aug 29, 2024 1.72% = 3.10% × 0.36 × 1.54
May 30, 2024 -3.48% = -7.20% × 0.32 × 1.50
Feb 29, 2024 -8.59% = -20.57% × 0.28 × 1.50
Nov 30, 2023 -16.02% = -42.47% × 0.25 × 1.49
Aug 31, 2023 -13.22% = -37.54% × 0.24 × 1.46
Jun 1, 2023 -6.41% = -16.02% × 0.28 × 1.45
Mar 2, 2023 3.41% = 6.99% × 0.35 × 1.41
Dec 1, 2022 12.55% = 22.78% × 0.40 × 1.38
Sep 1, 2022 17.41% = 28.24% × 0.46 × 1.33
Jun 2, 2022 20.12% = 30.61% × 0.50 × 1.32
Mar 3, 2022 18.86% = 28.95% × 0.49 × 1.33
Dec 2, 2021 16.04% = 24.86% × 0.48 × 1.33
Sep 2, 2021 13.34% = 21.16% × 0.47 × 1.34
Jun 3, 2021 9.77% = 16.20% × 0.46 × 1.32
Mar 4, 2021 7.86% = 13.60% × 0.43 × 1.33
Dec 3, 2020 7.51% = 13.59% × 0.41 × 1.35
Sep 3, 2020 6.89% = 12.54% × 0.40 × 1.38
May 28, 2020 5.98% = 11.16% × 0.39 × 1.38
Feb 27, 2020 6.20% = 11.72% × 0.39 × 1.34
Nov 28, 2019 9.62% = 17.01% × 0.42 × 1.36
Aug 29, 2019 17.59% = 26.97% × 0.48 × 1.36
May 30, 2019 — = — × — × 1.31
Feb 28, 2019 — = — × — × 1.37
Nov 29, 2018 — = — × — × 1.32

Based on: 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28), 10-K (reporting date: 2019-08-29), 10-Q (reporting date: 2019-05-30), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-29).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2025 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Micron Technology Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Nov 28, 2024 8.30% = 0.85 × 0.89 × 17.50% × 0.41 × 1.53
Aug 29, 2024 1.72% = 0.63 × 0.69 × 7.13% × 0.36 × 1.54
May 30, 2024 -3.48% = — × — × -5.52% × 0.32 × 1.50
Feb 29, 2024 -8.59% = — × — × -20.08% × 0.28 × 1.50
Nov 30, 2023 -16.02% = — × — × -38.08% × 0.25 × 1.49
Aug 31, 2023 -13.22% = — × — × -33.90% × 0.24 × 1.46
Jun 1, 2023 -6.41% = — × — × -12.93% × 0.28 × 1.45
Mar 2, 2023 3.41% = 0.77 × 0.90 × 10.04% × 0.35 × 1.41
Dec 1, 2022 12.55% = 0.90 × 0.97 × 25.99% × 0.40 × 1.38
Sep 1, 2022 17.41% = 0.91 × 0.98 × 31.74% × 0.46 × 1.33
Jun 2, 2022 20.12% = 0.90 × 0.98 × 34.48% × 0.50 × 1.32
Mar 3, 2022 18.86% = 0.92 × 0.98 × 32.04% × 0.49 × 1.33
Dec 2, 2021 16.04% = 0.93 × 0.98 × 27.37% × 0.48 × 1.33
Sep 2, 2021 13.34% = 0.94 × 0.97 × 23.24% × 0.47 × 1.34
Jun 3, 2021 9.77% = 0.93 × 0.96 × 18.11% × 0.46 × 1.32
Mar 4, 2021 7.86% = 0.91 × 0.95 × 15.70% × 0.43 × 1.33
Dec 3, 2020 7.51% = 0.92 × 0.94 × 15.73% × 0.41 × 1.35
Sep 3, 2020 6.89% = 0.91 × 0.94 × 14.75% × 0.40 × 1.38
May 28, 2020 5.98% = 0.91 × 0.93 × 13.13% × 0.39 × 1.38
Feb 27, 2020 6.20% = 0.99 × 0.93 × 12.60% × 0.39 × 1.34
Nov 28, 2019 9.62% = 0.93 × 0.96 × 19.01% × 0.42 × 1.36
Aug 29, 2019 17.59% = 0.90 × 0.98 × 30.48% × 0.48 × 1.36
May 30, 2019 — = — × — × — × — × 1.31
Feb 28, 2019 — = — × — × — × — × 1.37
Nov 29, 2018 — = — × — × — × — × 1.32

Based on: 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28), 10-K (reporting date: 2019-08-29), 10-Q (reporting date: 2019-05-30), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-29).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2025 is the increase in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Micron Technology Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Nov 28, 2024 5.43% = 13.34% × 0.41
Aug 29, 2024 1.12% = 3.10% × 0.36
May 30, 2024 -2.32% = -7.20% × 0.32
Feb 29, 2024 -5.73% = -20.57% × 0.28
Nov 30, 2023 -10.78% = -42.47% × 0.25
Aug 31, 2023 -9.08% = -37.54% × 0.24
Jun 1, 2023 -4.43% = -16.02% × 0.28
Mar 2, 2023 2.42% = 6.99% × 0.35
Dec 1, 2022 9.11% = 22.78% × 0.40
Sep 1, 2022 13.11% = 28.24% × 0.46
Jun 2, 2022 15.18% = 30.61% × 0.50
Mar 3, 2022 14.17% = 28.95% × 0.49
Dec 2, 2021 12.02% = 24.86% × 0.48
Sep 2, 2021 9.96% = 21.16% × 0.47
Jun 3, 2021 7.38% = 16.20% × 0.46
Mar 4, 2021 5.91% = 13.60% × 0.43
Dec 3, 2020 5.59% = 13.59% × 0.41
Sep 3, 2020 5.01% = 12.54% × 0.40
May 28, 2020 4.35% = 11.16% × 0.39
Feb 27, 2020 4.63% = 11.72% × 0.39
Nov 28, 2019 7.07% = 17.01% × 0.42
Aug 29, 2019 12.91% = 26.97% × 0.48
May 30, 2019 — = — × —
Feb 28, 2019 — = — × —
Nov 29, 2018 — = — × —

Based on: 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28), 10-K (reporting date: 2019-08-29), 10-Q (reporting date: 2019-05-30), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-29).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2025 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Micron Technology Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Nov 28, 2024 5.43% = 0.85 × 0.89 × 17.50% × 0.41
Aug 29, 2024 1.12% = 0.63 × 0.69 × 7.13% × 0.36
May 30, 2024 -2.32% = — × — × -5.52% × 0.32
Feb 29, 2024 -5.73% = — × — × -20.08% × 0.28
Nov 30, 2023 -10.78% = — × — × -38.08% × 0.25
Aug 31, 2023 -9.08% = — × — × -33.90% × 0.24
Jun 1, 2023 -4.43% = — × — × -12.93% × 0.28
Mar 2, 2023 2.42% = 0.77 × 0.90 × 10.04% × 0.35
Dec 1, 2022 9.11% = 0.90 × 0.97 × 25.99% × 0.40
Sep 1, 2022 13.11% = 0.91 × 0.98 × 31.74% × 0.46
Jun 2, 2022 15.18% = 0.90 × 0.98 × 34.48% × 0.50
Mar 3, 2022 14.17% = 0.92 × 0.98 × 32.04% × 0.49
Dec 2, 2021 12.02% = 0.93 × 0.98 × 27.37% × 0.48
Sep 2, 2021 9.96% = 0.94 × 0.97 × 23.24% × 0.47
Jun 3, 2021 7.38% = 0.93 × 0.96 × 18.11% × 0.46
Mar 4, 2021 5.91% = 0.91 × 0.95 × 15.70% × 0.43
Dec 3, 2020 5.59% = 0.92 × 0.94 × 15.73% × 0.41
Sep 3, 2020 5.01% = 0.91 × 0.94 × 14.75% × 0.40
May 28, 2020 4.35% = 0.91 × 0.93 × 13.13% × 0.39
Feb 27, 2020 4.63% = 0.99 × 0.93 × 12.60% × 0.39
Nov 28, 2019 7.07% = 0.93 × 0.96 × 19.01% × 0.42
Aug 29, 2019 12.91% = 0.90 × 0.98 × 30.48% × 0.48
May 30, 2019 — = — × — × — × —
Feb 28, 2019 — = — × — × — × —
Nov 29, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28), 10-K (reporting date: 2019-08-29), 10-Q (reporting date: 2019-05-30), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-29).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2025 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Micron Technology Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Nov 28, 2024 13.34% = 0.85 × 0.89 × 17.50%
Aug 29, 2024 3.10% = 0.63 × 0.69 × 7.13%
May 30, 2024 -7.20% = — × — × -5.52%
Feb 29, 2024 -20.57% = — × — × -20.08%
Nov 30, 2023 -42.47% = — × — × -38.08%
Aug 31, 2023 -37.54% = — × — × -33.90%
Jun 1, 2023 -16.02% = — × — × -12.93%
Mar 2, 2023 6.99% = 0.77 × 0.90 × 10.04%
Dec 1, 2022 22.78% = 0.90 × 0.97 × 25.99%
Sep 1, 2022 28.24% = 0.91 × 0.98 × 31.74%
Jun 2, 2022 30.61% = 0.90 × 0.98 × 34.48%
Mar 3, 2022 28.95% = 0.92 × 0.98 × 32.04%
Dec 2, 2021 24.86% = 0.93 × 0.98 × 27.37%
Sep 2, 2021 21.16% = 0.94 × 0.97 × 23.24%
Jun 3, 2021 16.20% = 0.93 × 0.96 × 18.11%
Mar 4, 2021 13.60% = 0.91 × 0.95 × 15.70%
Dec 3, 2020 13.59% = 0.92 × 0.94 × 15.73%
Sep 3, 2020 12.54% = 0.91 × 0.94 × 14.75%
May 28, 2020 11.16% = 0.91 × 0.93 × 13.13%
Feb 27, 2020 11.72% = 0.99 × 0.93 × 12.60%
Nov 28, 2019 17.01% = 0.93 × 0.96 × 19.01%
Aug 29, 2019 26.97% = 0.90 × 0.98 × 30.48%
May 30, 2019 — = — × — × —
Feb 28, 2019 — = — × — × —
Nov 29, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2024-11-28), 10-K (reporting date: 2024-08-29), 10-Q (reporting date: 2024-05-30), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-06-01), 10-Q (reporting date: 2023-03-02), 10-Q (reporting date: 2022-12-01), 10-K (reporting date: 2022-09-01), 10-Q (reporting date: 2022-06-02), 10-Q (reporting date: 2022-03-03), 10-Q (reporting date: 2021-12-02), 10-K (reporting date: 2021-09-02), 10-Q (reporting date: 2021-06-03), 10-Q (reporting date: 2021-03-04), 10-Q (reporting date: 2020-12-03), 10-K (reporting date: 2020-09-03), 10-Q (reporting date: 2020-05-28), 10-Q (reporting date: 2020-02-27), 10-Q (reporting date: 2019-11-28), 10-K (reporting date: 2019-08-29), 10-Q (reporting date: 2019-05-30), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-29).

The primary reason for the increase in net profit margin ratio over Q1 2025 is the increase in operating profitability measured by EBIT margin ratio.