Analysis of Geographic Areas
Micron Technology Inc. operates in 5 regions: United States; Taiwan; China; Japan; and Other.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Area Asset Turnover
Micron Technology Inc., asset turnover by geographic area
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Taiwan | ||||||
| China | ||||||
| Japan | ||||||
| Other |
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
The geographic area asset turnover ratios demonstrate varying trends across different regions over the observed periods.
- United States
- The asset turnover ratio for the United States shows a fluctuating pattern. It increased from 1.91 to a peak of 3.11, then experienced a notable decline to 1.5, before rising again toward 2.86 in the most recent period. This indicates some volatility but a general trend of recovery after a dip.
- Taiwan
- Taiwan's asset turnover ratio initially rose from 0.35 to 0.58, then declined steadily over the subsequent periods, reaching 0.3 in the final period. This overall downward trend suggests reduced efficiency or asset utilization in this region after an initial improvement.
- China
- China consistently exhibits the highest asset turnover ratios throughout the time frame, with a peak at 11.56 followed by gradual decreases down to 6.94. Although there is a downward trend from its peak, the ratio remains significantly higher than other regions, indicating strong asset utilization despite a recent decline.
- Japan
- Japan's ratios remain relatively stable but low, fluctuating marginally between 0.12 and 0.24. The trend suggests minimal change in asset turnover efficiency, maintaining consistently low levels over the periods.
- Other Regions
- The asset turnover ratio in other regions shows a slight decrease initially, followed by a modest recovery toward the end of the period. Values ranged narrowly between 0.12 and 0.24, indicating minor fluctuations but overall stable asset turnover performance.
In summary, China and the United States stand out as regions with the highest asset turnover ratios, though China’s ratio is declining and the United States shows volatility but recovery in the latest periods. Taiwan exhibits a downward trend after an initial rise, while Japan and other regions experience stable but low turnover levels throughout.
Area Asset Turnover: United States
Micron Technology Inc.; United States; area asset turnover calculation
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
The financial data for the United States geographic area exhibits notable fluctuations in revenue, asset base, and efficiency ratios over the analyzed periods. Revenue demonstrates a general upward trend with significant volatility, while asset levels and turnover ratios reveal patterns of investment and operational efficiency.
- Revenue
- Revenue increased from approximately $10.4 billion in 2020 to a peak of about $16 billion in 2022, showing strong growth over the initial years. However, there was a sharp decline to roughly $7.8 billion in 2023, a drop of more than 50% from the previous year. Following this downturn, revenue rebounded significantly to $13.2 billion in 2024 and surged further to reach $24.1 billion in 2025, the highest value in the series.
- Long-lived Assets
- The value of long-lived assets remained relatively stable between 2020 and 2023, fluctuating within a narrow range around $5.2 billion. Starting in 2024, there was a pronounced increase in asset base, climbing to $6.5 billion and then to $8.4 billion in 2025. This rise indicates substantial investments or acquisitions in property, plant, equipment, or other long-term assets in the most recent years.
- Area Asset Turnover
- Area asset turnover, a measure of revenue generated per unit of asset, rose consistently from 1.91 in 2020 to a peak of 3.11 in 2022. This suggests growing operational efficiency or higher productivity per asset during this period. In 2023, this ratio fell sharply to 1.5, aligning with the substantial drop in revenue. Subsequently, it recovered gradually, reaching 2.02 in 2024 and further advancing to 2.86 in 2025. Despite the volatility, the turnover ratio remained relatively high in the later years, implying improved asset utilization.
Overall, the data indicates a cycle of growth disrupted by a significant contraction in 2023, followed by a strong recovery through 2025. Investments in long-lived assets increased notably in the latter periods, possibly supporting the revenue growth and improved asset turnover. The fluctuations suggest responsiveness to market or operational conditions, with a focus on scaling asset base and enhancing asset productivity in recent years.
Area Asset Turnover: Taiwan
Micron Technology Inc.; Taiwan; area asset turnover calculation
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
The financial data for the Taiwan geographic area over the analyzed periods reveals notable fluctuations and trends in revenue, long-lived assets, and area asset turnover ratios.
- Revenue
- Revenue initially experienced significant growth, rising from 3,657 million US dollars in 2020 to a peak of 6,606 million in 2021. Subsequently, revenue decreased to 6,185 million US dollars in 2022 and further declined sharply to 2,697 million in 2023. However, revenue rebounded in the most recent periods, increasing to 4,708 million in 2024 and 5,672 million in 2025. This pattern indicates cyclical fluctuations with a sharp downturn followed by recovery.
- Long-lived assets
- Long-lived assets showed a consistent increasing trend across the entire period. Starting at 10,516 million US dollars in 2020, the asset base steadily grew each year, reaching 18,965 million by 2025. This growth suggests ongoing investment in fixed assets within the Taiwan region, potentially indicating expansion or enhancement of operational capacity.
- Area asset turnover
- The area asset turnover ratio, measuring the efficiency of asset utilization in generating revenue, exhibited considerable volatility. The ratio improved from 0.35 in 2020 to 0.58 in 2021, reflecting increased efficiency. This was followed by a decline to 0.47 in 2022 and a sharp drop to 0.21 in 2023, paralleling the revenue downturn. Slight recoveries to 0.33 in 2024 and a minor decline to 0.30 in 2025 indicate a modest improvement but still below earlier efficiency levels. The overall trend shows that despite asset growth, revenue generation per unit of asset has been less stable and generally weaker in the latter years.
In summary, the Taiwan area experienced fluctuating revenue with a significant dip in 2023 followed by recovery efforts. Long-lived assets continuously increased, suggesting capital investments despite revenue volatility. Asset utilization efficiency decreased after 2021, indicating challenges in converting asset growth into proportional revenue gains in recent years.
Area Asset Turnover: China
Micron Technology Inc.; China; area asset turnover calculation
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
Over the analyzed period, the revenue exhibited considerable fluctuation. Initially, there was a notable increase from approximately 4,129 million US dollars to a peak of 5,038 million US dollars in the early years. Subsequently, revenue stabilized around 4,976 million but then sharply declined to 2,521 million, indicating a significant contraction in the later period. The revenue rebounded thereafter, reaching 4,116 million before declining again to 3,777 million in the most recent year.
Long-lived assets demonstrated moderate variability with a general upward trend toward the end of the period. Starting at 478 million US dollars, assets decreased slightly in the subsequent years, reaching a low point of 395 million. Thereafter, a recovery is evident as the asset base grows to 544 million, surpassing the initial figures.
The area asset turnover ratio, representing revenue generated per unit of long-lived assets, displayed significant volatility throughout the period. It started at a ratio of 8.64 and increased markedly to 11.56, maintaining a high level near 11.31 in the following year. However, this metric dropped sharply to 6.38, reflecting reduced efficiency or utilization of assets. There was a partial recovery to 8.47, but it fell again to 6.94 most recently. This pattern suggests inconsistent asset productivity with periods of both strong and weakened operational performance in this geographic area.
- Summary
- The revenue trend reflects volatility with sharp declines and partial recoveries, indicating external or internal challenges affecting sales in this region.
- Long-lived assets have generally increased over time after an initial decline, suggesting reinvestment or acquisition of fixed assets in later years.
- The area asset turnover ratio shows fluctuating efficiency in asset use, with notable decreases following peaks, pointing to potential operational or market factors impacting asset utilization.
Area Asset Turnover: Japan
Micron Technology Inc.; Japan; area asset turnover calculation
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
The financial data for the Japan geographic area exhibits several notable trends over the reported periods.
- Revenue
- Revenue increased steadily from 1,387 million US dollars in 2020 to a peak of 1,696 million US dollars in 2022. Following this peak, revenue experienced a significant decline, dropping to 987 million in 2023, and continuing to decrease to 840 million in 2024. In 2025, revenue showed a slight recovery, increasing to 895 million.
- Long-lived Assets
- The value of long-lived assets increased moderately from 6,478 million US dollars in 2020 to 7,323 million in 2023. After reaching this high point, the asset value slightly declined to 7,085 million in 2024 and continued a marginal downward trend to 7,038 million in 2025. Overall, the asset base remained relatively stable with minor fluctuations.
- Area Asset Turnover
- The area asset turnover ratio, which measures revenue generated per unit of asset, improved gradually from 0.21 in 2020 to 0.24 in 2022. However, this ratio then deteriorated sharply to 0.13 in 2023 and remained low in subsequent years (0.12 in 2024 and 0.13 in 2025). This decline implies reduced efficiency in utilizing the asset base to generate revenue, especially after 2022.
In summary, the Japan segment's revenue and asset turnover were on an upward trajectory until 2022, indicating growth and efficient use of assets. Post-2022, a downturn in revenue combined with stable asset levels led to a notable reduction in asset turnover, suggesting that the segment has faced challenges in maintaining revenue productivity relative to its asset base in recent years.
Area Asset Turnover: Other
Micron Technology Inc.; Other; area asset turnover calculation
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Long-lived assets | ||||||
| Area Activity Ratio | ||||||
| Area asset turnover1 | ||||||
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
- Revenue Trends
- Revenue in the "Other" geographic area exhibited fluctuations over the analyzed periods. It increased from 1,881 million USD to 2,254 million USD between 2020 and 2021, followed by a decline to 1,875 million USD in 2022 and a further decrease to 1,530 million USD in 2023. Subsequently, revenue showed a strong recovery, rising to 2,279 million USD in 2024 and further increasing to 2,921 million USD in 2025, reaching the highest level observed in the period under review.
- Long-lived Assets
- The value of long-lived assets in this geographic area generally increased over the years, starting at 8,709 million USD in 2020 and peaking at 13,376 million USD in 2022. After 2022, there was a moderate decline to 12,754 million USD in 2023 and further decrease to 12,159 million USD in 2024, before slightly rising again to 12,334 million USD in 2025. Despite minor fluctuations after 2022, the overall trend reflects growth in the asset base compared to 2020.
- Area Asset Turnover Ratio
- The area asset turnover ratio, indicating efficiency in utilizing assets to generate revenue, started at 0.22 in 2020 and remained steady in 2021. Thereafter, it declined significantly to 0.14 in 2022 and further to 0.12 in 2023, correlating with the decline in revenue despite the increasing asset base during these years. The ratio rebounded to 0.19 in 2024 and improved further to 0.24 in 2025, suggesting enhanced asset efficiency in the most recent periods, which aligns with the notable increase in revenue.
- Summary Insights
- The observed data indicate a period of revenue volatility coupled with fluctuating asset investment. The initial revenue growth phase was followed by a downturn during 2022 and 2023, a period also characterized by a decrease in asset turnover efficiency, despite a rising asset base. The subsequent recovery in revenue and improvement in asset turnover ratio in 2024 and 2025 points to increased operational effectiveness and possibly better alignment of assets with revenue-generating activities. Long-lived assets have generally expanded over the timeframe, albeit with some deceleration post-2022. This dynamic suggests ongoing capital investment with periods of adjustment in asset utilization efficiency.
Revenue
Micron Technology Inc., revenue by geographic area
US$ in millions
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Taiwan | ||||||
| China | ||||||
| Japan | ||||||
| Other | ||||||
| Total |
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
- Overall Revenue Trend
- The total revenue demonstrates significant fluctuations over the observed periods. From 2020 to 2022, there was a steady increase, peaking in 2022. However, a sharp decline occurred in 2023, followed by a recovery in 2024 and a substantial increase in 2025, reaching the highest recorded value in the series.
- United States Revenue
- The United States shows a generally upward trend with notable volatility. Revenues increased from 2020 through 2022, reaching a peak in 2022. A pronounced drop occurred in 2023, followed by a rebound in 2024 and a marked surge in 2025, which more than doubled the previous year’s revenue, indicating significant growth in this region.
- Taiwan Revenue
- Taiwan's revenue increased substantially from 2020 to 2021, then slightly decreased and remained relatively stable through 2022 and 2023. It declined further in 2023, but recovered in 2024 and showed moderate growth in 2025. The fluctuations suggest some variability, but overall, Taiwan’s market maintains a moderate upward trajectory in the latter years.
- China Revenue
- China's revenues showed growth from 2020 to 2021, followed by a slight decrease in 2022. A significant decline was observed in 2023, with a partial recovery in 2024. However, in 2025, revenue declined again. Overall, China's market shows volatility and lacks a clear upward trend over the entire period.
- Japan Revenue
- Japan’s revenue increased moderately from 2020 to 2022, peaking at the beginning of the period. It then experienced a decline in 2023, with revenues continuing to fall slightly in 2024. The slight increase in 2025 indicates some stabilization but overall a downward trend since the peak in 2022.
- Other Regions Revenue
- Revenues from other regions rose from 2020 through 2021, then declined in 2022 and further decreased in 2023. They recovered in 2024 and increased notably in 2025. This pattern suggests cyclical fluctuations, with a strong rebound occurring in the most recent period.
Long-lived assets
Micron Technology Inc., long-lived assets by geographic area
US$ in millions
| Aug 28, 2025 | Aug 29, 2024 | Aug 31, 2023 | Sep 1, 2022 | Sep 2, 2021 | Sep 3, 2020 | |
|---|---|---|---|---|---|---|
| United States | ||||||
| Taiwan | ||||||
| China | ||||||
| Japan | ||||||
| Other | ||||||
| Total |
Based on: 10-K (reporting date: 2025-08-28), 10-K (reporting date: 2024-08-29), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-09-01), 10-K (reporting date: 2021-09-02), 10-K (reporting date: 2020-09-03).
The data on long-lived assets by geographic area reveals several noteworthy trends over the examined six-year period. Overall, the total long-lived assets exhibit a consistent upward trajectory, increasing from approximately $31.6 billion to $47.3 billion, indicating sustained investment and asset growth across the regions combined.
- United States
- The United States shows a relatively stable asset base between 2020 and 2023, fluctuating slightly around the $5.2 billion mark. However, starting in 2024, there is a marked increase, with assets rising to $6.5 billion and then sharply to $8.4 billion by 2025. This suggests a strategic acceleration of asset investment or acquisitions in the U.S. market during the most recent years.
- Taiwan
- Taiwan consistently holds the largest portion of long-lived assets and demonstrates a steady growth trend throughout the entire timeline. Beginning at roughly $10.5 billion, it experiences a continual rise each year, reaching nearly $19.0 billion by 2025. Despite a slight dip from 2022 to 2023, the overall trajectory shows strong expansion, highlighting Taiwan's growing strategic importance in asset allocation.
- China
- Assets in China remain the smallest among the regions but show gradual growth from 2020 through 2025. The values hover in the low hundreds of millions, increasing from $478 million to $544 million. The increase is modest yet steady, implying cautious or measured investment in this geographic area over time.
- Japan
- Japan's long-lived assets display relative stability without significant growth or decline. Starting near $6.5 billion in 2020, assets rise slightly in 2021, then fluctuate modestly around $7.0 billion thereafter. This pattern suggests a stable asset base with limited expansion activity in recent years.
- Other Regions
- The "Other" category shows substantial growth from $8.7 billion in 2020 to over $12.3 billion in 2025. Despite a peak around 2022 followed by some decline and recovery, the net increase is significant, indicating an area of diversified investments that have been incrementally increased over time.
- Total Assets
- The aggregate total increases consistently year over year, reflecting incremental investments across multiple regions. The total rises from $31.6 billion in 2020 to $47.3 billion in 2025, with the most rapid expansions occurring in the United States and Taiwan, which are the primary drivers of overall growth. The stability in Japan and gradual increases in China and other areas contribute to this upward trend, supporting a diversified geographic asset base.