Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Solvency Ratios (Summary)
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
- Debt to Equity
- The debt to equity ratio remained relatively stable from late 2018 through early 2022, fluctuating mostly between 0.12 and 0.18. Starting from late 2022, a noticeable upward trend occurred, with the ratio increasing steadily to reach approximately 0.31 by mid-2025. This indicates a growing proportion of debt financing relative to equity during the most recent periods.
- Debt to Equity (Including Operating Lease Liability)
- Values closely followed the debt to equity ratio but were marginally higher due to the inclusion of operating lease liabilities. The same pattern of stability through early 2022 and subsequent increase is observed, with the ratio rising from around 0.16 to approximately 0.32 by mid-2025, suggesting increasing leverage when accounting for lease obligations.
- Debt to Capital
- The debt to capital ratio maintained a steady level between 0.11 and 0.15 up to mid-2022. After this period, it trended upward, peaking around 0.24 by mid-2025. This trend reflects a higher portion of debt within the company’s capital structure over the last couple of years.
- Debt to Capital (Including Operating Lease Liability)
- This ratio showed a similar pattern to debt to capital, slightly elevated when including operating lease liabilities. After a consistent range in earlier years, the ratio increased gradually from late 2022 forward, peaking near 0.25, consistent with an increased reliance on debt and lease liabilities in the capital base.
- Debt to Assets
- The debt to assets ratio showed minor fluctuations, generally between 0.09 and 0.13 from the start through mid-2022. Beginning in late 2022, the ratio increased steadily to approximately 0.21 by mid-2025, indicating a rising proportion of debt relative to total assets.
- Debt to Assets (Including Operating Lease Liability)
- This ratio mirrored the debt to assets trend, slightly higher due to lease liabilities inclusion. It rose from around 0.11 to near 0.22 in the latest periods, confirming the growing impact of both debt and lease liabilities on the asset base.
- Financial Leverage
- Financial leverage ratios remained in a narrow band (approximately 1.31 to 1.38) until late 2022. From this point onward, a gradual increase was observed, peaking at about 1.54 by mid-2025. This indicates a subtle but steady increase in overall leverage within the firm’s capital structure.
- Interest Coverage
- Interest coverage displayed significant variability. Starting around 56 in May 2019, it generally increased, peaking above 58 in late 2021 and early 2022, suggesting strong earnings relative to interest expenses. However, beginning in late 2022, coverage declined sharply, dropping into negative values in late 2023 and early 2024, which points to earnings insufficient to cover interest expenses during that period. Coverage then improved progressively, returning to positive territory and reaching approximately 16.4 by mid-2025, indicating a recovery in the company’s ability to meet interest obligations.
Debt Ratios
Coverage Ratios
Debt to Equity
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Current debt | |||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||
Total debt | |||||||||||||||||||||||||||||||||||
Total Micron shareholders’ equity | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to equity1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
Broadcom Inc. | |||||||||||||||||||||||||||||||||||
Intel Corp. | |||||||||||||||||||||||||||||||||||
KLA Corp. | |||||||||||||||||||||||||||||||||||
Lam Research Corp. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
Texas Instruments Inc. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Debt to equity = Total debt ÷ Total Micron shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the presented quarterly financial data reveals notable trends in total debt, total shareholders' equity, and the debt to equity ratio over the specified periods.
- Total debt
- Total debt displayed a fluctuating pattern from November 2018 to September 2022, initially increasing from $4,132 million to a peak of approximately $7,076 million in March 2022. After a brief plateau around this level, there was a substantial rise starting from December 2022, with total debt escalating sharply from $10,265 million to $15,541 million by May 2025. This represents a significant increase in the company's leverage during the most recent quarters.
- Total shareholders’ equity
- Shareholders' equity showed a consistent upward trend from November 2018 through June 2022, increasing from $33,869 million to nearly $49,281 million. Post June 2022, equity experienced minor fluctuations, slightly declining to $44,120 million by June 2023 before gradually recovering and rising to $50,748 million by May 2025. Despite the minor mid-period decline, the overall trajectory indicates growth in the company's equity base during the entire period analyzed.
- Debt to equity ratio
- The debt to equity ratio ranged between 0.12 and 0.31 throughout the timeline. Initially, the ratio was relatively low and stable, fluctuating between 0.12 and 0.18 until mid-2022, reflecting a conservative leverage position. Beginning around December 2022, this ratio increased significantly, reaching approximately 0.31 by May 2025. This escalation aligns with the observed rise in total debt and suggests a strategic shift towards higher leverage levels relative to equity.
In summary, while equity steadily increased over the whole period, total debt exhibited more volatility, especially with a marked upward shift in leverage from late 2022 onward. Consequently, the debt to equity ratio rose notably in recent quarters, highlighting a trend toward greater financial leverage that may indicate increased borrowing or capital structuring adjustments. These developments merit close monitoring to assess their impact on financial stability and risk profile.
Debt to Equity (including Operating Lease Liability)
Micron Technology Inc., debt to equity (including operating lease liability) calculation (quarterly data)
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Current debt | |||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||
Total debt | |||||||||||||||||||||||||||||||||||
Noncurrent operating lease liabilities | |||||||||||||||||||||||||||||||||||
Total debt (including operating lease liability) | |||||||||||||||||||||||||||||||||||
Total Micron shareholders’ equity | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to equity (including operating lease liability)1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Micron shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
- The total debt exhibited significant fluctuations over the observed quarters. Starting at approximately $4.1 billion in late 2018, total debt increased notably to peaks around $7.6 billion in 2021, followed by a substantial rise after 2022, reaching over $16 billion by mid-2025. This represents a near fourfold increase across the entire period. The incremental debt growth from late 2022 onwards indicates an aggressive leverage strategy or financing activity during that timeframe.
- Total Micron Shareholders’ Equity
- Shareholders' equity demonstrated a steady upward trend from around $33.9 billion in late 2018 to a peak of nearly $50.7 billion in mid-2025. Despite some minor declines around late 2022 and early 2023, the overall trajectory is positive, reflecting consistent value creation or retained earnings growth. The equity base growth, while positive, exhibits a slower pace relative to the sharp increase in total debt observed in recent periods.
- Debt to Equity Ratio (including operating lease liability)
- The debt to equity ratio remained relatively low and stable in the range of approximately 0.12 to 0.18 through early 2022, suggesting a conservative leverage position during those years. Starting late 2022, this ratio increased more sharply, reaching around 0.32 by mid-2025. This elevated leverage ratio corresponds with the increase in total debt relative to the somewhat slower growth in equity. The trend indicates a shift towards higher financial leverage, implying increased risk exposure but potentially enhanced return opportunities.
- Summary
- Over the analyzed period, the company exhibited consistent growth in shareholders' equity alongside a notable escalation in total debt, particularly from late 2022. The debt to equity ratio underscores this trend by illustrating a transition from a low-leverage to a moderately higher-leverage financial structure. The increase in debt outpaces equity growth in the latest quarters, suggesting a strategic move towards increased borrowing, which may impact the company's financial risk profile. Monitoring the implications of this elevated leverage on the company’s solvency and cost of capital will be critical moving forward.
Debt to Capital
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Current debt | |||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||
Total debt | |||||||||||||||||||||||||||||||||||
Total Micron shareholders’ equity | |||||||||||||||||||||||||||||||||||
Total capital | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to capital1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
Broadcom Inc. | |||||||||||||||||||||||||||||||||||
Intel Corp. | |||||||||||||||||||||||||||||||||||
KLA Corp. | |||||||||||||||||||||||||||||||||||
Lam Research Corp. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
Texas Instruments Inc. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The financial data shows the evolution of debt and capital, alongside the ratio of debt to capital over multiple quarterly periods from late 2018 through mid-2025. An analysis of these figures reveals distinct trends and insights into the company's capital structure and leverage dynamics.
- Total Debt
- The total debt exhibits a gradual upward trend across the observed periods. Starting from approximately $4.1 billion in late 2018, total debt generally increased with some fluctuations, reaching about $7 billion by late 2021. From 2022 onwards, the increase became more pronounced, accelerating sharply to reach over $15.5 billion by mid-2025. This reflects a significant rise in borrowing or financial obligations in recent years, especially between 2022 and 2025.
- Total Capital
- Total capital shows a steady increase throughout the period. Beginning near $38 billion in late 2018, total capital grew consistently, crossing $50 billion by late 2021 and continuing upward to exceed $66 billion by mid-2025. The growth in total capital indicates expansion, potentially via retained earnings, equity issuance, or other capital accumulation means.
- Debt to Capital Ratio
- The debt-to-capital ratio fluctuated mildly in the earlier years, ranging between 0.11 and 0.15 through 2018 to 2021. This relatively low and stable leverage indicates a conservative capital structure during that period. Starting in 2022, the ratio begins a marked increase, climbing from around 0.12 to approximately 0.23 by mid-2025. The ratio stabilizes near 0.23 in the last several quarters, signifying a near doubling of leverage relative to earlier years. This escalation of leverage suggests a strategic shift towards increased debt financing or a relative slowdown in capital growth compared to debt.
In summary, the data portrays a company progressively increasing its capital base alongside a steadily rising debt load. The more rapid increase in debt in recent years has elevated the leverage ratio substantially, indicating increased financial risk or strategic capital structure adjustment. This evolving pattern warrants attention to the sustainability of debt levels and their impact on financial stability moving forward.
Debt to Capital (including Operating Lease Liability)
Micron Technology Inc., debt to capital (including operating lease liability) calculation (quarterly data)
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Current debt | |||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||
Total debt | |||||||||||||||||||||||||||||||||||
Noncurrent operating lease liabilities | |||||||||||||||||||||||||||||||||||
Total debt (including operating lease liability) | |||||||||||||||||||||||||||||||||||
Total Micron shareholders’ equity | |||||||||||||||||||||||||||||||||||
Total capital (including operating lease liability) | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to capital (including operating lease liability)1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
- The company's total debt exhibited a generally increasing trend over the analyzed periods. Starting at approximately $4.1 billion in late 2018, it rose substantially to a peak of about $14.1 billion by late 2023. Minor fluctuations are observed throughout, with occasional periods of relative stability such as between late 2019 and late 2020, where values hovered around the $7.1 billion to $7.7 billion range. Post-2021, there was a marked acceleration in debt accumulation, with particularly notable increases occurring from late 2022 onwards, suggesting more aggressive leverage or financing activities during this later phase.
- Total Capital (including operating lease liability)
- Total capital also showed a consistent upward trajectory throughout the period. Beginning near $38 billion in late 2018, capital increased steadily to around $66.9 billion by mid-2025. The growth pattern is smoother than that of total debt, indicating ongoing expansion of the company's capital base, possibly due to asset growth or equity financing. Despite some minor short-term variations, no significant declines are evident, reinforcing the view of stable capital accumulation.
- Debt to Capital Ratio (including operating lease liability)
- This ratio, representing the proportion of debt within the total capital structure, reveals several phases. Initially, from late 2018 to mid-2022, the ratio remained relatively low and stable, ranging mostly between 0.11 and 0.16, indicative of conservative leverage. From late 2022 onward, the ratio increased significantly, reaching a peak of approximately 0.25 by early 2024. This shift implies a higher reliance on debt financing relative to total capital, aligning with the observed surge in total debt. The elevated ratio in the last periods reflects a strategic change toward greater leverage, which could impact the company's financial risk profile.
Debt to Assets
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Current debt | |||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||
Total debt | |||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to assets1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
Broadcom Inc. | |||||||||||||||||||||||||||||||||||
Intel Corp. | |||||||||||||||||||||||||||||||||||
KLA Corp. | |||||||||||||||||||||||||||||||||||
Lam Research Corp. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
Texas Instruments Inc. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibits a generally increasing trend from November 2018 to May 2025. It starts at approximately 4.13 billion USD in late 2018 and experiences fluctuations in the initial years, including a peak around February 2020 nearing 6.7 billion USD. After a period of relative stability through 2021 and early 2022, there is a significant rise from late 2022 onward, reaching over 15.5 billion USD by May 2025. This represents nearly a fourfold increase over the observed period, indicating a growing reliance on debt financing.
- Total Assets
- Total assets display a steadily rising trend throughout the entire timeframe. Beginning at around 44.6 billion USD in November 2018, assets increase with some intermittent plateau phases, passing 60 billion USD in late 2021, and continuing upward to approximately 78.4 billion USD by May 2025. The growth is consistent and comparatively moderate relative to the total debt increases, pointing toward an expansion of the company's asset base alongside increasing liabilities.
- Debt to Assets Ratio
- The debt to assets ratio follows a progressive upward trajectory. Initially, it remains low, around 0.09 to 0.13 during the first two years. From 2020 onward, the ratio shows a gradual increase, maintaining levels roughly between 0.11 and 0.15 until early 2022. Thereafter, a marked upward trend is observable, with the ratio rising to about 0.21 during late 2023 and stabilizing near 0.20 by mid-2025. This indicates that the proportion of debt financing relative to total assets has increased, suggesting a higher leverage position which might pose increased financial risk or indicate an active strategy of capital structure adjustment.
Debt to Assets (including Operating Lease Liability)
Micron Technology Inc., debt to assets (including operating lease liability) calculation (quarterly data)
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Current debt | |||||||||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||||||||
Total debt | |||||||||||||||||||||||||||||||||||
Noncurrent operating lease liabilities | |||||||||||||||||||||||||||||||||||
Total debt (including operating lease liability) | |||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Debt to assets (including operating lease liability)1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The analysis of the financial data reveals distinct trends in the company’s debt and asset management over the periods under review.
- Total Debt (including operating lease liability)
-
The total debt exhibited fluctuations with an overall increasing trend from November 2018 to May 2025. Debt levels rose notably from around $4.1 billion in late 2018 to above $16.1 billion by mid-2025. Periods of sharp increases include a rise from approximately $7.6 billion in late 2022 to nearly $14 billion by early 2024, suggesting an expansionary phase or increased leverage during this interval. Debt figures showed marginal declines or leveling off on a few occasions but generally continued an upward trajectory.
- Total Assets
-
Total assets also increased over the examined timeframe, moving from roughly $44.6 billion at the end of 2018 to nearly $78.4 billion by mid-2025. The growth in assets was steady, with minor setbacks or slowdowns in asset accumulation such as around early 2023, where a slight decline is noted. Despite these small variations, the asset base expanded consistently, reflecting possible investments in long-term resources or business growth.
- Debt to Assets Ratio
-
The debt-to-assets ratio showed a gradual increase from 0.09 at the end of 2018 to around 0.21 by mid-2025. This metric remained relatively stable through 2019 to 2021, fluctuating between 0.11 and 0.14, indicating a conservative leverage position. Post-2021, a noticeable escalation occurred, with the ratio peaking near 0.22 in 2023 and sustaining elevated levels thereafter. This suggests a shift towards higher leverage, potentially denoting increased reliance on debt financing relative to asset growth.
In conclusion, the data reflect a strategic increase in debt alongside steady asset base expansion, resulting in a rising leverage ratio over time. This pattern may indicate a period of active financing for investment or operational purposes, necessitating attention to the balance between debt levels and asset utilization in future assessments.
Financial Leverage
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||
Total Micron shareholders’ equity | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Financial leverage1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
Broadcom Inc. | |||||||||||||||||||||||||||||||||||
Intel Corp. | |||||||||||||||||||||||||||||||||||
KLA Corp. | |||||||||||||||||||||||||||||||||||
Lam Research Corp. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
Texas Instruments Inc. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Financial leverage = Total assets ÷ Total Micron shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns regarding the total assets, total shareholders’ equity, and financial leverage over the given periods.
- Total Assets
- The total assets exhibit a generally increasing trend across the timeline from late 2018 to mid-2025. Starting at approximately $44.6 billion, total assets show gradual growth with occasional periods of more rapid increase, especially from early 2021 onward. The value reaches around $78.4 billion by mid-2025, indicating significant asset growth over the evaluated period. Minor fluctuations are evident in certain quarters, but the overall trajectory remains upward.
- Total Micron Shareholders’ Equity
- Shareholders’ equity also demonstrates a consistent upward movement, starting from about $33.9 billion in late 2018 to exceed $50.7 billion by mid-2025. The growth in equity parallels the increase in total assets, suggesting reinvestment or accumulated profits supporting the equity base. However, some periods near the end of the dataset show slight decreases in equity, notably around late 2022 to early 2023, before continuing its upward path. This indicates potential distributions, impairments, or stock repurchases impacting equity temporarily.
- Financial Leverage
- The ratio of financial leverage fluctuates modestly throughout the periods but shows a gradual increase overall. Starting at 1.32 in late 2018, it oscillates between 1.31 and 1.38 for much of the earlier periods, then trends upward more consistently after 2021, reaching values as high as approximately 1.54 by mid-2025. The rising leverage ratio implies that liabilities are growing at a relatively faster pace than equity, reflecting increased use of debt or other liabilities relative to shareholders’ equity.
Overall, the company’s financial position has strengthened, with expanding asset and equity bases, supporting growth initiatives or operational scaling. The increasing financial leverage ratio warrants monitoring, as it points to a rising reliance on debt or external financing sources. However, the leverage remains at moderate levels, suggesting controlled financial risk. The fluctuations in shareholders’ equity during certain periods may relate to corporate actions or market conditions, but the longer-term trend remains positive.
Interest Coverage
May 29, 2025 | Feb 27, 2025 | Nov 28, 2024 | Aug 29, 2024 | May 30, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | Jun 1, 2023 | Mar 2, 2023 | Dec 1, 2022 | Sep 1, 2022 | Jun 2, 2022 | Mar 3, 2022 | Dec 2, 2021 | Sep 2, 2021 | Jun 3, 2021 | Mar 4, 2021 | Dec 3, 2020 | Sep 3, 2020 | May 28, 2020 | Feb 27, 2020 | Nov 28, 2019 | Aug 29, 2019 | May 30, 2019 | Feb 28, 2019 | Nov 29, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Micron | |||||||||||||||||||||||||||||||||||
Add: Net income attributable to noncontrolling interest | |||||||||||||||||||||||||||||||||||
Add: Income tax expense | |||||||||||||||||||||||||||||||||||
Add: Interest expense | |||||||||||||||||||||||||||||||||||
Earnings before interest and tax (EBIT) | |||||||||||||||||||||||||||||||||||
Solvency Ratio | |||||||||||||||||||||||||||||||||||
Interest coverage1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Interest Coverage, Competitors2 | |||||||||||||||||||||||||||||||||||
Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
Broadcom Inc. | |||||||||||||||||||||||||||||||||||
KLA Corp. | |||||||||||||||||||||||||||||||||||
NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
Texas Instruments Inc. |
Based on: 10-Q (reporting date: 2025-05-29), 10-Q (reporting date: 2025-02-27), 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).
1 Q3 2025 Calculation
Interest coverage
= (EBITQ3 2025
+ EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024)
÷ (Interest expenseQ3 2025
+ Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Earnings before interest and tax (EBIT)
- The EBIT figures display a volatile pattern over the observed periods. Initially, there is a marked decline from 3,806 million USD in late 2018 to a low range around 474-696 million USD throughout 2019 to early 2020. Subsequently, EBIT experiences a recovery phase, peaking again near 3,028 million USD in mid-2022. However, this is followed by a significant downturn ending in negative EBIT values from late 2022 through early 2024, with the minimum at -2,169 million USD. In the latest periods, the EBIT shows a rebound, rising back to positive territory and reaching values above 2,000 million USD toward mid-2025.
- Interest Expense
- Interest expense steadily increases over the entire period. Beginning at 33 million USD in late 2018, the amount grows almost continually, reaching approximately 150 million USD by late 2024. While some fluctuations are observed, the overall trend is upward, indicating rising costs of debt financing.
- Interest Coverage Ratio
- The interest coverage ratio, which measures the ability to meet interest payments from operating earnings, follows the EBIT pattern closely and demonstrates considerable variability. Early in the timeline, the ratio is extremely high, with values exceeding 50 and even 56 at certain points, indicating strong coverage. This metric then declines sharply, dropping to single-digit positive values and, notably, turning negative during the periods of negative EBIT between late 2022 and early 2024. The negative ratios suggest that the company was unable to cover interest expenses from operating earnings in those intervals. In the most recent quarters, the interest coverage ratio improves back into positive figures, reaching approximately 16 by mid-2025, signaling a recovery in earnings relative to interest obligations.
- Overall Observations
- The data reveals a cyclical and somewhat unstable financial performance concerning operating earnings. A general pattern emerges where EBIT and interest coverage ratio decrease substantially during certain periods, including episodes of operating losses and negative coverage of interest expense. Meanwhile, interest expenses consistently increase, potentially exerting downward pressure on profitability and coverage capability. The late 2022 to early 2024 timeframe represents the most significant financial stress, with negative EBIT and poor interest coverage. The subsequent recovery phase suggests operational improvements and better earnings capacity, though interest expenses remain elevated compared to earlier years.