Stock Analysis on Net
Stock Analysis on Net

Micron Technology Inc. (NASDAQ:MU)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Micron Technology Inc., FCFE calculation

US$ in millions

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12 months ended: Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
Net income (loss) attributable to Micron 778 (5,833) 8,687 5,861 2,687 6,313
Net income attributable to noncontrolling interests — — — — 23 45
Net noncash charges 8,894 10,303 7,749 6,977 6,083 6,102
Change in operating assets and liabilities (1,165) (2,911) (1,255) (370) (487) 729
Net cash provided by operating activities 8,507 1,559 15,181 12,468 8,306 13,189
Expenditures for property, plant, and equipment (8,386) (7,676) (12,067) (10,030) (8,223) (9,780)
Repayments of debt (1,897) (761) (2,032) (1,520) (4,366) (3,340)
Proceeds from issuance of debt 999 6,716 2,000 1,188 5,000 3,550
Free cash flow to equity (FCFE) (777) (162) 3,082 2,106 717 3,619

Based on: 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), 10-K (reporting date: 2019-08-29).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Micron Technology Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Micron Technology Inc. FCFE decreased from 2022 to 2023 and from 2023 to 2024.

Price to FCFE Ratio, Current

Micron Technology Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,114,171,932
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) (777)
FCFE per share -0.70
Current share price (P) 90.12
Valuation Ratio
P/FCFE —
Benchmarks
P/FCFE, Competitors1
Advanced Micro Devices Inc. 172.57
Analog Devices Inc. 28.33
Applied Materials Inc. 16.47
Broadcom Inc. 26.03
First Solar Inc. —
Intel Corp. —
KLA Corp. 22.35
Lam Research Corp. 23.10
Monolithic Power Systems Inc. 49.84
NVIDIA Corp. 128.00
Qualcomm Inc. 16.41
Texas Instruments Inc. 44.29
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 114.97
P/FCFE, Industry
Information Technology 53.73

Based on: 10-K (reporting date: 2024-08-29).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Micron Technology Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Aug 29, 2024 Aug 31, 2023 Sep 1, 2022 Sep 2, 2021 Sep 3, 2020 Aug 29, 2019
No. shares of common stock outstanding1 1,108,742,682 1,098,034,471 1,087,168,584 1,118,623,738 1,113,221,799 1,107,050,823
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 (777) (162) 3,082 2,106 717 3,619
FCFE per share3 -0.70 -0.15 2.83 1.88 0.64 3.27
Share price1, 4 102.25 69.96 52.91 70.12 52.63 45.50
Valuation Ratio
P/FCFE5 — — 18.66 37.24 81.71 13.92
Benchmarks
P/FCFE, Competitors6
Advanced Micro Devices Inc. — 241.70 33.46 44.72 133.51 —
Analog Devices Inc. 29.30 22.28 24.14 34.67 33.98 37.52
Applied Materials Inc. 17.05 17.53 19.17 27.20 23.21 19.53
Broadcom Inc. 26.03 30.06 14.62 22.35 9.16 5.64
First Solar Inc. — — 61.91 — — —
Intel Corp. — — — 14.25 8.57 16.55
KLA Corp. 25.11 26.78 9.01 28.05 19.15 9.84
Lam Research Corp. 25.89 18.67 24.95 34.58 16.89 6.14
Monolithic Power Systems Inc. — 60.34 121.66 95.13 83.64 54.53
NVIDIA Corp. 65.45 151.07 54.83 35.22 44.24 30.15
Qualcomm Inc. 18.57 11.97 19.13 17.93 34.91 16.39
Texas Instruments Inc. — 37.61 23.88 21.87 24.10 18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment — 48.44 29.45 25.31 18.07 14.34
P/FCFE, Industry
Information Technology — 33.63 26.79 27.64 23.72 19.16

Based on: 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), 10-K (reporting date: 2019-08-29).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -777,000,000 ÷ 1,108,742,682 = -0.70

4 Closing price as at the filing date of Micron Technology Inc. Annual Report.

5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 102.25 ÷ -0.70 = —

6 Click competitor name to see calculations.