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Micron Technology key statistics and ratios

In fiscal 2026, Micron Technology had return on equity of 88.3%, an operating margin of 74.6%, debt equal to 3.7% of equity and a current ratio of 3.31. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Sept 20102011Sept 20112012Aug 20122013Aug 20132014Aug 20142015Sept 20152016Sept 20162017Aug 20172018Aug 20182019Aug 20192020Sept 20202021Sept 20212022Sept 20222023Aug 20232024Aug 20242025Aug 20252026Sept 2026
Gross margin32.0%20.0%11.8%20.4%33.2%32.2%20.2%41.5%58.9%45.7%30.6%37.6%45.2%−9.1%22.4%39.8%80.7%
Operating margin18.7%8.7%−7.4%2.6%18.9%18.5%1.4%28.9%49.3%31.5%14.0%22.7%31.5%−37.0%5.2%26.1%74.6%
Net margin21.8%1.9%−12.5%13.1%18.6%17.9%−2.2%25.0%46.5%27.0%12.5%21.2%28.2%−37.5%3.1%22.8%63.8%
Free-cash-flow margin29.2%−0.8%5.0%4.1%15.8%7.3%−21.4%16.8%28.0%14.6%0.4%8.8%10.1%−39.4%0.5%4.5%44.3%
Return on equity23.1%2.0%−12.8%14.1%30.6%25.1%−2.3%33.2%55.5%18.5%7.2%14.1%18.5%−12.4%1.7%17.2%88.3%
Return on assets12.6%1.1%−7.1%7.1%14.7%12.5%−1.1%16.2%35.9%13.7%5.2%10.4%13.9%−8.9%1.2%11.2%61.0%
Asset turnover0.580.600.570.540.790.700.480.650.770.510.420.490.490.240.380.490.96
Current ratio2.342.352.572.162.142.201.962.342.792.582.713.102.894.462.642.523.31
Debt to equity29.4%23.6%42.4%66.0%66.3%65.3%87.3%62.5%15.2%16.3%17.0%15.4%13.8%30.2%29.7%26.9%3.7%
Interest cover (operating income ÷ interest)8.9x6.1xn/m1.0x8.8x8.1x0.4x9.8x43.8x57.6x15.5x34.3x51.3xn/m2.3x20.5x—
Effective tax rate−1.0%36.8%—0.6%4.7%6.0%—2.2%1.2%9.8%9.4%6.3%9.3%—36.4%11.6%14.8%
R&D as % of revenue7.4%9.0%11.1%10.3%8.4%9.5%13.0%9.0%7.0%10.4%12.1%9.6%10.1%20.0%13.7%10.2%4.2%
SG&A as % of revenue6.2%6.7%7.5%6.2%4.3%4.4%5.3%3.7%2.7%3.6%4.1%3.2%3.5%5.9%4.5%3.2%1.5%
Capital spending as % of revenue7.3%29.0%20.6%15.9%19.0%24.8%46.9%23.3%29.2%41.8%38.4%36.2%39.2%49.4%33.4%42.4%23.1%
Free cash flow ÷ net income134.1%−39.5%—31.0%85.1%40.9%—67.2%60.3%54.0%3.1%41.6%35.8%—15.6%19.5%69.4%
Dividends ÷ net income——————————0.0%0.0%5.3%—65.9%6.1%0.7%
Dividends and buybacks ÷ free cash flow0.8%—1.4%1.4%2.9%74.5%—1.1%0.8%80.1%212.0%49.2%92.9%—671.9%31.3%2.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · September 3, 2026
What it owns · $195.9bn
Short-term assets $91.1bnLonger-term assets $104.8bn
What it owes, and who funded it · $195.9bn
Short-term liabilities $27.5bnLonger-term liabilities $30.0bnShareholders' equity $138.4bn
  • Short-term assets cover short-term liabilities $91.1bn of assets due within a year against $27.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $91.1bn short-term assets against $30.0bn of longer-dated liabilities.
  • More cash than debt $38.4bn of cash against $3.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 2% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 13% to 2% over five years.
  • A year's operating cash flow covers at least 20% of debt $89.7bn of operating cash flow against $3.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $99.3bn against $106m of interest.

From Micron Technology's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

66 /100

Moderate moat

How hard Micron Technology's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 16.6% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 40.7%, moving by 22.1 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 27.5%; its worst year was -37.0%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 10 years, at a median 9.5% of revenue.

  • Discipline 17 / 20

    The diluted share count rose 0.2% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MU vs TSMAVGO vs MUINTC vs MUMU vs NVDA

More: Semiconductors stocks compared, Technology sector, rankings of US companies

Figures from Micron Technology's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Micron Technology.