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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 0.64
MU's Cash to Debt is ranked lower than
69% of the 829 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.87 vs. MU: 0.64 )
Ranked among companies with meaningful Cash to Debt only.
MU' s 10-Year Cash to Debt Range
Min: 0.32  Med: 0.99 Max: 8.42
Current: 0.64
0.32
8.42
Equity to Asset 0.50
MU's Equity to Asset is ranked lower than
69% of the 807 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 0.63 vs. MU: 0.50 )
Ranked among companies with meaningful Equity to Asset only.
MU' s 10-Year Equity to Asset Range
Min: 0.4  Med: 0.59 Max: 0.86
Current: 0.5
0.4
0.86
Interest Coverage 8.77
MU's Interest Coverage is ranked lower than
80% of the 496 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1091.58 vs. MU: 8.77 )
Ranked among companies with meaningful Interest Coverage only.
MU' s 10-Year Interest Coverage Range
Min: 1.02  Med: 8.77 Max: 24.44
Current: 8.77
1.02
24.44
F-Score: 6
Z-Score: 2.63
M-Score: -2.68
WACC vs ROIC
3.03%
23.91%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 20.21
MU's Operating margin (%) is ranked higher than
89% of the 821 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 4.81 vs. MU: 20.21 )
Ranked among companies with meaningful Operating margin (%) only.
MU' s 10-Year Operating margin (%) Range
Min: -39.6  Med: 3.54 Max: 43.91
Current: 20.21
-39.6
43.91
Net-margin (%) 21.27
MU's Net-margin (%) is ranked higher than
91% of the 820 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 4.11 vs. MU: 21.27 )
Ranked among companies with meaningful Net-margin (%) only.
MU' s 10-Year Net-margin (%) Range
Min: -41.19  Med: 2.73 Max: 28.59
Current: 21.27
-41.19
28.59
ROE (%) 31.24
MU's ROE (%) is ranked higher than
96% of the 810 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 5.10 vs. MU: 31.24 )
Ranked among companies with meaningful ROE (%) only.
MU' s 10-Year ROE (%) Range
Min: -33.82  Med: 2.03 Max: 30.58
Current: 31.24
-33.82
30.58
ROA (%) 15.63
MU's ROA (%) is ranked higher than
93% of the 830 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 2.94 vs. MU: 15.63 )
Ranked among companies with meaningful ROA (%) only.
MU' s 10-Year ROA (%) Range
Min: -17.31  Med: 1.13 Max: 18.39
Current: 15.63
-17.31
18.39
ROC (Joel Greenblatt) (%) 31.71
MU's ROC (Joel Greenblatt) (%) is ranked higher than
79% of the 829 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 8.73 vs. MU: 31.71 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
MU' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -23.52  Med: 4.60 Max: 66.45
Current: 31.71
-23.52
66.45
Revenue Growth (3Y)(%) 16.10
MU's Revenue Growth (3Y)(%) is ranked higher than
89% of the 510 Companies
in the Global Semiconductor Memory industry.

( Industry Median: -1.80 vs. MU: 16.10 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
MU' s 10-Year Revenue Growth (3Y)(%) Range
Min: -21.5  Med: 2.10 Max: 20.5
Current: 16.1
-21.5
20.5
EBITDA Growth (3Y)(%) 16.20
MU's EBITDA Growth (3Y)(%) is ranked higher than
76% of the 385 Companies
in the Global Semiconductor Memory industry.

( Industry Median: -0.90 vs. MU: 16.20 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
MU' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -75.9  Med: -3.00 Max: 210.7
Current: 16.2
-75.9
210.7
EPS Growth (3Y)(%) 146.30
MU's EPS Growth (3Y)(%) is ranked higher than
99% of the 340 Companies
in the Global Semiconductor Memory industry.

( Industry Median: -5.50 vs. MU: 146.30 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
MU' s 10-Year EPS Growth (3Y)(%) Range
Min: -23.8  Med: 34.45 Max: 146.3
Current: 146.3
-23.8
146.3
» MU's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2014

MU Guru Trades in Q2 2014

Caxton Associates 162,900 sh (New)
Julian Robertson 49,300 sh (New)
Pioneer Investments 66,725 sh (New)
John Burbank 7,698 sh (New)
First Eagle Investment 3,300,530 sh (New)
Ken Heebner 4,906,500 sh (New)
George Soros 700,000 sh (+180.00%)
RS Investment Management 554,000 sh (+87.35%)
Ray Dalio 686,474 sh (+62.14%)
Louis Moore Bacon 215,559 sh (+8.98%)
Whitney Tilson 117,165 sh (+3.58%)
Steven Cohen 3,940,000 sh (unchged)
Seth Klarman 51,655,434 sh (unchged)
Joel Greenblatt Sold Out
PRIMECAP Management 34,863,335 sh (-0.88%)
Donald Smith 18,691,359 sh (-7.56%)
David Einhorn 40,344,293 sh (-8.32%)
Andreas Halvorsen 17,699,068 sh (-14.36%)
Chuck Royce 6,500 sh (-36.89%)
Paul Tudor Jones 43,601 sh (-39.98%)
Jim Simons 2,477,136 sh (-53.15%)
Jeremy Grantham 8,400 sh (-96.28%)
» More
Q3 2014

MU Guru Trades in Q3 2014

Mariko Gordon 25,799 sh (New)
David Dreman 44,769 sh (New)
Joel Greenblatt 1,363,304 sh (New)
Paul Tudor Jones 99,168 sh (+127.44%)
Louis Moore Bacon 330,520 sh (+53.33%)
Steven Cohen 5,930,600 sh (+50.52%)
Andreas Halvorsen 20,566,647 sh (+16.20%)
Caxton Associates 1,000,000 sh (unchged)
Seth Klarman 51,655,434 sh (unchged)
Pioneer Investments 6,868 sh (unchged)
John Burbank Sold Out
Chuck Royce Sold Out
Jeremy Grantham Sold Out
First Eagle Investment Sold Out
PRIMECAP Management 34,820,435 sh (-0.12%)
Caxton Associates 150,000 sh (-7.92%)
Donald Smith 16,534,957 sh (-11.54%)
Julian Robertson 41,200 sh (-16.43%)
Whitney Tilson 94,215 sh (-19.59%)
RS Investment Management 433,800 sh (-21.70%)
David Einhorn 30,474,593 sh (-24.46%)
George Soros 450,000 sh (-35.71%)
Ray Dalio 430,874 sh (-37.23%)
Ken Heebner 1,416,500 sh (-71.13%)
Jim Simons 493,836 sh (-80.06%)
» More
Q4 2014

MU Guru Trades in Q4 2014

First Eagle Investment 1,519,000 sh (New)
Jim Simons 1,147,836 sh (+132.43%)
David Dreman 71,133 sh (+58.89%)
Whitney Tilson 128,640 sh (+36.54%)
Ken Heebner 1,866,500 sh (+31.77%)
Paul Tudor Jones 124,784 sh (+25.83%)
Seth Klarman 23,706,035 sh (+20.30%)
Julian Robertson 48,300 sh (+17.23%)
Louis Moore Bacon 364,690 sh (+10.34%)
RS Investment Management 475,700 sh (+9.66%)
David Einhorn 31,255,970 sh (+2.56%)
PRIMECAP Management 34,902,135 sh (+0.23%)
George Soros Sold Out
Mariko Gordon Sold Out
Andreas Halvorsen 20,163,744 sh (-1.96%)
Donald Smith 15,640,594 sh (-5.41%)
Pioneer Investments 6,050 sh (-11.91%)
Ray Dalio 367,874 sh (-14.62%)
Joel Greenblatt 1,154,308 sh (-15.33%)
Caxton Associates 107,400 sh (-28.40%)
Seth Klarman 19,706,035 sh (-61.85%)
Steven Cohen 1,138,400 sh (-80.80%)
» More
Q1 2015

MU Guru Trades in Q1 2015

Richard Perry 5,730,000 sh (New)
Lee Ainslie 6,029,240 sh (New)
Scott Black 69,836 sh (New)
David Tepper 3,553,207 sh (New)
Ray Dalio 814,974 sh (+121.54%)
Joel Greenblatt 2,118,596 sh (+83.54%)
Andreas Halvorsen 31,146,060 sh (+54.47%)
First Eagle Investment 2,062,770 sh (+35.80%)
Julian Robertson 58,500 sh (+21.12%)
Louis Moore Bacon 428,668 sh (+17.54%)
David Dreman 81,267 sh (+14.25%)
David Einhorn 33,549,546 sh (+7.34%)
Whitney Tilson 137,130 sh (+6.60%)
PRIMECAP Management 35,050,735 sh (+0.43%)
Seth Klarman 19,706,035 sh (unchged)
George Soros 930,000 sh (unchged)
Louis Moore Bacon 100,000 sh (unchged)
Pioneer Investments Sold Out
Jim Simons Sold Out
Caxton Associates Sold Out
Ken Heebner Sold Out
Donald Smith 15,309,246 sh (-2.12%)
Paul Tudor Jones 120,507 sh (-3.43%)
RS Investment Management 95,677 sh (-79.89%)
Steven Cohen 70,000 sh (-93.85%)
» More
» Details

Insider Trades

Latest Guru Trades with MU

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Guru Investment Theses on Micron Technology Inc

David Einhorn Comments on Micron Technologies - Jan 23, 2014

MU (NASDAQ:MU) is a manufacturer of semiconductor memory chips (DRAM and NAND flash). This isn't our first go-round with MU; it was a large short position from January 2001 to February 2005. Back then, DRAM was a lousy industry with too many competitors selling an undifferentiated product, often below cost. In the first quarter of 2001 when the shares were trading in the low $40s we wrote:

MU is valued at 6.5x current run-rate revenues and, today, generates no profits. In its best year ever (fiscal 2000), MU recorded $2.52 per share of earnings, making the current price 17x the peak earnings of a cyclical, commodity manufacturer. In the previous two years, MU lost money.

At the time, the valuation was kept aloft by the hopes and dreams of sell-side analysts. In our next letter we shared the following anecdote:

In an exchange of e-mails with a leading sell-side analyst who recommends purchase of MU with a $70 per share target, we solicited his justification for the current $24 billion market capitalization (let alone the $40 billion suggested by his target.) Our analyst friend explained he tried to use cyclical valuation methodologies to come up with a rationale for buying the stock but failed because such an approach suggests "the stock should trade in the teens." However, he maintains, should we have a good pricing environment next year, "people will treat the stock the same way [as they have] and take it much higher than they should." Lest we be unclear about his raison d'être, he added he "could just perennially stamp an underperform on MU because he can't justify the $24 billion, but that would be boring." He need not worry; we are fans of boring.

This sort of unchecked cheerleading among sell-side analysts is by no means gone. Today, they spin different fables to justify otherwise inexplicable valuations for the latest flavor-of-the-month stocks. As for MU, a decade of poor results exposed every flaw in the business and killed any love for the stock. The sell-side groupthink has reversed: the mostly bearish analysts now contort themselves to justify earnings estimates that are too low, price targets that are too pessimistic, and stock ratings that are too negative.

We established a position in MU at an average price of $16.49, marking the first time we have taken a long position in a company in which we once had a material short position. The industry has changed and so has MU. Its purchase of Elpida Memory out of bankruptcy in August 2013 marks the end of a decade of consolidation from roughly a dozen major DRAM players down to just three. Technological advances and locked-up intellectual property have made it unlikely that any new players will enter the industry in the intermediate term. MU and its competitors have signaled that they will refrain from adding capacity and will instead prioritize economic value-add. For the first time in memory, MU intends to use its excess cash flow to shrink the outstanding share count rather than build new factories. We believe the company will approach $4 per share of earnings and free cash flow in calendar 2014, and should enjoy a better multiple as investors begin to appreciate the new dynamic. The shares ended the quarter at $21.75.

 

From David Einhorn (Trades, Portfolio)'s fourth quarter 2013 commentary.

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Ratios

vs
industry
vs
history
P/E(ttm) 6.20
MU's P/E(ttm) is ranked higher than
94% of the 551 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 18.90 vs. MU: 6.20 )
Ranked among companies with meaningful P/E(ttm) only.
MU' s 10-Year P/E(ttm) Range
Min: 3.54  Med: 16.98 Max: 115.75
Current: 6.2
3.54
115.75
Forward P/E 7.05
MU's Forward P/E is ranked higher than
95% of the 278 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 16.84 vs. MU: 7.05 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 6.20
MU's PE(NRI) is ranked higher than
93% of the 553 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 18.90 vs. MU: 6.20 )
Ranked among companies with meaningful PE(NRI) only.
MU' s 10-Year PE(NRI) Range
Min: 3.72  Med: 16.95 Max: 157.14
Current: 6.2
3.72
157.14
P/B 1.61
MU's P/B is ranked lower than
52% of the 804 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.51 vs. MU: 1.61 )
Ranked among companies with meaningful P/B only.
MU' s 10-Year P/B Range
Min: 0.26  Med: 1.19 Max: 3.63
Current: 1.61
0.26
3.63
P/S 1.31
MU's P/S is ranked higher than
52% of the 815 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.39 vs. MU: 1.31 )
Ranked among companies with meaningful P/S only.
MU' s 10-Year P/S Range
Min: 0.25  Med: 1.45 Max: 2.68
Current: 1.31
0.25
2.68
PFCF 9.16
MU's PFCF is ranked higher than
78% of the 429 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 17.06 vs. MU: 9.16 )
Ranked among companies with meaningful PFCF only.
MU' s 10-Year PFCF Range
Min: 2.77  Med: 12.60 Max: 411.67
Current: 9.16
2.77
411.67
POCF 3.99
MU's POCF is ranked higher than
88% of the 561 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 12.45 vs. MU: 3.99 )
Ranked among companies with meaningful POCF only.
MU' s 10-Year POCF Range
Min: 1.32  Med: 5.64 Max: 11.06
Current: 3.99
1.32
11.06
EV-to-EBIT 6.79
MU's EV-to-EBIT is ranked higher than
80% of the 557 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 14.29 vs. MU: 6.79 )
Ranked among companies with meaningful EV-to-EBIT only.
MU' s 10-Year EV-to-EBIT Range
Min: -186.5  Med: 9.25 Max: 108
Current: 6.79
-186.5
108
PEG 0.23
MU's PEG is ranked higher than
98% of the 140 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.81 vs. MU: 0.23 )
Ranked among companies with meaningful PEG only.
MU' s 10-Year PEG Range
Min: 0.43  Med: 1.24 Max: 3.85
Current: 0.23
0.43
3.85
Shiller P/E 17.01
MU's Shiller P/E is ranked higher than
71% of the 251 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 27.11 vs. MU: 17.01 )
Ranked among companies with meaningful Shiller P/E only.
MU' s 10-Year Shiller P/E Range
Min: 16.12  Med: 54.21 Max: 421.63
Current: 17.01
16.12
421.63
Current Ratio 2.19
MU's Current Ratio is ranked lower than
55% of the 818 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 2.43 vs. MU: 2.19 )
Ranked among companies with meaningful Current Ratio only.
MU' s 10-Year Current Ratio Range
Min: 1.32  Med: 2.49 Max: 5.29
Current: 2.19
1.32
5.29
Quick Ratio 1.67
MU's Quick Ratio is ranked lower than
55% of the 818 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.85 vs. MU: 1.67 )
Ranked among companies with meaningful Quick Ratio only.
MU' s 10-Year Quick Ratio Range
Min: 0.96  Med: 1.75 Max: 4.32
Current: 1.67
0.96
4.32
Days Inventory 79.55
MU's Days Inventory is ranked lower than
51% of the 798 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 78.76 vs. MU: 79.55 )
Ranked among companies with meaningful Days Inventory only.
MU' s 10-Year Days Inventory Range
Min: 37.87  Med: 70.07 Max: 112.67
Current: 79.55
37.87
112.67
Days Sales Outstanding 49.07
MU's Days Sales Outstanding is ranked higher than
64% of the 761 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 59.57 vs. MU: 49.07 )
Ranked among companies with meaningful Days Sales Outstanding only.
MU' s 10-Year Days Sales Outstanding Range
Min: 34.7  Med: 59.23 Max: 98.17
Current: 49.07
34.7
98.17

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.66
MU's Price/Tangible Book is ranked higher than
50% of the 777 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.65 vs. MU: 1.66 )
Ranked among companies with meaningful Price/Tangible Book only.
MU' s 10-Year Price/Tangible Book Range
Min: 0.41  Med: 1.74 Max: 8.56
Current: 1.66
0.41
8.56
Price/Projected FCF 0.69
MU's Price/Projected FCF is ranked higher than
88% of the 278 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.41 vs. MU: 0.69 )
Ranked among companies with meaningful Price/Projected FCF only.
MU' s 10-Year Price/Projected FCF Range
Min: 0.95  Med: 2.42 Max: 14.19
Current: 0.69
0.95
14.19
Price/Median PS Value 0.90
MU's Price/Median PS Value is ranked higher than
58% of the 720 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 0.99 vs. MU: 0.90 )
Ranked among companies with meaningful Price/Median PS Value only.
MU' s 10-Year Price/Median PS Value Range
Min: 0.26  Med: 1.30 Max: 6.76
Current: 0.9
0.26
6.76
Price/Peter Lynch Fair Value 0.53
MU's Price/Peter Lynch Fair Value is ranked higher than
87% of the 56 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.14 vs. MU: 0.53 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
MU' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.58  Med: 1.44 Max: 7.18
Current: 0.53
0.58
7.18
Price/Graham Number 0.64
MU's Price/Graham Number is ranked higher than
81% of the 485 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 1.16 vs. MU: 0.64 )
Ranked among companies with meaningful Price/Graham Number only.
MU' s 10-Year Price/Graham Number Range
Min: 0.35  Med: 1.29 Max: 3.89
Current: 0.64
0.35
3.89
Earnings Yield (Greenblatt) (%) 14.70
MU's Earnings Yield (Greenblatt) (%) is ranked higher than
87% of the 815 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 3.60 vs. MU: 14.70 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
MU' s 10-Year Earnings Yield (Greenblatt) (%) Range
Min: 0.9  Med: 5.00 Max: 20.2
Current: 14.7
0.9
20.2
Forward Rate of Return (Yacktman) (%) 17.75
MU's Forward Rate of Return (Yacktman) (%) is ranked higher than
77% of the 242 Companies
in the Global Semiconductor Memory industry.

( Industry Median: 4.01 vs. MU: 17.75 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
MU' s 10-Year Forward Rate of Return (Yacktman) (%) Range
Min: -64.9  Med: -1.60 Max: 51.3
Current: 17.75
-64.9
51.3

Analyst Estimate

Aug15 Aug16 Aug17
Revenue(Mil) 16,380 16,771 18,232
EPS($) 2.63 2.62 3.18
EPS without NRI($) 2.63 2.62 3.18

Business Description

Industry: Semiconductors » Semiconductor Memory
Compare:CODE, RMBS, RMTR, LEDS, NLST » details
Traded in other countries:MU.Switzerland, MTE.Germany, MU.Mexico,
Micron Technology Inc was incorporated in October 1978. The Company manufactures and markets a range of DRAM, NAND Flash and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products. It markets its products through its internal sales force, independent sales representatives and distributors primarily to Original Equipment Manufacturers and retailers located around the world. The Company's segments include Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit and Embedded Business Unit. CNBU includes DRAM and NOR Flash products sold to the compute, networking, graphics and cloud server markets. MBU includes DRAM, NAND Flash and NOR Flash products sold to the smartphone, feature phone and tablet mobile-device market. SBU includes NAND Flash components and SSDs sold into enterprise and client storage, cloud and removable storage markets. SBU also includes NAND Flash products sold to Intel. EBU includes DRAM, NAND Flash and NOR Flash products sold into automotive and industrial applications, as well as the connected home and consumer electronics markets. Its manufacturing facilities are located in the United States, China, Japan, Malaysia, Puerto Rico, Singapore and Taiwan. It sells semiconductor products in both packaged and unpackaged forms. Its packaged products include memory modules, SSDs, MCPs, managed NAND, memory cards and USB devices. The semiconductor memory products are offered under the Micron, Lexar, Crucial, SpecTek and Elpida brand names and private labels. The Company faces intense competition in the semiconductor memory market from a number of companies, including Samsung Electronics Co., Ltd.; SanDisk Corporation; SK Hynix Inc. and Toshiba Corporation.
» More Articles for MU

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