Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Micron Technology's annualized ROC (Joel Greenblatt) % for the quarter that ended in May. 2022 was 29.01%.
The historical rank and industry rank for Micron Technology's ROC (Joel Greenblatt) % or its related term are showing as below:
MU'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -7 Med: 20.95 Max: 58.94
Current: 28
During the past 13 years, Micron Technology's highest ROC (Joel Greenblatt) % was 58.94%. The lowest was -7.00%. And the median was 20.95%.
MU's ROC (Joel Greenblatt) % is ranked better than 57.88% of 914
companies
in the Semiconductors industry
Industry Median: 20.89
vs MU: 28.00
Micron Technology's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 30.70% per year.
Micron Technology ROC (Joel Greenblatt) % Historical Data
The historical data trend for Micron Technology's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
* Premium members only.
Micron Technology Annual Data
Trend
Aug12
Aug13
Aug14
Aug15
Aug16
Aug17
Aug18
Aug19
Aug20
Aug21
ROC (Joel Greenblatt) %
30.90
58.94
24.37
9.64
17.53
Micron Technology Quarterly Data
Aug17
Nov17
Feb18
May18
Aug18
Nov18
Feb19
May19
Aug19
Nov19
Feb20
May20
Aug20
Nov20
Feb21
May21
Aug21
Nov21
Feb22
May22
ROC (Joel Greenblatt) %
19.89
31.49
26.32
25.44
29.01
Competitive Comparison
For the Semiconductors subindustry, Micron Technology's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Micron Technology ROC (Joel Greenblatt) % Distribution
For the Semiconductors industry and Technology sector, Micron Technology's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Micron Technology's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (May. 2022) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Micron Technology ROC (Joel Greenblatt) % Related Terms
Thank you for viewing the detailed overview of Micron Technology's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Micron historically focused on designing and manufacturing DRAM for PCs. The firm then expanded into the NAND flash memory market. It increased its DRAM scale with the purchase of Elpida (completed in mid-2013) and Inotera (completed in December 2016). The firm's DRAM and NAND products tailored to PCs, data centers, smartphones, game consoles, automotives, and other computing devices.
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