Micron Technology posted another blowout quarter, with sales rising 380% year on year to $54 billion. Growth was led nearly entirely by pricing growth. Gross margin expanded more than 40 points year on year to 87%, with incremental pricing-led revenue coming as practically pure profit.
When memory markets are in an upswing and demand is strong, Micron’s sales growth and profitability can be impressive.
Micron has a high fixed cost base that leaves it vulnerable to underutilization charges and major profit compression when memory markets enter a downturn.
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005930
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Price/Earnings (Normalized) | 24.32 | 25.34 | 12.28 |
Price/Book Value | 8.96 | 16.82 | 3.31 |
Price/Sales | 9.42 | 13.68 | 3.35 |
Price/Cash Flow | 13.15 | 24.18 | 6.62 |
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SNDK
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005930
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Quick Ratio | 2.93 | 1.70 | 2.20 |
Current Ratio | 3.42 | 2.29 | 2.83 |
Interest Coverage | 254.95 | 178.36 | 242.73 |
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Metric
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MU
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SNDK
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005930
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Return on Assets (Normalized) | 53.42% | 70.15% | 24.86% |
Return on Equity (Normalized) | 76.55% | 94.19% | 33.47% |
Return on Invested Capital (Normalized) | 64.36% | 87.15% | 30.09% |
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