07-27-2018: Micron Technology Inc. (MU): Bad News for Sales in China and Asia

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Recommendation

Micron Technology Inc.

Micron Technology, Inc. (MU) is a manufacturer of semiconductor components for original equipment manufacturers such as Samsung. It is based in Boise Idaho's "treasure valley" (instead of Silicon Valley) giving it numerous location advantages not the least of which is hydroelectric power availability at roughly 1/3 the cost of power in California. It has a very interesting history including McDonald's pouring tens of millions of dollars into Micron. The connection there was a wealthy potato farmer investor. Micron got started in 1978 parallel with the rise of the internet, and transisted from a consulting operation to a manufacturer of semiconductors. Micron had to compete with Japanese manufacturers of memory chips, and eventually partnered with Asian firms to the point where 2/3 of its sales were to Asia.

There is a lot of news on this stock. Recent news is bad, and as the stock has soared in just the past few months to five times its recent value, it has plenty of room to fall. In the rise of similar tech stocks, Advanced Micro Devices (AMD) has been less in favor because valuation considerations, but is now playing "catch-up" while MU staggers over Trump's idiotic trade war decisions affecting imports from and business in Asia. The Chinese banned some sales of MU products in their country. MU does a lot of business in Taiwan as well which could also be affected. The Chinese came up with some dubious patent infringement claims, and patent infringement problems have dogged MU in the news. Also, sales of smart phones are beginning to taper off, Apple laying off workers, and smart phones are an important use for MU chips. For these reasons, the stock chart is beginning to approach the look of a channeling stock, essentially "forgiving" to investors who make the wrong directional choice at any given time, and becoming a favorite of traders with very high average daily trading volume.

The stock carries a marginal Zenith Index due to lack of earnings growth considerations. The company has relatively low debt but earnings growth has outpaced revenue growth in a trend that is not sustainable.

Researchers and analysts alike continue to be very positive on the stock, although Standard & Poor's is starting to have reservations while Market Grader highly favors the stock based upon past valuation considerations. Institutions are recent net seller.

A tech stock runnup is beginning to look like the early 2000's, and there is some vulnerability to a sudden selloff similar to that previous time period as the market reaches all-time highs. The industry group as a whole was a very strong performer until recently, when it appears to be now slowing down.

A couple of unusual "plusses" for this stock pushing it over the top as a buy rating are the Val Idea "gurus" giving strong support and the average to current p/e ratios highly favorable for continued price rise. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Micron Technology, Inc. (MU)                              Exchange: Nasdaq
8000 South Federal Way
Boise, ID 83707                  Sector: Technology
United States                    Industry: Semiconductor Memory

Micron Technology, Inc. provides semiconductor systems worldwide. The
company operates through four segments: Compute and Networking Business
Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business
Unit. It offers DDR3 and DDR4 DRAM products for computers, servers,
networking devices, communications equipment, consumer electronics,
automotive, and industrial applications; lower power DRAM products for
smartphones, tablets, automotive, laptop computers, and other mobile
consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X
DRAM, SDRAM, and RLDRAM products for networking devices, servers,
consumer electronics, communications equipment, computer peripherals,
and automotive and industrial applications, as well as for computer
memory upgrades; and hybrid memory cube semiconductor memory devices.
The company also provides NAND products, which are electrically
re-writeable, non-volatile semiconductor memory, and storage devices;
client solid-state drives (SSDs) for notebooks, desktops, workstations,
and other consumer applications; enterprise SSDs for server and storage
applications; cloud SSDs; and multi-chip package and managed NAND
products. In addition, it manufactures products that are sold under
other brand names; and resells flash memory products that are purchased
from other NAND Flash suppliers. Further, the company provides 3D XPoint
non-volatile memory products; and NOR Flash, which are electrically
re-writeable and semiconductor memory devices for automotive,
industrial, connected home, and consumer applications. It markets its
products to original equipment manufacturers and retailers through its
internal sales force, independent sales representatives, and
distributors; and through a Web-based customer direct sales channel, and
channel and distribution partners. The company was founded in 1978 and
is headquartered in Boise, Idaho.

Last Trade:  53.39                           52-Week Range:  64.66 -  26.85
Employees: 34,100                            Avg.Volume:  46,855,123 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 4; Shareholder Rights: 2; Compensation: 5.
         (A lower number means less governance risk.)

EPS:  9.97    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: May 6, 1996     Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:   5.39              Forward P/E (est.):   4.61
                                           Target Price:  80.93

Qrtly Stock Price Growth (yoy):  76.55%               Beta:   1.26
Qrtly S&P Index   Growth (yoy):  40.10%        Short Ratio:   0.85%
    Qrtly Revenue Growth (yoy):  14.97%         Shares Out:  1160000000
   Qrtly Earnings Growth (yoy): 132.10%

          Book Value:  24.70                    Debt/Equity:  24.90%
    Price/Book Value:   2.18        Operating Profit Margin:  47.12%
         Price/Sales:   2.22                  Profit Margin:  43.36%
         Market Cap:  62,351,000,000       Return on Equity:  52.35%
    Enterprise Value:  62,010,000,000      Return on Assets:  22.02%

    Operating Cash Flow: 15,450,000,000
         Free Cash Flow:  3,670,000,000

  Period Ending                             08/31/201     9/1/2016    9/3/2015

  Total Revenue                             20,322,000  12,399,000  16,192,000
  Cost of Revenue                           11,779,000   9,894,000  10,977,000
  Gross Profit                               8,543,000   2,505,000   5,215,000

Operating Expenses:
  Research & Development                     1,824,000   1,617,000   1,540,000
  Selling, General & Administrative            730,000     656,000     719,000
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                       5,000      -2,000     -29,000
  Total Operating Expenses                  14,338,000  12,165,000  13,208,000

Operating Income or Loss                     5,984,000     234,000   2,984,000

Income from Continuing Operations:
  Total Other Income/Expenses Net             -780,000    -490,000      72,000
  Earnings Before Interest & Taxes           5,984,000                234,000  E
arnings Before Interest & Taxes           2,984,000
  Interest Expense                            -601,000    -437,000    -371,000
  Income Before Taxes                        5,204,000    -256,000   3,056,000
  Income Tax Expense                           114,000      19,000     157,000
  Minority Interest                            849,000     848,000     937,000

Net Income from Continuing Op.s              5,090,000    -275,000   2,899,000

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                 5,089,000    -276,000   2,899,000
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares            5,089,000    -276,000           0



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         08/31/201       9/1/2016      9/3/2015

  Net Income                             5,090,000      -275,000     2,899,000

Operating Activities:
  Depreciation                           3,861,000     2,980,000     2,667,000
  Adjustments to Net Income                258,000       156,000      -209,000
  Changes in Accounts Recv'bls          -1,651,000       465,000       393,000
  Changes in Liabilities                   782,000       266,000      -796,000
  Changes in Investories                    50,000      -549,000       116,000
  Changes in other Oper'g Acts            -361,000      -361,000      -361,000

Total Cash Flow f Operations             8,153,000     3,168,000             0

Investing Activities:
  Capital Exenditures                   -4,734,000    -5,817,000    -4,021,000
  Investments                             -269,000     2,664,000    -2,144,000
  Other Cash Flows fr Investing            100,000       109,000       -51,000

Total Cash Flows from Investing         -7,537,000             0             0

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                142,000        48,000        74,000
  Net Borrowings                           753,000     2,094,000       174,000
  Other Cash Flows fr Financing           -511,000      -249,000       -51,000

Total Cash Flows from Financing            349,000     1,745,000             0

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.                19,000      -133,000             0



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          08/31/201       9/1/2016      9/3/2015
Current Assets:
  Cash & Cash Equivalents                 5,109,000     4,140,000     2,287,000
  Short Term Investments                    319,000       258,000     1,234,000
  Net Receivables                         3,725,000     2,068,000     2,507,000
  Inventory                               3,123,000     2,889,000     2,340,000
  Other Current Assets                      181,000       140,000       228,000
  Total Current Assets                   13,095,000     9,237,000     7,362,000

  Long-Term Investments                     633,000     1,778,000     3,492,000
  Property, Plant & Equipt               19,431,000    14,686,000    10,554,000
  Goodwill                                1,228,000       104,000        23,000
  Intangible Assets                         387,000       464,000       449,000
  Accumulated Amortization                        0             0             0
  Other Assets                            1,200,000     1,013,000     1,029,000
  Deferred LT Asset Charges                 766,000       657,000       597,000

Total Assets                             35,336,000    27,540,000    24,143,000

Current Liabilities:
  Accounts Payable                        1,333,000     1,452,000     1,347,000
  Current Portion LT Debt                11,155,000     9,910,000     7,390,000
  Other Current Liabilities               2,136,000     2,338,000     1,137,000
  Total Current Liabilities              14,624,000    13,700,000      9,874,000

  Long Term Debt                          1,333,000     1,452,000     1,347,000
  Other Liabilities                      11,155,000     9,910,000     7,390,000
  Deferred LT Liab. Charges               2,136,000     2,338,000     1,137,000
  Minority Interest                         849,000       848,000       937,000
  Negative Goodwill                         849,000       848,000       937,000

Total Liabilities                        25,151,000    23,299,000    17,344,000

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                              112,000       109,000       108,000
  Retained Earnings                      10,260,000     5,299,000     5,588,000
  Treasury Stock                            -38,000    -1,064,000      -868,000
  Capital Surplus                         8,287,000     7,736,000     7,474,000
  Other Stockhohlder Equity                  29,000       -35,000        13,000
  Total Stockholder Equity               18,621,000    12,080,000    12,302,000

Net Tangible Assets                      17,006,000    11,512,000    11,830,000



Micron Technology, Inc. (MU)                [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            3.0000          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  3.0000          Forward P/E Ratio < 28?    3.0000
Price/Sales Ratio < 2.3?   1.0360          Inventory/Sales < 5%?      0.3254
Sales < $1 Billion?        0.0492          Operating Margin < 7.5%?   0.1592

Balance Sheet Tests:
Debt/Equity < 0.40?        1.6064          Long-Term Debt Service:    1.1268
LTD Being Reduced?        -3.0000          Short-Term Debt Service:  -3.0000
Current Ratio > 2?         0.4477          Working Capital >= 1.5?    1.6975
Leverage Ratio < 20%?      0.2897          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.2178
Share Equity Increase:     2.5234          Market Cap.< 1.5 Billion?  0.0241
                                           Intangibles < 3% Assets?   0.6564
Income Tests:
Profit Margin < 7.5%?      3.0000          EPS Annual Growth > 10%?  -0.0054
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?      0.0000
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.6726
EPS Qrtly Growth > 10%?    0.0008          Gross Pft/Cur. LTD > 1?    0.7658
                                           Borrowing Int. Rate < 6%? -0.9024
Stock Performance Tests:
Volatility > 25%?          2.3390          % Held by Insiders < 5%?   1.1312
Beta > 1.25?               1.0080          % Held by Institut. < 50?  0.6128
50 Da MA > 200 Da MA?      0.2585          % Held by Institut. > 30?  2.7197
52-Wk Change vs. S&P 500:  3.0000          Short Ratio > 5?           0.1700
Price/Book Value < 3?      1.3879          Short % of Float > 20?     0.2195
Return on Assets > 17%?    1.2953          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  3.0000          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  3.0000
                                           Cash Flow / Assets > 10%?  3.0000

MU     Micron Technology, Inc.             Overall Zenith Index:      1.2620


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Financial Statements

MICRON TECHNOLOGY INC  (MU)                 INCOME STATEMENT

Fiscal year ends in August.                          2013-08         2014-08         2015-08         2016-08         2017-08             TTM           

Revenue                                        9,073,000,448  16,357,999,616  16,192,000,000  12,398,999,552  20,322,000,896  28,088,999,936
Cost of revenue                                7,225,999,872  10,920,999,936  10,977,000,448   9,893,999,616  11,886,000,128  12,236,999,680
Gross profit                                   1,847,000,064   5,437,000,192   5,215,000,064   2,504,999,936   8,435,999,744  15,852,000,256


Operating expenses
Research and development                         931,000,000   1,371,000,064   1,540,000,000   1,616,999,936   1,824,000,000   2,020,999,936
Sales, General and administrative                562,000,000     707,000,000     719,000,000     659,000,000     743,000,000     791,000,000
Restructuring, merger and acquisition         -1,452,999,936      84,000,000       2,000,000      67,000,000      18,000,000               0
Other operating expenses                       1,448,000,000     -95,000,000     -30,000,000     -69,000,000     -13,000,000     -75,000,000
Total operating expenses                       1,488,000,000   2,067,000,064   2,231,000,064   2,273,999,872   2,572,000,000   2,736,999,936

Operating income                                 359,000,000   3,369,999,872   2,984,000,000     231,000,000   5,864,000,000  13,114,999,808
Interest Expense                                 231,000,000     352,000,000     371,000,000     437,000,000     601,000,000     440,000,000
Other income (expense)                         1,156,999,936    -285,000,000      -4,000,000     -75,000,000     -67,000,000    -393,000,000
Income before taxes                            1,284,999,936   2,732,999,936   2,608,999,936    -281,000,000   5,196,000,256  12,282,000,384
Provision for income taxes                         8,000,000     128,000,000     157,000,000      19,000,000     114,000,000     101,000,000
Other income                                     -83,000,000     474,000,000     447,000,000      25,000,000       8,000,000               0
Net income from continuing operations          1,194,000,000   3,079,000,064   2,899,000,064    -275,000,000   5,089,999,872  12,181,000,192
Other                                             -4,000,000     -34,000,000               0      -1,000,000      -1,000,000      -3,000,000
Net income                                     1,190,000,000   3,044,999,936   2,899,000,064    -276,000,000   5,088,999,936  12,177,999,872
Net income available to common shareholders    1,190,000,000   3,044,999,936   2,899,000,064    -276,000,000   5,088,999,936  12,177,999,872

Earnings per share
Basic                                                   1.16            2.87            2.71           -0.27            4.67           10.68 
Diluted                                                 1.13            2.54            2.47           -0.27            4.41            9.99 

Weighted average shares outstanding
Basic                                          1,021,699,968   1,060,000,000   1,070,000,000   1,036,000,000   1,088,999,936   1,140,000,000
Diluted                                        1,056,300,032   1,198,000,000   1,170,000,000   1,036,000,000   1,154,000,000   1,222,249,984

____________________________________________________________________________________________________________________________________________


MICRON TECHNOLOGY INC  (MU)                 BALANCE SHEET

Fiscal year ends in August.                          2013-08         2014-08         2015-08         2016-08         2017-08             

Assets

Current assets

Cash

Short-term investments                           221,000,000     384,000,000   1,234,000,000     258,000,000     319,000,000
Total cash                                     3,100,999,936   4,534,000,128   3,520,999,936   4,398,000,128   5,427,999,744

Receivables                                    2,068,999,936   2,524,000,000   2,188,000,000   1,764,999,936   3,489,999,872
Inventories                                    2,648,999,936   2,455,000,064   2,340,000,000   2,888,999,936   3,123,000,064
Other current assets                           1,092,000,000     732,000,000     547,000,000     443,000,000     416,000,000
Total current assets                           8,910,999,552  10,245,000,192   8,595,999,744   9,495,000,064  12,456,999,936

Non-current assets

Property, plant and equipment
Gross property, plant and equipment           20,920,000,512  23,431,999,488  27,274,999,808  33,604,999,168  41,533,001,728
Accumulated Depreciation                      %-13,294,000,128  %-14,750,000,128  %-16,721,000,448  %-18,919,000,064  %-22,101,999,616
Net property, plant and equipment              7,625,999,872   8,682,000,384  10,554,000,384  14,686,000,128  19,431,000,064

Equity and other investments                     895,000,000   1,790,000,000   3,492,000,000   1,778,000,000     633,000,000
Goodwill                                                   0               0               0     104,000,000   1,228,000,000
Intangible assets                                386,000,000     468,000,000     449,000,000     464,000,000     387,000,000
Deferred income taxes                            861,000,000     816,000,000     597,000,000     657,000,000     766,000,000
Other long-term assets                           439,000,000     497,000,000     455,000,000     356,000,000     434,000,000
Total non-current assets                      10,206,999,552  12,252,999,680  15,546,999,808  18,044,999,680  22,879,000,576

Total assets                                  19,118,000,128  22,498,000,896  24,142,999,552  27,540,000,768  35,335,999,488 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                1,584,999,936   1,315,000,064     763,000,000     376,000,000     905,000,000
Capital leases                                             0     323,000,000     326,000,000     380,000,000     357,000,000
Accounts payable                               1,048,000,000   1,119,000,064   1,020,000,000   1,186,000,000   1,332,999,936
Taxes payable                                     47,000,000      71,000,000      85,000,000      41,000,000     163,000,000
Accrued liabilities                              506,000,000     737,000,000     576,000,000     598,000,000     953,000,000
Deferred revenues                                383,000,000     407,000,000     220,000,000     332,000,000     605,000,000
Other current liabilities                        556,000,000     839,000,000     915,000,000   1,922,000,000   1,018,000,000
Total current liabilities                      4,124,999,936   4,810,999,808   3,904,999,936   4,834,999,808   5,334,000,128

Non-current liabilities
Long-term debt                                 4,451,999,744   4,424,000,000   5,834,999,808   8,128,000,000   9,059,999,744
Capital leases                                             0     588,000,000     466,000,000   1,026,000,000     833,000,000
Minority interest                                864,000,000     802,000,000     937,000,000     848,000,000     849,000,000
Other long-term liabilities                      535,000,000   1,102,000,000     698,000,000     623,000,000     639,000,000
Total non-current liabilities                  5,850,999,808   6,915,999,744   7,936,000,000  10,625,000,448  11,381,000,192

Total liabilities                              9,976,000,512  11,726,999,552  11,841,000,448  15,459,999,744  16,714,999,808 

Stockholders' equity

Common stock                                     104,000,000     107,000,000     108,000,000     109,000,000     112,000,000
Additional paid-in capital                     9,187,000,320   7,879,000,064   7,473,999,872   7,736,000,000   8,287,000,064
Retained earnings                               -212,000,000   2,728,999,936   5,587,999,744   5,298,999,808  10,259,999,744
Treasury stock                                             0               0    -881,000,000  -1,029,000,000     -67,000,000
Accumulated other comprehensive income            63,000,000      56,000,000      13,000,000     -35,000,000      29,000,000
Total stockholders' equity                     9,141,999,616  10,771,000,320  12,302,000,128  12,080,000,000  18,620,999,680
Total liabilities and stockholders' equity    19,118,000,128  22,498,000,896  24,142,999,552  27,540,000,768  35,335,999,488

____________________________________________________________________________________________________________________________________________


MICRON TECHNOLOGY INC  (MU)                 Statement of CASH FLOW

Fiscal year ends in August. USD.                     2013-08         2014-08         2015-08         2016-08         2017-08             TTM           

Cash Flows From Operating Activities
Net income                                     1,194,000,000   3,079,000,064   2,899,000,064    -275,000,000   5,089,999,872  12,181,000,192
Depreciation & amortization                    1,804,000,000   2,103,000,064   2,667,000,064   2,980,000,000   3,860,999,936   4,540,000,256
Investments losses (gains)                       222,000,000     -70,000,000      61,000,000    -183,000,000               0               0
Stock based compensation                          91,000,000     115,000,000     168,000,000     191,000,000     215,000,000     208,000,000
Change in working capital                       -320,000,000     658,000,000     -30,000,000     110,000,000  -1,180,000,000  -1,780,999,936
Accounts receivable                             -409,000,000    -518,000,000     393,000,000     465,000,000  -1,651,000,064  -1,490,000,000
Inventory                                         83,000,000     194,000,000     116,000,000    -549,000,000      50,000,000    -304,000,000
Other working capital                              6,000,000     982,000,000    -539,000,000     194,000,000     421,000,000      13,000,000
Other non-cash items                          -1,180,000,000    -186,000,000    -557,000,000     345,000,000     167,000,000     300,000,000
Net cash provided by operating activities      1,811,000,064   5,698,999,808   5,208,000,000   3,168,000,000   8,152,999,936  15,448,000,512

Cash Flows From Investing Activities
Investments in property, plant, and equipmen  -1,244,000,000  -2,657,999,872  -4,020,999,936  -5,816,999,936  -4,734,000,128  -7,893,000,192
Property, plant, and equipment reductions         28,000,000               0               0               0               0               0
Acquisitions, net                                 69,000,000     105,000,000       1,000,000       6,000,000  -2,633,999,872               0
Purchases of investments                      -1,176,999,936  -1,088,999,936  -4,524,000,256  -1,178,000,000  -1,512,999,936    -993,000,000
Sales/Maturities of investments                  705,000,000     557,000,000   2,248,000,000   4,024,999,936   1,154,000,000   1,090,000,000
Other investing activities                       -93,000,000     632,000,000      64,000,000    -104,000,000     190,000,000     431,000,000
Net cash used for investing activities        -1,712,000,000  -2,452,999,936  -6,232,000,000  -3,068,000,000  -7,536,999,936  -7,365,000,192

Cash Flows From Financing Activities
Debt issued                                    1,247,000,064   2,225,999,872   2,503,000,064   2,964,000,000   3,311,000,064   1,144,000,000
Debt repayment                                  -743,000,000  -3,843,000,064  -2,328,999,936    -870,000,000  -2,558,000,128  -7,551,000,064
Common stock repurchased                          -5,000,000     -76,000,000    -884,000,000    -148,000,000     -35,000,000               0
Other financing activities                      -177,000,000    -255,000,000      -8,000,000    -201,000,000    -369,000,000   1,106,000,000
Net cash provided by (used for) financing        322,000,000  -1,948,000,000    -718,000,000   1,744,999,936     349,000,000  -5,301,000,192

Effect of exchange rate changes                            0     -28,000,000    -121,000,000       8,000,000     -12,000,000      -1,000,000
Net change in cash                               421,000,000   1,270,000,000  -1,863,000,064   1,852,999,936     953,000,000   2,780,999,936
Cash at beginning of period                    2,459,000,064   2,880,000,000   4,150,000,128   2,287,000,064   4,263,000,064   4,145,999,872
Cash at end of period                          2,880,000,000   4,150,000,128   2,287,000,064   4,140,000,000   5,216,000,000   6,927,000,064

Free Cash Flow
Operating cash flow                            1,811,000,064   5,698,999,808   5,208,000,000   3,168,000,000   8,152,999,936  15,448,000,512
Capital expenditure                           -1,244,000,000  -2,657,999,872  -4,020,999,936  -5,816,999,936  -4,734,000,128  -7,893,000,192
Free cash flow                                   567,000,000   3,040,999,936   1,187,000,064  -2,648,999,936   3,419,000,064   7,554,999,808
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (MU)     Micron Technology Inc.

                               2013    2014    2015    2016    2017

          Annual Earnings:     1.13    2.54    2.47   -0.27    4.41
Average Price During Year:    12.38   28.13   23.71   13.73   31.04

                P/E Ratio:    10.95   11.08    9.60   50.85    7.04

 Average 5-Year P/E Ratio  =  17.90
             Current Price =  53.76

Previous 5 Quarter Earnings:   1.40    1.99    2.19    2.67    3.10

           Current Annualized (Last Four Quarters) Earnings =   7.96
                                                           ________
                                 Average PE / Current PE =     2.65
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2
Analysts' Opinion 3
Analysts' Opinion 4
Analysts' Opinion 5
Analysts' Opinion 6
Analysts' Opinion 7



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for MICRON TECHNOLOGY:
Symbol? MU
Total Months Available:  91
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  47.86   26.85     63.42   37.52     64.66   45.31

RANGE   =  64.66  TO   26.85            Close =  53.39
CHANNEL =  47.86  TO   45.31           Degree =   1
Volatility =   4.78%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

6 out of 8 favorable, (positive opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer





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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News - 1
Comparison - 1
Industry - 1
Bond Issue + 1
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E + 1
Ratios + 1
Market Grader + 1
Intrinsic Value DCF - 1
Fair Value Estimator + 1
Projected Earnings - 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment - 1
Standard & Poor's - 1
MACD Histogram Divergence - 1
Val Idea + 1
Stock Consultant + 1
Point & Figure - 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network + 1
Stock Options + 1
Ultimate Trading Systems - 1
Total + 2
Place 555 shares of Micron Technology, Inc. (MU) on the Active List.