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Micron Technology, Inc. (MU) 财务分析 | 估值·财报 | 100Baggers.club

Micron Technology, Inc.

MU

Micron Technology, Inc. designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels. The company offers memory products for the cloud server, enterprise, client, graphics, and networking markets, as well as for smartphone and other mobile-device markets; SSDs and component-level solutions for the enterprise and cloud, client, and consumer storage markets; other discrete storage products in component and wafers; and memory and storage products for the automotive, industrial, and consumer markets. It markets its products through its direct sales force, independent sales representatives, distributors, and retailers; and web-based customer direct sales channel, as well as through channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

深度研究阅读完整报告

美光科技 (MU) 完整版深度研究 — HBM、存储周期与估值完整推导

Micron 2026-02-10 完整版深度研究，保留 HBM 竞争格局、存储周期、SOTP/DCF、五引擎信号、风险矩阵与完整推导。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

74.39%

毛利润 = $17.75B

营业收入 = $23.86B

Operating Profit Margini营业利润率

67.62%

营业利润 = $16.14B

营业收入 = $23.86B

EBITDA MarginiEBITDA利润率

77.62%

EBITDA = $18.52B

营业收入 = $23.86B

EBIT MarginiEBIT利润率

68.03%

EBIT = $16.16B

营业收入 = $23.86B

Net Profit Margini净利率

57.79%

净利润 = $13.79B

营业收入 = $23.86B

Pretax Profit Margini税前利润率

67.73%

税前利润 = $16.16B

营业收入 = $23.86B

E

运营效率指标

Interest Coveragei利息保障倍数

80.35x

EBIT (TTM) = $28.36B

利息费用 (TTM) = $0.35B

11.9x

15.8x

20.9x

32.1x

80.3x

SG&A / Revenuei销管费率

1.44%

销售及管理费用 = $0.34B

营业收入 = $23.86B

R&D / Revenuei研发占比

5.24%

研发费用 = $1.25B

营业收入 = $23.86B

R

回报率指标 (TTM)

ROAi总资产回报率

27.88%

净利润 = $24.11B

平均总资产 = $86.48B

ROEi净资产收益率

40.44%

净利润 = $24.11B

平均股东权益 = $59.63B

ROICi投入资本回报率

40.31%

NOPAT (TTM) = $24.31B

平均投入资本 = $60.30B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

196.29%

当期营收 = $23.86B

去年同期营收 = $8.05B

+38.3%

+36.6%

+46.0%

+56.6%

+196.3%

Operating Cash Flow/Sharei每股经营现金流

$26.89

经营现金流 = $30.65B

流通股数 = 1.14B

$11.64

$13.51

$15.58

$19.94

$26.89

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+196.3%	$23.86B	↑
毛利	+499.0%	$17.75B, 74.39%	↑
营业利润	+810.0%	$16.14B, 67.62%	↑
EBITDA	+385.2%	$18.52B, 77.62%	↑
税前利润	+818.2%	$16.16B, 67.73%	↑
净利润	+771.1%	$13.79B, 57.79%	↑
稀释每股收益	+756.7%	12.08	↑

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L

流动性指标

Current Ratioi流动比率

2.90

健康

流动资产 = $41.41B

流动负债 = $14.30B

Quick Ratioi速动比率

2.32

健康

速动资产 = $33.15B

流动负债 = $14.30B

Cash Ratioi现金比率

1.02

健康

现金及等价物 = $14.62B

流动负债 = $14.30B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.15

健康

总债务 = $10.80B

总权益 = $72.46B

Liabilities to Assetsi资产负债率 (总负债)

28.6%

健康

总负债 = $29.05B

总资产 = $101.51B

Equity Multiplieri权益乘数

1.40

健康

总资产 = $101.51B

总权益 = $72.46B

E

效率指标

Asset Turnoveri总资产周转率

0.67

正常

营收 (TTM) = $58.12B

平均总资产 = $86.48B

Inventory Turnoveri存货周转率

2.93

关注

营业成本 (TTM) = $24.16B

平均存货 = $8.24B

Receivables Turnoveri应收账款周转率

4.23

正常

营收 (TTM) = $58.12B

平均应收账款 = $13.75B

S

偿债能力

Interest Coveragei利息保障倍数

80.35

健康

EBIT (TTM) = $28.36B

利息费用 (TTM) = $0.35B

Net Debt to EBITDAi净债务/EBITDA

-0.05

健康

净债务 = $-1.74B

EBITDA (TTM) = $37.14B

Debt Service Coveragei偿债覆盖率

52.40

健康

经营现金流 (TTM) = $30.65B

债务偿付 = $0.58B

V

价值指标

Goodwill %i商誉占比

1.1%

健康

商誉 = $1.15B

总资产 = $101.51B

Working Capital Ratioi营运资本比率

0.27

健康

营运资本 = $27.12B

总资产 = $101.51B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$30.65B

自由现金流 TTMi

$22.06B

FCF = OCF - CapEx

经营现金流 (TTM) = $30.65B

资本支出 (TTM) = $-8.60B

自由现金流收益率i

4.41%

关注

FCF (TTM) = $22.06B

市值 = $499.80B

经营现金流/销售比i

52.74%

健康

经营现金流 (TTM) = $30.65B

营业收入 (TTM) = $58.12B

Q

质量与覆盖指标

收益质量i

1.27x

健康

经营现金流 (TTM) = $30.65B

净利润 (TTM) = $24.11B

现金流/债务比i

2.84x

健康

经营现金流 (TTM) = $30.65B

总负债 = $10.80B

短期覆盖率i

2.14x

健康

经营现金流 (TTM) = $30.65B

流动负债 = $14.30B

资本支出覆盖率i

3.57x

健康

经营现金流 (TTM) = $30.65B

资本支出 (TTM) = $8.60B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

71.96%

正常

自由现金流 (TTM) = $22.06B

经营现金流 (TTM) = $30.65B

资本支出/营收比i

14.79%

关注

资本支出 (TTM) = $8.60B

营业收入 (TTM) = $58.12B

净债务/EBITDAi

-0.05

健康

净债务 = $-1.74B

EBITDA (TTM) = $37.14B

G

增长指标

经营现金流增长率i

201.95%

健康

当期OCF (TTM) = $11.90B

上期OCF = $3.94B

股东盈余i

$24.26B

健康

净利润 (TTM) = $24.11B

+ 折旧摊销 (TTM) = $8.74B

- 资本支出 (TTM) = $-8.60B