Sanjay Mehrotra: 'We are entering fiscal 2025 with the strongest competitive positioning in Micron's history.'
— Sanjay Mehrotra
03Detailed Report
MU
Micron Technology Inc
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 14, 2026
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Executive Summary
Micron Technology Inc delivered a remarkable fourth quarter of fiscal 2024, achieving approximately $7.8 billion in revenue, a year-over-year increase of 93% and a sequential rise of 14%. Profitability metrics also surpassed expectations, with a gross margin of 36.5%, significantly up from prior quarters due to improved pricing and product mix. Micron’s strong momentum is underpinned by record revenues in both NAND and data center segments, reflecting a strategic alignment with growing market demands in AI and data services. Management expressed confidence in Micron's competitive positioning, particularly with its cutting-edge DRAM and NAND technologies, forecasting strong growth in fiscal 2025 driven by robust demand in cloud and AI-driven applications.
Key Performance Indicators
Revenue
Increasing
7.75B
QoQ: 13.79% | YoY: 93.27%
Gross Profit
Increasing
2.74B
35.32% margin
QoQ: 49.40% | YoY: 729.20%
Operating Income
Increasing
1.52B
QoQ: 120.26% | YoY: 203.40%
Net Income
Increasing
887.00M
QoQ: 167.17% | YoY: 162.03%
EPS
Increasing
0.80
QoQ: 166.67% | YoY: 161.07%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Performance Overview
- Revenue: Q4 2024 revenue reached $7.8 billion, an increase of 93% YoY. For fiscal 2024, total revenue was $25.1 billion, up 62% YoY.
- Gross Profit: Q4 gross profit was $2.74 billion (36.5% margin), improving over 30 percentage points YoY.
- Net Income: Micron reported net income of $887 million in Q4, translating into a diluted EPS of $0.79, a dramatic turnaround from a loss of $1.07 in Q4 2023.
- Operating Income: Q4 operating income was $1.52 billion, reflecting a 23% operating margin, up significantly from the previous year.
- Cash Flow: Operating cash flow generated in Q4 was approximately $3.4 billion, representing 44% of revenue for the quarter. The company ended the fiscal year with $9.2 billion in cash and investments.
Year-over-Year Comparisons
- Revenue Growth: Key drivers for growth included DRAM segment revenue that increased by 93% YoY to $5.3 billion, comprised 69% of total revenue. NAND revenues climbed 96% YoY to $2.4 billion, representing a new record for Micron.
- Gross Margin Improvement: Consolidated gross margins improved over eight percentage points sequentially due to rising prices and enhanced product mix, demonstrating pricing power in a favorable supply-demand environment.
The contrast with global semiconductor benchmarks indicates Micron's competitive resurgence, capitalizing on shifts pegged towards AI and increased data center needs.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
7.75B
93.27%
13.79%
Gross Profit
2.74B
729.20%
49.40%
Operating Income
1.52B
203.40%
120.26%
Net Income
887.00M
162.03%
167.17%
EPS
0.80
161.07%
166.67%
Key Financial Ratios
Gross Profit Margin
Fair
35.30%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Good
19.60%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Good
11.40%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
1.28%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.97%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
2.64
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Moderate
0.31
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Growth
29.85x
Elevated P/E suggests growth expectations or premium valuation
Price to Book
Fair Value
2.35x
Price-to-book ratio reasonable for profitable companies
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