Micron Company Profile
Filing-based Form 10-K metrics, trend charts, and company profile notes for Micron within the AI Infrastructure Economics module.
This company profile maps public filing metrics, operating context, and infrastructure exposure within CM Terminal’s personal analytical framework.
Company profile
Company Profile: Micron
Issuer-level Micron metrics for memory, HBM, and cycle-risk economics within the AI Infrastructure Economics project.
Built from Form 10-K filings using the CM Terminal Analytics methodology.
FY2024 highlights
Revenue
$25,111M
Gross Margin
22.35%
Operating Margin
5.19%
R&D Intensity
13.66%
CapEx Intensity
33.40%
Four-year view
| Fiscal Year | Period Ended | Revenue | Gross Margin | Operating Margin | R&D Intensity | CapEx Intensity | Dataset row |
|---|---|---|---|---|---|---|---|
| 2021 | 2021-09-02 | $27,705M | 37.62% | 22.68% | 9.61% | 36.20% | Filing row |
| 2022 | 2022-09-01 | $30,758M | 45.18% | 31.54% | 10.13% | 39.23% | Filing row |
| 2023 | 2023-08-31 | $15,540M | -9.11% | -36.97% | 20.04% | 49.40% | Filing row |
| 2024 | 2024-08-29 | $25,111M | 22.35% | 5.19% | 13.66% | 33.40% | Filing row |
Source: Micron Form 10-K filings.
Gross profit definition: Micron labels the gross profit amount as "Gross margin" in its Consolidated Statements of Operations; this page stores that dollar amount as grossProfit.
CapEx definition: Capital expenditure uses Micron cash flow statement line item "Expenditures for property, plant, and equipment."
Unit: All raw financial figures are stored in USD millions.
Fiscal-year note: Micron fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31; FY2021–FY2024 were 52-week fiscal years.
Dataset note: The Dataset row column records the label attached to each filing-backed row in the project dataset. Definitions appear in Analytics Methodology & Data Policy.
FY2023 filing amounts (USD millions): gross profit (stored as grossProfit) -$1,416M; operating income -$5,745M.
Micron Revenue Trend
Fiscal-year revenue from Micron Form 10-K figures.
Source: issuer filings; methodology documented separately.
Source: Micron Form 10-K filings. Amounts stored in USD millions.
Micron Margin Trend
Gross margin and operating margin from Micron Form 10-K figures.
Source: issuer filings; methodology documented separately.
Source: Micron Form 10-K filings. Ratios calculated from stored USD millions figures.
Micron Reinvestment Intensity Trend
R&D intensity and CapEx intensity calculated from Micron Form 10-K figures.
Source: issuer filings; methodology documented separately.
Source: Micron Form 10-K filings. Ratios calculated from stored USD millions figures.
R&D intensity = R&D expense / revenue. CapEx intensity = capital expenditure / revenue.
What the filing data suggests
What Micron contributes to the AI Infrastructure Economics comparison as a memory and HBM cycle-risk profile.
Main analytical tension
HBM upside vs memory-cycle volatility
Micron connects the AI infrastructure map to HBM and memory supply, but its issuer-level economics remain exposed to DRAM and NAND cycles. I read the profile as a reminder that an AI-relevant component layer can still carry severe pricing and cycle risk.
Cyclical revenue swing
Data basis
Revenue was $30,758M in FY2022, $15,540M in FY2023, and $25,111M in FY2024.
Interpretation
Micron’s filing series points to a sharp FY2023 downturn followed by FY2024 recovery, which fits memory’s cyclical demand and pricing exposure rather than a stable platform-margin profile.
Negative FY2023 margins
Data basis
FY2023 gross margin was -9.11% and operating margin was -36.97%.
Interpretation
FY2023 gross margin and operating margin were negative in the filing and are preserved as negative values. This makes Micron a useful cycle-risk profile in the AI infrastructure framework.
High capital intensity through the cycle
Data basis
CapEx intensity was 49.40% in FY2023 and 33.40% in FY2024.
Interpretation
Micron continued to carry high direct CapEx intensity even through the downturn and recovery, showing that memory suppliers can absorb heavy manufacturing investment before cycle recovery is visible in margins.
Memory / HBM exposure
Data basis
FY2024 revenue was $25,111M with gross margin 22.35%.
Interpretation
Micron adds the memory and HBM layer to the portfolio. Unlike fabless compute suppliers, its economics are shaped by commodity-like memory cycles, manufacturing utilization, and product-mix recovery.
This profile is descriptive issuer-level analysis. Methodology and non-advisory boundaries are documented in Analytics Methodology & Data Policy.
Analytical difficulty
What this profile helps me examine
Micron helps me examine why memory capacity and HBM matter inside the AI infrastructure stack.
What this profile does not isolate
It cannot isolate HBM economics from the broader memory cycle. Company-level metrics remain exposed to DRAM and NAND pricing, ASP volatility, inventory effects, and cyclical recovery. I read Micron more as a cycle-risk and capital-burden profile than as a clean AI margin signal.
Main unresolved bridge
The unresolved bridge is separating HBM revenue and margin contribution from commodity memory-cycle effects.
Reference
Source & Methodology
How the Micron profile data is sourced, stored, and interpreted.
Official sources
Primary inputs are Micron Form 10-K annual filings. Links below use the filing URLs stored in the project metadata; fiscal-year rows map to the filing set noted for each slice.
Used for FY2021
Used for FY2022, FY2023, FY2024
At least one row's filing note references cross-checking FY2022 against another Form 10-K in the chain; see the underlying source note text in the dataset for that fiscal year.
Source notes
Income statement data comes from Consolidated Statements of Operations. Micron labels the gross profit amount as "Gross margin"; this page stores that dollar amount as grossProfit. Capital expenditure uses the cash flow statement line item "Expenditures for property, plant, and equipment." Amounts are stored in USD millions—aligned with the recurring language in the filing notes, without restating row-level figures here.
FY2023 gross profit and operating income were negative in the filing and are stored as negative values in this dataset.
Fiscal-year treatment
Micron fiscal year is the 52 or 53-week period ending on the Thursday closest to August 31. FY2021–FY2024 were 52-week fiscal years, as described in the filing notes.
The fiscalYear field uses Micron's reported fiscal-year label (for example FY2024).
When periodEnded is present on a row, it records the fiscal period end date for that fiscal year as stated in the filing trail for that row.
Metric construction
Raw metrics stored per fiscal year include revenue, grossProfit, operatingIncome, rdExpense, capitalExpenditure.
Derived metrics include revenueGrowth, grossMargin, operatingMargin, rdIntensity, capexIntensity. These ratios are calculated from the stored raw figures for the same row.
CapEx definition
Capital expenditure uses Micron's cash flow statement line item "Expenditures for property, plant, and equipment." Outflows are stored as positive magnitudes in this file for consistency with other issuers in the portfolio.
Dataset boundary
These rows are filing-based dataset records used for issuer-level analytics. Source rules, metric definitions, review terminology, and non-advisory boundaries are documented in Analytics Methodology & Data Policy.
Semiconductor Cycle Economics
Cycle-economics addendum: Micron
This is an additive project-specific section. The AI Infrastructure profile above remains the issuer-level FY2024 evidence block; this section shifts context to Micron's historical memory-cycle drawdowns.
FY2025 revenue
$37,378M
FY2026 Q2 op margin
67.6%
CapEx intensity
42.4%
Inventory days
81.6
Cycle-economics role
Micron is presented here as the primary memory-cycle case: the same issuer-level company used in AI Infrastructure, but now measured across multiple historical peaks and troughs.
Interpretation limit
This section is separate from the AI Infrastructure issuer profile. It does not revise the FY2024 AI Infrastructure metrics block and does not make an HBM-only profitability claim.
Cycle rows
| Window | Basis | Swing | Revenue decline | Peak to trough | Read |
|---|---|---|---|---|---|
| FY2015 to FY2016 | operating margin | -17.2pp | -23.4% | 4 qtrs | A short memory pricing downturn: operating margin compressed toward zero before the FY2018 boom. |
| FY2018 to FY2020 | operating margin | -35.3pp | -29.5% | 8 qtrs | The FY2018 high was the clean historical super-cycle peak in the Micron series. |
| FY2022 to FY2023 | operating margin | -68.5pp | -49.5% | 4 qtrs | The sharpest Micron operating-margin drawdown in this dataset. |
| FY2023 to FY2026 Q2 | operating margin | 104.6pp | — | — | Current recovery is not a resolved peak. The row compares the FY2023 trough to Micron's latest reported actual quarter, FY2026 Q2, and is not annualized. |
Micron annual cycle metrics
| FY | Period ended | Revenue | Gross margin | Operating margin | CapEx intensity | Inventory days | Status |
|---|---|---|---|---|---|---|---|
| 2014 | 2014-08-28 | $16,358M | 33.2% | 18.9% | 16.3% | 54.8 | reviewed |
| 2015 | 2015-09-03 | $16,192M | 32.2% | 18.5% | 24.8% | 52.7 | reviewed |
| 2016 | 2016-09-01 | $12,399M | 20.2% | 1.4% | 46.9% | 85.0 | reviewed |
| 2017 | 2017-08-31 | $20,322M | 41.5% | 28.9% | 23.3% | 56.1 | reviewed |
| 2018 | 2018-08-30 | $30,391M | 58.9% | 49.3% | 29.2% | 43.2 | reviewed |
| 2019 | 2019-08-29 | $23,406M | 45.7% | 31.5% | 41.8% | 79.8 | reviewed |
| 2020 | 2020-09-03 | $21,435M | 30.6% | 14.0% | 38.4% | 95.5 | reviewed |
| 2021 | 2021-09-02 | $27,705M | 37.6% | 22.7% | 36.2% | 59.1 | reviewed |
| 2022 | 2022-09-01 | $30,758M | 45.2% | 31.5% | 39.2% | 79.1 | reviewed |
| 2023 | 2023-08-31 | $15,540M | -9.1% | -37.0% | 49.4% | 197.0 | reviewed |
| 2024 | 2024-08-29 | $25,111M | 22.4% | 5.2% | 33.4% | 129.0 | reviewed |
| 2025 | 2025-08-28 | $37,378M | 39.8% | 26.1% | 42.4% | 81.6 | reviewed |
Scope: This is descriptive business analysis based on public filings. It does not provide investment advice, valuation targets, or trading recommendations.