Aslan Research · Chips
MICRON TECHNOLOGY INC (MU)
Data as of 2026-09-03 · 28 quarters · filed in USD
Revenue reached $78.1 billion over the trailing year, while revenue growth was 26% versus 17% expense growth. The $5.0 billion backlog was only 0.1x one year of revenue, so it provides limited coverage at that scale.
Earned, collected early, and merely signed
Reports $5.7B of debt; has promised $6.4B
Committed obligations totaled $6.4 billion, or 1.1x reported debt of $5.7 billion. Leases accounted for $654 million of the committed obligations beyond debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $31.7 billion due against $9.4 billion of future revenue promised over the same period. That makes scheduled obligations 3.4x the promised revenue.
The rates that matter
Expenses as filed vs after cited reconciliation
6 patterns worth a second look
The filings identify finance lease obligations under Lease SPE arrangements and additional executed leases that had not started. They also present business-interruption insurance proceeds as revenue while describing them as settlement proceeds. Other disclosed items include a change from commitments of up to $3.4 billion to CHIPS Act grants of up to $6.4 billion, a new revolving credit facility entered into after the reporting date, a $1.8 billion facility acquisition completed after the reporting date, and a lower prior-period inventory balance in a later filing.
off balance sheet · 1
The filings report substantial finance lease obligations under Lease SPE arrangements and additional executed leases not yet commenced.
one time dressing · 1
The filings present insurance-claim proceeds for business interruption as revenue while also identifying the items as settlement proceeds.
redefinition · 1
The government-incentive metric expands from commitments of up to $3.4 billion to total CHIPS Act grants of up to $6.4 billion.
subsequent event · 2
The FY2025 filing reports a new revolving credit facility entered into after the reporting date, increasing permitted borrowing capacity.
The FY2025 filing reports completion of the Powerchip facility acquisition after the reporting date for total cash consideration of $1.8 billion.
value revision · 1
The inventory revision is substantive because the later filing reports a lower prior-period inventory balance.