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Micron Technology (NASDAQ: MU) stock price grew more than 2.5x from around $32 in 2018 end to over $80 currently, primarily due to favorable changes in its P/S multiple. This comes as a surprise, as the company has witnessed a drop in revenue over this period, and revenue per share has remained roughly unchanged, helped by a slight decrease in the outstanding share count.
In our interactive dashboard, Why Micron Technology Stock Moved: MU Stock Has Gained 158% Since 2018, we break down the factors behind this move.
MU’s Total Revenue has dropped 2.5% from $30.4 billion in 2018 to $29.6 billion on an LTM basis
Revenue per share increased marginally from $26.38 in 2018 to $26.46 currently
Price-To-Sales (P/S) multiple for MU rose steadily from 1.3x in 2018 to 4.3x in 2020, but stands at 3.1x currently, still more than 2x higher than its 2018 level
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