The scale of the turnaround is stark when viewed through margins: gross profit moved from -9.11% of revenue in FY2023 to 22.35% in FY2024, a swing of +31.46 percentage points (from -1.42B gross loss to $5.61B gross profit). Operating income similarly recovered from -$5.75B to $1.30B, a swing of +$7.05B and an operating‑margin improvement of +42.16pp (from -36.97% to 5.19%) (Micron FY2024 financials. Those margin moves are the primary drivers of the restored profitability and the narrative shift around [MU].

While headline profit returned, free cash flow remained muted in FY2024: Micron generated $121MM in free cash flow on $25.11B revenue (free cash flow margin ~0.48%), as the company invested heavily in capacity with $8.39B of capital expenditures (capex intensity ~33.41% of revenue). Operating cash flow, by contrast, was strong at $8.51B (operating cash flow margin ~33.88%), indicating that reported net income recovery is accompanied by robust cash generation before heavy reinvestment and reinvestment timing effects (Micron cash flow statement. The operational cash engine is running well; the near‑term cash profile is being shaped by deliberate, large capital investments.

Financials in numbers: recalculated metrics and what they imply#

A side‑by‑side look at the last two fiscal years crystallizes the scale and quality of the recovery. Using Micron’s published FY figures, revenue, profitability, leverage and cash‑flow intensity show both strength and areas to monitor (SEC EDGAR - Micron Technology Filings.