$Micron Technology(MU)$ Price to free cash flow (PFCF) is the proper valuation metric for MU. For every $1 MU is earning, they are spending $0.72 of it on new tooling, so most of their "earnings" are being perpetually consumed by the business. This is why they hold a low PE. Free cash flow is that remaining $0.28. That's their real earnings.
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