| Micron Technology (Nasdaq: MU), one of the world's leading providers of innovative memory and storage solutions, has been a darling of tech investors for several years. And it takes only a quick glance at its stock chart to see why. Over the past decade-plus, shares have soared more than tenfold - an absolute dream for investors. This growth was thanks to Micron's strong market position and the increasing global demand for memory and storage products and services. But with shares trading near their all-time high, investors may be wondering whether there's still value to be found in this stock or its best gains are already behind it. To answer this question, let's run Micron through The Value Meter and take a closer look at its fundamentals. The company currently trades at an enterprise value-to-net asset value (EV/NAV) ratio of 3.2, which seems to be a clear discount to the average of 7 among its peers. But, as always, we must consider the company's ability to generate cash flow. Micron's free cash flow has been negative in each of the past four quarters, averaging -1.8% of the company's net assets during that span. While that's better than the average of -3.8% for similar firms, it still raises some concerns about the company's cash generation capabilities. It's important to keep in mind the capital-intensity and seasonality of the memory chip business when evaluating Micron's performance. The company operates in a cyclical industry that requires significant investments in research and development and manufacturing facilities to stay competitive. Micron faced some challenges in recent years, such as weak market demand and supply chain issues. But thanks to its strong balance sheet and disciplined approach to spending, it weathered the storm relatively well. And looking ahead, there are even more reasons to be optimistic about Micron's future prospects. | 
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