Even last quarter, Micron still raked in $600 million of free cash flow, thanks to fairly lean capital expenditure levels. Micron's annual free cash flow has risen at a very strong clip in the past four years. MU Free Cash Flow (Annual) data by YCharts Micron doesn't have overly burdensome debt levels, as the company carries a relatively modest 47% long-term debt-to-equity ratio. This means the free cash flow is piling up on the balance sheet. Micron doesn't pay a dividend, and it utilized just $245 million to buy back its own stock over the first three quarters of the year. That represents just 12% of Micron's free cash flow in that time. With shares falling so precipitously this year, a larger cash return to shareholders might be a good idea.