US · Nasdaq · INTC
Intel (INTC) stock analysis: valuation and financials
Technology · Semiconductors
$92.03 +2.4% Price as of Oct 19, 2026
Eroding x86 franchise, FCF -$4.9B in FY2025 and 1.83x net debt/EBITDA, yet $92 already discounts a foundry turnaround; risk/reward unfavourable.
- Market cap
- $486.4B
- P/E
- —
- EV/Sales
- 8.9x
- FCF yield
- 0.6%
- 52-week range
- $33.62 – $140.94
- Next earnings
- Oct 29, 2026
Research as of Oct 20, 2026
Business quality scorecard
- Growth6
- Profitability11
- Cash flow49
- Balance sheet40
- Capital allocation24
- Innovation50
- Valuation4
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
PC and data-center buyers pay per-unit prices for x86 CPUs (CCG $32.2B, DCAI $16.9B) while Intel Foundry books $17.8B, largely internal wafer supply; CCG is the profit engine at a 28.9% operating margin versus Foundry's -57.9%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $79.0B | $63.1B | $54.2B | $53.1B | $52.9B |
| Revenue growth | +1.5% | -20.2% | -14.0% | -2.1% | -0.5% |
| Gross margin | 55.4% | 42.6% | 40.0% | 32.7% | 34.8% |
| Operating margin | 24.6% | 3.7% | 0.2% | -22.0% | -4.2% |
| Net income | $19.9B | $8.0B | $1.7B | -$18.8B | -$267.0M |
| Free cash flow | $10.7B | -$9.4B | -$14.3B | -$15.7B | -$4.9B |
| FCF margin | 13.6% | -14.9% | -26.3% | -29.5% | -9.4% |
Amounts in USD · What is free cash flow?
Margins Gross margin 34.8% in FY2025 vs 32.7% FY2024; TTM 38.6% (+2.1pp) and Q2 FY2026 40.4%. Operating margin -4.2% vs -22.0%, TTM -0.1%, Q2 FY2026 +11.1%. Main driver: impairments and accelerated depreciation fell to $950M from $3.3B, plus restructuring opex cuts.
- Cash flow WatchTTM operating cash flow $14.9B against a $11.3B net loss; gap is non-cash: $11.4B D&A plus a $12.5B escrow-share fair-value loss, so cash earnings exceed reported earnings.
- Debt ElevatedNet debt $20.8B, 1.83x EBITDA; total debt $50.5B against $12.9B cash and $16.9B short-term investments, so gross leverage is modest but coverage is the weak link.
Balance sheet Leverage · Distressed
- Cash & short-term investments
- $29.7B
- Total debt
- $50.5B
- Net debt
- $20.8B
- Net debt / EBITDA
- 1.8x
- Current ratio
- 1.6x
As of Jun 27, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management WeakCapital allocation: $16.3B of dividends and $2.4B of buybacks over five years against cumulative free cash flow of -$33.6B, leaving net debt of $20.8B (1.83x EBITDA) and weak interest coverage of -0.067x.
- Credibility MediumRevenue met or beat guidance in all five comparable quarters, and beat the high end by 7% in Q1 FY2026 ($13.6B vs $12.7B) and 9% in Q2 FY2026 ($16.1B vs $14.8B).
Of 15 guided figures checked: 9 beat, 2 in range, 4 missed.
Valuation range
Implied value per share · Price when researched: $92.03
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.