SuperworthIntel Corp. INTC
- Market cap
- $570.6B
- PE
- —
- 10y median 13.4×
- Forward PE
- Price to sales
- 10.0×
- EV/EBIT
- 1067×
- Revenue, 12 months
- $57B
- +7% on a year ago
- Net margin
- −19.8%
- Free cash flow yield
- 0.5%
Priced for a foundry that is not built yet
Ten times sales for a business whose revenue has only just started growing again
Ten times sales, against a ten year habit of three
Intel trades at 9.9 times the last twelve months of sales, higher than 97.7% of the last ten years, where the median is 2.9. A year ago it was about 3.0. It was only higher this spring and summer, peaking at 13.2 in June. Price to earnings says nothing here: reported earnings over the last year are a loss of 2.11 dollars a share.
The price tripled in a year, mostly on deals
The share price went from 36.59 dollars a year ago to 112.50, up 207.5%. Six months ago it was 52.91. Most of the climb came in April and May, after reports that Apple was in talks to use Intel's factories. It peaked at 140.94 on June 22, days after President Trump said Apple would work with Intel on US-made chips. It is now 20.2% below that high.
Sales have only just started to grow again
Revenue over twelve months was 52.86 billion dollars in September 2023 and sat near 53 billion for two years. It is now 57.03 billion, up 7.9% since then and 7.5% on a year earlier. Most of the gain came from the June quarter alone, 16.13 billion, up 25% on the same quarter a year before.
Margins are back to 2023, far below the old Intel
Over twelve months gross margin is 38.6%, up from a low of 29.8% in mid 2025 but about where it was in September 2023, and well under its ten year median of 55.6%. Operating margin climbed from minus 22.8% to minus 0.1%. Net margin is minus 19.8%, pulled down in June by a 12.5 billion dollar mark-to-market loss on shares held in escrow for the US government.
Cash flow turned positive by cutting investment
Free cash flow over twelve months went from minus 10.20 billion dollars in September 2023 to plus 2.83 billion. Most of the swing is spending: capital expenditure fell from 24.75 billion to 12.11 billion over the same twelve month spans. At today's value that is 200 times free cash flow, a 0.5% yield, against a ten year median yield of 6.5%.
New shares paid for the turnaround
Diluted shares rose from 4.37 billion in June 2025 to 5.10 billion a year later, up 17%. In August Intel sold about 242 million more shares at 95 dollars, roughly 23 billion dollars, to fund new capacity. Those are not yet in the chart. The bear case: shareholders keep absorbing dilution for capacity that has few outside customers so far.
At 65 times forward earnings, the foundry has to land customers
At today's price, consensus adjusted earnings put Intel at 65.4 times the next twelve months, about double the peer median of 30.6. That is close to its own five year median of 66.1, since thin earnings kept the multiple high for years. This history is rebuilt with hindsight. Consensus sales of 68.2 billion would make it 8.3 times sales. Watch the October 22 results and whether outside customers commit to 14A.
What has happened lately
- Intel, Intel reports second-quarter 2026 financial resultsRevenue $16.1B, up 25%, with data center and AI up 59% to $6.3B. Adjusted EPS $0.42 and a GAAP loss of $2.16 from mark-to-market losses on escrowed shares. Q3 guide $15.8B to $16.8B, adjusted EPS $0.38.
- SEC, Intel prospectus supplement for 210.5 million shares of common stockThe $20B share sale at $95, upsized from $15B, for general purposes including capital expenditure. With the underwriters' option, about 242 million new shares.
- CNBC, Intel gains 10% after Trump says company will partner with Apple on U.S. chip designThe day the rally's biggest catalyst was announced. Apple would be Intel's most prominent outside foundry customer, though TSMC keeps most of Apple's volume.
- CNBC, Intel soars 13% on report of Apple chip talks, hits new all-time highThe first report of Apple talks, in the middle of the April and May run that took the stock from about $50 to over $120.
Headlines link to the original source.
Charts
Financials
| Income statement | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| $15.4B | $12.7B | $12.8B | $13.3B | $14.3B−7% | $12.7B−0% | $12.9B+0% | $13.7B+3% | $13.7B−4% | $13.6B+7% | $16.1B+25% | |
| Cost of revenue | $8.4B | $7.5B | $8.3B | $11.3B | $8.7B+4% | $8B+7% | $9.3B+12% | $8.4B−25% | $8.7B+1% | $8.2B+3% | $9.6B+3% |
| Gross profit | $7B | $5.2B | $4.5B | $2B | $5.6B−21% | $4.7B−10% | $3.5B−22% | $5.2B+161% | $4.9B−12% | $5.3B+14% | $6.5B+84% |
| R&D | $4B | $4.4B | $4.2B | $4B | $3.9B−3% | $3.6B−17% | $3.7B−13% | $3.2B−20% | $3.2B−17% | $3.4B−7% | $3.4B−9% |
| SG&A | $1.6B | $1.6B | $1.3B | $1.4B | $1.2B−23% | $1.2B−24% | $1.1B−14% | $1.1B−18% | $1.2B−5% | $1B−12% | $1.2B+3% |
| $2.6B | −$1.1B | −$2B | −$9.1B | $412M−84% | −$301M−72% | −$3.2B+62% | $683M | $580M+41% | −$3.1B+942% | $1.8B | |
| Interest expense | $267M | $258M | $294M | $210M | $196M−27% | $299M+16% | $227M−23% | $282M+34% | $283M+44% | $264M−12% | $321M+41% |
| Pre-tax income | $2.8B | −$719M | −$2B | −$9.1B | $599M−79% | −$586M−19% | −$2.8B+38% | $4.6B | $338M−44% | −$3.9B+573% | −$10.8B+291% |
| $128M | −$282M | −$350M | $7.9B | $752M+488% | $301M | $255M | $304M−96% | $671M−11% | $335M+11% | $29M−89% | |
| Net income | $2.7B | −$381M | −$1.6B | −$16.6B | −$126M | −$821M+116% | −$2.9B+81% | $4.1B | −$591M+369% | −$3.7B+354% | −$11B+278% |
| $0.63 | −$0.09 | −$0.38 | −$3.88 | −$0.03 | −$0.19+111% | −$0.67+76% | $0.90 | −$0.12+311% | −$0.73+284% | −$2.16+222% | |
| 4.3B | 4.2B | 4.3B | 4.3B | 4.3B+1% | 4.3B+2% | 4.4B+2% | 4.5B+6% | 4.9B+12% | 5.1B+17% | 5.1B+17% |
From each company's 10-Q and 10-K filings. Fiscal years are four fiscal quarters added up; balance sheet lines are as of the period's end. Growth is on the same period a year earlier.
Estimates
Next earnings report: .
Analyst consensus for the next eight quarters, with the range from the lowest to the highest estimate, is part of Superworth Pro.
Peers
Companies in Semiconductors within ten times Intel's size, closest in size first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| INTCIntel Corp. | $570.6B | — | 13.4× | 10.0× | +7% | −19.8% | |
| AMATApplied Materials, Inc. | $413.2B | 44.9× | 19.7× | 13.4× | +8% | 30.1% | |
| LRCXLam Research Corporation | $412.3B | 57.2× | 21.0× | 17.7× | +26% | 31.3% | |
| AMDAdvanced Micro Devices, Inc. | $1.1T | 166× | 109× | 25.5× | +40% | 15.6% | |
| MUMicron Technology, Inc. | $1.2T | 14.7× | 17.4× | 9.2× | +256% | 63.8% | |
| TXNTexas Instruments Incorporated | $263.9B | 44.0× | 24.1× | 13.6× | +17% | 31.1% | |
| KLACKLA Corporation | $257.2B | 53.7× | 23.8× | 18.9× | +12% | 35.6% | |
| MRVLMarvell Technology, Inc. | $249.6B | 94.0× | 31.6× | 26.4× | +31% | 27.9% | |
| ADIAnalog Devices, Inc. | $198.7B | 48.6× | 39.1× | 14.3× | +34% | 29.8% | |
| QCOMQUALCOMM Incorporated | $186B | 20.2× | 20.2× | 4.2× | +2% | 21.0% | |
| AVGOBroadcom Inc. | $1.8T | 48.1× | 44.4× | 20.2× | +49% | 42.9% | |
| Peer median | $338.1B | 48.4× | 23.9× | 16.0× | +28% | 30.6% |
About
- Chief executive
- Lip-Bu Tan, since 2025Former Cadence CEO, Intel CEO since March 2025. Source
- Industry
- Semiconductors
- Sector
- Technology
Valuation data, not investment advice. Prices as of .