SuperworthIntel INTC
- Market cap
- $438.6B
- PE
- n/m
- a loss over the last year
- Forward PE
- 50.0×
- 10y median 17.7×
- Price to sales
- 7.7×
- EV/EBIT
- n/m
- a sliver of operating profit
- Revenue, 12 months
- $57B
- +7% on a year ago
- Net margin
- −19.8%
- Free cash flow yield
- 0.6%
A Superworth story
Priced for a foundry that is still being built
A third off its June peak, and still far above its own history on sales
Even after the fall, its sales cost far more than usual
Intel's price is about eight times its last twelve months of sales. That is still higher than about 95% of the last ten years, when around three was normal. Price to earnings says nothing here: on reported numbers, Intel lost money over the last year.
More than doubled in a year, then gave back a third
Hopes that Intel's factories would win marquee customers, Apple among the names, took the stock from about 37 dollars a year ago to a June peak near 141. It has since lost more than a third. The latest leg came fast. Chip stocks sold off in mid-October on worries about how long AI spending lasts and how it gets paid for.
Sales are growing again, led by data centers and AI
For two years, twelve-month revenue sat near 53 billion dollars. It is now 57.03 billion. Most of the gain came in the June quarter, when data center and AI sales rose by more than half. Consensus expects about a fifth more revenue over the next twelve months.
Margins are recovering, but sit far below the old Intel
Twelve-month gross margin has climbed back to 38.6%, near late 2023's level but far below the old Intel's. Operating margin is back to roughly break-even. The reported loss is mostly on paper. Part of the US government's stake is shares held back until conditions are met, and Intel books them as a cost that grows when its stock rises. The June-quarter rally made that a 12.5 billion dollar charge.
Cash flow turned positive by cutting investment
Twelve-month free cash flow went from a loss of 10.20 billion dollars in September 2023 to a gain of 2.83 billion. The reason: Intel cut its yearly capital spending roughly in half. In July the finance chief said Intel is meaningfully increasing investment again, so that cash could shrink before new factories pay off.
New shares fund a foundry that still loses billions a quarter
Intel has issued shares to pay for its factories, and an August sale of another 20 billion dollars is not yet in the chart. The foundry, which makes chips for other companies, still lost 2.09 billion dollars in the June quarter. The hope: Tesla has signed on for 14A, Intel's next chipmaking process. The fear: one customer does not fill a factory, and Apple has confirmed nothing.
The October 29 report tests whether the growth is real
At today's price, consensus adjusted earnings put Intel at about 52 times the next twelve months, about double its peers, a bet on profits nearly doubling. The line before late September is rebuilt with hindsight. On October 29 Intel reports the September quarter, with consensus a touch above its guide. Its year-end outlook, and whether more customers sign up for 14A, decide which way the bet goes.
What has happened lately
- AP via BNN Bloomberg, U.S. markets are weighed down by an extended sell-off in the tech sectorIntel fell 5.8% as chipmakers led the day's losses, on worries about how long the AI buildout lasts and whether companies can keep borrowing to fund it as bond yields climb.
- 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.
- Reuters via BNN Bloomberg, Intel plans US$15 billion share sale as turnaround rally lifts stockThe raise funds the foundry build-out. Intel has won Tesla as a 14A customer and committed to 14A volume production in 2028. Apple was named by Trump, but neither company confirmed it.
- Intel, Intel reports second-quarter 2026 financial resultsRevenue $16.1B, up 25%, data center and AI up 59%. A GAAP loss of $2.16 a share after a $12.5B mark-to-market loss on escrowed shares. CFO: Intel is meaningfully increasing investment. Q3 guide $15.8B to $16.8B, adjusted EPS $0.38.
Headlines link to the original source.
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Charts
Financials
| Income statement | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $14.2B−8% | $15.4B+10% | $12.7B+9% | $12.8B−1% | $13.3B−6% | $14.3B−7% | $12.7B−0% | $12.9B+0% | $13.7B+3% | $13.7B−4% | $13.6B+7% | $16.1B+25% | |
| Cost of revenue | $8.1B−8% | $8.4B−2% | $7.5B−3% | $8.3B−0% | $11.3B+39% | $8.7B+4% | $8B+7% | $9.3B+12% | $8.4B−25% | $8.7B+1% | $8.2B+3% | $9.6B+3% |
| Gross profit | $6B−8% | $7B+28% | $5.2B+30% | $4.5B−2% | $2B−67% | $5.6B−21% | $4.7B−10% | $3.5B−22% | $5.2B+161% | $4.9B−12% | $5.3B+14% | $6.5B+84% |
| R&D | $3.9B−10% | $4B−11% | $4.4B+7% | $4.2B+4% | $4B+5% | $3.9B−3% | $3.6B−17% | $3.7B−13% | $3.2B−20% | $3.2B−17% | $3.4B−7% | $3.4B−9% |
| SG&A | $1.3B−23% | $1.6B−5% | $1.6B+19% | $1.3B−3% | $1.4B+3% | $1.2B−23% | $1.2B−24% | $1.1B−14% | $1.1B−18% | $1.2B−5% | $1B−12% | $1.2B+3% |
| −$8M−95% | $2.6B | −$1.1B−27% | −$2B+93% | −$9.1B+113113% | $412M−84% | −$301M−72% | −$3.2B+62% | $683M | $580M+41% | −$3.1B+942% | $1.8B | |
| Interest expense | $204M+79% | $267M+79% | $258M+34% | $294M+37% | $248M+22% | $234M−12% | $299M+16% | $227M−23% | $282M+14% | $283M+21% | $264M−12% | $321M+41% |
| Pre-tax income | −$52M−72% | $2.8B | −$719M−38% | −$2B+146% | −$9.1B+17373% | $599M−79% | −$586M−19% | −$2.8B+38% | $4.6B | $338M−44% | −$3.9B+573% | −$10.8B+291% |
| −$362M−70% | $128M | −$282M | −$350M−85% | $7.9B | $752M+488% | $301M | $255M | $304M−96% | $671M−11% | $335M+11% | $29M−89% | |
| Net income | $297M−71% | $2.7B | −$381M−86% | −$1.6B | −$16.6B | −$126M | −$821M+116% | −$2.9B+81% | $4.1B | −$591M+369% | −$3.7B+354% | −$11B+278% |
| $0.07−72% | $0.63 | −$0.09−86% | −$0.38 | −$3.88 | −$0.03 | −$0.19+111% | −$0.67+76% | $0.90 | −$0.12+300% | −$0.73+284% | −$2.16+222% | |
| 4.2B+3% | 4.3B+3% | 4.2B+2% | 4.3B+2% | 4.3B+2% | 4.3B+1% | 4.3B+2% | 4.4B+2% | 4.5B+6% | 4.9B+12% | 5.1B+17% | 5.1B+17% |
Net income: 15 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.
EPS, diluted: Q4 FY08 and Q4 FY10: quarter's net income to common over its shares, to the cent. 16 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.
Diluted shares: Q4 FY08 and Q4 FY10: share-days: the 12-month average less the 9-month, weighted by days. 16 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q3 FY26 | $16.5B | $16.3B to $17B | $0.40 | $0.38 to $0.42 | 25 |
| Q4 FY26 | $17.1B | $14.4B to $18.4B | $0.44 | $0.34 to $0.51 | 24 |
| Q1 FY27 | $16.9B | $14.9B to $18.1B | $0.41 | $0.34 to $0.45 | 21 |
| Q2 FY27 | $17.9B | $15.7B to $19.1B | $0.49 | $0.41 to $0.53 | 11 |
| Q3 FY27 | $18.8B | $16.5B to $20.1B | $0.58 | $0.49 to $0.64 | 21 |
| Q4 FY27 | $19.6B | $17.2B to $20.9B | $0.65 | $0.55 to $0.71 | 11 |
| Q1 FY28 | $19.5B | $17.1B to $20.8B | $0.67 | $0.57 to $0.73 | 14 |
| Q2 FY28 | $20.4B | $17.9B to $21.8B | $0.75 | $0.63 to $0.81 | 12 |
Peers
Companies in Semiconductors nearest Intel's size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| INTCIntel | $438.6B | n/m | 13.3× | 50.0× | 7.7× | +7% | −19.8% |
| AMATApplied Materials | $299.4B | 32.5× | 19.7× | 21.3× | 9.7× | +8% | 30.1% |
| LRCXLam Research | $287.9B | 34.3× | 21.2× | 22.6× | 11.0× | +33% | 32.3% |
| TXNTexas Instruments | $260B | 36.9× | 24.1× | 27.0× | 12.5× | +20% | 34.3% |
| AMDAdvanced Micro Devices | $843.6B | 133× | 106× | 45.7× | 20.4× | +40% | 15.6% |
| MRVLMarvell Technology | $200.4B | 75.4× | 30.1× | 40.3× | 21.2× | +31% | 27.9% |
| MUMicron Technology | $992.9B | 11.8× | 18.1× | 5.0× | 7.5× | +256% | 63.8% |
| KLACKLA | $190.2B | 39.7× | 24.0× | 26.2× | 14.0× | +12% | 35.6% |
| ADIAnalog Devices | $189.5B | 46.4× | 39.5× | 24.1× | 13.7× | +34% | 29.8% |
| QCOMQUALCOMM | $184.7B | 20.4× | 20.2× | 19.0× | 4.2× | +2% | 21.0% |
| AVGOBroadcom | $1.5T | 41.1× | 46.3× | 18.6× | 17.2× | +49% | 42.9% |
| Peer median | $274B | 38.3× | 24.0× | 23.3× | 13.1× | +32% | 31.2% |
Investors who own it
Investors we follow who held Intel at the end of Jun 30, 2026, from their 13F filings.
- Lee AinslieMaverick Capital4.6% of portfolioadded
- Philippe LaffontCoatue Management3.5% of portfolionew
- Chase ColemanTiger Global Management2.5% of portfolioadded
- Gavin BakerAtreides Management0.8% of portfolioadded
- Baillie GiffordBaillie Gifford0.0% of portfolioadded
- Bill NygrenHarris Associates (Oakmark)0.0% of portfolionew
More on Intel
Each number over time
- PE ratio
- Forward PE
- Price to sales ratio
- EV/EBIT
- Price to free cash flow
- Price to book ratio
- Market cap
- Revenue
- EPS
- Free cash flow
- Profit margin
- Shares outstanding
Its groups
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 .