Intel Corporation (INTC)
NEUTRALFundamental
34
Price
$88.45
Market Cap
$461.27B
Part 1 · What the company is worth
Overview
Intel designs and, unlike most of its chip rivals, still largely manufactures its own processors for PCs and servers. It is trying to run two businesses at once: selling chips under its own brand, and rebuilding Intel Foundry into a manufacturing service that makes chips designed by other companies, in an attempt to catch up with TSMC's lead in advanced manufacturing.
How it makes money
Product revenue is booked when a chip ships, and depends on PC replacement cycles and server upgrade budgets that Intel is no longer the automatic default winner of. Intel Foundry's reported revenue is mostly internal — wafers it manufactures for Intel's own product divisions — so it does not yet represent a large, separate stream of revenue from outside customers; foundry only becomes a real second growth engine once external customers commit to manufacturing there in volume.
Revenue by segment
PC processors (Client Computing Group) and server processors (Data Center and AI), sold externally under the Intel brand. Effectively the whole of Intel's external revenue.
Mobileye's driver-assistance chips and remaining minority stakes in businesses being wound down or divested, such as the stake retained in Altera.
Competitive moat
No identified moat · NoneIntel's historical advantage was owning the best chip factories in the world; it has lost that lead to TSMC over the past decade, and its x86 processors now compete on largely even software terms with AMD's. Intel Foundry is a bid to rebuild a manufacturing-scale advantage, but it has not yet proven it can attract enough outside customers to become one.
What drives demand
CyclicalPC and server chip demand follows corporate refresh budgets and consumer replacement cycles, which move in multi-year waves and are sensitive to the broader economy. Foundry demand, once it exists at scale, will follow the even longer capital-commitment cycles of chip design customers deciding years in advance where to manufacture.
Key risks
- Uncertain foundry turnaround — Intel is investing very heavily to build advanced manufacturing capacity for Intel Foundry, but it has not yet secured external customer commitments at a scale that justifies that spending, and may not.
- Competitive pressure in core products — AMD has taken share in PC and server processors, and NVIDIA dominates the AI accelerator market Intel has struggled to enter. Losing further ground in either core market pressures both volume and price.
- Heavy, long-payback capital spending — New fabrication plants cost tens of billions of dollars and take years to become productive. If demand or foundry customer wins fall short, Intel carries the fixed costs of capacity it cannot fill.
- Execution risk on manufacturing roadmap — Intel's plan depends on hitting a series of new manufacturing process milestones on schedule after years of past delays; another slip would extend the gap with TSMC and further discourage outside foundry customers.
The case for
Buyers argue that Intel Foundry, once its newest manufacturing process matures, gives Intel a path back to competing with TSMC and a second growth engine beyond its own chips, backed by government support for domestic semiconductor manufacturing.
The case against
Sellers fear that Intel is funding an extremely expensive foundry turnaround with a core products business that keeps losing share to AMD and NVIDIA, and that without outside foundry customers the enormous capital spending underway may never earn an adequate return.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$57.03B
Trailing 12 months (through 6/27/2026)
Net Income
$-11.29B
Trailing 12 months (through 6/27/2026)
Free Cash Flow
$-4.95B
Total Equity
$114.28B
Total Liabilities
$85.07B
Current Ratio
1.60
Interest Coverage
0.07
Debt/EBITDA
3.00
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$72.74
Current Price
$88.45
Margin of Safety
-21.6%
Fair Value Range
$47.28 - $98.21
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-0.2%
P/B Ratio
5.03
P/FCF
155.47
Gross Margin
38.6%
ROIC
-0.0%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-0.0%
WACC
15.7%
ROIC − WACC
-15.7 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (9)
- Price CAGR 9.52%
- Gross Margin 38.6%
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Earnings Surprise avg 1086.3%
- Net Margin Trend -19.8% vs -38.6%
- Piotroski F-Score 6/9
Failed (14)
- EPS shows upward trend
- ROIC -0.0%
- P/FCF 155.47
- P/B Ratio 5.03
- Operating Margin -0.1%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Overvalued)
- ROE -10.8%
- Revenue Growth 5Y -7.5%
- Analyst Consensus 35% Buy
- Share Dilution 3.9%
Unavailable (4)
- Dividend Payout NaN%
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Lip-Bu Tan | CEO & Director | 66 |
| Mr. David A. Zinsner | Executive VP, CFO and Principal Financial & Accounting Officer | 56 |
| Mr. Nagasubramaniyan Chandrasekaran | Executive VP, Chief Technology and Operations Officer & GM of Intel Foundry | 50 |
| Mr. Gregory Ernst | Corporate VP, Chief Revenue Officer & General Manager of Sales Group | - |
Audit Risk
8
Board Risk
4
Compensation Risk
9
Shareholder Rights Risk
2
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for INTC, sourced from Markets Gazette.
- 1d agoNEGATIVEAzioni Intel e AMD in calo mentre la svendita dei chip colpisce Wall Street
Intel and AMD shares experienced a significant decline on Monday, mirroring a broader sell-off in semiconductor stocks ahead of Nvidia's crucial quarterly earnings report. The iShares Semiconductor ETF (SOXX) saw a drop of over 3%, outperforming the broader tech sector's 1% dip. This concentrated selling pressure indicates investors are actively reducing exposure to the semiconductor industry specifically, rather than a general tech market retreat. The trend suggests caution and potential headwinds for chip manufacturers as market participants position themselves before Nvidia's results, which are highly anticipated.
- 6d agoNEGATIVEPerché le azioni Intel e AMD sono in calo mercoledì?
Intel and AMD shares extended their declines on Wednesday, bucking a broader market recovery. While the S&P 500, Dow Jones, and Nasdaq Composite gained between 0.5% and 1% on easing Treasury yields following the US Treasury's announcement of increased buyback operations for longer-term debt, semiconductor stocks continued to underperform. The Philadelphia Semiconductor Index fell approximately 2%. This weakness in chip stocks, despite positive macroeconomic signals for tech, suggests specific headwinds for companies like Intel and AMD, potentially related to competitive pressures or sector-specific demand concerns. Investors are watching for further clarification on the drivers behind this divergence.
- 7d agoNEGATIVEPerché le azioni Intel e AMD crollano fino al 7% oggi?
Intel Corporation (INTC) shares plunged over 7% on Tuesday, mirroring a broader sell-off in technology stocks. This decline is attributed to mounting investor concerns over rising financing costs, persistent inflation, and elevated oil prices. The Philadelphia Semiconductor Index also fell more than 5%, indicating widespread pressure across the chip sector. The surge in Brent crude futures, nearing three-week highs amid fading Middle East conflict resolution hopes, has reignited inflation fears. This macroeconomic backdrop is negatively impacting tech valuations, with AMD also experiencing a significant drop.
- 9d agoNEUTRALIntel punta a un ritorno nella memoria: perché il tempismo conta per Micron
Intel is exploring new memory architectures, potentially bringing memory closer to processors, a strategic shift from its previous view of memory as a commodity. CEO Lip-Bu Tan highlighted the changing economic landscape for memory, driven by AI's demand for computing power. While no specific DRAM, NAND, or HBM products were announced, this renewed focus is significant for memory players like Micron, given current shortages and rising prices. The exploration indicates Intel's strategic re-evaluation of the memory market, though its direct impact on Intel's stock is currently speculative.
- 14d agoNEGATIVEIntel now says it is selling $20 billion of stock
Intel Corporation announced an increase in its stock offering by an additional $5 billion, bringing the total to $20 billion. This move dilutes existing shareholders' equity and can put downward pressure on the stock price as more shares enter the market. While the capital raised could be used for strategic investments or debt reduction, the immediate impact for investors is a reduction in their proportional ownership and potential earnings per share.
- 15d agoNEGATIVEIntel plans to sell $15 billion worth of stock after it has risen 400% in a year
Intel Corporation is planning to sell $15 billion in stock, a move that could dilute existing shareholders' value. This comes after a significant 400% surge in its stock price over the past year, driven by perceived growth opportunities in AI hardware, custom chip design, and advanced packaging solutions. While the company highlights future potential, the stock sale may signal management's view that current valuations are stretched, or a need to fund ambitious expansion plans. Investors may interpret this as a bearish signal, potentially leading to short-term price pressure.
- 7/24/2026NEGATIVEWhy Intel, Micron and other major chip stocks are falling — even as the rest of tech holds up
Major chip stocks, including Intel and Micron, are experiencing declines despite a broader tech market rally. While no single catalyst is identified, potential contributing factors include recent memory chip developments in China, weakness in Korean stock markets, and Intel's failure to maintain momentum following its earnings report. Investors appear to be reassessing the semiconductor sector's outlook, possibly due to increased competition or geopolitical factors impacting supply chains and demand. This downturn suggests a sector-specific headwind affecting key players in the memory and semiconductor manufacturing space.
- 7/24/2026POSITIVEIntel earnings show just how dramatically the company has come back from being ‘near-dead’
Intel Corporation has demonstrated a remarkable turnaround, impressing analysts with its recent profit performance. This resurgence suggests the company has successfully navigated its previous challenges and is now on a strong recovery trajectory. Investors are taking note of this improved financial health, which could signal a positive shift in the company's market position and future growth prospects. The narrative of Intel moving from a 'near-dead' state to impressive earnings highlights effective strategic execution and operational improvements.
- 7/22/2026NEUTRALIntel earnings will pit red-hot AI demand against a sluggish PC market
Intel's stock has experienced a 25% decline from its June peak, despite remaining a notable performer with gains in 2026. This performance highlights a dichotomy: the company is navigating strong demand for its AI-related products while simultaneously contending with a subdued personal computer market. Investors will be closely watching upcoming earnings reports to gauge the extent to which AI growth can offset PC market weakness and influence future stock performance.
via Markets Gazette