Stock Analysis on Net
Stock Analysis on Net

Intel Corp. (NASDAQ:INTC)

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Intel Corp., FCFE calculation

US$ in millions

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12 months ended: Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Net income attributable to Intel 1,689 8,014 19,868 20,899 21,048
Net (income) loss attributable to non-controlling interests (14) 3 — — —
Net noncash charges 12,365 11,924 14,996 12,534 12,032
Changes in assets and liabilities (2,569) (4,508) (4,873) 1,951 65
Net cash provided by operating activities 11,471 15,433 29,991 35,384 33,145
Additions to property, plant and equipment (25,750) (24,844) (18,733) (14,259) (16,213)
Issuance of commercial paper, net of issuance costs — 3,945 — — —
Repayment of commercial paper (3,944) — — — —
Issuance of long-term debt, net of issuance costs 11,391 6,548 4,974 10,247 3,392
Repayment of debt (423) (4,984) (2,500) (4,525) (2,627)
Free cash flow to equity (FCFE) (7,255) (3,902) 13,732 26,847 17,697

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Intel Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Intel Corp. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Intel Corp., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 4,228,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) (7,255)
FCFE per share -1.72
Current share price (P) 34.28
Valuation Ratio
P/FCFE —
Benchmarks
P/FCFE, Competitors1
Advanced Micro Devices Inc. 219.48
Analog Devices Inc. 23.33
Applied Materials Inc. 20.91
Broadcom Inc. 33.60
KLA Corp. 34.59
Lam Research Corp. 25.00
Micron Technology Inc. —
NVIDIA Corp. 79.96
ON Semiconductor Corp. 207.87
Qualcomm Inc. 17.46
Texas Instruments Inc. 39.09
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 82.84
P/FCFE, Industry
Information Technology 40.77

Based on: 10-K (reporting date: 2023-12-30).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Intel Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
No. shares of common stock outstanding1 4,228,000,000 4,137,000,000 4,072,000,000 4,063,000,000 4,277,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 (7,255) (3,902) 13,732 26,847 17,697
FCFE per share3 -1.72 -0.94 3.37 6.61 4.14
Share price1, 4 43.65 28.16 48.05 56.66 68.47
Valuation Ratio
P/FCFE5 — — 14.25 8.57 16.55
Benchmarks
P/FCFE, Competitors6
Advanced Micro Devices Inc. 241.70 33.46 44.72 133.51 —
Analog Devices Inc. 22.28 24.14 34.67 33.98 37.52
Applied Materials Inc. 17.53 19.17 27.20 23.21 19.53
Broadcom Inc. 30.06 14.62 22.35 9.16 5.64
KLA Corp. 26.78 9.01 28.05 19.15 9.84
Lam Research Corp. 18.67 24.95 34.58 16.89 6.14
Micron Technology Inc. — 18.66 37.24 81.71 13.92
NVIDIA Corp. 151.04 54.83 35.20 44.23 30.19
ON Semiconductor Corp. 261.49 21.51 38.47 50.56 9.02
Qualcomm Inc. 11.97 19.13 17.93 34.91 16.39
Texas Instruments Inc. 37.61 23.88 21.87 24.10 18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 48.11 28.83 25.00 17.80 14.04
P/FCFE, Industry
Information Technology 33.34 26.56 27.30 23.29 18.92

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -7,255,000,000 ÷ 4,228,000,000 = -1.72

4 Closing price as at the filing date of Intel Corp. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 43.65 ÷ -1.72 = —

6 Click competitor name to see calculations.