Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Intel Corp. (NASDAQ:INTC)

Return on Capital (ROC)

Advanced level

Return on Invested Capital (ROIC)

Intel Corp., ROIC calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 22,939  21,552  17,527  6,707  10,442 
Invested capital2 81,967  80,607  73,515  66,837  63,236 
Performance Ratio
ROIC3 27.99% 26.74% 23.84% 10.03% 16.51%
Benchmarks
ROIC, Competitors4
Advanced Micro Devices Inc. 30.67% 11.73% 13.53% 2.05% -14.86%
Analog Devices Inc. 6.95% 8.23% 4.98% 0.38% 23.10%
Apple Inc. 150.10% 98.34% 83.60% 101.81% 114.33%
Applied Materials Inc. 29.58% 28.91% 29.78% 31.69% 20.54%
Broadcom Inc. 4.80% 5.00% 10.03% 3.52% -1.55%
Cisco Systems Inc. 24.12% 18.12% 2.85% 19.68% 23.64%
Lam Research Corp. 24.20% 20.10% 25.72% 31.56% 10.67%
Micron Technology Inc. 6.84% 17.15% 39.70% 18.99% -0.03%
NVIDIA Corp. 19.63% 79.86% 41.40% 40.74% 31.19%
Qualcomm Inc. 27.48% 28.27% -16.74% 1.92% 27.12%
Texas Instruments Inc. 43.48% 43.15% 44.66% 32.30% 28.86%

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

1 NOPAT. See details »

2 Invested capital. See details »

3 2020 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 22,939 ÷ 81,967 = 27.99%

4 Click competitor name to see calculations.

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Intel Corp.’s ROIC improved from 2018 to 2019 and from 2019 to 2020.

Decomposition of ROIC

Intel Corp., decomposition of ROIC

Microsoft Excel LibreOffice Calc
ROIC = OPM1 × TO2 × 1 – CTR3
Dec 26, 2020 27.99% = 32.65% × 0.95 × 90.24%
Dec 28, 2019 26.74% = 33.40% × 0.89 × 89.67%
Dec 29, 2018 23.84% = 30.95% × 0.94 × 81.84%
Dec 30, 2017 10.03% = 26.66% × 0.94 × 40.16%
Dec 31, 2016 16.51% = 21.44% × 0.92 × 83.32%

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

1 Operating profit margin (OPM). See calculations »

2 Turnover of capital (TO). See calculations »

3 Effective cash tax rate (CTR). See calculations »

The primary reason for the increase in return on invested capital (ROIC) over 2020 year is the increase in efficiency measured by turnover of capital (TO) ratio.


Operating Profit Margin (OPM)

Intel Corp., OPM calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 22,939  21,552  17,527  6,707  10,442 
Add: Cash operating taxes2 2,482  2,483  3,889  9,994  2,090 
Net operating profit before taxes (NOPBT) 25,421  24,035  21,416  16,700  12,532 
 
Net revenue 77,867  71,965  70,848  62,761  59,387 
Add: Increase (decrease) in deferred income —  —  (1,656) (127) (935)
Adjusted net revenue 77,867  71,965  69,192  62,634  58,452 
Profitability Ratio
OPM3 32.65% 33.40% 30.95% 26.66% 21.44%
Benchmarks
OPM, Competitors4
Advanced Micro Devices Inc. 13.98% 6.80% 5.88% 2.42% -5.94%
Analog Devices Inc. 26.98% 29.60% 30.11% 21.16% 30.31%
Apple Inc. 24.65% 24.64% 26.58% 26.64% 26.39%
Applied Materials Inc. 25.57% 23.89% 26.89% 29.01% 22.15%
Broadcom Inc. 17.10% 15.65% 24.22% 12.14% -2.93%
Cisco Systems Inc. 30.47% 25.46% 26.21% 27.94% 27.26%
Lam Research Corp. 27.26% 20.46% 29.43% 27.76% 18.88%
Micron Technology Inc. 14.37% 29.89% 47.86% 28.39% 1.37%
NVIDIA Corp. 26.65% 33.09% 32.77% 24.50% 14.96%
Qualcomm Inc. 24.17% 29.86% 1.24% 9.45% 26.09%
Texas Instruments Inc. 43.13% 40.81% 43.25% 41.06% 37.64%

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2020 Calculation
OPM = 100 × NOPBT ÷ Adjusted net revenue
= 100 × 25,421 ÷ 77,867 = 32.65%

4 Click competitor name to see calculations.

Profitability ratio Description The company
OPM The operating profit margin (OPM) is the ratio of pretax economic earnings, or NOPBT, to sales. Intel Corp.’s OPM improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Turnover of Capital (TO)

Intel Corp., TO calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net revenue 77,867  71,965  70,848  62,761  59,387 
Add: Increase (decrease) in deferred income —  —  (1,656) (127) (935)
Adjusted net revenue 77,867  71,965  69,192  62,634  58,452 
 
Invested capital1 81,967  80,607  73,515  66,837  63,236 
Efficiency Ratio
TO2 0.95 0.89 0.94 0.94 0.92
Benchmarks
TO, Competitors3
Advanced Micro Devices Inc. 2.23 1.97 2.43 2.39 1.90
Analog Devices Inc. 0.31 0.33 0.33 0.26 0.85
Apple Inc. 7.10 4.79 8.83 4.47 5.26
Applied Materials Inc. 1.31 1.44 1.52 1.20 1.09
Broadcom Inc. 0.36 0.38 0.47 0.35 0.29
Cisco Systems Inc. 0.96 0.95 1.00 0.87 1.04
Lam Research Corp. 1.02 1.15 1.15 1.15 0.64
Micron Technology Inc. 0.51 0.60 0.86 0.71 0.56
NVIDIA Corp. 0.77 2.45 1.50 1.71 2.08
Qualcomm Inc. 1.33 1.13 1.21 0.45 1.30
Texas Instruments Inc. 1.12 1.19 1.26 1.26 1.11

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

1 Invested capital. See details »

2 2020 Calculation
TO = Adjusted net revenue ÷ Invested capital
= 77,867 ÷ 81,967 = 0.95

3 Click competitor name to see calculations.

Efficiency ratio Description The company
TO The turnover of capital (TO) is the ratio of sales to invested capital. Capital turnover is a function of the efficiency of working capital management and of net fixed assets. Intel Corp.’s TO deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Effective Cash Tax Rate (CTR)

Intel Corp., CTR calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 26, 2020 Dec 28, 2019 Dec 29, 2018 Dec 30, 2017 Dec 31, 2016
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 22,939  21,552  17,527  6,707  10,442 
Add: Cash operating taxes2 2,482  2,483  3,889  9,994  2,090 
Net operating profit before taxes (NOPBT) 25,421  24,035  21,416  16,700  12,532 
Tax Rate
CTR3 9.76% 10.33% 18.16% 59.84% 16.68%
Benchmarks
CTR, Competitors4
Advanced Micro Devices Inc. 1.75% 12.55% 5.44% 64.46%
Analog Devices Inc. 16.31% 14.82% 50.33% 93.08% 10.78%
Apple Inc. 14.27% 16.60% 64.38% 14.50% 17.63%
Applied Materials Inc. 11.98% 16.09% 27.18% 8.67% 14.87%
Broadcom Inc. 22.63% 15.10% 11.38% 16.03%
Cisco Systems Inc. 17.40% 24.92% 89.18% 19.15% 16.48%
Lam Research Corp. 13.09% 14.26% 24.00% 1.52% 11.77%
Micron Technology Inc. 6.13% 4.94% 3.36% 6.08% 104.15%
NVIDIA Corp. 4.59% 1.47% 15.99% 2.78% -0.02%
Qualcomm Inc. 14.19% 16.37% 1,215.96% 54.68% 20.15%
Texas Instruments Inc. 9.63% 11.38% 18.14% 37.69% 31.13%

Based on: 10-K (filing date: 2021-01-22), 10-K (filing date: 2020-01-24), 10-K (filing date: 2019-02-01), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-17).

1 NOPAT. See details »

2 Cash operating taxes. See details »

3 2020 Calculation
CTR = 100 × Cash operating taxes ÷ NOPBT
= 100 × 2,482 ÷ 25,421 = 9.76%

4 Click competitor name to see calculations.

Tax rate Description The company
CTR Effective cash tax rate on operating income. Intel Corp.’s CTR decreased from 2018 to 2019 and from 2019 to 2020.