Intel Corp. (NASDAQ:INTC)

The financial ratios presented demonstrate varying trends over the five-year period. Generally, asset utilization metrics declined, while leverage ratios exhibited some fluctuation before stabilizing. Profitability ratios experienced a significant downturn, particularly in the later years, though adjustments appear to moderate these declines. The adjusted ratios generally show less volatility than the reported figures.

Asset Turnover

Both the reported and adjusted total asset turnover ratios consistently decreased from 0.47 in 2021 to 0.25 in 2025. This indicates a declining efficiency in utilizing assets to generate revenue. The difference between reported and adjusted values remained minimal throughout the period.

Liquidity

The reported current ratio decreased from 2.10 in 2021 to 1.33 in 2024 before recovering to 2.02 in 2025. The adjusted current ratio mirrored this trend, moving from 2.10 to 1.34 and then to 2.05. This suggests fluctuations in short-term liquidity, with an improvement in the most recent year. The adjustments slightly dampen the magnitude of these changes.

Leverage

Reported debt to equity increased from 0.40 in 2021 to 0.50 in 2024, then decreased to 0.41 in 2025. The adjusted debt to equity ratio followed a similar pattern, peaking at 0.48 in 2024 and falling to 0.37 in 2025. Reported debt to capital also increased through 2024, then decreased. Adjusted debt to capital showed a similar trend, but with less pronounced changes. Financial leverage, both reported and adjusted, increased until 2024, then decreased in 2025, indicating a shift in the company’s capital structure.

Profitability

The reported net profit margin experienced a substantial decline, from 25.14% in 2021 to -35.32% in 2024, and -0.51% in 2025. The adjusted net profit margin also decreased, but to a lesser extent, reaching -25.31% in 2024 and recovering to 2.50% in 2025. This suggests that adjustments significantly impact the reported profitability figures. A similar pattern is observed in both reported and adjusted return on equity (ROE) and return on assets (ROA), with significant declines in 2024 and partial recovery in 2025. The adjustments consistently result in less negative ROE and ROA values compared to the reported figures.

In summary, the company experienced declining asset utilization, fluctuating liquidity, and a significant deterioration in profitability metrics, particularly in 2024. Adjustments to the financial statements appear to mitigate the extent of the reported declines in profitability. Leverage ratios increased through 2024, then decreased slightly in 2025.

The financial performance, as indicated by the adjusted total asset turnover ratio, demonstrates a consistent downward trend over the five-year period. Net revenue experienced a decline from 2021 to 2023, followed by relative stabilization in 2024 and 2025. Total assets, both reported and adjusted, increased steadily throughout the period. However, the adjusted total asset turnover remained relatively stable despite these changes.

Net Revenue Trend

Net revenue decreased significantly from US$79,024 million in 2021 to US$54,228 million in 2023, representing a substantial contraction. Revenue then showed minimal change, fluctuating between US$53,101 million and US$52,853 million from 2024 to 2025. This suggests a potential stabilization of revenue after the initial decline, but at a lower overall level.

Asset Base Evolution

Total assets, both reported and adjusted, exhibited a consistent upward trajectory. From US$168,406 million in 2021, total assets grew to US$211,429 million in 2025. The adjusted total assets followed a similar pattern, increasing from US$167,532 million to US$210,859 million over the same period. This indicates a continuous investment in the company’s asset base.

Adjusted Total Asset Turnover Analysis

The adjusted total asset turnover ratio declined from 0.47 in 2021 to 0.25 in 2025. This indicates a decreasing efficiency in utilizing assets to generate revenue. While the ratio remained consistent between 2023 and 2025, the overall trend suggests that a greater investment in assets is yielding progressively less revenue. The reported total asset turnover mirrored this trend, remaining at the same level as the adjusted ratio.

The combination of declining revenue and increasing assets resulted in a consistent reduction in the adjusted total asset turnover ratio. This suggests a potential need to evaluate asset utilization strategies and revenue generation efficiency.

The reported and adjusted current ratios exhibit similar trends over the five-year period. Initially, a decline is observed, followed by a recovery in the most recent year. However, the adjusted current liabilities demonstrate a slightly different pattern than the reported current liabilities, influencing the adjusted current ratio to a minor degree.

Current Assets

Current assets decreased from US$57,718 million in 2021 to US$43,269 million in 2022, representing a substantial decline. A modest increase to US$47,324 million occurred in 2023, followed by a more significant rise to US$63,688 million in 2025. This indicates a recent strengthening of the company’s short-term asset position.

Current Liabilities

Current liabilities increased from US$27,462 million in 2021 to US$32,155 million in 2022. They then decreased to US$28,053 million in 2023 before rising again to US$35,666 million in 2024. A decrease to US$31,575 million is noted in the final year. This suggests fluctuations in short-term obligations.

Reported Current Ratio

The reported current ratio decreased from 2.10 in 2021 to 1.57 in 2022, and further to 1.54 in 2023. A low of 1.33 was reached in 2024 before recovering to 2.02 in 2025. This pattern reflects the combined effect of decreasing current assets and fluctuating current liabilities.

Adjusted Current Liabilities

Adjusted current liabilities followed a similar trajectory to reported current liabilities, increasing in 2022, decreasing in 2023, and increasing again in 2024. The adjustment resulted in slightly lower values than the reported current liabilities in 2022 and 2024, and slightly higher in 2023 and 2025. The final value is US$31,132 million.

Adjusted Current Ratio

The adjusted current ratio mirrored the trend of the reported current ratio, declining from 2.10 in 2021 to 1.61 in 2022, 1.55 in 2023, and reaching a low of 1.34 in 2024. It then increased to 2.05 in 2025. The adjustments to current liabilities had a minimal impact on the overall trend, with the adjusted ratio remaining consistently close to the reported ratio.

The recovery in both the reported and adjusted current ratios in 2025 suggests an improved short-term liquidity position. The fluctuations in the intervening years indicate potential challenges in managing short-term assets and liabilities. The small differences between the reported and adjusted ratios suggest that the adjustments made to current liabilities do not fundamentally alter the overall assessment of the company’s short-term financial health.

The adjusted debt to equity ratio for the period demonstrates a fluctuating, yet generally stabilizing, trend. Initial values indicate a ratio of 0.40 in both 2021 and 2022. A subsequent increase is observed, reaching 0.47 in 2023, followed by a slight rise to 0.48 in 2024. The most recent year, 2025, shows a notable decrease to 0.37.

Total Debt

Total debt exhibits an increasing trend from 2021 to 2024, rising from US$38,101 million to US$50,011 million. A decrease is then observed in 2025, with total debt falling to US$46,585 million. This suggests potential debt repayment or restructuring activities in the latest period.

Total Stockholders’ Equity

Total stockholders’ equity generally increased over the period. From US$95,391 million in 2021, it rose to US$105,590 million in 2023. A slight dip occurred in 2024 to US$99,270 million, but a substantial increase is seen in 2025, reaching US$114,281 million. This indicates strengthening of the company’s equity position, particularly in the most recent year.

Adjusted Debt to Equity Ratio – Trend Analysis

The adjusted debt to equity ratio mirrors the trends in its components. The initial stability in 2021 and 2022 is maintained, followed by increases in 2023 and 2024. The decrease in 2025 is primarily driven by the combination of a reduction in adjusted total debt and a significant increase in adjusted total stockholders’ equity. This suggests improved financial leverage in the latest period.

Adjusted vs. Reported Debt to Equity

The adjusted and reported debt to equity ratios remain consistent throughout the period, indicating that the adjustments made to total debt and stockholders’ equity do not materially alter the overall leverage picture. The difference between the reported and adjusted figures is minimal across all years.

Overall, the financial position appears to be strengthening, as evidenced by the declining adjusted debt to equity ratio in 2025. The increase in equity, coupled with a decrease in debt, suggests improved financial health and potentially greater financial flexibility.

The information presents a five-year trend of debt and capital figures, culminating in adjusted debt-to-capital ratios. Total debt exhibited an increasing trend from 2021 to 2023, peaking at US$49,266 million, before stabilizing around US$50 billion in 2024 and decreasing slightly to US$46,585 million in 2025. Total capital generally increased over the period, with a slight dip in 2024, and then a more substantial increase in 2025 to US$160,866 million.

Reported Debt to Capital

The reported debt-to-capital ratio remained relatively stable between 2021 and 2022 at 0.29. A gradual increase was observed in 2023 and 2024, reaching 0.32 and 0.34 respectively, indicating increasing leverage. This trend reversed in 2025, with the ratio decreasing to 0.29, suggesting a reduction in relative debt levels.

Adjusted Total Debt

Adjusted total debt mirrored the trend of total debt, increasing from US$38,576 million in 2021 to US$49,697 million in 2023, followed by stabilization and a decrease to US$46,976 million in 2025. The adjustments made to total debt appear to consistently result in slightly higher values than the initially reported total debt.

Adjusted Total Capital

Adjusted total capital also demonstrated an overall increasing trend, rising from US$135,760 million in 2021 to US$174,895 million in 2025. Similar to total capital, a slight decrease was noted in 2024 before a significant increase in the following year. The adjustments to total capital consistently resulted in higher values than the initially reported total capital.

Adjusted Debt to Capital

The adjusted debt-to-capital ratio showed an initial increase from 0.28 in 2021 to 0.32 in 2023, indicating growing financial leverage. The ratio remained stable at 0.32 in 2024, and then decreased to 0.27 in 2025. This final decrease suggests a relative strengthening of the capital structure, potentially due to increased equity or a reduction in adjusted debt. The adjusted ratio consistently shows a slightly lower leverage compared to the reported ratio.

Overall, the period demonstrates a dynamic relationship between debt and capital. While leverage increased through 2023, the latter years show a trend towards stabilization and, ultimately, a reduction in the adjusted debt-to-capital ratio, suggesting improved financial positioning.

An examination of the financial information reveals trends in adjusted financial leverage over a five-year period. Total assets exhibited a consistent upward trajectory, increasing from US$168,406 million in 2021 to US$211,429 million in 2025. Similarly, total stockholders’ equity generally increased, moving from US$95,391 million in 2021 to US$114,281 million in 2025, although a slight decrease was noted in 2024.

Adjusted Financial Leverage – Overall Trend

Adjusted financial leverage demonstrated relative stability between 2021 and 2024, fluctuating between 1.72 and 1.84. A noticeable decrease to 1.65 was observed in 2025. This suggests a potential improvement in the company’s capital structure during that year.

Adjusted Financial Leverage – Year-over-Year Changes

From 2021 to 2022, adjusted financial leverage increased from 1.72 to 1.77. A further, albeit small, increase to 1.78 was recorded from 2022 to 2023. The ratio then increased more substantially to 1.84 in 2024 before declining to 1.65 in 2025. These fluctuations indicate changes in the relationship between adjusted assets and adjusted equity.

Relationship Between Adjusted Assets and Equity

The adjusted total assets grew at a faster rate than adjusted total stockholders’ equity between 2021 and 2024, contributing to the increases in adjusted financial leverage during those years. However, the more significant growth in adjusted total stockholders’ equity in 2025, coupled with continued growth in adjusted total assets, resulted in the observed decrease in adjusted financial leverage.

The reported financial leverage generally mirrored the trend in adjusted financial leverage, with a similar increase through 2024 and a decrease in 2025. The difference between reported and adjusted leverage remained relatively consistent throughout the period.

The adjusted net profit margin exhibited considerable fluctuation over the five-year period. Initially strong, it experienced a marked decline, followed by a partial recovery in the most recent year.

Overall Trend

The adjusted net profit margin began at 24.04% in 2021, decreased significantly to 6.42% in 2022, and then turned negative in 2023, reaching -1.43%. A further decline was observed in 2024, with the margin falling to -25.31%. However, the final year, 2025, showed a positive shift, with the adjusted net profit margin recovering to 2.50%.

Comparison with Reported Net Profit Margin

The adjusted net profit margin generally tracked the reported net profit margin, but with notable differences in magnitude. The adjustments consistently resulted in a lower profit margin than the reported figures, except in 2025 where the adjusted margin was higher. This suggests the adjustments made to net income had a substantial impact on profitability assessment.

Year-over-Year Changes

The largest year-over-year decrease in adjusted net profit margin occurred between 2022 and 2023, falling by 7.85 percentage points. The most substantial increase occurred between 2024 and 2025, a gain of 27.81 percentage points. These swings indicate significant volatility in underlying profitability after adjustments.

Relationship to Net Revenue

Net revenue demonstrated a consistent, albeit gradual, decline from US$79,024 million in 2021 to US$52,853 million in 2025. Despite this revenue decrease, the adjusted net profit margin’s recovery in 2025 suggests improved cost management or other factors positively influencing profitability, even at lower sales volumes.

The substantial negative adjusted net profit margins in 2024 and, to a lesser extent, 2023, warrant further investigation into the nature of the adjustments made to net income. The recovery in 2025, while positive, requires continued monitoring to determine its sustainability.

The adjusted return on equity (ROE) exhibited considerable fluctuation over the five-year period. Initially strong, performance declined significantly, reaching negative territory before a modest recovery in the final year. This analysis details the observed trends and potential insights derived from the presented financial information.

Adjusted ROE Trend

The adjusted ROE began at 19.55% in 2021, indicating a strong return for stockholders. A substantial decrease was observed in 2022, falling to 4.01%. This downward trend continued into 2023, with the adjusted ROE becoming negative at -0.74%. The most significant decline occurred in 2024, reaching -12.66%, before a partial recovery to 1.03% in 2025.

Relationship to Adjusted Net Income

The adjusted ROE closely mirrors the trend in adjusted net income. A decrease in adjusted net income from US$18,997 million in 2021 to US$4,050 million in 2022 corresponded with the initial decline in adjusted ROE. The negative adjusted net income of US$778 million in 2023 and the substantial loss of US$13,442 million in 2024 directly contributed to the negative adjusted ROE values during those years. The return to positive adjusted net income of US$1,320 million in 2025 facilitated the modest recovery in adjusted ROE.

Relationship to Adjusted Stockholders’ Equity

Adjusted total stockholders’ equity generally increased throughout the period, rising from US$97,184 million in 2021 to US$127,919 million in 2025. However, the increases in equity were not sufficient to offset the declines in adjusted net income, particularly in 2023 and 2024, resulting in the observed decreases in adjusted ROE. The consistent growth in equity suggests retained earnings or other equity contributions, but these were overshadowed by profitability challenges.

Comparison to Reported ROE

The reported ROE followed a similar pattern to the adjusted ROE, though the magnitudes of the fluctuations differed. The adjusted ROE consistently presented a less favorable picture than the reported ROE, indicating that adjustments to net income and/or stockholders’ equity had a material impact on the overall return metric. The largest difference between reported and adjusted ROE was observed in 2024, where the reported ROE was -18.89% and the adjusted ROE was -12.66%.

In summary, the adjusted ROE experienced a period of significant volatility, driven primarily by fluctuations in adjusted net income. While stockholders’ equity generally increased, it was insufficient to maintain a consistent return on equity. The adjustments made to net income and equity appear to have a substantial influence on the calculated ROE, highlighting the importance of understanding the nature of these adjustments.

The adjusted return on assets (ROA) exhibited considerable fluctuation over the five-year period. Initially strong, performance declined significantly before showing signs of potential recovery in the most recent year. A detailed examination of the adjusted ROA alongside its components reveals key trends in the company’s profitability and asset utilization.

Adjusted ROA Trend

The adjusted ROA began at 11.34% in 2021, representing a robust level of profitability relative to asset base. A substantial decrease was observed in 2022, falling to 2.27%. This downward trend continued into 2023, with the adjusted ROA turning negative at -0.42%. The most significant decline occurred in 2024, reaching -6.86%, indicating substantial losses relative to assets. However, a positive shift is evident in 2025, with the adjusted ROA recovering to 0.63%.

Relationship to Adjusted Net Income

The adjusted ROA closely mirrors the trend in adjusted net income. The decline in adjusted ROA from 2021 to 2024 corresponds with a decreasing adjusted net income, culminating in a significant loss in 2024. The partial recovery in adjusted ROA in 2025 is directly linked to the return to positive adjusted net income during that year. This suggests that profitability is a primary driver of the observed changes in adjusted ROA.

Relationship to Adjusted Total Assets

Adjusted total assets consistently increased throughout the period, rising from US$167,532 million in 2021 to US$210,859 million in 2025. While asset growth is generally positive, the declining adjusted ROA during 2022-2024 indicates that the increase in assets did not translate into proportional gains in profitability. The modest recovery in adjusted ROA in 2025, despite continued asset growth, suggests improved asset utilization alongside the return to positive net income.

In summary, the adjusted ROA experienced a period of decline followed by initial signs of recovery. This performance is strongly correlated with fluctuations in adjusted net income, while the consistent growth in adjusted total assets highlights the importance of efficient asset utilization in driving profitability.