Stock Analysis on Net

Intel Corp. (NASDAQ:INTC) 

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Intel Corp., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020
Net fixed asset turnover 0.48 0.49 0.52 0.53 0.55 0.56 0.57 0.59 0.66 0.78 0.92 1.02 1.16 1.25 1.31 1.33 1.36 1.38
Total asset turnover 0.28 0.27 0.28 0.27 0.29 0.28 0.28 0.29 0.30 0.35 0.40 0.43 0.44 0.47 0.47 0.50 0.52 0.51
Equity turnover 0.53 0.53 0.55 0.48 0.52 0.51 0.52 0.53 0.58 0.62 0.70 0.73 0.75 0.83 0.87 0.91 0.97 0.96

Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).


Net Fixed Asset Turnover
The net fixed asset turnover ratio demonstrates a consistent declining trend over the analyzed quarters. Starting from a value of 1.38 in the quarter ending March 27, 2021, the ratio gradually decreases to 0.48 by the quarter ending March 29, 2025. This steady decline indicates that over time, the company is generating less revenue per unit of net fixed assets, suggesting possible underutilization of fixed assets or a relative increase in the asset base without proportional revenue growth.
Total Asset Turnover
The total asset turnover ratio also exhibits a downward trend through the examined periods. Beginning at 0.51 in the quarter ending March 27, 2021, the ratio diminishes to approximately 0.27-0.28 in the final quarters reported, reflecting a reduction in the efficiency with which the company is using its total assets to generate sales. The decline, although less steep than that observed in net fixed asset turnover, signals a general decrease in asset productivity or sales generation capability relative to asset size.
Equity Turnover
This ratio displays a similar declining pattern, moving from 0.96 in the quarter ending March 27, 2021, to approximately 0.53 by the quarter ending March 29, 2025. Notably, there is slight volatility in the last few quarters, with marginal increases observed in the quarter ending June 29, 2024 (0.55) and the quarter ending September 28, 2024 (0.53). Overall, the decline in equity turnover points to reduced revenue relative to shareholders’ equity over time, which may reflect either declining operational efficiency, increased equity base, or a combination thereof.

Net Fixed Asset Turnover

Intel Corp., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020
Selected Financial Data (US$ in millions)
Net revenue 12,667 14,260 13,284 12,833 12,724 15,406 14,158 12,949 11,715 14,042 15,338 15,321 18,353 20,528 19,192 19,631 19,673 19,978 18,333 19,728 19,828
Property, plant, and equipment, net of accumulated depreciation 109,763 107,919 104,248 103,398 99,924 96,647 93,352 90,945 85,734 80,860 75,763 71,660 66,718 63,245 59,733 58,166 57,330 56,584 59,205 58,036 56,770
Long-term Activity Ratio
Net fixed asset turnover1 0.48 0.49 0.52 0.53 0.55 0.56 0.57 0.59 0.66 0.78 0.92 1.02 1.16 1.25 1.31 1.33 1.36 1.38
Benchmarks
Net Fixed Asset Turnover, Competitors2
Advanced Micro Devices Inc. 14.45 14.31 14.56 13.97 14.04 14.27 14.12 14.20 15.38 15.60 15.36 14.97 13.43 23.41 20.71 19.88 16.77 15.23
Analog Devices Inc. 2.78 2.76 2.86 3.06 3.52 3.82 4.39 4.69 4.98 5.00 5.09 4.66 4.14 3.70 5.54 5.34 5.19 5.00 4.87 4.66 4.77
Applied Materials Inc. 7.76 8.14 8.66 8.96 9.37 9.74 10.19 10.41 10.53 11.18 11.47 11.99 12.25 11.93 11.92 11.21 11.11 10.72 10.63 10.06 9.66
Broadcom Inc. 22.12 20.46 17.99 15.97 14.60 16.63 16.26 15.86 15.63 14.94 14.08 13.26 12.38 11.69 11.19 10.58 9.89 9.52 9.04 8.74 8.66
KLA Corp. 9.17 8.84 8.68 8.88 9.59 10.17 10.80 10.87 10.79 10.84 10.69 11.39 10.68 10.44 10.27 10.22 10.56 11.17 11.26 10.77 10.29
Lam Research Corp. 7.04 6.92 6.53 6.67 7.50 9.39 10.16 10.22 10.47 10.46 10.72 10.99 11.48 11.22 10.37 9.87 9.75 9.37 9.17 9.12 9.21
Micron Technology Inc. 0.70 0.63 0.56 0.49 0.43 0.41 0.47 0.59 0.69 0.80 0.88 0.86 0.84 0.83 0.79 0.74 0.68 0.69 0.67 0.66 0.70
NVIDIA Corp. 19.91 15.57 11.67 8.60 6.92 7.09 7.57 9.20 10.13 9.69 9.67 9.26 8.49 7.76 7.18 6.65 6.87 6.52
Qualcomm Inc. 9.12 8.35 7.87 7.71 7.40 7.10 7.40 7.78 8.24 8.55 8.36 8.02 7.63 7.36 7.36 7.03 6.62 6.34 5.74 7.37 7.73
Texas Instruments Inc. 1.36 1.38 1.33 1.44 1.61 1.75 1.94 2.21 2.54 2.91 3.11 3.30 3.49 3.57 4.37 4.56 4.49 4.42

Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).

1 Q1 2025 Calculation
Net fixed asset turnover = (Net revenueQ1 2025 + Net revenueQ4 2024 + Net revenueQ3 2024 + Net revenueQ2 2024) ÷ Property, plant, and equipment, net of accumulated depreciation
= (12,667 + 14,260 + 13,284 + 12,833) ÷ 109,763 = 0.48

2 Click competitor name to see calculations.


The financial data reveals several notable trends across the examined periods. Net revenue exhibited fluctuations with a general declining trend from early 2020 through the most recent periods in 2025. Initial quarters showed revenue figures around the 19,000 to 20,000 million mark, followed by a decline to just above 12,000 million by early 2023. Although some recovery occurred mid-2023 through early 2024, revenue figures remained below earlier peak levels, ending near 12,667 million in the latest quarter.

Property, plant, and equipment, net of accumulated depreciation, showed a consistent upward trend throughout the entire period. Starting at approximately 56,770 million in early 2020, the value steadily increased every quarter to reach nearly 109,763 million by the first quarter of 2025. This continuous investment in fixed assets indicates sustained capital expenditure and expansion of asset base over the years.

Net fixed asset turnover, which measures efficiency in generating revenue from fixed assets, showed a consistent decline from the reported initial values in late 2020. Beginning at a ratio of 1.38, this metric decreased gradually throughout the periods to 0.48 by early 2025. The decreasing turnover ratio, coupled with increasing asset values and declining revenues, suggests declining efficiency in utilizing fixed assets to generate sales.

Net Revenue
Experienced fluctuations but overall a downward trend from approximately 19,828 million in early 2020 to 12,667 million in early 2025, reflecting reduced sales performance over this timeframe.
Property, Plant, and Equipment
Displayed unwavering growth, indicating ongoing capital investment, rising from around 56,770 million to nearly 109,763 million across the periods reviewed.
Net Fixed Asset Turnover
Steadily declined from 1.38 to 0.48, signalling diminished ability to generate revenue from the fixed asset base, pointing toward potential overcapacity or underutilization of assets.

Total Asset Turnover

Intel Corp., total asset turnover calculation (quarterly data)

Microsoft Excel
Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020
Selected Financial Data (US$ in millions)
Net revenue 12,667 14,260 13,284 12,833 12,724 15,406 14,158 12,949 11,715 14,042 15,338 15,321 18,353 20,528 19,192 19,631 19,673 19,978 18,333 19,728 19,828
Total assets 192,242 196,485 193,542 206,205 192,733 191,572 188,837 185,629 185,303 182,103 174,841 170,418 176,356 168,406 167,962 154,597 150,622 153,091 145,261 152,539 147,710
Long-term Activity Ratio
Total asset turnover1 0.28 0.27 0.28 0.27 0.29 0.28 0.28 0.29 0.30 0.35 0.40 0.43 0.44 0.47 0.47 0.50 0.52 0.51
Benchmarks
Total Asset Turnover, Competitors2
Advanced Micro Devices Inc. 0.39 0.37 0.35 0.34 0.34 0.33 0.33 0.32 0.34 0.35 0.34 0.32 0.28 1.32 1.33 1.25 1.14 1.09
Analog Devices Inc. 0.19 0.20 0.20 0.21 0.24 0.25 0.26 0.26 0.25 0.24 0.22 0.19 0.16 0.14 0.30 0.29 0.27 0.26 0.26 0.26 0.27
Applied Materials Inc. 0.83 0.79 0.80 0.83 0.84 0.86 0.87 0.92 0.94 0.96 0.96 0.98 0.95 0.89 0.88 0.82 0.78 0.77 0.77 0.71 0.76
Broadcom Inc. 0.33 0.31 0.28 0.24 0.22 0.49 0.50 0.49 0.47 0.45 0.44 0.42 0.39 0.36 0.35 0.34 0.32 0.31 0.29 0.28 0.28
KLA Corp. 0.65 0.64 0.64 0.68 0.72 0.75 0.78 0.76 0.75 0.73 0.72 0.70 0.67 0.67 0.65 0.62 0.64 0.63 0.63 0.57 0.53
Lam Research Corp. 0.80 0.80 0.78 0.76 0.85 0.93 0.98 0.99 0.96 1.00 1.01 0.99 1.01 0.92 0.87 0.78 0.73 0.69 0.74 0.80 0.77
Micron Technology Inc. 0.41 0.36 0.32 0.28 0.25 0.24 0.28 0.35 0.40 0.46 0.50 0.49 0.48 0.47 0.46 0.43 0.41 0.40 0.39 0.39 0.42
NVIDIA Corp. 1.04 0.93 0.83 0.66 0.58 0.65 0.71 0.68 0.65 0.61 0.60 0.57 0.63 0.58 0.55 0.52 0.51 0.63
Qualcomm Inc. 0.73 0.71 0.71 0.68 0.70 0.70 0.79 0.85 0.86 0.90 0.90 0.89 0.84 0.81 0.84 0.79 0.71 0.66 0.62 0.77 0.74
Texas Instruments Inc. 0.48 0.44 0.44 0.46 0.48 0.54 0.57 0.61 0.67 0.74 0.77 0.79 0.75 0.74 0.76 0.81 0.79 0.75

Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).

1 Q1 2025 Calculation
Total asset turnover = (Net revenueQ1 2025 + Net revenueQ4 2024 + Net revenueQ3 2024 + Net revenueQ2 2024) ÷ Total assets
= (12,667 + 14,260 + 13,284 + 12,833) ÷ 192,242 = 0.28

2 Click competitor name to see calculations.


Net Revenue

Net revenue exhibits a declining trend from early 2020 through the end of 2022, with some fluctuations. The revenue started at approximately 19,828 million USD in March 2020 and showed a general decrease towards 14,042 million USD by December 2022. A notable decline occurred in the period from April 2022 to April 2023, where revenue dropped from 18,353 million USD to 11,715 million USD. However, from mid-2023 onwards, net revenue shows a recovery trend, gradually increasing to 14,260 million USD by the first quarter of 2025, despite some volatility.

Total Assets

Total assets increased steadily from March 2020 to early 2025. Starting at roughly 147,710 million USD in March 2020, assets experienced growth with some periods of more rapid increase, reaching over 192,000 million USD by March 2025. The growth in total assets is consistent throughout the periods, indicating ongoing investment or accumulation of resources despite revenue fluctuations.

Total Asset Turnover Ratio

The total asset turnover ratio, which indicates how efficiently assets generate revenue, reveals a declining pattern over the reported timeline. Beginning around 0.51 in late 2020, it steadily declined to approximately 0.28 by early 2025. This steady decrease reflects diminishing efficiency in utilizing assets to produce sales revenue, suggesting that asset growth has outpaced revenue growth during this period.

Overall Insights

The data indicates that while the company has grown its asset base substantially over the analyzed quarters, this growth has not been matched by corresponding increases in revenue, leading to a reduction in asset efficiency as measured by the turnover ratio. Revenue experienced a marked decline in 2022 and early 2023 but showed early signs of recovery thereafter. The steady rise in asset values alongside declining revenue efficiency could point to potential challenges in optimizing asset utilization or shifts in business strategy requiring further investigation.


Equity Turnover

Intel Corp., equity turnover calculation (quarterly data)

Microsoft Excel
Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020
Selected Financial Data (US$ in millions)
Net revenue 12,667 14,260 13,284 12,833 12,724 15,406 14,158 12,949 11,715 14,042 15,338 15,321 18,353 20,528 19,192 19,631 19,673 19,978 18,333 19,728 19,828
Total Intel stockholders’ equity 99,756 99,270 99,532 115,229 105,973 105,590 101,813 101,017 98,059 101,423 99,885 101,218 103,136 95,391 90,087 85,207 79,807 81,038 74,554 82,010 76,354
Long-term Activity Ratio
Equity turnover1 0.53 0.53 0.55 0.48 0.52 0.51 0.52 0.53 0.58 0.62 0.70 0.73 0.75 0.83 0.87 0.91 0.97 0.96
Benchmarks
Equity Turnover, Competitors2
Advanced Micro Devices Inc. 0.48 0.45 0.43 0.41 0.41 0.41 0.40 0.40 0.42 0.43 0.42 0.39 0.34 2.19 2.08 1.89 1.76 1.67
Analog Devices Inc. 0.27 0.27 0.28 0.30 0.33 0.35 0.36 0.36 0.34 0.33 0.30 0.26 0.23 0.19 0.53 0.51 0.48 0.47 0.47 0.48 0.49
Applied Materials Inc. 1.48 1.43 1.43 1.46 1.52 1.62 1.76 1.89 1.96 2.11 2.08 2.14 2.03 1.88 1.79 1.65 1.59 1.63 1.70 1.71 1.73
Broadcom Inc. 0.78 0.76 0.71 0.61 0.55 1.49 1.61 1.59 1.48 1.46 1.52 1.43 1.24 1.10 1.09 1.07 1.03 1.00 0.98 0.96 0.93
KLA Corp. 2.88 2.91 3.10 3.18 3.40 3.59 3.96 4.03 4.69 6.57 2.12 2.02 1.93 2.05 2.07 2.07 2.16 2.18 2.43 1.98 1.84
Lam Research Corp. 1.84 1.75 1.78 1.74 1.97 2.12 2.24 2.29 2.43 2.74 2.78 2.55 2.71 2.43 2.47 2.17 2.04 1.94 2.12 2.18 1.92
Micron Technology Inc. 0.62 0.56 0.48 0.42 0.38 0.35 0.40 0.49 0.55 0.62 0.66 0.65 0.65 0.63 0.60 0.58 0.55 0.55 0.54 0.53 0.57
NVIDIA Corp. 1.62 1.42 1.35 1.19 1.06 1.22 1.34 1.25 1.12 1.01 1.02 1.04 1.03 0.99 0.96 0.94 0.90 0.89
Qualcomm Inc. 1.51 1.48 1.51 1.49 1.57 1.66 1.87 2.08 2.28 2.45 2.63 2.95 3.18 3.37 3.98 3.96 3.62 3.87 6.05 8.13 5.43
Texas Instruments Inc. 0.98 0.93 0.91 0.93 0.99 1.04 1.09 1.18 1.28 1.37 1.39 1.39 1.35 1.38 1.45 1.50 1.52 1.57

Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).

1 Q1 2025 Calculation
Equity turnover = (Net revenueQ1 2025 + Net revenueQ4 2024 + Net revenueQ3 2024 + Net revenueQ2 2024) ÷ Total Intel stockholders’ equity
= (12,667 + 14,260 + 13,284 + 12,833) ÷ 99,756 = 0.53

2 Click competitor name to see calculations.


The financial data reveals several notable trends across the reported quarters. Net revenue experienced fluctuations, with an initial range between approximately $18 billion and $20.5 billion from the first quarter of 2020 through the end of 2021. Beginning in early 2022, revenues showed a marked decline, falling to a low near $11.7 billion in the first quarter of 2023. Subsequently, there was a gradual recovery, with revenues increasing back to the $14 billion to $15 billion range by the end of 2023 and early 2024, though the values remained below the earlier peak levels observed through 2021. The latest quarter reports a slight decrease to approximately $12.7 billion.

Total Intel stockholders’ equity displayed a different pattern. Equity started around $76 billion in early 2020, rising steadily over the following periods. The upward trajectory continued through 2021 and into 2022, peaking above $103 billion in the first quarter of 2022. After this peak, equity values showed minor fluctuations but generally remained within the range of approximately $98 billion to $115 billion across 2022 through 2024. Notably, the highest equity was recorded near the middle of 2024, before decreasing to close just below $100 billion in the most recent quarters.

Equity turnover, which measures the efficiency of using equity to generate revenue, exhibited a clear declining trend over the examined periods. Beginning near 0.96 in late 2020, this ratio consistently decreased to approximately 0.48 by late 2024. The decline suggests that net revenue generated per dollar of equity has been diminishing. Minor fluctuations occurred, with a brief increase to around 0.55 toward the end of 2024, but the overall trend remains downward.

Net Revenue
Fluctuated between $18 billion and $20.5 billion until the end of 2021, followed by a notable decline in 2022 and early 2023, then partially recovering but not reaching previous highs as of mid-2024.
Total Stockholders’ Equity
Demonstrated steady growth from $76 billion in early 2020 to a peak over $103 billion in early 2022, remaining relatively stable with minor fluctuations between $98 billion and $115 billion through 2024.
Equity Turnover Ratio
Consistently declined over the period, from near 0.96 to approximately 0.48, indicating reduced revenue efficiency relative to equity. Small rebounds occurred but did not reverse the overall downward trend.

In summary, while equity has grown and remained comparatively stable at high levels, the company’s net revenue has experienced volatility and overall decline from its earlier peak, negatively impacting the equity turnover ratio. This pattern may suggest challenges in translating increased equity into proportional revenue growth during the most recent quarters.