Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Intel Corp., long-term (investment) activity ratios
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 10-K (reporting date: 2024-12-28), 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).
The financial ratios analyzed exhibit a declining trend over the five-year period from late 2020 through late 2024, indicating a reduction in the efficiency of asset utilization and equity turnover.
- Net fixed asset turnover
- This ratio decreased consistently from 1.38 in 2020 to 0.49 in 2024, reflecting a significant decline in the company’s ability to generate sales from its net fixed assets. The trend suggests that either asset base growth outpaced sales growth or that assets became less efficient in producing revenue.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- This measure follows the same pattern as the net fixed asset turnover ratio, declining from 1.36 to 0.49 over the period. The close alignment between these two ratios indicates that operating leases and right-of-use assets did not materially alter the turnover dynamics.
- Total asset turnover
- There is a clear downward trend in total asset turnover, falling from 0.51 to 0.27. This reduction implies decreased overall efficiency in utilizing total assets to generate revenue, possibly due to expanding asset base or slower sales growth relative to asset accumulation.
- Equity turnover
- Equity turnover also showed a declining trend from 0.96 in 2020 to 0.51 in 2023, with a slight uptick to 0.53 in 2024. This decrease points to lower sales generated per unit of shareholder equity. The modest improvement in 2024 suggests a potential stabilization or beginning of efficiency recovery in equity use.
In summary, all measured turnover ratios indicate a consistent reduction in efficiency of asset and equity utilization over the observed period, with only a minor improvement noted in equity turnover in the final year. This could signal challenges in maintaining sales relative to asset and equity base growth.
Net Fixed Asset Turnover
Intel Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Property, plant, and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| Monolithic Power Systems Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2024-12-28), 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).
1 2024 Calculation
Net fixed asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The data reveals distinct trends across the selected financial metrics over the five-year span under review.
- Net Revenue
- The net revenue exhibited an initial slight increase from $77,867 million in 2020 to $79,024 million in 2021. However, from 2021 onwards, there was a marked decline in revenues each year, dropping to $63,054 million in 2022, $54,228 million in 2023, and further down to $53,101 million in 2024. This decreasing trend suggests challenges in maintaining sales or pricing power.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment increased consistently and significantly each year, starting at $56,584 million in 2020 and rising steadily through $63,245 million (2021), $80,860 million (2022), $96,647 million (2023), reaching $107,919 million in 2024. This reflects substantial capital investment and asset base expansion over the period.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency in generating revenue from fixed assets, declined steadily from 1.38 in 2020 to 0.49 in 2024. This decrease mirrors the pattern of increasing fixed assets alongside decreasing revenues, indicating diminishing efficiency in utilizing property, plant, and equipment to generate sales.
Overall, the data indicates that while significant investments were made in physical assets, revenue generation did not keep pace, resulting in declining asset turnover efficiency. This trend may warrant further investigation into the causes of reduced revenue and utilization of asset capacity.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Intel Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Property, plant, and equipment, net | ||||||
| Operating lease assets (recognized in Other long-term assets) | ||||||
| Property, plant, and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| Monolithic Power Systems Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2024-12-28), 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).
1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenue ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Net Revenue
- Net revenue demonstrated a declining trend over the observed periods. Starting at $77,867 million in 2020, revenue slightly increased to $79,024 million in 2021. However, from 2021 onwards, a consistent decrease is evident, with revenues falling to $63,054 million in 2022, then further down to $54,228 million in 2023, and slightly more to $53,101 million in 2024. This pattern reflects a substantial reduction of approximately 33% from the peak in 2021 to 2024.
- Property, Plant, and Equipment, Net
- The value of property, plant, and equipment, including operating lease and right-of-use assets, showed a strong upward trend throughout the period. The asset base expanded from $57,188 million in 2020 to $63,794 million in 2021. This growth accelerated in subsequent years, reaching $81,347 million in 2022, $97,152 million in 2023, and finally $108,376 million in 2024. This represents an overall increase of nearly 90% over the five-year span, indicating significant investment or capital expenditure in fixed assets.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures how efficiently the company uses its fixed assets to generate revenue, exhibited a declining trend. Beginning at 1.36 in 2020, the ratio fell modestly to 1.24 in 2021, then sharply dropped to 0.78 in 2022. The downward trajectory continued to 0.56 in 2023 and further to 0.49 in 2024. This decline coincides with the increase in property, plant, and equipment values and the decrease in net revenue, suggesting reduced efficiency in asset utilization over time.
- Summary
- The company has experienced decreasing revenues alongside substantial growth in its asset base, which has resulted in a marked decline in net fixed asset turnover. This combination indicates that while the company has invested heavily in fixed assets, this has not translated into increasing revenue, signaling deteriorating efficiency in asset use. The sustained decrease in revenue coupled with expanding assets may warrant further investigation into operational strategies and asset management to address the declining asset turnover and revenue figures.
Total Asset Turnover
Intel Corp., total asset turnover calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| Monolithic Power Systems Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Total Asset Turnover, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2024-12-28), 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).
1 2024 Calculation
Total asset turnover = Net revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends in key performance indicators over the five-year period analyzed.
- Net Revenue
- The net revenue exhibited a fluctuating trend, starting at 77,867 million US dollars in 2020 and slightly increasing to 79,024 million US dollars in 2021. However, a significant decline occurred thereafter, with revenue dropping to 63,054 million in 2022 and further diminishing to 54,228 million in 2023, followed by a marginal decrease to 53,101 million in 2024. This downward trajectory in net revenue over the last three years indicates potential challenges in sustaining sales or market demand.
- Total Assets
- Total assets consistently increased during the period under review. From 153,091 million US dollars in 2020, assets rose steadily each year, reaching 196,485 million by the end of 2024. This growth in asset base suggests ongoing investments or acquisitions that have expanded the company's resources and capacity over time.
- Total Asset Turnover
- The total asset turnover ratio, representing the efficiency in utilizing assets to generate revenue, decreased markedly from 0.51 in 2020 to 0.27 in 2024. This declining ratio aligns with the observed drop in net revenue alongside the increase in total assets, indicating a reduction in asset utilization efficiency. The company appears to generate progressively less revenue per unit of asset held, which may raise concerns about operational effectiveness or the return on recent asset investments.
Overall, the data paints a picture of an expanding asset base combined with decreasing revenue and efficiency in asset use, which may warrant closer examination of asset management and revenue-generating strategies going forward.
Equity Turnover
Intel Corp., equity turnover calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Total Intel stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| Monolithic Power Systems Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Equity Turnover, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2024-12-28), 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).
1 2024 Calculation
Equity turnover = Net revenue ÷ Total Intel stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals a declining trend in net revenue over the analyzed periods. Starting from approximately $77,867 million in late 2020, net revenue showed a slight increase to around $79,024 million in 2021 but then experienced a significant decrease to $63,054 million in 2022. This downward trajectory continued in 2023 and 2024, with net revenues falling to $54,228 million and $53,101 million respectively. This pattern indicates a consistent reduction in the company's revenue-generating capability over the recent years.
In contrast, total stockholders’ equity exhibits a generally positive growth trend, increasing from $81,038 million in 2020 to a peak of $105,590 million in 2023. However, in 2024 there is a noticeable slight decrease to $99,270 million. The increase in equity over the majority of the period suggests successful retention of earnings or capital infusion, strengthening the company's financial position despite the pressure on revenue. The slight decline in the last year might indicate dividends, share repurchases, or changes in asset valuations.
Equity turnover, a ratio representing the efficiency with which equity capital is used to generate revenue, shows a marked decline from 0.96 in 2020 to 0.53 in 2024. This declining ratio aligns with the drop in net revenue despite rising or stable equity levels, implying reduced effectiveness in leveraging the equity base for revenue production. The continual decrease in equity turnover suggests operational challenges or market conditions impacting the company’s ability to maintain sales relative to its equity.
- Summary of financial trends:
- - Net revenue has declined steadily since 2021, indicating reduced sales or market demand.
- - Total stockholders’ equity largely increased over the period, reflecting strengthened financial resources, with a mild dip in the latest year.
- - Equity turnover ratio has fallen significantly, pointing to diminished efficiency in utilizing equity for revenue generation.
- - The combination of falling revenue and growing equity suggests an increasing capital base that is not translating into proportional revenue growth.
- - The data signals potential areas for strategic review, including operational efficiency and market positioning.