Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)
Interest Paid, Net of Tax
EV to FCFF Ratio, Current
EV to FCFF Ratio, Historical

Free Cash Flow to The Firm (FCFF)

Intel Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019	Dec 29, 2018
Net income attributable to Intel	8,014)	19,868)	20,899)	21,048)	21,053)
Net income attributable to non-controlling interests	3)	—)	—)	—)	—)
Net noncash charges	11,924)	14,996)	12,534)	12,032)	10,786)
Changes in assets and liabilities	(4,508)	(4,873)	1,951)	65)	(2,407)
Net cash provided by operating activities	15,433)	29,991)	35,384)	33,145)	29,432)
Cash paid during the year for interest, net of capitalized interest, net of tax¹	363)	499)	495)	410)	399)
Interest capitalized, net of tax²	620)	364)	282)	413)	441)
Additions to property, plant and equipment	(24,844)	(18,733)	(14,259)	(16,213)	(15,181)
Free cash flow to the firm (FCFF)	(8,428)	12,121)	21,901)	17,755)	15,091)

Based on: 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), 10-K (reporting date: 2018-12-29).

^{1, 2} See details »

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Intel Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Intel Corp. FCFF decreased from 2020 to 2021 and from 2021 to 2022.

Interest Paid, Net of Tax

Intel Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019	Dec 29, 2018
Effective Income Tax Rate (EITR)
EITR¹	21.00%	8.50%	16.70%	12.50%	11.00%
Interest Paid, Net of Tax
Cash paid during the year for interest, net of capitalized interest, before tax	459)	545)	594)	469)	448)
Less: Cash paid during the year for interest, net of capitalized interest, tax²	96)	46)	99)	59)	49)
Cash paid during the year for interest, net of capitalized interest, net of tax	363)	499)	495)	410)	399)
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax	785)	398)	338)	472)	496)
Less: Interest capitalized, tax³	165)	34)	56)	59)	55)
Interest capitalized, net of tax	620)	364)	282)	413)	441)

Based on: 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), 10-K (reporting date: 2018-12-29).

¹ See details »

² 2022 Calculation
Cash paid during the year for interest, net of capitalized interest, tax = Cash paid during the year for interest, net of capitalized interest × EITR
= 459 × 21.00% = 96

³ 2022 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 785 × 21.00% = 165

Enterprise Value to FCFF Ratio, Current

Intel Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	150,732)
Free cash flow to the firm (FCFF)	(8,428)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	48.57
Analog Devices Inc.	26.68
Applied Materials Inc.	22.28
Broadcom Inc.	16.74
First Solar Inc.	—
KLA Corp.	18.79
Lam Research Corp.	27.04
Micron Technology Inc.	21.10
NVIDIA Corp.	170.57
ON Semiconductor Corp.	21.16
Qualcomm Inc.	20.37
Texas Instruments Inc.	27.60
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	38.35
EV/FCFF, Industry
Information Technology	28.35

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

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

Enterprise Value to FCFF Ratio, Historical

Intel Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019	Dec 29, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	132,074)	205,348)	242,716)	308,724)	233,848)
Free cash flow to the firm (FCFF)²	(8,428)	12,121)	21,901)	17,755)	15,091)
Valuation Ratio
EV/FCFF³	—	16.94	11.08	17.39	15.50
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	38.82	43.41	126.98	169.58	—
Analog Devices Inc.	23.12	39.16	27.12	21.68	16.04
Applied Materials Inc.	19.06	26.22	22.52	18.91	9.96
Broadcom Inc.	14.74	19.47	16.54	15.04	13.02
First Solar Inc.	—	—	—	—	—
KLA Corp.	19.05	26.29	18.70	20.92	14.15
Lam Research Corp.	24.03	24.02	25.91	9.83	10.36
Micron Technology Inc.	18.28	33.81	292.39	14.33	5.37
NVIDIA Corp.	78.07	69.47	41.65	27.92	47.71
ON Semiconductor Corp.	20.67	19.86	33.03	46.88	12.66
Qualcomm Inc.	18.20	17.47	30.89	14.91	22.53
Texas Instruments Inc.	27.05	24.23	27.67	20.75	16.49
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	35.05	26.37	22.31	18.50	15.89
EV/FCFF, Industry
Information Technology	26.63	28.03	26.16	21.64	18.26

Based on: 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), 10-K (reporting date: 2018-12-29).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 132,074 ÷ -8,428 = —

⁴ Click competitor name to see calculations.

Intel Corp. (NASDAQ:INTC)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical