Stock Analysis on Net

Intel Corp. (NASDAQ:INTC)

Enterprise Value to FCFF (EV/FCFF) 

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

Intel Corp., FCFF calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Net income attributable to Intel 1,689 8,014 19,868 20,899 21,048
Net (income) loss attributable to non-controlling interests (14) 3
Net noncash charges 12,365 11,924 14,996 12,534 12,032
Changes in assets and liabilities (2,569) (4,508) (4,873) 1,951 65
Net cash provided by operating activities 11,471 15,433 29,991 35,384 33,145
Cash paid during the year for interest, net of capitalized interest, net of tax1 484 363 499 495 410
Interest capitalized, net of tax2 1,185 620 364 282 413
Additions to property, plant and equipment (25,750) (24,844) (18,733) (14,259) (16,213)
Free cash flow to the firm (FCFF) (12,610) (8,428) 12,121 21,901 17,755

Based on: 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), 10-K (reporting date: 2019-12-28).

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 2021 to 2022 and from 2022 to 2023.

Interest Paid, Net of Tax

Intel Corp., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Effective Income Tax Rate (EITR)
EITR1 21.00% 21.00% 8.50% 16.70% 12.50%
Interest Paid, Net of Tax
Cash paid during the year for interest, net of capitalized interest, before tax 613 459 545 594 469
Less: Cash paid during the year for interest, net of capitalized interest, tax2 129 96 46 99 59
Cash paid during the year for interest, net of capitalized interest, net of tax 484 363 499 495 410
Interest Costs Capitalized, Net of Tax
Interest capitalized, before tax 1,500 785 398 338 472
Less: Interest capitalized, tax3 315 165 34 56 59
Interest capitalized, net of tax 1,185 620 364 282 413

Based on: 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), 10-K (reporting date: 2019-12-28).

1 See details »

2 2023 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
= 613 × 21.00% = 129

3 2023 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= 1,500 × 21.00% = 315


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 208,889
Free cash flow to the firm (FCFF) (12,610)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Advanced Micro Devices Inc. 257.22
Analog Devices Inc. 27.44
Applied Materials Inc. 21.37
Broadcom Inc. 31.39
Enphase Energy Inc. 24.24
KLA Corp. 26.96
Lam Research Corp. 24.72
Micron Technology Inc.
NVIDIA Corp. 80.01
ON Semiconductor Corp. 65.06
Qualcomm Inc. 17.36
Texas Instruments Inc. 97.81
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment 109.04
EV/FCFF, Industry
Information Technology 43.58

Based on: 10-K (reporting date: 2023-12-30).

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

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 213,159 132,074 205,348 242,716 308,724
Free cash flow to the firm (FCFF)2 (12,610) (8,428) 12,121 21,901 17,755
Valuation Ratio
EV/FCFF3 16.94 11.08 17.39
Benchmarks
EV/FCFF, Competitors4
Advanced Micro Devices Inc. 225.41 38.82 43.41 126.98 169.58
Analog Devices Inc. 25.61 23.12 39.16 27.12 21.68
Applied Materials Inc. 17.40 19.06 26.22 22.52 18.91
Broadcom Inc. 28.53 14.74 19.47 16.54 15.04
Enphase Energy Inc. 27.65 41.06 65.09 124.80 56.08
KLA Corp. 19.99 19.05 26.29 18.70 20.92
Lam Research Corp. 17.99 24.03 24.02 25.91 9.83
Micron Technology Inc. 18.28 33.81 292.39 14.33
NVIDIA Corp. 142.90 78.07 69.47 41.65 27.92
ON Semiconductor Corp. 67.36 20.67 19.86 33.03 46.88
Qualcomm Inc. 11.61 18.18 17.47 30.89 14.91
Texas Instruments Inc. 90.39 27.05 24.23 27.67 20.75
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment 60.71 34.82 26.33 22.39 18.37
EV/FCFF, Industry
Information Technology 34.24 27.04 27.97 24.20 19.71

Based on: 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), 10-K (reporting date: 2019-12-28).

1 See details »

2 See details »

3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 213,159 ÷ -12,610 =

4 Click competitor name to see calculations.