Enterprise Value to FCFF (EV/FCFF)
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Intel Corp. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Free Cash Flow to The Firm (FCFF)
Intel Corp., FCFF calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 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).
1, 2 See details »
The financial performance, as indicated by the provided figures, reveals a significant shift in free cash flow to the firm (FCFF) over the five-year period. While net cash provided by operating activities decreased substantially throughout the period, the FCFF experienced a more dramatic fluctuation, transitioning from positive to negative values.
- Operating Cash Flow
- Net cash provided by operating activities began at US$29,991 million in 2021, then decreased to US$15,433 million in 2022. This downward trend continued in subsequent years, reaching US$11,471 million in 2023, US$8,288 million in 2024, and slightly recovering to US$9,697 million in 2025. The overall pattern demonstrates a consistent decline in cash generated from core business operations.
- Free Cash Flow to the Firm (FCFF)
- In 2021, FCFF stood at a positive US$12,121 million. However, 2022 marked a substantial change, with FCFF becoming negative at US$-8,428 million. This negative trend intensified in 2023 and 2024, reaching US$-12,610 million and US$-13,691 million respectively. While still negative, FCFF showed some improvement in 2025, increasing to US$-4,910 million. The consistent negative FCFF suggests the firm is consuming more cash than it generates after accounting for investments necessary to maintain or expand its asset base.
The divergence between operating cash flow and FCFF indicates that factors beyond core operations are significantly impacting the firm’s cash position. These factors could include increased capital expenditures, changes in working capital requirements, or debt servicing obligations. The partial recovery in FCFF during 2025, despite continued declines in operating cash flow, suggests potential adjustments in capital allocation or financing strategies, though the firm remains cash flow negative.
The substantial shift from positive to negative FCFF warrants further investigation to understand the underlying drivers and assess the sustainability of the firm’s financial position.
Interest Paid, Net of Tax
Intel Corp., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 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).
2 2025 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
= × =
3 2025 Calculation
Interest capitalized, tax = Interest capitalized × EITR
= × =
The period under review demonstrates significant fluctuations in interest expense and capitalization, alongside a dramatic shift in the effective income tax rate. A notable trend is the considerable volatility in cash paid for interest, net of tax, coupled with increasing, then decreasing, capitalized interest, also net of tax.
- Cash Paid for Interest, Net of Tax
- Cash paid for interest, net of tax, decreased from US$499 million in 2021 to US$363 million in 2022, representing a 27.2% reduction. This was followed by an increase to US$484 million in 2023, and a substantial rise to US$780 million in 2024. However, a precipitous decline occurred in 2025, with cash paid for interest falling to US$19 million. This suggests a significant change in debt levels, interest rate environment, or accounting practices related to interest payments.
- Interest Capitalized, Net of Tax
- Interest capitalized, net of tax, exhibited an upward trend from US$364 million in 2021 to US$1,185 million in both 2023 and 2024. This indicates increased investment in projects where borrowing costs are being added to the asset's cost. A slight increase to US$20 million is observed in 2025, which, when considered alongside the dramatic decrease in cash paid for interest, may suggest a shift away from large-scale capital projects or a change in capitalization policy.
- Effective Income Tax Rate (EITR)
- The effective income tax rate remained relatively stable at 21.00% from 2022 through 2024, following an increase from 8.50% in 2021. A substantial and anomalous increase to 98.30% is observed in 2025. This exceptionally high rate suggests a significant one-time tax event, such as the recognition of a large deferred tax liability, or a change in tax regulations impacting the company’s tax obligations. The magnitude of this change warrants further investigation.
The interplay between these items suggests a complex financial situation. The initial decrease in cash interest paid coincided with increasing capitalized interest, potentially indicating a shift towards funding long-term projects. The subsequent increase in cash interest paid in 2024, followed by the dramatic decrease in 2025, requires further scrutiny to determine the underlying causes. The substantial change in the effective income tax rate in 2025 is a key area for detailed analysis.
Enterprise Value to FCFF Ratio, Current
Intel Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Advanced Micro Devices Inc. | |
| Analog Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| KLA Corp. | |
| Lam Research Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| Texas Instruments Inc. | |
| EV/FCFF, Sector | |
| Semiconductors & Semiconductor Equipment | |
| EV/FCFF, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-12-27).
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 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| EV/FCFF, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| EV/FCFF, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2025-12-27), 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).
3 2025 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
The Enterprise Value to Free Cash Flow to the Firm (EV/FCFF) ratio exhibits significant fluctuations over the observed period. Initial values demonstrate a relatively high ratio, followed by periods of negative free cash flow, rendering the ratio calculation undefined. A subsequent increase in enterprise value is noted alongside continued negative free cash flow.
- Enterprise Value
- Enterprise Value decreased substantially from US$205,348 million in 2021 to US$132,074 million in 2022. It then increased to US$213,159 million in 2023 before declining again to US$117,843 million in 2024. A further increase to US$246,373 million is observed in 2025.
- Free Cash Flow to the Firm (FCFF)
- Free Cash Flow to the Firm was positive at US$12,121 million in 2021. However, it became negative in 2022, reaching -US$8,428 million, and continued to decline, reaching -US$12,610 million in 2023 and -US$13,691 million in 2024. While still negative, FCFF experienced a slight improvement to -US$4,910 million in 2025.
- EV/FCFF Ratio
- The EV/FCFF ratio was 16.94 in 2021. Due to negative Free Cash Flow to the Firm in subsequent years, the ratio is not calculable for 2022, 2023, 2024, and 2025. The initial value suggests that in 2021, the market valued the firm at approximately 16.94 times its free cash flow.
The consistent negative FCFF from 2022 through 2025 is a notable trend. This indicates the firm is not generating sufficient cash flow from its operations to cover its expenses and investments. The fluctuating Enterprise Value, coupled with the negative FCFF, suggests a complex valuation scenario where traditional EV/FCFF analysis is limited in its usefulness.