Price to FCFE (P/FCFE)
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
Intel Corp., FCFE 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).
A significant shift in free cash flow to equity (FCFE) is observed over the five-year period. While net cash provided by operating activities demonstrates a decreasing trend, the FCFE exhibits a much more dramatic fluctuation, transitioning from positive to substantially negative values.
- Net Cash from Operations
- Net cash provided by operating activities decreased consistently from US$29,991 million in 2021 to US$8,288 million in 2024, before a slight recovery to US$9,697 million in 2025. This indicates a weakening operational cash generation capability over the majority of the period.
- Free Cash Flow to Equity (FCFE)
- FCFE began at a positive US$13,732 million in 2021. However, it became negative in 2022, reaching US$-3,902 million, and continued to deteriorate, hitting a low of US$-14,969 million in 2024. While the negative trend lessened somewhat in 2025, FCFE remained negative at US$-8,699 million. This substantial decline suggests increasing cash outflows to equity holders, potentially due to increased debt financing, share repurchases, or dividend payments exceeding available cash flow.
The divergence between operating cash flow and FCFE suggests that factors beyond core operations are significantly impacting cash available to equity holders. The magnitude of the negative FCFE values, particularly in 2024, warrants further investigation to understand the underlying drivers and potential implications for the company’s financial health and sustainability.
- Trend Analysis
- The trend indicates a worsening ability to generate cash for equity holders. The initial decrease in operating cash flow is compounded by a substantial increase in cash outflows related to equity financing or shareholder returns, resulting in a rapidly declining FCFE. The slight improvement in both metrics in 2025 does not reverse the overall negative trend.
Price to FCFE Ratio, Current
Intel Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Advanced Micro Devices Inc. | |
| Analog Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| KLA Corp. | |
| Lam Research Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| Texas Instruments Inc. | |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-12-27).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Intel Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| 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. | ||||||
| P/FCFE, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Intel Corp. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits significant fluctuation over the observed period. Initial values demonstrate a relatively high ratio, followed by periods of instability and ultimately, an incomplete trend.
- Share Price
- The share price began at 48.05 US$ in 2021, decreased substantially to 28.16 US$ in 2022, recovered to 43.65 US$ in 2023, then experienced a sharp decline to 19.43 US$ in 2024, and finally showed some recovery to 45.07 US$ in 2025.
- Free Cash Flow to Equity per Share
- FCFE per share was positive at 3.37 US$ in 2021. However, it transitioned to negative values in subsequent years, reaching -0.94 US$ in 2022, -1.72 US$ in 2023, -3.46 US$ in 2024, and remaining negative at -1.74 US$ in 2025. This indicates a consistent inability to generate positive cash flow available to equity holders.
- Price to FCFE Ratio
- In 2021, the P/FCFE ratio stood at 14.25. Values for 2022, 2023, 2024, and 2025 are not available, likely due to the negative FCFE per share during those periods. A negative FCFE renders the P/FCFE ratio meaningless, as it involves division by a negative number. The initial value suggests investors were willing to pay 14.25 times the FCFE per share for each dollar of free cash flow available to equity holders in 2021. The subsequent lack of a ratio calculation highlights a deterioration in the company’s ability to generate cash flow for its equity investors.
The observed trend suggests a weakening financial position, characterized by declining share price and a consistent inability to generate positive free cash flow to equity holders. The absence of a P/FCFE ratio for the majority of the period underscores the severity of the negative FCFE situation.