Price to FCFE (P/FCFE)
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Intel Corp., FCFE calculation
US$ in millions
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 data reveals a notable decline in the operating cash flows of the company over the reviewed five-year period. Specifically, net cash provided by operating activities decreased consistently from $35,384 million in 2020 to $8,288 million in 2024. This represents a significant reduction in cash generation capability from the core operations of the business, with the most pronounced drop occurring after 2021.
Correspondingly, the free cash flow to equity (FCFE) exhibits a similar downward trend but with more pronounced volatility. Starting at $26,847 million in 2020, FCFE declines sharply to $13,732 million in 2021, followed by turning negative in 2022, reaching -$3,902 million. This negative trend continues and deepens further to -$14,969 million in 2024, indicating that the company is consuming rather than generating free cash flow available to equity shareholders over this period.
- Net cash provided by operating activities
- Declined steadily from 2020 to 2024, signaling reduced cash inflows from operational performance.
- Free cash flow to equity (FCFE)
- Decreased sharply, shifting from strong positive values in 2020-2021 to sustained negative cash flow from 2022 onward, reflecting increased cash outflows or reduced inflows affecting returns to equity holders.
Overall, the financial trends suggest a weakening liquidity position linked to operating results and cash available for shareholders. The shift to negative FCFE corresponds with diminishing operational cash flows, which could be indicative of rising expenses, investments, or other cash uses outpacing operational income. These patterns warrant further investigation into underlying causes and strategic responses to restore financial health and shareholder value.
Price to FCFE Ratio, Current
Intel Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| 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: 2024-12-28).
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 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 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 Data adjusted for splits and stock dividends.
3 2024 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 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price experienced notable fluctuations over the five-year period. Beginning at $56.66 at the end of 2020, it declined to $48.05 in 2021, then sharply decreased further to $28.16 by the end of 2022. A partial recovery occurred in 2023, with the share price rising to $43.65, followed by a significant drop to $19.43 in 2024. Overall, the trend indicates considerable volatility and a downward trajectory, with the 2024 value representing the lowest point in the observed timeframe.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share demonstrated a declining pattern throughout the period. It was positive and relatively strong at $6.61 in 2020 but halved to $3.37 in 2021. Subsequently, it turned negative at -$0.94 in 2022, worsening further to -$1.72 in 2023 and reaching -$3.46 in 2024. This progression indicates deteriorating cash generation available to equity holders, suggesting increasing operational or capital expenditure pressures or other factors negatively impacting free cash flow.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio increased from 8.57 in 2020 to 14.25 in 2021, reflecting a higher valuation multiple relative to free cash flow per share during this period. Data for subsequent years is unavailable, likely due to the negative FCFE values, which makes the ratio indefinable or less meaningful. The initial increase may suggest market optimism or a lag in FCFE decline relative to share price.
- Overall Insights
- The data reveals a challenging financial outlook over the observed years, characterized by declining share prices and negative free cash flow to equity in the latter years. The decreasing FCFE per share, especially becoming negative from 2022 onward, indicates potential operational difficulties or increased capital demands reducing equity cash flow. The share price volatility and overall downward trend align with these cash flow challenges. Absence of P/FCFE ratio data after 2021 highlights the analytical limitations when key metrics become negative, emphasizing the deteriorating financial performance.