Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Current Valuation Ratios
Intel Corp., current price multiples
| Intel Corp. | 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. | Semiconductors & Semiconductor Equipment | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||
| Current share price (P) | ||||||||||||||||
| No. shares of common stock outstanding | ||||||||||||||||
| Earnings per share (EPS) | ||||||||||||||||
| Operating profit per share | ||||||||||||||||
| Sales per share | ||||||||||||||||
| Book value per share (BVPS) | ||||||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||||||
| Price to sales (P/S) | ||||||||||||||||
| Price to book value (P/BV) | ||||||||||||||||
Based on: 10-K (reporting date: 2025-12-27).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Intel Corp., historical price multiples
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios exhibit significant fluctuations over the observed period. Notably, the Price to Earnings (P/E) and Price to Operating Profit (P/OP) ratios demonstrate substantial increases between 2022 and 2023, followed by missing values for subsequent years. The Price to Sales (P/S) and Price to Book Value (P/BV) ratios show more consistent, though still variable, trends.
- Price to Earnings (P/E)
- The P/E ratio increased markedly from 9.85 in 2021 to 14.54 in 2022. A dramatic surge occurred in 2023, reaching 109.27, before becoming unavailable for 2024 and 2025. This suggests a considerable shift in investor expectations regarding future earnings, or potentially a significant change in reported earnings themselves, followed by a lack of recent reporting.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the P/OP ratio experienced a substantial increase from 10.06 in 2021 to 49.91 in 2022. The most pronounced change was observed in 2023, with the ratio escalating to 1,984.43. Values for 2024 and 2025 are absent, mirroring the pattern seen in the P/E ratio.
- Price to Sales (P/S)
- The P/S ratio decreased from 2.48 in 2021 to 1.85 in 2022. It then rose to 3.40 in 2023, decreased to 1.58 in 2024, and increased again to 4.26 in 2025. This indicates a fluctuating relationship between market capitalization and revenue, with a recent upward trend.
- Price to Book Value (P/BV)
- The P/BV ratio declined from 2.05 in 2021 to 1.15 in 2022, then increased to 1.75 in 2023. A decrease to 0.85 was observed in 2024, followed by an increase to 1.97 in 2025. This suggests changes in how the market values the company’s net assets relative to its market price, with a recent return towards levels seen in 2021.
The absence of P/E and P/OP ratio values for 2024 and 2025 is a notable observation, potentially indicating reporting issues or significant changes in profitability that require further investigation. The P/S and P/BV ratios, while exhibiting fluctuations, provide a more complete picture of the valuation trends over the entire period.
Price to Earnings (P/E)
Intel Corp., historical P/E 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$) | ||||||
| Net income (loss) attributable to Intel (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| 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/E Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/E Ratio, 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.
2 2025 Calculation
EPS = Net income (loss) attributable to Intel ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Intel Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibits significant fluctuation over the observed period. Initial values indicate a relatively stable P/E ratio, followed by substantial volatility and, ultimately, unavailable values in the later years of the observation window.
- P/E Ratio Trend
- The P/E ratio began at 9.85 in 2021, increased to 14.54 in 2022, and then experienced a dramatic surge to 109.27 in 2023. Values for 2024 and 2025 are not available.
- Share Price and EPS Relationship
- The increase in the P/E ratio from 2022 to 2023 occurred alongside an increase in share price from US$28.16 to US$43.65, but a much more substantial *decrease* in earnings per share (EPS) from US$1.94 to US$0.40. This suggests the price increase was not supported by earnings growth, driving the P/E ratio higher.
The share price decreased significantly from 2023 to 2024, falling to US$19.43. Simultaneously, EPS became negative, reaching -US$4.33. The absence of a P/E ratio calculation for 2024 and 2025 is likely due to the negative EPS values, rendering the ratio meaningless in those periods.
- EPS Trend
- Earnings per share demonstrated a clear downward trend, declining from US$4.88 in 2021 to US$0.40 in 2023, and then becoming negative in both 2024 (-US$4.33) and 2025 (-US$0.05). This decline in profitability is a key driver of the P/E ratio’s volatility and eventual non-calculation.
The substantial changes in both share price and, particularly, EPS, have resulted in a highly unstable P/E ratio. The lack of P/E values for the final two periods indicates a period of significant financial challenge, as evidenced by the negative earnings.
Price to Operating Profit (P/OP)
Intel Corp., historical P/OP calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| 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/OP Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/OP Ratio, 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.
2 2025 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Intel Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibits substantial fluctuation over the observed period. Initial values indicate a relatively moderate valuation, followed by a dramatic increase and subsequent volatility. The share price demonstrates a decline from 2021 to 2022, a recovery in 2023, and further decline in 2024, with a partial recovery in 2025. Operating profit per share experienced a significant decrease from 2021 to 2023, turning negative in 2024 and remaining so in 2025.
- P/OP Ratio Trend
- In 2021, the P/OP ratio stood at 10.06. This increased substantially to 49.91 in 2022. A dramatic surge occurred in 2023, reaching 1,984.43. Values for 2024 and 2025 are unavailable, preventing a complete assessment of the recent trend. The increase in the ratio is primarily driven by a decrease in operating profit per share, as the share price also experienced fluctuations.
- Share Price Behavior
- The share price began at US$48.05 in 2021, decreased to US$28.16 in 2022, and then increased to US$43.65 in 2023. A significant decline to US$19.43 occurred in 2024, followed by a partial recovery to US$45.07 in 2025. This suggests market sentiment is sensitive to the company’s operating performance.
- Operating Profit per Share
- Operating profit per share decreased from US$4.78 in 2021 to US$0.56 in 2022, and then plummeted to US$0.02 in 2023. It became negative in 2024 at -US$2.70 and remained negative in 2025 at -US$0.44. This consistent decline in profitability is a key driver of the P/OP ratio’s behavior.
The exceptionally high P/OP ratio in 2023 warrants further investigation, as it may indicate a period of significantly reduced operating profitability relative to the share price. The negative operating profit per share in 2024 and 2025 suggests ongoing challenges in generating earnings from core operations.
Price to Sales (P/S)
Intel Corp., historical P/S calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net revenue (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| 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/S Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/S Ratio, 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.
2 2025 Calculation
Sales per share = Net revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Intel Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited considerable fluctuation over the five-year period. Initial values decreased, followed by an increase, and then another decrease before concluding with a substantial rise. This suggests a dynamic relationship between market valuation and revenue generation for each share.
- Overall Trend
- The price-to-sales ratio began at 2.48 in 2021, decreased to a low of 1.58 in 2024, and then increased significantly to 4.26 in 2025. This indicates periods of both decreasing and increasing investor confidence in the company’s ability to translate sales into market value.
- 2021-2022
- From 2021 to 2022, the price-to-sales ratio decreased from 2.48 to 1.85. This decline coincided with a decrease in sales per share, from US$19.41 to US$15.24, suggesting that the market adjusted its valuation downward in response to lower revenue generation per share.
- 2022-2023
- The ratio increased from 1.85 in 2022 to 3.40 in 2023. While sales per share continued to decline (to US$12.83), the share price experienced a more substantial increase, driving the ratio upward. This suggests that investor optimism regarding future growth or other factors outweighed the impact of declining current sales.
- 2023-2024
- A significant decrease in the price-to-sales ratio occurred between 2023 and 2024, falling from 3.40 to 1.58. This was primarily driven by a substantial decline in the share price (from US$43.65 to US$19.43), despite a relatively modest decrease in sales per share (from US$12.83 to US$12.26). This indicates a strong negative market reaction to the share price.
- 2024-2025
- The price-to-sales ratio experienced a considerable increase from 1.58 to 4.26 between 2024 and 2025. This increase was driven by a substantial increase in the share price (from US$19.43 to US$45.07), while sales per share decreased further (to US$10.58). This suggests a significant shift in investor sentiment, potentially anticipating future improvements in profitability or market position despite declining sales per share.
The observed volatility in the price-to-sales ratio warrants further investigation into the underlying factors influencing both the share price and sales per share. The divergence between the ratio and sales per share in the later years suggests that market expectations and sentiment play a crucial role in valuation.
Price to Book Value (P/BV)
Intel Corp., historical P/BV calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Intel stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| 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/BV Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/BV Ratio, 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.
2 2025 Calculation
BVPS = Total Intel stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Intel Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio stood at 2.05, decreased substantially, and then demonstrated a recovery before fluctuating again. This suggests a changing perception of the company’s market value relative to its net asset value.
- Overall Trend
- The P/BV ratio experienced a significant decline from 2021 to 2022, followed by a partial recovery in 2023, a further decline in 2024, and a subsequent increase in 2025. This pattern indicates volatility in investor sentiment regarding the company’s valuation.
- 2021-2022
- A marked decrease in the P/BV ratio is observed from 2.05 in 2021 to 1.15 in 2022. This decline coincided with a decrease in share price and a slight increase in book value per share. The reduction in the ratio suggests the market began to value the company’s equity lower in relation to its book value, potentially due to changing market conditions or company-specific concerns.
- 2022-2023
- The P/BV ratio increased from 1.15 in 2022 to 1.75 in 2023. This increase occurred alongside a substantial increase in share price, while book value per share remained relatively stable. The rise suggests a renewed investor confidence, with the market assigning a higher value to the company’s net assets.
- 2023-2024
- A substantial decrease in the P/BV ratio is evident, falling from 1.75 in 2023 to 0.85 in 2024. This decline was driven by a significant decrease in share price, coupled with a moderate decrease in book value per share. The ratio falling below 1.0 may indicate the market perceived the company’s shares as undervalued relative to its net asset value, or potentially reflected increased risk perceptions.
- 2024-2025
- The P/BV ratio increased from 0.85 in 2024 to 1.97 in 2025. This increase was driven by a substantial increase in share price, while book value per share experienced a slight decrease. The recovery suggests a positive shift in market sentiment, with investors again willing to pay a premium for the company’s net assets.
In summary, the P/BV ratio demonstrated significant volatility throughout the period, reflecting changes in both the company’s share price and market perceptions of its underlying asset value. The fluctuations suggest the company’s valuation was sensitive to market conditions and investor sentiment.