Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Intel Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
Analysis of the valuation ratios indicates a period of significant volatility and subsequent expansion in market multiples across most metrics between 2022 and 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- These ratios exhibit extreme instability, characterized by sharp spikes. The P/E ratio transitioned from a low range of 7.24 to 14.54 in 2022 to a high of 109.27 by December 2023. An exceptional peak of 897.15 occurred in September 2025. This volatility is mirrored in the P/OP ratio, which reached an extreme high of 1,984.43 in December 2023. Such dramatic increases in earnings-based multiples typically suggest periods of severe profit compression or near-zero earnings.
- Price to Sales (P/S)
- The P/S ratio remained relatively stable between 1.58 and 3.40 from April 2022 through December 2024. A decisive upward trend emerged in 2025, with the ratio climbing from 1.87 in June 2025 to a peak of 8.16 in June 2026. This represents a significant expansion in the valuation multiple applied to revenue before a correction to 5.84 was observed in September 2026.
- Price to Book Value (P/BV)
- A U-shaped trajectory is evident in the P/BV ratio. From a starting point of 1.73 in April 2022, the ratio declined to a minimum of 0.80 in June 2024, indicating a period where the market valued the company below its accounting book value. Subsequently, a strong recovery occurred, with the ratio peaking at 5.32 in June 2026 before moderating to 3.04 by the end of the period.
The collective data suggests a transition from valuation distress in 2024 toward an aggressive market repricing by 2026. The simultaneous surge in P/S and P/BV ratios, alongside the extreme volatility in P/E, indicates a shift toward high-growth expectations or a significant change in the company's asset and revenue valuation profiles.
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Price to Earnings (P/E)
Intel Corp., historical P/E calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 5,315,000,000 | 5,044,000,000 | 5,026,000,000 | 4,995,000,000 | 4,770,000,000 | 4,377,000,000 | 4,362,000,000 | 4,330,000,000 | 4,313,000,000 | 4,276,000,000 | 4,257,000,000 | 4,228,000,000 | 4,216,000,000 | 4,188,000,000 | 4,171,000,000 | 4,137,000,000 | 4,127,000,000 | 4,106,000,000 | 4,089,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to Intel (in millions) | 3,320) | (11,033) | (3,728) | (591) | 4,063) | (2,918) | (821) | (126) | (16,639) | (1,610) | (381) | 2,669) | 297) | 1,481) | (2,758) | (664) | 1,019) | (454) | 8,113) | ||||||
| Earnings per share (EPS)2 | -2.26 | -2.24 | -0.63 | -0.05 | 0.04 | -4.68 | -4.40 | -4.33 | -3.70 | 0.23 | 0.96 | 0.40 | -0.39 | -0.22 | -0.68 | 1.94 | 3.22 | 4.65 | 6.02 | ||||||
| Share price1, 3 | 65.76 | 92.32 | 82.54 | 45.07 | 37.24 | 22.63 | 20.05 | 19.43 | 23.20 | 21.48 | 31.88 | 43.65 | 35.54 | 36.83 | 31.06 | 28.16 | 29.07 | 36.31 | 43.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | — | — | — | — | 897.15 | — | — | — | — | 94.20 | 33.38 | 109.27 | — | — | — | 14.54 | 9.02 | 7.80 | 7.24 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 122.31 | 137.18 | 75.29 | 126.23 | 93.41 | 73.07 | 110.61 | 132.06 | 172.70 | 208.95 | 317.27 | 839.13 | — | 332.75 | 96.16 | 41.59 | 50.59 | 47.48 | ||||||
| Analog Devices Inc. | 43.74 | 58.51 | 62.47 | 54.43 | 61.53 | 57.43 | 76.64 | 66.48 | 68.22 | 55.68 | 34.12 | 27.14 | 23.57 | 23.96 | 28.93 | 31.21 | 46.35 | 50.61 | 68.72 | ||||||
| Applied Materials Inc. | 42.49 | 39.88 | 37.44 | 29.37 | 18.64 | 19.06 | 22.54 | 19.20 | 22.15 | 24.70 | 23.55 | 19.63 | 18.50 | 17.61 | 14.79 | 13.55 | 13.59 | 14.82 | 17.99 | ||||||
| Broadcom Inc. | 45.01 | 63.64 | 64.76 | 67.63 | 92.18 | 92.09 | 90.66 | 175.56 | 145.09 | 76.08 | 50.29 | 36.78 | 25.96 | 24.11 | 20.92 | 20.70 | 21.10 | 26.03 | 31.86 | ||||||
| KLA Corp. | 48.96 | 41.06 | 37.48 | 29.72 | 24.20 | 30.58 | 30.04 | 34.24 | 36.43 | 29.95 | 20.06 | 20.04 | 15.12 | 15.62 | 13.89 | 16.89 | 15.13 | 18.51 | 19.76 | ||||||
| Lam Research Corp. | 48.20 | 49.88 | 32.79 | 24.09 | 19.61 | 24.23 | 23.93 | 27.05 | 33.64 | 32.06 | 19.89 | 19.26 | 14.05 | 12.60 | 10.51 | 13.77 | 13.97 | 17.91 | 18.12 | ||||||
| Marvell Technology Inc. | 34.35 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Micron Technology Inc. | 27.16 | 20.78 | 23.49 | 24.69 | 22.65 | 22.66 | 25.00 | 145.72 | — | — | — | — | — | 43.16 | 8.72 | 6.62 | 5.97 | 9.80 | 14.54 | ||||||
| NVIDIA Corp. | 45.69 | 50.96 | 42.84 | 43.95 | 56.64 | 58.13 | 66.31 | 56.68 | 65.31 | 112.05 | 200.72 | 131.70 | 63.65 | 48.55 | 49.72 | 68.08 | 97.36 | 73.53 | 73.45 | ||||||
| Qualcomm Inc. | 17.65 | 16.57 | 29.61 | 34.74 | 14.82 | 14.76 | 18.43 | 18.95 | 23.14 | 21.84 | 21.35 | 17.07 | 16.75 | 11.92 | 12.87 | 9.75 | 13.40 | 13.56 | 21.24 | ||||||
| Texas Instruments Inc. | 36.57 | 42.19 | 47.00 | 40.19 | 31.02 | 34.52 | 30.23 | 34.72 | 37.07 | 34.08 | 26.94 | 22.24 | 18.13 | 20.79 | 18.08 | 18.88 | 16.05 | 18.27 | 19.01 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income (loss) attributable to IntelQ3 2026
+ Net income (loss) attributable to IntelQ2 2026
+ Net income (loss) attributable to IntelQ1 2026
+ Net income (loss) attributable to IntelQ4 2025)
÷ No. shares of common stock outstanding
= (3,320,000,000 + -11,033,000,000 + -3,728,000,000 + -591,000,000)
÷ 5,315,000,000 = -2.26
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 65.76 ÷ -2.26 = —
5 Click competitor name to see calculations.
The financial data indicates a period of significant volatility in market valuation and a sustained decline in operational profitability. While the share price exhibited cyclical fluctuations, including a substantial peak in mid-2026, earnings performance deteriorated consistently, leading to prolonged periods of negative earnings per share.
- Share Price Performance
- The share price experienced a downward trajectory throughout 2022, reaching 28.16 by year-end. Following a period of recovery in 2023, a sharp contraction occurred during 2024, with the price falling to 19.43 by December. This was followed by an aggressive upward trend through 2025 and into early 2026, peaking at 92.32 in June 2026 before correcting to 65.76 by September 2026.
- Earnings Per Share (EPS) Trends
- Earnings showed a severe contraction, falling from 6.02 in April 2022 to 1.94 by December 2022. Profitability transitioned into negative territory in early 2023 and remained largely negative through 2026. A significant deterioration was observed in late 2024 and throughout 2025, with EPS reaching a low of -4.68 in June 2025. Despite a brief return to a marginal positive value of 0.04 in September 2025, the trend reverted to negative figures, ending at -2.26 in September 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio reflects an increasing disconnect between market price and actual earnings. In 2022, the ratio rose from 7.24 to 14.54 as earnings declined more rapidly than the stock price. During periods of negative EPS, the ratio became undefined. However, when EPS reached near-zero positive values, the ratio experienced extreme spikes, most notably reaching 109.27 in December 2023 and 897.15 in September 2025. These anomalies indicate that the share price was being sustained by market expectations or external factors rather than current earnings performance.
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Price to Operating Profit (P/OP)
Intel Corp., historical P/OP calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 5,315,000,000 | 5,044,000,000 | 5,026,000,000 | 4,995,000,000 | 4,770,000,000 | 4,377,000,000 | 4,362,000,000 | 4,330,000,000 | 4,313,000,000 | 4,276,000,000 | 4,257,000,000 | 4,228,000,000 | 4,216,000,000 | 4,188,000,000 | 4,171,000,000 | 4,137,000,000 | 4,127,000,000 | 4,106,000,000 | 4,089,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (loss) (in millions) | 2,522) | 1,796) | (3,136) | 580) | 683) | (3,176) | (301) | 412) | (9,057) | (1,964) | (1,069) | 2,585) | (8) | (1,016) | (1,468) | (1,132) | (175) | (700) | 4,341) | ||||||
| Operating profit per share2 | 0.33 | -0.02 | -1.00 | -0.44 | -0.50 | -2.77 | -2.50 | -2.70 | -2.20 | -0.11 | 0.12 | 0.02 | -0.86 | -0.91 | -0.83 | 0.56 | 2.05 | 3.37 | 4.92 | ||||||
| Share price1, 3 | 65.76 | 92.32 | 82.54 | 45.07 | 37.24 | 22.63 | 20.05 | 19.43 | 23.20 | 21.48 | 31.88 | 43.65 | 35.54 | 36.83 | 31.06 | 28.16 | 29.07 | 36.31 | 43.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 198.36 | — | — | — | — | — | — | — | — | — | 275.84 | 1,984.43 | — | — | — | 49.91 | 14.19 | 10.76 | 8.87 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 121.29 | 157.45 | 88.36 | 148.35 | 116.77 | 60.95 | 95.53 | 175.89 | 268.47 | 400.66 | 675.69 | — | — | 782.37 | 100.42 | 36.08 | 43.60 | 40.92 | ||||||
| Analog Devices Inc. | 36.65 | 46.83 | 49.18 | 42.08 | 47.12 | 47.16 | 61.84 | 53.48 | 53.84 | 46.99 | 29.30 | 23.53 | 20.61 | 20.41 | 24.53 | 26.16 | 38.46 | 41.74 | 55.30 | ||||||
| Applied Materials Inc. | 43.08 | 40.89 | 36.94 | 24.80 | 14.77 | 15.46 | 17.71 | 17.52 | 21.18 | 23.58 | 22.03 | 17.58 | 15.53 | 14.65 | 12.26 | 11.35 | 11.57 | 12.68 | 15.55 | ||||||
| Broadcom Inc. | 40.23 | 56.98 | 58.20 | 61.37 | 77.21 | 58.02 | 51.77 | 76.87 | 56.53 | 59.46 | 41.23 | 31.96 | 22.57 | 20.66 | 17.32 | 16.33 | 16.17 | 20.04 | 24.51 | ||||||
| KLA Corp. | 41.89 | 34.97 | 31.81 | 25.28 | 20.32 | 25.57 | 24.98 | 28.26 | 29.78 | 24.43 | 16.45 | 16.99 | 12.79 | 13.23 | 11.55 | 15.36 | 14.02 | 17.40 | 19.37 | ||||||
| Lam Research Corp. | 43.53 | 44.64 | 29.46 | 21.88 | 17.28 | 21.76 | 21.55 | 24.29 | 30.42 | 28.60 | 17.56 | 16.79 | 11.92 | 10.68 | 8.94 | 11.79 | 12.15 | 15.75 | 15.79 | ||||||
| Marvell Technology Inc. | 73.66 | 582.17 | — | — | — | — | — | — | — | — | — | 147.29 | 153.02 | 388.12 | — | — | — | — | — | ||||||
| Micron Technology Inc. | 23.13 | 17.83 | 20.37 | 21.58 | 18.46 | 17.11 | 21.07 | 86.94 | — | — | — | — | — | 34.54 | 7.86 | 5.93 | 5.31 | 8.90 | 13.31 | ||||||
| NVIDIA Corp. | 41.16 | 45.98 | 38.17 | 39.33 | 50.30 | 51.71 | 59.17 | 51.16 | 59.84 | 107.15 | 213.98 | 136.19 | 63.84 | 46.92 | 47.25 | 66.12 | 93.15 | 71.25 | 70.98 | ||||||
| Qualcomm Inc. | 16.00 | 14.48 | 13.06 | 15.58 | 14.28 | 14.20 | 18.18 | 19.08 | 22.65 | 21.54 | 20.09 | 15.85 | 14.36 | 9.90 | 10.47 | 7.95 | 11.41 | 11.80 | 19.06 | ||||||
| Texas Instruments Inc. | 30.73 | 35.20 | 38.76 | 33.37 | 26.40 | 29.91 | 26.77 | 30.49 | 32.74 | 30.38 | 23.82 | 19.75 | 16.15 | 18.24 | 15.69 | 16.29 | 13.69 | 15.53 | 16.30 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ No. shares of common stock outstanding
= (2,522,000,000 + 1,796,000,000 + -3,136,000,000 + 580,000,000)
÷ 5,315,000,000 = 0.33
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 65.76 ÷ 0.33 = 198.36
5 Click competitor name to see calculations.
The financial data indicates a period of significant operational distress followed by a volatile recovery phase. A primary characteristic of this period is the decoupling of share price movements from operating profitability, leading to extreme fluctuations in valuation multiples.
- Share Price Volatility
- The share price exhibited a downward trajectory from April 2022, reaching an initial low in December 2022. Following a temporary recovery that peaked at 43.65 in December 2023, the price experienced a sharp decline to 19.43 by December 2024. A subsequent aggressive rally occurred throughout 2025 and early 2026, with the price reaching a peak of 92.32 in June 2026 before correcting to 65.76 by September 2026.
- Operating Profit Performance
- Operating profit per share showed a sustained contraction, moving from a high of 4.92 in April 2022 to negative territory by April 2023. The company endured a prolonged period of operating losses, with the deficit widening to a trough of -2.77 per share in June 2025. A gradual recovery began in late 2025, culminating in a return to positive operating profit of 0.33 per share by September 2026.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio demonstrated extreme instability as operating profits converged toward zero. Between April 2022 and December 2022, the ratio expanded from 8.87 to 49.91, signaling a rapid decline in profitability relative to the stock price. By December 2023, the ratio reached a mathematical anomaly of 1,984.43 as the operating profit per share nearly vanished (0.02). For the majority of 2024 and 2025, the ratio is absent, reflecting periods of negative operating profit where the metric ceases to provide a meaningful valuation baseline. The return of the ratio to 198.36 in September 2026 coincides with the restoration of positive operating income, though it remains elevated relative to 2022 levels due to the significant increase in share price.
In summary, the data reveals a transition from a stable profit-generating entity to one facing severe operational losses, followed by a speculative or recovery-driven surge in equity valuation that preceded the actual restoration of operating profitability.
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Price to Sales (P/S)
Intel Corp., historical P/S calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 5,315,000,000 | 5,044,000,000 | 5,026,000,000 | 4,995,000,000 | 4,770,000,000 | 4,377,000,000 | 4,362,000,000 | 4,330,000,000 | 4,313,000,000 | 4,276,000,000 | 4,257,000,000 | 4,228,000,000 | 4,216,000,000 | 4,188,000,000 | 4,171,000,000 | 4,137,000,000 | 4,127,000,000 | 4,106,000,000 | 4,089,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net revenue (in millions) | 16,513) | 16,128) | 13,577) | 13,674) | 13,653) | 12,859) | 12,667) | 14,260) | 13,284) | 12,833) | 12,724) | 15,406) | 14,158) | 12,949) | 11,715) | 14,042) | 15,338) | 15,321) | 18,353) | ||||||
| Sales per share2 | 11.27 | 11.31 | 10.70 | 10.58 | 11.20 | 12.12 | 12.16 | 12.26 | 12.58 | 12.89 | 12.98 | 12.83 | 12.54 | 12.90 | 13.53 | 15.24 | 16.85 | 17.87 | 19.00 | ||||||
| Share price1, 3 | 65.76 | 92.32 | 82.54 | 45.07 | 37.24 | 22.63 | 20.05 | 19.43 | 23.20 | 21.48 | 31.88 | 43.65 | 35.54 | 36.83 | 31.06 | 28.16 | 29.07 | 36.31 | 43.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 5.84 | 8.16 | 7.72 | 4.26 | 3.32 | 1.87 | 1.65 | 1.58 | 1.84 | 1.67 | 2.46 | 3.40 | 2.83 | 2.85 | 2.30 | 1.85 | 1.73 | 2.03 | 2.29 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 19.05 | 18.35 | 9.42 | 13.03 | 8.94 | 5.86 | 7.04 | 9.93 | 10.05 | 10.23 | 11.95 | 7.89 | 8.08 | 5.70 | 5.38 | 4.14 | 7.34 | 8.54 | ||||||
| Analog Devices Inc. | 13.03 | 15.22 | 14.38 | 11.20 | 11.60 | 10.71 | 12.84 | 11.53 | 11.64 | 11.39 | 8.30 | 7.31 | 6.89 | 6.75 | 7.89 | 7.14 | 7.88 | 8.52 | 10.43 | ||||||
| Applied Materials Inc. | 12.77 | 11.69 | 10.40 | 7.25 | 4.45 | 4.59 | 5.17 | 5.07 | 6.15 | 6.81 | 6.36 | 5.08 | 4.49 | 4.29 | 3.63 | 3.43 | 3.59 | 4.03 | 4.88 | ||||||
| Broadcom Inc. | 19.33 | 24.72 | 23.68 | 24.48 | 29.12 | 20.85 | 16.75 | 20.07 | 15.79 | 18.34 | 15.05 | 14.46 | 10.15 | 9.33 | 7.66 | 7.00 | 6.54 | 7.49 | 8.42 | ||||||
| KLA Corp. | 17.46 | 14.69 | 12.68 | 9.93 | 7.74 | 9.04 | 8.69 | 9.64 | 9.91 | 8.38 | 6.12 | 6.47 | 4.99 | 5.28 | 4.62 | 6.09 | 5.51 | 6.77 | 7.22 | ||||||
| Lam Research Corp. | 14.91 | 15.07 | 9.72 | 7.00 | 5.33 | 6.42 | 6.23 | 6.95 | 8.53 | 7.75 | 4.99 | 4.99 | 3.66 | 3.39 | 2.83 | 3.68 | 3.79 | 4.98 | 4.91 | ||||||
| Marvell Technology Inc. | 10.90 | 7.49 | 7.98 | 10.49 | 19.02 | 12.51 | 11.14 | 10.63 | 8.30 | 8.22 | 9.72 | 5.92 | 6.53 | 7.75 | 10.18 | 12.40 | 18.01 | 14.62 | 13.28 | ||||||
| Micron Technology Inc. | 15.18 | 8.62 | 6.61 | 5.64 | 4.17 | 3.38 | 3.34 | 4.51 | 6.86 | 6.64 | 5.83 | 4.94 | 3.88 | 3.02 | 1.99 | 1.87 | 1.83 | 2.84 | 3.62 | ||||||
| NVIDIA Corp. | 24.22 | 26.71 | 22.15 | 24.55 | 31.54 | 31.99 | 35.41 | 27.69 | 27.49 | 35.40 | 37.18 | 21.33 | 13.27 | 12.64 | 15.92 | 24.67 | 32.92 | 23.77 | 20.32 | ||||||
| Qualcomm Inc. | 3.71 | 3.70 | 3.54 | 4.35 | 3.97 | 3.85 | 4.78 | 4.93 | 5.40 | 5.03 | 4.57 | 3.45 | 3.74 | 3.06 | 3.53 | 2.85 | 4.09 | 3.85 | 5.89 | ||||||
| Texas Instruments Inc. | 12.53 | 13.13 | 13.68 | 11.37 | 9.06 | 10.43 | 9.18 | 10.65 | 11.71 | 11.25 | 9.47 | 8.26 | 7.11 | 8.49 | 7.65 | 8.25 | 7.10 | 8.00 | 8.24 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
÷ No. shares of common stock outstanding
= (16,513,000,000 + 16,128,000,000 + 13,577,000,000 + 13,674,000,000)
÷ 5,315,000,000 = 11.27
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 65.76 ÷ 11.27 = 5.84
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits significant volatility between April 2022 and September 2026. While the underlying sales per share followed a consistent long-term downward trajectory, the valuation ratio was primarily driven by aggressive fluctuations in the share price, leading to periods of extreme valuation expansion and contraction.
- Revenue per Share Performance
- A steady decline in sales per share is observed throughout the entire period, falling from 19.00 USD in April 2022 to 11.27 USD by September 2026. This indicates a persistent reduction in the revenue generated per outstanding share, regardless of market valuation shifts.
- Valuation Phases (2022–2024)
- The P/S ratio underwent several cycles of adjustment during the first three years. An initial decline occurred in 2022, reaching 1.85 by December. This was followed by a recovery and expansion throughout 2023, peaking at 3.40 in December 2023. A subsequent compression occurred in 2024, where the ratio fell to a period low of 1.58 by December 2024, reflecting a market devaluation of the company's sales.
- Rapid Valuation Expansion (2025–2026)
- A period of exponential growth in the P/S ratio began in 2025. The ratio ascended from 1.87 in March 2025 to a peak of 8.16 in June 2026. This sharp increase was driven entirely by a surge in share price—which rose from 20.05 USD in December 2024 to a peak of 92.32 USD in June 2026—occurring simultaneously with a continued decline in sales per share.
- Recent Valuation Adjustment
- A correction is observed in the final quarter of the analyzed period. Between June 2026 and September 2026, the P/S ratio declined from 8.16 to 5.84, corresponding with a reduction in share price to 65.76 USD, suggesting a moderation of the previous valuation spike.
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Price to Book Value (P/BV)
Intel Corp., historical P/BV calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 5,315,000,000 | 5,044,000,000 | 5,026,000,000 | 4,995,000,000 | 4,770,000,000 | 4,377,000,000 | 4,362,000,000 | 4,330,000,000 | 4,313,000,000 | 4,276,000,000 | 4,257,000,000 | 4,228,000,000 | 4,216,000,000 | 4,188,000,000 | 4,171,000,000 | 4,137,000,000 | 4,127,000,000 | 4,106,000,000 | 4,089,000,000 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Intel stockholders’ equity (in millions) | 114,914) | 87,542) | 111,394) | 114,281) | 106,376) | 97,883) | 99,756) | 99,270) | 99,532) | 115,229) | 105,973) | 105,590) | 101,813) | 101,017) | 98,059) | 101,423) | 99,885) | 101,218) | 103,136) | ||||||
| Book value per share (BVPS)2 | 21.62 | 17.36 | 22.16 | 22.88 | 22.30 | 22.36 | 22.87 | 22.93 | 23.08 | 26.95 | 24.89 | 24.97 | 24.15 | 24.12 | 23.51 | 24.52 | 24.20 | 24.65 | 25.22 | ||||||
| Share price1, 3 | 65.76 | 92.32 | 82.54 | 45.07 | 37.24 | 22.63 | 20.05 | 19.43 | 23.20 | 21.48 | 31.88 | 43.65 | 35.54 | 36.83 | 31.06 | 28.16 | 29.07 | 36.31 | 43.59 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 3.04 | 5.32 | 3.72 | 1.97 | 1.67 | 1.01 | 0.88 | 0.85 | 1.01 | 0.80 | 1.28 | 1.75 | 1.47 | 1.53 | 1.32 | 1.15 | 1.20 | 1.47 | 1.73 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 11.71 | 10.66 | 5.18 | 6.86 | 4.44 | 2.81 | 3.15 | 4.23 | 4.14 | 4.15 | 4.85 | 3.18 | 3.20 | 2.40 | 2.32 | 1.73 | 2.87 | 2.91 | ||||||
| Analog Devices Inc. | 5.39 | 5.75 | 5.00 | 3.65 | 3.53 | 3.00 | 3.42 | 3.09 | 3.21 | 3.38 | 2.70 | 2.53 | 2.46 | 2.41 | 2.72 | 2.35 | 2.39 | 2.24 | 2.35 | ||||||
| Applied Materials Inc. | 15.37 | 14.19 | 13.51 | 10.07 | 6.53 | 6.79 | 7.68 | 7.25 | 8.76 | 9.92 | 9.67 | 8.23 | 7.90 | 8.09 | 7.11 | 7.25 | 7.48 | 8.65 | 9.91 | ||||||
| Broadcom Inc. | 17.28 | 21.28 | 20.25 | 19.24 | 23.82 | 17.09 | 13.09 | 15.29 | 11.26 | 11.17 | 8.32 | 21.59 | 16.31 | 14.86 | 11.31 | 10.23 | 9.93 | 10.71 | 10.45 | ||||||
| KLA Corp. | 39.22 | 34.24 | 31.86 | 25.73 | 22.33 | 27.37 | 25.03 | 28.08 | 30.73 | 26.63 | 20.82 | 23.25 | 19.77 | 21.25 | 21.67 | 40.04 | 11.68 | 13.65 | 13.95 | ||||||
| Lam Research Corp. | 30.55 | 30.55 | 18.69 | 13.09 | 9.61 | 11.81 | 11.46 | 12.13 | 15.14 | 13.49 | 9.82 | 10.58 | 8.22 | 7.78 | 6.88 | 10.10 | 10.52 | 12.70 | 13.28 | ||||||
| Marvell Technology Inc. | 6.05 | 4.04 | 3.90 | 4.51 | 7.64 | 4.65 | 4.11 | 3.95 | 3.00 | 3.00 | 3.64 | 2.24 | 2.45 | 2.75 | 3.34 | 3.52 | 4.50 | 3.43 | 2.78 | ||||||
| Micron Technology Inc. | 13.61 | 6.91 | 4.76 | 3.89 | 2.78 | 2.18 | 2.07 | 2.51 | 3.32 | 2.77 | 2.20 | 1.74 | 1.55 | 1.47 | 1.09 | 1.15 | 1.20 | 1.85 | 2.33 | ||||||
| NVIDIA Corp. | 38.12 | 44.07 | 39.23 | 40.38 | 54.22 | 52.98 | 57.48 | 39.25 | 37.08 | 42.07 | 39.24 | 26.03 | 17.76 | 15.75 | 17.87 | 24.95 | 33.57 | 24.61 | 20.84 | ||||||
| Qualcomm Inc. | 5.91 | 6.03 | 6.89 | 9.08 | 6.31 | 5.88 | 7.24 | 7.31 | 8.17 | 7.48 | 7.19 | 5.72 | 6.98 | 6.38 | 8.05 | 7.00 | 10.74 | 11.35 | 18.72 | ||||||
| Texas Instruments Inc. | 13.56 | 14.18 | 15.03 | 12.35 | 9.41 | 10.61 | 8.98 | 9.86 | 10.66 | 10.52 | 9.37 | 8.57 | 7.74 | 10.03 | 9.79 | 11.33 | 9.88 | 11.12 | 11.14 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Total Intel stockholders’ equity ÷ No. shares of common stock outstanding
= 114,914,000,000 ÷ 5,315,000,000 = 21.62
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 65.76 ÷ 21.62 = 3.04
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) analysis reveals a period of extreme volatility, characterized by a significant valuation compression followed by an aggressive re-rating. The relationship between the market price and the company's net asset value shifted from a moderate premium to a discount, and eventually to a high-multiple valuation.
- Share Price Movement
- A cyclical trend is observed in the share price, which began at 43.59 USD in April 2022 and declined to a low of 19.43 USD by December 2024. Following this trough, a rapid appreciation occurred, with the price peaking at 92.32 USD in June 2026 before correcting to 65.76 USD by September 2026.
- Book Value per Share (BVPS) Performance
- The BVPS demonstrated relative stability compared to the share price, generally oscillating between 22.00 USD and 27.00 USD for the majority of the period. A notable contraction occurred in March 2026, where the BVPS reached a period low of 17.36 USD, followed by a recovery to 21.62 USD by the end of the observed timeframe.
- P/BV Ratio Evolution
- The P/BV ratio transitioned through three distinct phases. An initial phase of moderate valuation was observed between April 2022 and March 2024, with the ratio fluctuating between 1.15 and 1.75. This was followed by a period of undervaluation from June 2024 to March 2025, during which the ratio dropped below 1.0, reaching a minimum of 0.80. The final phase, beginning in June 2025, saw a sharp expansion in the multiple, peaking at 5.32 in June 2026, which suggests a significant increase in market optimism or anticipated future growth regardless of current book value.
The divergence between the stable BVPS and the volatile share price indicates that the fluctuations in the P/BV ratio were driven primarily by market sentiment and price action rather than fundamental changes in the company's equity base. The peak ratio of 5.32 represents a substantial premium over the intrinsic accounting value, marking a stark contrast to the period of discount observed in 2024.
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