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: 2026-06-27), 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).
The valuation profile exhibits significant volatility, characterized by extreme fluctuations in earnings-based multiples and a pronounced expansion in sales and book value multiples toward the end of the analyzed period.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) and Price to Operating Profit (P/OP) ratios demonstrate extreme instability. While P/E remained relatively low throughout 2022, it experienced a dramatic spike to 109.27 by December 30, 2023. A similar pattern is observed in the P/OP ratio, which escalated from 8.87 in early 2022 to a peak of 1,984.43 in late 2023. These anomalies suggest periods of severe earnings compression or near-zero profitability. A secondary, more extreme P/E spike to 897.15 occurs in September 2025, further indicating intermittent volatility in bottom-line performance.
- Price to Sales (P/S) Trend
- The P/S ratio remained comparatively stable between 1.73 and 3.40 from April 2022 through March 2024. However, a significant bullish trend emerged starting in 2025. The ratio climbed from 1.87 in March 2025 to 8.16 by June 2026. This steady acceleration indicates a substantial increase in the market's valuation of each dollar of revenue, reflecting growing investor optimism or a shift in the perceived quality of the company's revenue streams.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio reflects a period of undervaluation followed by a rapid recovery. Between April 2022 and December 2023, the ratio fluctuated between 1.15 and 1.75. In 2024, the ratio dipped below 1.0, reaching a low of 0.80 in June 2024, signifying that the company traded below its accounting book value. Subsequent to this trough, a sharp upward trajectory is observed, with the ratio ascending to 5.32 by June 2026, indicating a significant restoration and expansion of the market's valuation of the company's net assets.
Overall, the data suggests a transition from a period of financial distress or operational transition—marked by earnings volatility and a dip below book value in 2024—to a period of aggressive valuation expansion across sales and asset-based metrics by 2026.
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Price to Earnings (P/E)
Intel Corp., historical P/E calculation (quarterly data)
| 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 | 5,044,000,000 | 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) | (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 | -2.24 | -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 | 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. | 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. | 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. | 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. | 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. | 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 | ||||||
| Micron Technology Inc. | 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. | 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. | 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. | 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: 2026-06-27), 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 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to IntelQ2 2026
+ Net income (loss) attributable to IntelQ1 2026
+ Net income (loss) attributable to IntelQ4 2025
+ Net income (loss) attributable to IntelQ3 2025)
÷ No. shares of common stock outstanding
= (-11,033,000,000 + -3,728,000,000 + -591,000,000 + 4,063,000,000)
÷ 5,044,000,000 = -2.24
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 92.32 ÷ -2.24 = —
5 Click competitor name to see calculations.
The financial data reveals a significant divergence between equity valuation and actual earnings performance from April 2022 through June 2026. While the share price experienced a period of volatility and decline before a substantial surge in 2025 and 2026, earnings per share exhibited a persistent downward trajectory, spending the majority of the latter half of the period in negative territory.
- Share Price Trends
- A downward trend was observed throughout 2022, with the price falling from 43.59 US$ to 28.16 US$. A recovery occurred in 2023, peaking at 43.65 US$ in December, followed by a sharp contraction in 2024 to a low of 19.43 US$. However, a rapid and aggressive appreciation began in 2025, with the price escalating to 45.07 US$ by December and continuing to climb sharply through the first half of 2026, reaching 92.32 US$.
- Earnings Per Share (EPS) Performance
- Earnings showed a consistent decline from a high of 6.02 US$ in April 2022 to 1.94 US$ by December 2022. The company entered a period of instability in 2023, reporting negative EPS for the first three quarters before a brief return to profitability in December. A severe downturn occurred in 2024 and 2025, with EPS reaching depths of -4.68 US$ by June 2025. Despite a marginal recovery to 0.04 US$ in September 2025, earnings returned to negative values, ending at -2.24 US$ in June 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio shifted from a stable range of 7.24 to 14.54 in 2022 to extreme volatility as earnings approached zero. A significant spike to 109.27 was recorded in December 2023, reflecting the mathematical effect of a very low positive EPS relative to the share price. For much of 2024 and 2026, the ratio remained undefined or absent due to negative earnings. An extraordinary peak of 897.15 occurred in September 2025, coinciding with a marginal positive EPS of 0.04 US$ alongside a rising share price.
- Valuation Divergence
- A stark contradiction is evident in the 2025-2026 period, where the share price increased by over 300% from its 2024 lows despite earnings remaining negative or negligible. This suggests that the market valuation became decoupled from current quarterly earnings, potentially pricing in future expectations or non-earnings-based value drivers.
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Price to Operating Profit (P/OP)
Intel Corp., historical P/OP calculation (quarterly data)
| 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 | 5,044,000,000 | 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) | 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 | -0.02 | -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 | 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 | — | — | — | — | — | — | — | — | — | 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. | 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. | 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. | 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. | 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. | 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 | ||||||
| Micron Technology Inc. | 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. | 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. | 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. | 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: 2026-06-27), 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 Q2 2026 Calculation
Operating profit per share
= (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= (1,796,000,000 + -3,136,000,000 + 580,000,000 + 683,000,000)
÷ 5,044,000,000 = -0.02
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 92.32 ÷ -0.02 = —
5 Click competitor name to see calculations.
The financial trajectory from April 2022 through June 2026 is characterized by a severe erosion of operating profitability followed by a significant divergence between share price appreciation and operational recovery.
- Operating Profit Per Share Trends
- A consistent decline in operational efficiency is evident, with operating profit per share falling from 4.92 US$ in April 2022 to 0.56 US$ by December 2022. The metric entered negative territory in April 2023, remaining largely negative through June 2025, where it reached a low of -2.77 US$. A recovery phase is observed starting in late 2025, with the figure improving to -0.02 US$ by June 2026, indicating a return toward the break-even point.
- Share Price Volatility
- The share price exhibited extreme fluctuations throughout the period. After an initial decline from 43.59 US$ in early 2022 to a low of 28.16 US$ in December 2022, the price saw a temporary recovery to 43.65 US$ by December 2023. A subsequent sharp correction occurred in 2024, with the price dropping to 19.43 US$ by December. However, a rapid and aggressive appreciation followed, with the price escalating to 92.32 US$ by June 2026.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio experienced dramatic inflation as operating profits diminished. The ratio rose from 8.87 in April 2022 to 49.91 by December 2022, reflecting a contraction in profits that outpaced the decline in share price. During periods of negative operating profit, the ratio became mathematically undefined or unavailable. Extreme spikes occurred in December 2023 (1,984.43) and March 2024 (275.84), which are attributable to the share price remaining relatively high while operating profits were marginally positive (0.02 US$ and 0.12 US$, respectively), creating a distorted valuation multiple.
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Price to Sales (P/S)
Intel Corp., historical P/S calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 5,044,000,000 | 5,026,000,000 | 4,995,000,000 | 4,770,000,000 | 4,377,000,000 | 4,362,000,000 | 4,330,000,000 | 4,313,000,000 | 4,276,000,000 | 4,257,000,000 | 4,228,000,000 | 4,216,000,000 | 4,188,000,000 | 4,171,000,000 | 4,137,000,000 | 4,127,000,000 | 4,106,000,000 | 4,089,000,000 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net revenue (in millions) | 16,128) | 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 | 11.31 | 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 | 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 | 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. | 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. | 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. | 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. | 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. | 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 | ||||||
| Micron Technology Inc. | 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. | 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. | 3.70 | 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. | 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: 2026-06-27), 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 Q2 2026 Calculation
Sales per share
= (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
÷ No. shares of common stock outstanding
= (16,128,000,000 + 13,577,000,000 + 13,674,000,000 + 13,653,000,000)
÷ 5,044,000,000 = 11.31
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 92.32 ÷ 11.31 = 8.16
5 Click competitor name to see calculations.
The valuation trajectory of the common stock reflects a period of significant volatility followed by a sharp expansion in valuation multiples. While top-line efficiency per share experienced a consistent decline over the majority of the observed period, the market valuation transitioned from a conservative pricing model to an aggressive growth-oriented multiple by mid-2026.
- Revenue per Share Trends
- A persistent downward trend in sales per share is observed, beginning at 19.00 US$ in April 2022 and reaching a low of 10.58 US$ by December 2025. Although a slight recovery to 11.31 US$ occurred by June 2026, the overall trend indicates a contraction in the revenue generated per outstanding share over the four-year window.
- Share Price Behavior
- The share price exhibited three distinct phases: a period of moderate decline and stabilization between 2022 and 2023, a trough during 2024 where values dipped as low as 19.43 US$, and an exponential increase starting in late 2025. The price accelerated rapidly from 37.24 US$ in September 2025 to 92.32 US$ by June 2026.
- Price-to-Sales (P/S) Ratio Interpretation
- The P/S ratio remained relatively constrained between 1.58 and 3.40 from April 2022 through June 2025. However, a significant valuation decoupling occurred in late 2025 and 2026, with the ratio climbing from 1.87 in June 2025 to 8.16 by June 2026. This expansion was driven primarily by the surge in share price rather than an increase in sales per share, suggesting a substantial shift in investor sentiment or expectations regarding future growth and profitability.
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Price to Book Value (P/BV)
Intel Corp., historical P/BV calculation (quarterly data)
| 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 | 5,044,000,000 | 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) | 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 | 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 | 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 | 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. | 5.75 | 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. | 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. | 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. | 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 | 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 | ||||||
| Micron Technology Inc. | 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. | 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. | 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. | 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: 2026-06-27), 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 Q2 2026 Calculation
BVPS = Total Intel stockholders’ equity ÷ No. shares of common stock outstanding
= 87,542,000,000 ÷ 5,044,000,000 = 17.36
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 92.32 ÷ 17.36 = 5.32
5 Click competitor name to see calculations.
The Price-to-Book Value (P/BV) analysis reveals three distinct phases of valuation: a period of moderate volatility, a phase of significant undervaluation, and a terminal phase of rapid expansion.
- Share Price Volatility and Recovery
- The share price exhibited a prolonged downward trend from April 2022, declining from $43.59 to a period low of $19.43 by December 2024. Following this trough, a sharp reversal occurred starting in late 2025, with the price accelerating from $37.24 in September 2025 to a peak of $92.32 by June 2026.
- Book Value Per Share (BVPS) Trends
- The BVPS remained relatively stable, fluctuating between $22 and $27 for the majority of the analyzed period. A brief peak was observed in June 2024 at $26.95, followed by a gradual decline. A notable contraction in book value occurred in the final quarter of the series, where the BVPS dropped to $17.36 in June 2026.
- Price to Book Value (P/BV) Interpretation
- The P/BV ratio fluctuated between 1.15 and 1.75 during 2022 and 2023, indicating a moderate market premium over the accounting book value. Between June 2024 and March 2025, the ratio fell below the 1.0 threshold, reaching a minimum of 0.80, which signifies that the equity was trading at a discount to its book value. This trend reversed aggressively throughout 2025 and 2026, with the ratio climbing to 5.32 by June 2026, reflecting a substantial increase in market valuation relative to the company's net asset base.
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