Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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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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Solvency Ratios (Summary)
Intel Corp., solvency ratios
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 solvency position exhibits a mixed trend over the five-year period. While certain leverage ratios initially increased, suggesting a growing reliance on debt, later periods show stabilization or improvement. However, coverage ratios demonstrate significant volatility, culminating in negative values in the most recent year, indicating potential concerns regarding the ability to meet fixed financial obligations.
- Debt Ratios
- Debt to equity, debt to capital, and debt to assets all experienced incremental increases from 2021 through 2024. Debt to equity rose from 0.40 to 0.50, while debt to capital increased from 0.29 to 0.34. Debt to assets moved from 0.23 to 0.26 over the same period. In the final year, 2025, these ratios generally decreased, returning towards levels observed in earlier years, with debt to equity and debt to capital falling to 0.41 and 0.29 respectively, and debt to assets decreasing to 0.22. Inclusion of operating lease liabilities resulted in similar trends for the corresponding ratios.
- Leverage Ratio
- Financial leverage gradually increased from 1.77 in 2021 to 1.98 in 2024, indicating a greater proportion of assets financed by debt. This trend reversed in 2025, with the ratio declining to 1.85, suggesting a slight reduction in financial leverage.
- Coverage Ratios
- Interest coverage and fixed charge coverage ratios both declined substantially from 2021 to 2023. Interest coverage plummeted from 37.35 to 1.87, while fixed charge coverage decreased from 16.56 to 1.59. A significant deterioration occurred in 2024, with both ratios becoming negative (-9.84 for interest coverage and -7.74 for fixed charge coverage). A partial recovery is observed in 2025, with interest coverage rising to 2.43 and fixed charge coverage to 2.19, though these remain considerably lower than the levels seen in 2021 and 2022.
The increase in debt ratios coupled with the dramatic decline in coverage ratios warrants further investigation. The negative coverage ratios in 2024 suggest a period where earnings were insufficient to cover interest and fixed charges. While a recovery is indicated in 2025, the coverage ratios remain relatively low, potentially indicating ongoing vulnerability to changes in earnings or interest rates.
Debt Ratios
Coverage Ratios
Debt to Equity
Intel Corp., debt to equity calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total debt | ||||||
| Total Intel stockholders’ equity | ||||||
| Solvency Ratio | ||||||
| Debt to equity1 | ||||||
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| 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. | ||||||
| Debt to Equity, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Debt to Equity, 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 2025 Calculation
Debt to equity = Total debt ÷ Total Intel stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The debt to equity ratio exhibits a generally increasing trend from 2021 to 2024, followed by a decrease in the most recent period. This indicates a shifting reliance on debt financing relative to equity over the analyzed timeframe.
- Debt to Equity Ratio Trend
- In 2021, the debt to equity ratio stood at 0.40. It experienced a modest increase to 0.41 in 2022. The ratio continued to climb, reaching 0.47 in 2023 and peaking at 0.50 in 2024. This suggests an increasing proportion of debt used to finance assets relative to shareholder equity during these years. A subsequent decrease to 0.41 is observed in 2025, indicating a reduction in the relative debt burden.
- Total Debt
- Total debt increased from US$38,101 million in 2021 to US$49,266 million in 2023, representing a substantial rise in the company’s debt obligations. While the increase slowed in 2024, reaching US$50,011 million, a slight decrease to US$46,585 million is noted in 2025.
- Total Stockholders’ Equity
- Total stockholders’ equity generally increased over the period, moving from US$95,391 million in 2021 to US$105,590 million in 2023. A decrease to US$99,270 million occurred in 2024, before rebounding to US$114,281 million in 2025. This suggests fluctuations in shareholder investment and retained earnings.
- Implications
- The increasing debt to equity ratio from 2021 to 2024 implies a greater financial risk, as the company is relying more heavily on debt financing. However, the decrease in 2025 suggests a potential shift towards a more balanced capital structure. The interplay between debt and equity levels requires continued monitoring to assess the company’s long-term financial stability.
Debt to Equity (including Operating Lease Liability)
Intel Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total debt | ||||||
| Operating lease liability (recognized in Accrued liabilities) | ||||||
| Operating lease liability (recognized in Other long-term liabilities) | ||||||
| Total debt (including operating lease liability) | ||||||
| Total Intel stockholders’ equity | ||||||
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | ||||||
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| 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. | ||||||
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Debt to Equity (including Operating Lease Liability), 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 2025 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Intel stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The debt to equity ratio, including operating lease liability, exhibits a generally increasing trend from 2021 through 2024, followed by a decrease in 2025. Total debt increased consistently over the period, while stockholders’ equity demonstrated more fluctuation. This analysis details these observations.
- Debt to Equity Ratio Trend
- The debt to equity ratio began at 0.40 in 2021 and rose to 0.51 in 2024, representing a 27.5% increase over the four-year period. This indicates a growing reliance on debt financing relative to equity. However, the ratio decreased to 0.41 in 2025, suggesting a partial reversal of this trend.
- Total Debt
- Total debt, including operating lease liability, increased from US$38,576 million in 2021 to US$50,471 million in 2024, a 30.8% increase. The increase slowed in 2025, with total debt decreasing to US$46,976 million. This suggests a period of increased borrowing followed by a reduction in debt obligations.
- Total Stockholders’ Equity
- Total stockholders’ equity showed an initial increase from US$95,391 million in 2021 to US$105,590 million in 2023, representing an 11% increase. A decrease was observed in 2024, falling to US$99,270 million, before rebounding significantly to US$114,281 million in 2025. This fluctuation in equity may be attributable to factors such as net income, dividends, and share repurchases.
The combined effect of increasing debt and fluctuating equity contributed to the observed trend in the debt to equity ratio. The decrease in the ratio in 2025 is primarily driven by the substantial increase in stockholders’ equity, partially offsetting the decrease in total debt.
Debt to Capital
Intel Corp., debt to capital calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total debt | ||||||
| Total Intel stockholders’ equity | ||||||
| Total capital | ||||||
| Solvency Ratio | ||||||
| Debt to capital1 | ||||||
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| 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. | ||||||
| Debt to Capital, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Debt to Capital, 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 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The debt to capital ratio exhibits a generally increasing trend over the observed period, followed by a slight decrease in the most recent year. This indicates a shifting reliance on debt financing relative to total capital employed by the entity.
- Debt to Capital Ratio - Overall Trend
- The ratio remained constant at 0.29 in both 2021 and 2022. A gradual increase is then observed, rising to 0.32 in 2023 and peaking at 0.34 in 2024. In the final year presented, 2025, the ratio decreased to 0.29, returning to the level observed in the initial two years of the period.
The increase from 2022 to 2024 suggests the entity financed a greater proportion of its assets with debt. The subsequent decrease in 2025 could be attributed to several factors, including debt repayment, increased equity financing, or a reduction in total debt. The fluctuations suggest a dynamic capital structure management approach.
- Total Debt
- Total debt increased from US$38,101 million in 2021 to US$49,266 million in 2023, contributing to the rising debt to capital ratio. While debt remained relatively stable at US$50,011 million in 2024, the decrease to US$46,585 million in 2025 aligns with the observed reduction in the debt to capital ratio.
- Total Capital
- Total capital generally increased throughout the period, moving from US$133,492 million in 2021 to US$160,866 million in 2025. However, a slight decrease was noted in 2024, falling to US$149,281 million. This temporary reduction in total capital likely contributed to the peak in the debt to capital ratio observed in that year.
The interplay between changes in total debt and total capital is the primary driver of the observed fluctuations in the debt to capital ratio. Further investigation into the specific reasons behind these changes would be necessary to fully understand the entity’s financial leverage strategy.
Debt to Capital (including Operating Lease Liability)
Intel Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total debt | ||||||
| Operating lease liability (recognized in Accrued liabilities) | ||||||
| Operating lease liability (recognized in Other long-term liabilities) | ||||||
| Total debt (including operating lease liability) | ||||||
| Total Intel stockholders’ equity | ||||||
| Total capital (including operating lease liability) | ||||||
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | ||||||
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| 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. | ||||||
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Debt to Capital (including Operating Lease Liability), 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 2025 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
The Debt to Capital ratio, inclusive of operating lease liabilities, exhibits a generally increasing trend over the observed period, followed by a recent decrease. Total debt and total capital both increased from 2021 to 2023, but the rate of increase in debt was consistently higher, leading to a rising ratio. This trend reversed in the most recent year observed.
- Debt to Capital Ratio Trend
- The ratio began at 0.29 in 2021 and increased steadily to 0.34 in 2024. This indicates a growing reliance on debt financing relative to capital. However, in 2025, the ratio decreased to 0.29, suggesting a shift towards a more balanced capital structure or a reduction in debt levels.
Total debt increased from US$38,576 million in 2021 to US$49,697 million in 2023, representing a substantial increase in borrowing. While debt remained relatively stable in 2024 at US$50,471 million, it experienced a slight decrease to US$46,976 million in 2025. This recent decline in debt contributed to the observed decrease in the Debt to Capital ratio.
- Total Capital Trend
- Total capital also increased over the period, moving from US$133,967 million in 2021 to US$155,287 million in 2023. A slight decrease was noted in 2024, falling to US$149,741 million, before recovering to US$161,257 million in 2025. The increase in total capital suggests growth in equity and other capital components, but was not sufficient to offset the initial increase in debt.
The peak ratio of 0.34 in 2024 suggests the highest level of financial leverage during the analyzed timeframe. The subsequent decrease in 2025 indicates a potential improvement in the company’s solvency position, although further monitoring is necessary to confirm a sustained trend.
Debt to Assets
Intel Corp., debt to assets calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total debt | ||||||
| Total assets | ||||||
| Solvency Ratio | ||||||
| Debt to assets1 | ||||||
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| 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. | ||||||
| Debt to Assets, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Debt to Assets, 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 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The Debt-to-Assets ratio exhibits a generally stable pattern with some fluctuation over the five-year period. Initial values are consistent, followed by a moderate increase, and then a slight decline.
- Overall Trend
- The Debt-to-Assets ratio remained relatively consistent between 2021 and 2022, holding steady at 0.23. A noticeable increase occurred between 2022 and 2023, rising to 0.26. Subsequently, the ratio decreased slightly to 0.25 in 2024 before declining further to 0.22 in 2025.
- Magnitude of Change
- The largest single-year change was an increase of 0.03 between 2022 and 2023. The most significant decrease occurred between 2024 and 2025, also with a change of 0.03. These changes suggest a moderate level of volatility in the company’s leverage position during this period.
- Recent Performance
- The ratio in 2025 (0.22) represents a return to levels similar to those observed in the initial years of the period (2021 and 2022). This suggests a recent effort to reduce the proportion of assets financed by debt, or an increase in asset base relative to debt.
- Ratio Interpretation
- Throughout the observed period, the Debt-to-Assets ratio remained below 0.30. This indicates that, even at its highest point, debt did not represent a majority of the company’s asset financing. A ratio of 0.22 in the most recent year suggests a relatively conservative capital structure.
Debt to Assets (including Operating Lease Liability)
Intel Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total debt | ||||||
| Operating lease liability (recognized in Accrued liabilities) | ||||||
| Operating lease liability (recognized in Other long-term liabilities) | ||||||
| Total debt (including operating lease liability) | ||||||
| Total assets | ||||||
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | ||||||
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| 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. | ||||||
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Debt to Assets (including Operating Lease Liability), 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 2025 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The debt to assets ratio, including operating lease liability, exhibited a generally stable pattern over the five-year period, with a slight increase in the middle years followed by a decrease in the most recent year. Total debt increased from 2021 to 2023, while total assets also increased over the entire period. This interplay between debt and asset growth drove the observed ratio fluctuations.
- Debt to Assets Ratio Trend
- The ratio remained consistent at 0.23 in both 2021 and 2022. A noticeable increase occurred in 2023 and 2024, reaching 0.26 in both years. Subsequently, the ratio decreased to 0.22 in 2025, indicating a relative reduction in debt compared to assets.
- Total Debt Evolution
- Total debt, inclusive of operating lease liabilities, demonstrated an upward trend from US$38,576 million in 2021 to US$49,697 million in 2023. While debt remained relatively stable in 2024 at US$50,471 million, it experienced a decline to US$46,976 million in 2025.
- Total Asset Growth
- Total assets consistently increased throughout the observed period, progressing from US$168,406 million in 2021 to US$211,429 million in 2025. This consistent asset growth contributed to the stabilization and subsequent reduction of the debt to assets ratio in the later years.
The increase in the debt to assets ratio in 2023 and 2024 suggests a greater reliance on debt financing relative to asset growth during those years. However, the decrease in 2025 indicates a potential shift towards a more conservative financial structure, with asset growth outpacing debt accumulation.
Financial Leverage
Intel Corp., financial leverage calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | ||||||
| Total Intel stockholders’ equity | ||||||
| Solvency Ratio | ||||||
| Financial leverage1 | ||||||
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| 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. | ||||||
| Financial Leverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Financial Leverage, 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 2025 Calculation
Financial leverage = Total assets ÷ Total Intel stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
An examination of the provided financial information reveals trends in the company’s financial leverage over a five-year period. Total assets exhibited a consistent upward trajectory, increasing from US$168,406 million in 2021 to US$211,429 million in 2025. Total stockholders’ equity also generally increased, though with a slight dip in 2024, moving from US$95,391 million in 2021 to US$114,281 million in 2025.
- Financial Leverage
- The financial leverage ratio demonstrates a generally increasing trend from 1.77 in 2021 to 1.81 in 2023. This indicates a growing reliance on debt financing relative to equity. A notable increase occurred in 2024, with the ratio reaching 1.98, signifying a substantial increase in financial leverage. However, the ratio decreased slightly in 2025 to 1.85, suggesting a partial moderation of the increased leverage observed in the prior year. The fluctuations suggest potential shifts in the company’s capital structure strategy or access to capital markets.
The observed increase in financial leverage, particularly in 2024, warrants further investigation to determine the underlying reasons and potential implications for the company’s financial risk profile. While the slight decrease in 2025 offers some indication of stabilization, continued monitoring of this ratio is recommended.
The growth in total assets alongside the changes in financial leverage suggests the company is utilizing debt to fund asset expansion. The interplay between asset growth, equity changes, and leverage will be crucial in assessing the long-term sustainability of the company’s financial position.
Interest Coverage
Intel Corp., interest coverage calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Intel | ||||||
| Add: Net income attributable to noncontrolling interest | ||||||
| Add: Income tax expense | ||||||
| Add: Interest expense | ||||||
| Earnings before interest and tax (EBIT) | ||||||
| Solvency Ratio | ||||||
| Interest coverage1 | ||||||
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| 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. | ||||||
| Interest Coverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Interest Coverage, 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 2025 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
The interest coverage ratio exhibits significant fluctuations over the observed period. Initially strong, the ratio demonstrates a marked decline before a partial recovery in the most recent year.
- Earnings before Interest and Tax (EBIT)
- EBIT decreased substantially from US$22,300 million in 2021 to US$8,264 million in 2022. This decline continued in 2023, falling to US$1,640 million, before experiencing a significant loss of US$10,176 million in 2024. A recovery to a profit of US$2,648 million is observed in 2025.
- Interest Expense
- Interest expense remained relatively stable between 2021 and 2023, fluctuating between US$496 million and US$878 million. It increased to US$1,034 million in 2024 and further to US$1,091 million in 2025.
- Interest Coverage Ratio
- The interest coverage ratio began at a high of 37.35 in 2021, indicating a strong ability to meet interest obligations. The ratio decreased to 16.66 in 2022, and continued to decline to 1.87 in 2023. A negative ratio of -9.84 was recorded in 2024, signifying an inability to cover interest expense from earnings. The ratio improved to 2.43 in 2025, though it remains considerably lower than the initial value.
The substantial decrease in EBIT, coupled with relatively stable and then increasing interest expense, drove the deterioration in the interest coverage ratio. The negative value in 2024 suggests a period where earnings were insufficient to cover interest payments. The partial recovery in 2025, driven by improved earnings, led to a positive, albeit modest, interest coverage ratio.
The trend indicates increasing financial risk between 2021 and 2024, followed by a slight improvement in 2025. Continued monitoring of EBIT and interest expense is warranted to assess the sustainability of this improvement.
Fixed Charge Coverage
Intel Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Intel | ||||||
| Add: Net income attributable to noncontrolling interest | ||||||
| Add: Income tax expense | ||||||
| Add: Interest expense | ||||||
| Earnings before interest and tax (EBIT) | ||||||
| Add: Operating lease expense | ||||||
| Earnings before fixed charges and tax | ||||||
| Interest expense | ||||||
| Operating lease expense | ||||||
| Fixed charges | ||||||
| Solvency Ratio | ||||||
| Fixed charge coverage1 | ||||||
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| 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. | ||||||
| Fixed Charge Coverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Fixed Charge Coverage, 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 2025 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
The company’s fixed charge coverage exhibited significant volatility over the five-year period. Initially strong, coverage declined substantially before a partial recovery in the most recent year. Earnings before fixed charges and tax demonstrated a corresponding pattern of decline and subsequent, albeit limited, improvement.
- Earnings Before Fixed Charges and Tax
- Earnings before fixed charges and tax decreased dramatically from US$23,098 million in 2021 to US$8,993 million in 2022, representing a substantial reduction. This decline continued in 2023, falling to US$2,047 million. A significant loss was recorded in 2024, with earnings reaching negative US$9,928 million. Earnings showed a modest recovery in 2025, reaching US$2,860 million, but remained well below the 2021 level.
- Fixed Charges
- Fixed charges remained relatively stable throughout the period, fluctuating between US$1,225 million and US$1,395 million. A slight increase is observed from US$1,282 million in 2024 to US$1,303 million in 2025. The consistency in fixed charges contrasts sharply with the volatility in earnings before fixed charges and tax.
- Fixed Charge Coverage
- The fixed charge coverage ratio mirrored the trend in earnings. It began at a high of 16.56 in 2021, then decreased to 7.34 in 2022 and further to 1.59 in 2023. The ratio became negative in 2024, reaching -7.74, indicating an inability to cover fixed charges with available earnings. A partial recovery occurred in 2025, with the ratio increasing to 2.19, though still significantly below the initial value. The negative coverage in 2024 is a notable concern.
The substantial decline in earnings before fixed charges and tax, coupled with relatively consistent fixed charges, drove the observed volatility in the fixed charge coverage ratio. The negative coverage in 2024 suggests a period of significant financial stress, while the modest recovery in 2025 indicates a potential stabilization, though further monitoring is warranted.