Stock Analysis on Net
Stock Analysis on Net

Intel Corp. (NASDAQ:INTC)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Intel Corp., adjusted financial ratios

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Activity Ratio
Total Asset Turnover
Reported 0.28 0.35 0.47 0.51 0.53
Adjusted 0.29 0.35 0.47 0.51 0.53
Liquidity Ratio
Current Ratio
Reported 1.54 1.57 2.10 1.91 1.40
Adjusted 1.55 1.61 2.10 1.91 1.40
Solvency Ratios
Debt to Equity
Reported 0.47 0.41 0.40 0.45 0.37
Adjusted 0.47 0.42 0.40 0.44 0.38
Debt to Capital
Reported 0.32 0.29 0.29 0.31 0.27
Adjusted 0.32 0.30 0.28 0.31 0.27
Financial Leverage
Reported 1.81 1.80 1.77 1.89 1.76
Adjusted 1.78 1.77 1.72 1.82 1.72
Profitability Ratios
Net Profit Margin
Reported 3.11% 12.71% 25.14% 26.84% 29.25%
Adjusted -1.43% 6.42% 24.04% 29.79% 29.55%
Return on Equity (ROE)
Reported 1.60% 7.90% 20.83% 25.79% 27.16%
Adjusted -0.74% 4.01% 19.55% 27.73% 27.09%
Return on Assets (ROA)
Reported 0.88% 4.40% 11.80% 13.65% 15.42%
Adjusted -0.42% 2.27% 11.34% 15.28% 15.71%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Intel Corp. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Intel Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Intel Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Intel Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Intel Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Intel Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Intel Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Intel Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Intel Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net revenue 54,228 63,054 79,024 77,867 71,965
Total assets 191,572 182,103 168,406 153,091 136,524
Activity Ratio
Total asset turnover1 0.28 0.35 0.47 0.51 0.53
Adjusted
Selected Financial Data (US$ in millions)
Net revenue 54,228 63,054 79,024 77,867 71,965
Adjusted total assets2 186,113 178,653 167,532 151,859 135,315
Activity Ratio
Adjusted total asset turnover3 0.29 0.35 0.47 0.51 0.53

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 54,228 ÷ 191,572 = 0.28

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 54,228 ÷ 186,113 = 0.29

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Intel Corp. adjusted total asset turnover ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 43,269 50,407 57,718 47,249 31,239
Current liabilities 28,053 32,155 27,462 24,754 22,310
Liquidity Ratio
Current ratio1 1.54 1.57 2.10 1.91 1.40
Adjusted
Selected Financial Data (US$ in millions)
Current assets 43,269 50,407 57,718 47,249 31,239
Adjusted current liabilities2 27,971 31,282 27,462 24,754 22,310
Liquidity Ratio
Adjusted current ratio3 1.55 1.61 2.10 1.91 1.40

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 43,269 ÷ 28,053 = 1.54

2 Adjusted current liabilities. See details »

3 2023 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 43,269 ÷ 27,971 = 1.55

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Intel Corp. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 49,266 42,051 38,101 36,401 29,001
Total Intel stockholders’ equity 105,590 101,423 95,391 81,038 77,504
Solvency Ratio
Debt to equity1 0.47 0.41 0.40 0.45 0.37
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 49,697 42,460 38,576 36,928 29,551
Adjusted total stockholders’ equity3 104,774 100,911 97,184 83,649 78,494
Solvency Ratio
Adjusted debt to equity4 0.47 0.42 0.40 0.44 0.38

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Intel stockholders’ equity
= 49,266 ÷ 105,590 = 0.47

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= 49,697 ÷ 104,774 = 0.47

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Intel Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 49,266 42,051 38,101 36,401 29,001
Total capital 154,856 143,474 133,492 117,439 106,505
Solvency Ratio
Debt to capital1 0.32 0.29 0.29 0.31 0.27
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 49,697 42,460 38,576 36,928 29,551
Adjusted total capital3 154,471 143,371 135,760 120,577 108,045
Solvency Ratio
Adjusted debt to capital4 0.32 0.30 0.28 0.31 0.27

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 49,266 ÷ 154,856 = 0.32

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 49,697 ÷ 154,471 = 0.32

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Intel Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 191,572 182,103 168,406 153,091 136,524
Total Intel stockholders’ equity 105,590 101,423 95,391 81,038 77,504
Solvency Ratio
Financial leverage1 1.81 1.80 1.77 1.89 1.76
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 186,113 178,653 167,532 151,859 135,315
Adjusted total stockholders’ equity3 104,774 100,911 97,184 83,649 78,494
Solvency Ratio
Adjusted financial leverage4 1.78 1.77 1.72 1.82 1.72

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Intel stockholders’ equity
= 191,572 ÷ 105,590 = 1.81

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= 186,113 ÷ 104,774 = 1.78

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Intel Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Intel 1,689 8,014 19,868 20,899 21,048
Net revenue 54,228 63,054 79,024 77,867 71,965
Profitability Ratio
Net profit margin1 3.11% 12.71% 25.14% 26.84% 29.25%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 (778) 4,050 18,997 23,197 21,264
Net revenue 54,228 63,054 79,024 77,867 71,965
Profitability Ratio
Adjusted net profit margin3 -1.43% 6.42% 24.04% 29.79% 29.55%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
Net profit margin = 100 × Net income attributable to Intel ÷ Net revenue
= 100 × 1,689 ÷ 54,228 = 3.11%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenue
= 100 × -778 ÷ 54,228 = -1.43%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Intel Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Intel 1,689 8,014 19,868 20,899 21,048
Total Intel stockholders’ equity 105,590 101,423 95,391 81,038 77,504
Profitability Ratio
ROE1 1.60% 7.90% 20.83% 25.79% 27.16%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 (778) 4,050 18,997 23,197 21,264
Adjusted total stockholders’ equity3 104,774 100,911 97,184 83,649 78,494
Profitability Ratio
Adjusted ROE4 -0.74% 4.01% 19.55% 27.73% 27.09%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
ROE = 100 × Net income attributable to Intel ÷ Total Intel stockholders’ equity
= 100 × 1,689 ÷ 105,590 = 1.60%

2 Adjusted net income. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total stockholders’ equity
= 100 × -778 ÷ 104,774 = -0.74%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Intel Corp. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Intel 1,689 8,014 19,868 20,899 21,048
Total assets 191,572 182,103 168,406 153,091 136,524
Profitability Ratio
ROA1 0.88% 4.40% 11.80% 13.65% 15.42%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 (778) 4,050 18,997 23,197 21,264
Adjusted total assets3 186,113 178,653 167,532 151,859 135,315
Profitability Ratio
Adjusted ROA4 -0.42% 2.27% 11.34% 15.28% 15.71%

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

1 2023 Calculation
ROA = 100 × Net income attributable to Intel ÷ Total assets
= 100 × 1,689 ÷ 191,572 = 0.88%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × -778 ÷ 186,113 = -0.42%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Intel Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.