Analysis of Liquidity Ratios
Liquidity ratios measure the company ability to meet its short-term obligations.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
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- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
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Liquidity Ratios (Summary)
Intel Corp., liquidity ratios
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Current ratio | ||||||
| Quick ratio | ||||||
| Cash ratio |
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 liquidity position, as indicated by the presented ratios, demonstrates a fluctuating pattern over the five-year period. Initial values suggest a strong liquidity profile, which subsequently weakens before showing signs of recovery in the most recent year.
- Current Ratio
- The current ratio decreased from 2.10 in 2021 to 1.33 in 2024, indicating a diminishing ability to cover short-term liabilities with short-term assets. However, a notable increase to 2.02 is observed in 2025, suggesting an improvement in the company’s capacity to meet its short-term obligations. This recent rise partially offsets the prior decline.
- Quick Ratio
- A similar trend is evident in the quick ratio, declining from 1.38 in 2021 to 0.72 in 2024. This suggests a weakening in the ability to meet short-term obligations with the most liquid assets, excluding inventory. The quick ratio recovers to 1.31 in 2025, mirroring the improvement seen in the current ratio and indicating a strengthened short-term liquidity position.
- Cash Ratio
- The cash ratio follows a comparable pattern, decreasing from 1.03 in 2021 to 0.62 in 2024. This indicates a reduction in the company’s ability to cover immediate liabilities with only cash and cash equivalents. A substantial increase to 1.18 is then recorded in 2025, demonstrating a significant enhancement in the company’s most conservative measure of liquidity.
Overall, the period between 2021 and 2024 shows a consistent decline in all three liquidity ratios, signaling a potential increase in liquidity risk. The year 2025, however, presents a reversal of this trend, with all ratios improving and suggesting a restored, or even enhanced, liquidity position. The recovery in 2025 is particularly pronounced across all three measures.
Current Ratio
Intel Corp., current ratio 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) | ||||||
| Current assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Current ratio1 | ||||||
| Benchmarks | ||||||
| Current Ratio, 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. | ||||||
| Current Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Current Ratio, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The current ratio exhibited fluctuating performance over the five-year period. Initially strong, the ratio declined before recovering in the most recent year presented.
- Overall Trend
- The current ratio began at 2.10 in 2021, indicating a robust ability to cover short-term obligations with short-term assets. A consistent decline followed, reaching a low of 1.33 in 2024. However, the ratio demonstrated a significant recovery in 2025, increasing to 2.02.
- Decline (2021-2024)
- From 2021 to 2024, the current ratio decreased by 0.77. This decline was primarily driven by a faster growth rate in current liabilities compared to current assets. While current assets experienced a decrease from US$57,718 million to US$47,324 million over this period, current liabilities increased from US$27,462 million to US$35,666 million. This suggests a potential weakening in the short-term financial position during these years.
- Recovery (2024-2025)
- The year 2025 saw a notable reversal of the previous trend. The current ratio increased by 0.69, driven by a substantial increase in current assets to US$63,688 million, coupled with a moderate decrease in current liabilities to US$31,575 million. This improvement indicates a strengthened ability to meet short-term obligations.
- Ratio Values
- A current ratio above 1.0 generally suggests sufficient liquid assets to cover immediate liabilities. The values of 1.57, 1.54, and 1.33 in 2022, 2023, and 2024, respectively, remained above this threshold, albeit with a decreasing margin. The return to 2.02 in 2025 represents a comfortable margin of safety.
The observed fluctuations warrant further investigation into the underlying drivers of changes in both current assets and current liabilities to fully understand the company’s liquidity position.
Quick Ratio
Intel Corp., quick ratio calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | ||||||
| Short-term investments | ||||||
| Accounts receivable, net | ||||||
| Total quick assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Quick ratio1 | ||||||
| Benchmarks | ||||||
| Quick Ratio, 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. | ||||||
| Quick Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Quick Ratio, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The quick ratio exhibited fluctuating performance over the five-year period. Initially, the ratio demonstrated a decline followed by a recovery towards the end of the observed timeframe. A detailed examination of the trend reveals shifts in the company’s short-term liquidity position.
- Overall Trend
- The quick ratio began at 1.38 in 2021, indicating a comfortable ability to cover current liabilities with highly liquid assets. It then decreased to 1.01 in both 2022 and 2023, suggesting a weakening short-term liquidity position. A significant drop to 0.72 occurred in 2024, signaling potential challenges in meeting immediate obligations. However, the ratio rebounded to 1.31 in 2025, indicating an improved liquidity profile.
- Key Observations
- The decrease from 2021 to 2024 suggests that the growth in quick assets did not keep pace with the increase in current liabilities. The substantial decline in 2024 warrants further investigation to understand the underlying factors contributing to this reduction in liquidity. The subsequent increase in 2025 is a positive sign, potentially resulting from improved asset management or a decrease in short-term obligations.
- Supporting Financial Item Trends
- Total quick assets decreased from US$37,870 million in 2021 to US$25,540 million in 2024 before increasing to US$41,255 million in 2025. Current liabilities increased from US$27,462 million in 2021 to US$35,666 million in 2024, then decreased to US$31,575 million in 2025. The interplay between these two items directly influenced the quick ratio’s trajectory.
In conclusion, the quick ratio demonstrates a volatile pattern. While the recent improvement in 2025 is encouraging, the prior decline highlights the importance of continuous monitoring of short-term liquidity and the factors influencing both quick assets and current liabilities.
Cash Ratio
Intel Corp., cash ratio calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | ||||||
| Short-term investments | ||||||
| Total cash assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Cash ratio1 | ||||||
| Benchmarks | ||||||
| Cash Ratio, 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. | ||||||
| Cash Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Cash Ratio, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The cash ratio exhibited fluctuations over the five-year period. Initially, the ratio demonstrated a slight decline followed by a substantial increase in the most recent year observed.
- Cash Ratio Trend
- In 2021, the cash ratio stood at 1.03. It decreased to 0.88 in 2022, indicating a slightly reduced ability to cover current liabilities with only cash and cash equivalents. The ratio remained relatively stable in 2023 at 0.89. A more pronounced decrease was observed in 2024, with the cash ratio falling to 0.62, suggesting a weakening short-term liquidity position. However, the ratio experienced a significant recovery in 2025, rising to 1.18, demonstrating a strengthened capacity to meet current obligations with available cash.
- Underlying Components
- Total cash assets decreased from US$28,413 million in 2021 to US$25,034 million in 2023, then further to US$22,062 million in 2024, before increasing substantially to US$37,416 million in 2025. Current liabilities increased from US$27,462 million in 2021 to US$32,155 million in 2022, decreased to US$28,053 million in 2023, then increased to US$35,666 million in 2024, and finally decreased to US$31,575 million in 2025. The interplay between these two components significantly influenced the observed cash ratio trend.
The substantial increase in the cash ratio in 2025 is primarily attributable to the significant growth in total cash assets, coupled with a decrease in current liabilities. The lowest point in the observed period, 2024, reflects a combination of decreasing cash assets and increasing current liabilities.