Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Intel Corp., solvency ratios
Based on: 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), 10-K (reporting date: 2020-12-26).
The financial ratios demonstrate several notable trends over the five-year period ending in December 2024. Overall, leverage measures indicate a moderate increase in the company's reliance on debt financing.
- Debt to Equity:
- This ratio shows a generally increasing trend, starting at 0.45 in 2020, slightly decreasing to 0.4 in 2021, and then gradually rising each year to reach 0.5 by the end of 2024. When including operating lease liabilities, the pattern is similar but slightly higher, peaking at 0.51 in 2024. This suggests a growing use of debt relative to shareholders' equity over the period.
- Debt to Capital:
- The debt to capital ratio remains relatively stable initially, holding at 0.29 for 2021 and 2022, before experiencing a gradual increase to 0.34 by 2024. Inclusion of operating lease liabilities mirrors this trend with minor variation. This indicates that debt constitutes an increasing portion of total capital employed.
- Debt to Assets:
- This ratio stays relatively constant, fluctuating slightly from 0.24 in 2020 down to 0.23 in 2021 and 2022, before rising to 0.26 in 2023 and settling near 0.25 in 2024. Ratios including operating leases are marginally higher in the latter years but follow the same general pattern. The stability suggests that overall debt as a proportion of total assets has not drastically changed.
- Financial Leverage:
- Financial leverage decreases from 1.89 in 2020 to a low of 1.77 in 2021 but then gradually climbs again to 1.98 by 2024. This trend reflects a moderately increasing use of debt financing relative to equity, consistent with the debt to equity observations.
- Interest Coverage:
- Interest coverage experiences a substantial decline, falling from a robust 40.87 in 2020 down to negative levels by 2024 (-9.84). The sharp drop, particularly between 2022 and 2024, indicates a significant reduction in the company's ability to cover interest expenses with operating earnings, potentially signaling rising financial stress or reduced profitability.
- Fixed Charge Coverage:
- Similar to interest coverage, fixed charge coverage declines dramatically from 25 in 2020 to -7.74 in 2024. The consistent downward trend over the years highlights decreasing capacity to meet fixed obligations such as interest and lease payments, suggesting deteriorating financial health in this aspect.
In summary, the data present a scenario of increasing leverage with growing debt levels relative to equity and capital. While the company maintains a stable proportion of debt to assets, the declining coverage ratios raise concerns about earnings sufficiency to service debt and fixed charges. This could warrant careful monitoring of operational performance and cost management going forward.
Debt Ratios
Coverage Ratios
Debt to Equity
Intel Corp., debt to equity calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 3,729) | 2,288) | 4,367) | 4,591) | 2,504) | |
| Long-term debt | 46,282) | 46,978) | 37,684) | 33,510) | 33,897) | |
| Total debt | 50,011) | 49,266) | 42,051) | 38,101) | 36,401) | |
| Total Intel stockholders’ equity | 99,270) | 105,590) | 101,423) | 95,391) | 81,038) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.50 | 0.47 | 0.41 | 0.40 | 0.45 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.03 | 0.04 | 0.05 | 0.04 | 0.06 | |
| Analog Devices Inc. | 0.22 | 0.20 | 0.18 | 0.18 | 0.43 | |
| Applied Materials Inc. | 0.33 | 0.35 | 0.45 | 0.45 | 0.52 | |
| Broadcom Inc. | 1.00 | 1.64 | 1.74 | 1.59 | 1.72 | |
| KLA Corp. | 1.97 | 2.02 | 4.75 | 1.02 | 1.30 | |
| Lam Research Corp. | 0.58 | 0.61 | 0.80 | 0.83 | 1.12 | |
| Micron Technology Inc. | 0.30 | 0.30 | 0.14 | 0.15 | 0.17 | |
| NVIDIA Corp. | 0.23 | 0.50 | 0.41 | 0.41 | 0.16 | |
| Qualcomm Inc. | 0.56 | 0.71 | 0.86 | 1.58 | 2.59 | |
| Texas Instruments Inc. | 0.80 | 0.66 | 0.60 | 0.58 | 0.74 | |
| Debt to Equity, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.46 | 0.47 | 0.43 | 0.50 | 0.62 | |
| Debt to Equity, Industry | ||||||
| Information Technology | 0.61 | 0.66 | 0.71 | 0.83 | 0.97 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Debt to equity = Total debt ÷ Total Intel stockholders’ equity
= 50,011 ÷ 99,270 = 0.50
2 Click competitor name to see calculations.
The analysis of the annual financial data reveals several notable trends in the company’s capital structure over the five-year period.
- Total Debt
- The total debt exhibits a consistent upward trend from US$36,401 million in 2020 to US$50,011 million in 2024. This increase indicates a growing reliance on debt financing. Specifically, total debt rose moderately between 2020 and 2022, followed by a more pronounced increase from 2022 to 2024.
- Total Intel Stockholders’ Equity
- Stockholders’ equity shows growth from US$81,038 million in 2020 to US$105,590 million in 2023, suggesting an accumulation of retained earnings or other equity changes. However, there is a slight decline in 2024 to US$99,270 million, which may indicate dividend payments, share repurchases, or losses impacting equity.
- Debt to Equity Ratio
- The debt to equity ratio initially decreases from 0.45 in 2020 to 0.40 in 2021, reflecting equity growth outpacing debt increase. Subsequently, the ratio edges upward to 0.41 in 2022 and rises more significantly to 0.47 in 2023, then to 0.50 in 2024. This rising ratio suggests an increasing use of leverage, indicating greater financial risk associated with higher debt levels relative to equity.
Overall, the data indicates a strategic shift towards increased debt financing over the period, while equity capital expanded until 2023 but declined slightly in 2024. The increasing debt to equity ratio highlights a potential rise in financial leverage, which could impact the company’s risk profile going forward.
Debt to Equity (including Operating Lease Liability)
Intel Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 3,729) | 2,288) | 4,367) | 4,591) | 2,504) | |
| Long-term debt | 46,282) | 46,978) | 37,684) | 33,510) | 33,897) | |
| Total debt | 50,011) | 49,266) | 42,051) | 38,101) | 36,401) | |
| Operating lease liability (recognized in Accrued liabilities) | 181) | 142) | 173) | 180) | 173) | |
| Operating lease liability (recognized in Other long-term liabilities) | 279) | 289) | 236) | 295) | 354) | |
| Total debt (including operating lease liability) | 50,471) | 49,697) | 42,460) | 38,576) | 36,928) | |
| Total Intel stockholders’ equity | 99,270) | 105,590) | 101,423) | 95,391) | 81,038) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.51 | 0.47 | 0.42 | 0.40 | 0.46 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.04 | 0.06 | 0.05 | 0.10 | 0.10 | |
| Analog Devices Inc. | 0.23 | 0.21 | 0.19 | 0.19 | 0.46 | |
| Applied Materials Inc. | 0.35 | 0.37 | 0.48 | 0.47 | 0.54 | |
| Broadcom Inc. | 1.02 | 1.65 | 1.76 | 1.61 | 1.75 | |
| KLA Corp. | 2.02 | 2.08 | 4.83 | 1.05 | 1.34 | |
| Lam Research Corp. | 0.62 | 0.64 | 0.83 | 0.86 | 1.16 | |
| Micron Technology Inc. | 0.31 | 0.32 | 0.15 | 0.17 | 0.19 | |
| NVIDIA Corp. | 0.26 | 0.54 | 0.44 | 0.46 | 0.22 | |
| Qualcomm Inc. | 0.59 | 0.74 | 0.90 | 1.64 | 2.67 | |
| Texas Instruments Inc. | 0.85 | 0.70 | 0.63 | 0.62 | 0.77 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.48 | 0.48 | 0.45 | 0.52 | 0.64 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.67 | 0.73 | 0.77 | 0.91 | 1.04 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Intel stockholders’ equity
= 50,471 ÷ 99,270 = 0.51
2 Click competitor name to see calculations.
The financial data displays several key trends in the company's capital structure over the five-year period from 2020 to 2024.
- Total Debt (including operating lease liability)
- This metric shows a consistent upward trend throughout the period. Total debt increased from $36,928 million in 2020 to $50,471 million in 2024. The notable rise between 2022 and 2023 suggests a significant increase in borrowing or lease liability in that interval. This steady increase in debt could indicate an expansion strategy or increased leverage for financing operations or investments.
- Total Intel Stockholders’ Equity
- Stockholders' equity generally rose from $81,038 million in 2020 to a peak of $105,590 million in 2023. However, there was a decrease in 2024, with equity falling to $99,270 million. The rise through 2023 may reflect retained earnings accumulation or capital injections, while the 2024 decline could signal share repurchases, dividend payments exceeding net income, or losses impacting equity.
- Debt to Equity Ratio (including operating lease liability)
- The debt-to-equity ratio remained relatively stable around the 0.4 to 0.5 range but showed a slight increasing trend from 0.46 in 2020 to 0.51 in 2024. This suggests that the company gradually increased its leverage relative to its equity base, with the ratio peaking in 2024 reflecting the combination of increased debt and the reduction in equity in that year. The ratio indicates a moderate reliance on debt financing over the period but with a marginal trend toward higher leverage in the final year.
Overall, the data illustrate a strategy involving raising debt alongside growth in equity until 2023, followed by a potential shift in 2024 where equity declines and debt rises, leading to an increased leverage position. Close monitoring of this trend is advisable to assess balance sheet risk and capital structure sustainability.
Debt to Capital
Intel Corp., debt to capital calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 3,729) | 2,288) | 4,367) | 4,591) | 2,504) | |
| Long-term debt | 46,282) | 46,978) | 37,684) | 33,510) | 33,897) | |
| Total debt | 50,011) | 49,266) | 42,051) | 38,101) | 36,401) | |
| Total Intel stockholders’ equity | 99,270) | 105,590) | 101,423) | 95,391) | 81,038) | |
| Total capital | 149,281) | 154,856) | 143,474) | 133,492) | 117,439) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.34 | 0.32 | 0.29 | 0.29 | 0.31 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | |
| Analog Devices Inc. | 0.18 | 0.16 | 0.15 | 0.15 | 0.30 | |
| Applied Materials Inc. | 0.25 | 0.26 | 0.31 | 0.31 | 0.34 | |
| Broadcom Inc. | 0.50 | 0.62 | 0.64 | 0.61 | 0.63 | |
| KLA Corp. | 0.66 | 0.67 | 0.83 | 0.50 | 0.57 | |
| Lam Research Corp. | 0.37 | 0.38 | 0.44 | 0.45 | 0.53 | |
| Micron Technology Inc. | 0.23 | 0.23 | 0.12 | 0.13 | 0.15 | |
| NVIDIA Corp. | 0.18 | 0.33 | 0.29 | 0.29 | 0.14 | |
| Qualcomm Inc. | 0.36 | 0.42 | 0.46 | 0.61 | 0.72 | |
| Texas Instruments Inc. | 0.45 | 0.40 | 0.37 | 0.37 | 0.43 | |
| Debt to Capital, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.32 | 0.32 | 0.30 | 0.33 | 0.38 | |
| Debt to Capital, Industry | ||||||
| Information Technology | 0.38 | 0.40 | 0.41 | 0.45 | 0.49 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 50,011 ÷ 149,281 = 0.34
2 Click competitor name to see calculations.
An analysis of the financial data over the five-year period reveals notable trends in the company's capital structure and indebtedness. The total debt demonstrates a consistent upward trajectory, increasing from $36,401 million in 2020 to $50,011 million in 2024. This represents a growth of approximately 37% over the period, indicating a rising reliance on debt financing.
In parallel, the total capital also shows an overall increase, moving from $117,439 million in 2020 to a peak of $154,856 million in 2023, before slightly declining to $149,281 million in 2024. The growth of total capital over these years reflects an expansion in the company's financing base, though the small decrease in 2024 suggests a potential stabilization or slight contraction in capital resources.
The debt to capital ratio exhibits moderate fluctuations, beginning at 0.31 in 2020, declining marginally to 0.29 in both 2021 and 2022, then rising again to 0.32 in 2023 and further to 0.34 in 2024. This pattern indicates a relative reduction in leverage during the early years followed by an increased proportion of debt within the total capital structure in the most recent years. The rising ratio in 2023 and 2024 corresponds with the more pronounced increase in debt compared to the stabilization of total capital.
Overall, the data suggests a trend toward increased leverage, especially in the latter part of the period, which could imply a strategic shift towards debt utilization for financing growth or operations. The company’s capital base has expanded substantially over the period, though recent figures point towards a cautious stabilization. Monitoring the implications of rising debt levels on financial risk and cost of capital would be advisable.
Debt to Capital (including Operating Lease Liability)
Intel Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 3,729) | 2,288) | 4,367) | 4,591) | 2,504) | |
| Long-term debt | 46,282) | 46,978) | 37,684) | 33,510) | 33,897) | |
| Total debt | 50,011) | 49,266) | 42,051) | 38,101) | 36,401) | |
| Operating lease liability (recognized in Accrued liabilities) | 181) | 142) | 173) | 180) | 173) | |
| Operating lease liability (recognized in Other long-term liabilities) | 279) | 289) | 236) | 295) | 354) | |
| Total debt (including operating lease liability) | 50,471) | 49,697) | 42,460) | 38,576) | 36,928) | |
| Total Intel stockholders’ equity | 99,270) | 105,590) | 101,423) | 95,391) | 81,038) | |
| Total capital (including operating lease liability) | 149,741) | 155,287) | 143,883) | 133,967) | 117,966) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.34 | 0.32 | 0.30 | 0.29 | 0.31 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.04 | 0.05 | 0.05 | 0.09 | 0.09 | |
| Analog Devices Inc. | 0.18 | 0.17 | 0.16 | 0.16 | 0.31 | |
| Applied Materials Inc. | 0.26 | 0.27 | 0.32 | 0.32 | 0.35 | |
| Broadcom Inc. | 0.50 | 0.62 | 0.64 | 0.62 | 0.64 | |
| KLA Corp. | 0.67 | 0.67 | 0.83 | 0.51 | 0.57 | |
| Lam Research Corp. | 0.38 | 0.39 | 0.45 | 0.46 | 0.54 | |
| Micron Technology Inc. | 0.24 | 0.24 | 0.13 | 0.14 | 0.16 | |
| NVIDIA Corp. | 0.20 | 0.35 | 0.31 | 0.31 | 0.18 | |
| Qualcomm Inc. | 0.37 | 0.43 | 0.47 | 0.62 | 0.73 | |
| Texas Instruments Inc. | 0.46 | 0.41 | 0.39 | 0.38 | 0.44 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.33 | 0.33 | 0.31 | 0.34 | 0.39 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.40 | 0.42 | 0.44 | 0.48 | 0.51 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 50,471 ÷ 149,741 = 0.34
2 Click competitor name to see calculations.
- Total Debt (Including Operating Lease Liability)
- The total debt shows a consistent upward trend over the five-year period. Starting from US$36,928 million in 2020, the debt increased each year, reaching US$50,471 million in 2024. This indicates a significant rise in the company's leverage, with the most notable increments occurring between 2022 and 2023.
- Total Capital (Including Operating Lease Liability)
- Total capital also exhibits an overall increasing trend from US$117,966 million in 2020 to a peak of US$155,287 million in 2023. However, there is a slight decline in 2024 to US$149,741 million. This suggests that while the company expanded its capital base substantially over the initial four years, there was a modest contraction in the last year observed.
- Debt to Capital Ratio (Including Operating Lease Liability)
- The debt to capital ratio fluctuates moderately throughout the period. It decreased from 0.31 in 2020 to 0.29 in 2021, reflecting a relative reduction in leverage. However, from 2022 onwards, the ratio trended upward, moving from 0.30 to 0.32 in 2023, and further to 0.34 in 2024. This upward movement indicates that debt is comprising a growing proportion of the company’s capital structure in later years.
- Summary of Financial Trends
- The data reveals a pattern of increasing indebtedness coupled with initially growing but eventually slightly declining total capital. The rising debt to capital ratio in the final years suggests that leverage is increasing relative to total capital. This may imply a strategic shift toward more debt financing or a reduction in capital growth pace. Monitoring the implications of this leverage trend for financial risk and cost of capital would be advisable.
Debt to Assets
Intel Corp., debt to assets calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 3,729) | 2,288) | 4,367) | 4,591) | 2,504) | |
| Long-term debt | 46,282) | 46,978) | 37,684) | 33,510) | 33,897) | |
| Total debt | 50,011) | 49,266) | 42,051) | 38,101) | 36,401) | |
| Total assets | 196,485) | 191,572) | 182,103) | 168,406) | 153,091) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.25 | 0.26 | 0.23 | 0.23 | 0.24 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.02 | 0.04 | 0.04 | 0.03 | 0.04 | |
| Analog Devices Inc. | 0.16 | 0.14 | 0.13 | 0.13 | 0.24 | |
| Applied Materials Inc. | 0.18 | 0.18 | 0.20 | 0.21 | 0.24 | |
| Broadcom Inc. | 0.41 | 0.54 | 0.54 | 0.53 | 0.54 | |
| KLA Corp. | 0.43 | 0.42 | 0.53 | 0.34 | 0.37 | |
| Lam Research Corp. | 0.27 | 0.27 | 0.29 | 0.31 | 0.40 | |
| Micron Technology Inc. | 0.19 | 0.21 | 0.10 | 0.12 | 0.12 | |
| NVIDIA Corp. | 0.15 | 0.27 | 0.25 | 0.24 | 0.11 | |
| Qualcomm Inc. | 0.27 | 0.30 | 0.32 | 0.38 | 0.44 | |
| Texas Instruments Inc. | 0.38 | 0.35 | 0.32 | 0.31 | 0.35 | |
| Debt to Assets, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.25 | 0.26 | 0.24 | 0.26 | 0.30 | |
| Debt to Assets, Industry | ||||||
| Information Technology | 0.25 | 0.26 | 0.26 | 0.29 | 0.31 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 50,011 ÷ 196,485 = 0.25
2 Click competitor name to see calculations.
- Total Debt
- The total debt of the company shows a consistent upward trend over the five-year period. Starting at $36,401 million in 2020, it increased each year to reach $50,011 million by the end of 2024. The most significant yearly increase occurred between 2022 and 2023, where total debt rose by approximately $7,215 million.
- Total Assets
- Total assets also exhibited a steady growth pattern from $153,091 million in 2020 to $196,485 million in 2024. The asset base expanded every year, with the largest annual growth appearing between 2021 and 2022, increasing by around $13,697 million. This indicates ongoing asset accumulation or investment over the observed period.
- Debt to Assets Ratio
- The debt to assets ratio remained relatively stable throughout the period, fluctuating slightly between 0.23 and 0.26. Initially, it decreased marginally from 0.24 in 2020 to 0.23 in 2021 and 2022, suggesting that asset growth somewhat outpaced debt accumulation during those years. However, in 2023, this ratio increased to 0.26, indicating a proportionally higher increase in debt relative to assets. By 2024, it decreased again slightly to 0.25 but remained elevated compared to earlier years.
- Insights
- The data reflects a company steadily increasing both its debt and asset base over the five years, maintaining a relatively stable level of leverage. The slight increase in the debt to assets ratio in 2023 suggests a period where debt grew faster than assets, possibly indicating increased borrowing for expansion or other strategic initiatives. The overall modest leverage ratio, staying near one-quarter, implies a moderate reliance on debt financing relative to total assets.
Debt to Assets (including Operating Lease Liability)
Intel Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 3,729) | 2,288) | 4,367) | 4,591) | 2,504) | |
| Long-term debt | 46,282) | 46,978) | 37,684) | 33,510) | 33,897) | |
| Total debt | 50,011) | 49,266) | 42,051) | 38,101) | 36,401) | |
| Operating lease liability (recognized in Accrued liabilities) | 181) | 142) | 173) | 180) | 173) | |
| Operating lease liability (recognized in Other long-term liabilities) | 279) | 289) | 236) | 295) | 354) | |
| Total debt (including operating lease liability) | 50,471) | 49,697) | 42,460) | 38,576) | 36,928) | |
| Total assets | 196,485) | 191,572) | 182,103) | 168,406) | 153,091) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.26 | 0.26 | 0.23 | 0.23 | 0.24 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Advanced Micro Devices Inc. | 0.03 | 0.05 | 0.04 | 0.06 | 0.06 | |
| Analog Devices Inc. | 0.17 | 0.15 | 0.14 | 0.14 | 0.25 | |
| Applied Materials Inc. | 0.19 | 0.20 | 0.22 | 0.22 | 0.26 | |
| Broadcom Inc. | 0.42 | 0.54 | 0.55 | 0.53 | 0.55 | |
| KLA Corp. | 0.44 | 0.43 | 0.54 | 0.35 | 0.38 | |
| Lam Research Corp. | 0.28 | 0.28 | 0.30 | 0.33 | 0.41 | |
| Micron Technology Inc. | 0.20 | 0.22 | 0.11 | 0.12 | 0.13 | |
| NVIDIA Corp. | 0.17 | 0.29 | 0.27 | 0.27 | 0.15 | |
| Qualcomm Inc. | 0.28 | 0.31 | 0.33 | 0.40 | 0.46 | |
| Texas Instruments Inc. | 0.40 | 0.36 | 0.34 | 0.33 | 0.37 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Semiconductors & Semiconductor Equipment | 0.26 | 0.27 | 0.25 | 0.27 | 0.31 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Information Technology | 0.27 | 0.28 | 0.29 | 0.31 | 0.33 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 50,471 ÷ 196,485 = 0.26
2 Click competitor name to see calculations.
- Total Debt (including operating lease liability)
- The total debt amount has shown a steady increase over the analyzed periods. Starting at 36,928 million USD in 2020, it rose to 38,576 million USD in 2021, then increased further to 42,460 million USD in 2022. The upward trend continued in 2023 with 49,697 million USD and slightly increased to 50,471 million USD by the end of 2024. This indicates a growing leverage position over the years.
- Total Assets
- Total assets have consistently grown during the same period. Beginning at 153,091 million USD in 2020, assets expanded to 168,406 million USD in 2021 and then to 182,103 million USD in 2022. The upward trajectory continued with 191,572 million USD in 2023, reaching 196,485 million USD in 2024. This growth reflects ongoing asset accumulation or appreciation.
- Debt to Assets Ratio (including operating lease liability)
- The debt to assets ratio demonstrated a slight decrease from 0.24 in 2020 to 0.23 in both 2021 and 2022, suggesting a relatively stable leverage position in relation to asset growth during these years. However, in 2023 this ratio increased to 0.26 and remained at that level in 2024, indicating that debt levels have grown somewhat faster than assets recently, leading to a marginally higher leverage risk.
Financial Leverage
Intel Corp., financial leverage calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 196,485) | 191,572) | 182,103) | 168,406) | 153,091) | |
| Total Intel stockholders’ equity | 99,270) | 105,590) | 101,423) | 95,391) | 81,038) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.98 | 1.81 | 1.80 | 1.77 | 1.89 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 1.20 | 1.21 | 1.23 | 1.66 | 1.54 | |
| Analog Devices Inc. | 1.37 | 1.37 | 1.38 | 1.38 | 1.79 | |
| Applied Materials Inc. | 1.81 | 1.88 | 2.19 | 2.11 | 2.11 | |
| Broadcom Inc. | 2.45 | 3.04 | 3.23 | 3.03 | 3.18 | |
| KLA Corp. | 4.58 | 4.82 | 8.99 | 3.04 | 3.48 | |
| Lam Research Corp. | 2.20 | 2.29 | 2.74 | 2.64 | 2.81 | |
| Micron Technology Inc. | 1.54 | 1.46 | 1.33 | 1.34 | 1.38 | |
| NVIDIA Corp. | 1.53 | 1.86 | 1.66 | 1.70 | 1.42 | |
| Qualcomm Inc. | 2.10 | 2.37 | 2.72 | 4.14 | 5.86 | |
| Texas Instruments Inc. | 2.10 | 1.91 | 1.87 | 1.85 | 2.11 | |
| Financial Leverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 1.83 | 1.79 | 1.79 | 1.89 | 2.08 | |
| Financial Leverage, Industry | ||||||
| Information Technology | 2.46 | 2.56 | 2.69 | 2.90 | 3.12 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Financial leverage = Total assets ÷ Total Intel stockholders’ equity
= 196,485 ÷ 99,270 = 1.98
2 Click competitor name to see calculations.
- Total assets
- The total assets show a consistent upward trend over the five-year period, increasing from US$153,091 million in 2020 to US$196,485 million in 2024. This steady growth indicates a continual expansion in the asset base, with the most significant annual increase occurring between 2020 and 2021.
- Total Intel stockholders’ equity
- Stockholders' equity also displays an overall increase from US$81,038 million in 2020 to US$99,270 million in 2024. However, the growth rate slows in the final year, with a slight decline observed between 2023 and 2024, dropping from US$105,590 million to US$99,270 million. This may suggest some changes in retained earnings, dividends, or share repurchases affecting equity.
- Financial leverage
- The financial leverage ratio was relatively stable from 2020 through 2023, fluctuating slightly between 1.77 and 1.89. However, a noticeable increase occurs in 2024, rising to 1.98. This indicates a higher proportion of debt relative to equity in the capital structure during the final year, potentially reflecting increased borrowing or changes in capital management strategies.
Interest Coverage
Intel Corp., interest coverage calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Intel | (18,756) | 1,689) | 8,014) | 19,868) | 20,899) | |
| Add: Net income attributable to noncontrolling interest | (477) | (14) | 3) | —) | —) | |
| Add: Income tax expense | 8,023) | (913) | (249) | 1,835) | 4,179) | |
| Add: Interest expense | 1,034) | 878) | 496) | 597) | 629) | |
| Earnings before interest and tax (EBIT) | (10,176) | 1,640) | 8,264) | 22,300) | 25,707) | |
| Solvency Ratio | ||||||
| Interest coverage1 | -9.84 | 1.87 | 16.66 | 37.35 | 40.87 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 22.98 | 5.79 | 14.61 | 109.09 | 28.23 | |
| Analog Devices Inc. | 6.52 | 14.63 | 16.46 | 8.19 | 7.79 | |
| Applied Materials Inc. | 34.00 | 33.42 | 34.33 | 29.69 | 18.36 | |
| Broadcom Inc. | 3.51 | 10.31 | 8.16 | 4.59 | 2.37 | |
| KLA Corp. | 11.25 | 13.76 | 22.76 | 16.00 | 9.22 | |
| Lam Research Corp. | 24.54 | 28.40 | 29.11 | 21.95 | 15.51 | |
| Micron Technology Inc. | 3.19 | -13.58 | 51.66 | 35.18 | 16.41 | |
| NVIDIA Corp. | 132.59 | 16.96 | 43.12 | 24.96 | 58.12 | |
| Qualcomm Inc. | 15.83 | 11.72 | 31.61 | 19.38 | 10.50 | |
| Texas Instruments Inc. | 11.73 | 22.01 | 47.88 | 49.47 | 32.67 | |
| Interest Coverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 9.45 | 10.45 | 21.20 | 18.41 | 14.11 | |
| Interest Coverage, Industry | ||||||
| Information Technology | 19.55 | 17.69 | 22.65 | 19.92 | 14.14 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= -10,176 ÷ 1,034 = -9.84
2 Click competitor name to see calculations.
- Earnings before interest and tax (EBIT)
- The EBIT shows a declining trend over the five-year period. Starting at $25,707 million in 2020, it decreases moderately to $22,300 million in 2021, then sharply falls to $8,264 million in 2022. The decline continues into 2023 with a significantly lower value of $1,640 million, followed by a negative EBIT of -$10,176 million in 2024. This pattern indicates progressively worsening operating profitability, culminating in operating losses by the final year.
- Interest expense
- Interest expense exhibits a relatively stable to slightly increasing trend. It begins at $629 million in 2020 and remains close to this level through 2021 and 2022, with slight decreases and increases (597 million and 496 million, respectively). However, interest expense rises again in 2023 to $878 million and further increases to $1,034 million in 2024. The upward trend in interest expense in the last two years may reflect higher debt levels or increased interest rates.
- Interest coverage ratio
- The interest coverage ratio declines substantially throughout the period. From a healthy ratio of 40.87 in 2020, it decreases moderately to 37.35 in 2021, then plunges to 16.66 in 2022. The ratio worsens significantly to 1.87 in 2023, indicating very limited ability to cover interest expenses through EBIT. By 2024, the ratio becomes negative at -9.84, confirming the presence of operating losses and insufficient earnings to meet interest obligations. This trend suggests increasing financial risk related to debt servicing capacity over time.
Fixed Charge Coverage
Intel Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Intel | (18,756) | 1,689) | 8,014) | 19,868) | 20,899) | |
| Add: Net income attributable to noncontrolling interest | (477) | (14) | 3) | —) | —) | |
| Add: Income tax expense | 8,023) | (913) | (249) | 1,835) | 4,179) | |
| Add: Interest expense | 1,034) | 878) | 496) | 597) | 629) | |
| Earnings before interest and tax (EBIT) | (10,176) | 1,640) | 8,264) | 22,300) | 25,707) | |
| Add: Operating lease expense | 248) | 407) | 729) | 798) | 416) | |
| Earnings before fixed charges and tax | (9,928) | 2,047) | 8,993) | 23,098) | 26,123) | |
| Interest expense | 1,034) | 878) | 496) | 597) | 629) | |
| Operating lease expense | 248) | 407) | 729) | 798) | 416) | |
| Fixed charges | 1,282) | 1,285) | 1,225) | 1,395) | 1,045) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | -7.74 | 1.59 | 7.34 | 16.56 | 25.00 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Advanced Micro Devices Inc. | 9.46 | 3.18 | 6.82 | 36.00 | 13.08 | |
| Analog Devices Inc. | 5.55 | 11.89 | 12.87 | 6.64 | 6.48 | |
| Applied Materials Inc. | 34.00 | 23.69 | 24.67 | 22.50 | 14.48 | |
| Broadcom Inc. | 3.40 | 9.81 | 6.55 | 3.70 | 1.92 | |
| KLA Corp. | 9.72 | 12.19 | 18.72 | 13.03 | 7.74 | |
| Lam Research Corp. | 17.23 | 20.49 | 21.44 | 17.80 | 12.52 | |
| Micron Technology Inc. | 2.75 | -9.77 | 31.49 | 22.49 | 11.10 | |
| NVIDIA Corp. | 65.29 | 10.19 | 25.61 | 14.40 | 18.89 | |
| Qualcomm Inc. | 12.73 | 9.29 | 22.52 | 14.48 | 8.30 | |
| Texas Instruments Inc. | 10.20 | 18.41 | 36.70 | 36.25 | 24.14 | |
| Fixed Charge Coverage, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 8.17 | 8.34 | 14.41 | 12.75 | 10.43 | |
| Fixed Charge Coverage, Industry | ||||||
| Information Technology | 12.44 | 11.34 | 13.44 | 12.21 | 9.04 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= -9,928 ÷ 1,282 = -7.74
2 Click competitor name to see calculations.
The financial data reveals a notable downward trend in the earnings before fixed charges and tax over the five-year period. Starting from a robust figure of 26,123 million US dollars at the end of 2020, this earnings metric sharply declined year-on-year, dropping to a negative value of -9,928 million US dollars by the end of 2024. This trajectory indicates a significant deterioration in operating profitability before accounting for fixed charges.
Fixed charges have remained relatively stable over the same period, fluctuating slightly between 1,045 million US dollars and 1,395 million US dollars, with values close to 1,282 million US dollars towards the end of 2024. The lack of significant increase in fixed charges juxtaposed with the decline in earnings suggests that the negative trend in earnings is not driven by rising fixed expenses but rather by underlying operational challenges or other factors impacting earnings directly.
The fixed charge coverage ratio, which measures the ability to cover fixed charges with earnings before fixed charges and tax, exhibits a stark deterioration consistent with the decline in earnings. This ratio decreased from a strong coverage of 25 in 2020 to a negative coverage of -7.74 by 2024. The coverage ratio falling below 1, and eventually turning negative, signals increasing financial risk and potential difficulties in meeting fixed obligations from operating earnings.
Overall, the financial data depicts a substantial weakening in the company’s operating performance and its capacity to cover fixed charges, culminating in a loss situation by the end of the examined period. This trend indicates a need for strategic review and potential restructuring to address the declining profitability and manage fixed costs effectively.