Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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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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Long-term Activity Ratios (Summary)
Intel Corp., long-term (investment) activity ratios
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
A consistent decline in asset utilization efficiency is evident across the observed period. The ratios examined – net fixed asset turnover, total asset turnover, and equity turnover – all demonstrate decreasing values from 2021 through 2025. This suggests a weakening relationship between investment in assets and the revenue generated from those assets.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio decreased significantly from 1.25 in 2021 to 0.50 in 2025. The inclusion of operating lease right-of-use assets does not materially alter this trend, remaining at 1.24 in 2021 and declining to 0.50 alongside the standard calculation. This indicates a substantial reduction in revenue generated per dollar of net fixed assets, potentially due to underutilization of existing assets or a shift towards less capital-intensive revenue streams. The rate of decline appears to be slowing between 2023 and 2025, stabilizing around 0.50.
- Total Asset Turnover
- Total asset turnover experienced a similar downward trajectory, falling from 0.47 in 2021 to 0.25 in 2025. This signifies a decreasing ability to generate sales revenue from the company’s entire asset base. The decline is relatively consistent year-over-year, suggesting a systemic issue rather than a one-time event.
- Equity Turnover
- Equity turnover also decreased, moving from 0.83 in 2021 to 0.46 in 2025. This indicates that the company is generating less revenue for each dollar of equity invested. A slight increase is observed between 2023 and 2024 (from 0.51 to 0.53), but this is followed by a further decline in 2025. This ratio’s movement mirrors the overall trend of declining asset utilization.
Collectively, these ratios suggest a diminishing return on investment in assets and equity. Further investigation is warranted to determine the underlying causes of these declines, such as changes in sales strategy, increased asset holdings without corresponding revenue growth, or inefficiencies in asset management.
Net Fixed Asset Turnover
Intel Corp., net fixed asset turnover 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 revenue | ||||||
| Property, plant, and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, 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. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Net Fixed Asset Turnover, 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
Net fixed asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a consistent decline over the five-year period. This indicates a decreasing efficiency in generating revenue from the company’s net fixed assets. Revenue decreased significantly while net fixed assets increased, contributing to this trend.
- Net Fixed Asset Turnover
- In 2021, the net fixed asset turnover ratio was 1.25. This signifies that for every dollar invested in net fixed assets, the company generated $1.25 in revenue.
- The ratio decreased to 0.78 in 2022, representing a substantial drop in efficiency. This coincided with a decrease in net revenue and a notable increase in property, plant, and equipment, net.
- The decline continued in 2023, with the ratio falling to 0.56. Both net revenue and the ratio continued to decrease while net fixed assets continued to increase.
- In 2024, the ratio further decreased to 0.49, reaching its lowest point during the observed period. Net revenue remained relatively stable compared to the previous year, but the continued growth in net fixed assets drove the ratio lower.
- A slight increase to 0.50 was observed in 2025. While an improvement from 2024, the ratio remained significantly below the 2021 level, suggesting that the efficiency of asset utilization has not recovered.
The consistent decrease in the net fixed asset turnover ratio warrants further investigation. Potential factors contributing to this trend include overinvestment in fixed assets, underutilization of existing assets, or a decline in the company’s ability to generate revenue from its asset base. The relatively stable revenue in the last two years, coupled with continued investment in fixed assets, suggests that the company may be increasing capacity without a corresponding increase in sales.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Intel Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Property, plant, and equipment, net | ||||||
| Operating lease assets (recognized in Other long-term assets) | ||||||
| Property, plant, and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), 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. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), 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
Net fixed asset turnover (including operating lease, right-of-use asset) = Net revenue ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a consistent decline over the five-year period. This indicates a decreasing efficiency in generating revenue from the company’s net fixed assets, including operating leases and right-of-use assets. The observed trend warrants further investigation into the underlying factors contributing to this reduced efficiency.
- Net Revenue Trend
- Net revenue experienced a substantial decrease from 2021 to 2022, followed by further, albeit smaller, declines in subsequent years. This decreasing revenue stream is a primary driver of the declining net fixed asset turnover ratio.
- Net Fixed Asset Trend
- Property, plant, and equipment, net, including operating lease and right-of-use assets, increased significantly from 2021 to 2023. While the rate of increase slowed in 2024 and 2025, the asset base remained substantially higher than in 2021. This expansion of fixed assets, coupled with declining revenue, directly contributes to the lower turnover ratio.
- Net Fixed Asset Turnover Ratio Analysis
- The ratio decreased from 1.24 in 2021 to 0.78 in 2022, representing a significant drop in efficiency. This decline continued, reaching 0.56 in 2023 and further decreasing to 0.49 in 2024. A slight increase to 0.50 was observed in 2025, but the ratio remains considerably lower than the 2021 level. The consistent downward trajectory suggests that the company is becoming less effective at utilizing its fixed assets to generate sales.
The combination of decreasing revenue and a growing asset base has resulted in a substantial reduction in the net fixed asset turnover ratio. Management should investigate the reasons for the revenue decline and evaluate the efficiency of capital investments to determine if adjustments to asset utilization or investment strategies are necessary.
Total Asset Turnover
Intel Corp., total asset turnover 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 revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, 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. | ||||||
| Total Asset Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Total Asset Turnover, 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
Total asset turnover = Net revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio demonstrates a consistent decline over the five-year period. This indicates a decreasing efficiency in generating net revenue from its asset base.
- Total Asset Turnover Trend
- The ratio decreased from 0.47 in 2021 to 0.25 in 2025. This represents a substantial reduction in the company’s ability to generate sales from its investments in assets.
The decline in total asset turnover coincides with a decrease in net revenue, although the decrease in revenue is not proportional to the decrease in asset turnover. Total assets have generally increased over the period, further contributing to the declining ratio.
- Revenue and Asset Relationship
- Net revenue decreased from US$79,024 million in 2021 to US$52,853 million in 2025, a reduction of approximately 33.2%. During the same period, total assets increased from US$168,406 million to US$211,429 million, an increase of approximately 25.5%. The combined effect of decreasing revenue and increasing assets has resulted in the observed downward trend in asset turnover.
The most significant decrease in the total asset turnover ratio occurred between 2021 and 2022, falling from 0.47 to 0.35. The rate of decline slowed somewhat in subsequent years, but remained consistently negative. The ratio stabilized between 2023 and 2025, remaining at 0.28, 0.27, and 0.25 respectively.
- Rate of Decline
- The largest single-year decrease was observed from 2021 to 2022, with a decline of 0.12. Subsequent annual decreases were smaller, indicating a potential stabilization of the ratio, albeit at a lower level. The period between 2023 and 2024 saw a decrease of only 0.01.
Continued monitoring of this ratio is recommended to assess whether the trend will persist and to understand the underlying operational factors contributing to the decreasing efficiency of asset utilization.
Equity Turnover
Intel Corp., equity turnover calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenue | ||||||
| Total Intel stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, 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. | ||||||
| Equity Turnover, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| Equity Turnover, 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
Equity turnover = Net revenue ÷ Total Intel stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates a consistent downward trend over the five-year period. This indicates a decreasing efficiency in generating revenue relative to the amount of stockholders’ equity invested in the business.
- Overall Trend
- The equity turnover ratio declined from 0.83 in 2021 to 0.46 in 2025. This represents a substantial decrease in the company’s ability to generate sales from its equity base.
- Year-over-Year Changes
- From 2021 to 2022, the ratio decreased from 0.83 to 0.62, a reduction of approximately 25%. This initial decline suggests a weakening relationship between revenue and equity.
- The most significant decrease occurred between 2022 and 2023, with the ratio falling to 0.51. This coincided with a notable decrease in net revenue.
- A slight recovery was observed between 2023 and 2024, with the ratio increasing to 0.53. However, this improvement was minimal and did not reverse the overall downward trend.
- The ratio continued its decline in 2025, reaching 0.46, the lowest value in the observed period. This final decrease occurred alongside a relatively stable revenue figure, suggesting an increase in equity as the primary driver.
- Relationship to Revenue
- Net revenue experienced a substantial decline from 2021 to 2023, decreasing from US$79,024 million to US$54,228 million. While revenue stabilized somewhat in 2024 and 2025, it did not return to previous levels. This revenue decline contributed significantly to the decreasing equity turnover ratio.
- Relationship to Stockholders’ Equity
- Total stockholders’ equity generally increased from 2021 to 2023, rising from US$95,391 million to US$105,590 million. A decrease was then observed in 2024, followed by a substantial increase in 2025 to US$114,281 million. The increases in equity, particularly in 2025, coupled with relatively stable revenue, further contributed to the declining equity turnover ratio.
In summary, the decreasing equity turnover ratio suggests that the company is becoming less efficient in utilizing its equity to generate revenue. This trend warrants further investigation to determine the underlying causes and potential implications for future performance.