Enterprise Value to EBITDA (EV/EBITDA)
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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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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Intel Corp., EBITDA calculation
US$ in millions
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 financial performance, as indicated by the presented figures, demonstrates significant fluctuations over the five-year period. A notable decline in profitability metrics is observed between 2021 and 2024, followed by a partial recovery in the most recent year. The analysis focuses on the trends in net income, earnings before tax, earnings before interest and tax, and earnings before interest, tax, depreciation, and amortization.
- EBITDA Trend
- EBITDA experienced a substantial decrease from US$34,092 million in 2021 to US$1,203 million in 2024, representing a significant contraction in operational profitability. However, a strong recovery is evident in 2025, with EBITDA increasing to US$14,354 million. This suggests potential improvements in operational efficiency or increased revenue generation in the latest period.
- Relationship between EBITDA and Other Earnings Metrics
- The relationship between EBITDA and other earnings metrics reveals a consistent pattern. As EBITDA declined from 2021 to 2024, so did earnings before interest and tax (EBIT), earnings before tax (EBT), and net income. This correlation indicates that the decline in EBITDA was a primary driver of the overall decrease in profitability. The recovery in EBITDA in 2025 is mirrored by improvements in EBIT and EBT, though net income remains negative.
- Net Income Performance
- Net income attributable to the company exhibited a dramatic shift from a positive US$19,868 million in 2021 to a loss of US$18,756 million in 2024. While the loss narrowed in 2025 to US$267 million, the company remained unprofitable on a net income basis. This suggests that factors beyond operational performance, such as interest expenses or other non-operating items, may be contributing to the negative net income.
- EBIT and EBT Comparison
- The difference between EBIT and EBT remained relatively consistent across the years, indicating that interest expense did not significantly fluctuate as a percentage of EBIT. However, the substantial decline in both EBIT and EBT from 2021 to 2024 highlights the overall deterioration in core business profitability.
In summary, the period under review was characterized by a significant downturn in financial performance, culminating in substantial losses in 2024. The recovery observed in 2025, particularly in EBITDA, suggests a potential turnaround, but net income remains a concern. Further investigation into the factors driving these fluctuations is warranted.
Enterprise Value to EBITDA Ratio, Current
Intel Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| 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. | |
| EV/EBITDA, Sector | |
| Semiconductors & Semiconductor Equipment | |
| EV/EBITDA, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-12-27).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Intel Corp., historical EV/EBITDA 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) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| 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. | ||||||
| EV/EBITDA, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| EV/EBITDA, 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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
The Enterprise Value to EBITDA ratio exhibits significant fluctuations over the observed period. Initial values indicate a relatively stable ratio, followed by a period of substantial volatility and a concluding trend towards moderation.
- Enterprise Value to EBITDA – Overall Trend
- The ratio begins at 6.02 in 2021 and increases slightly to 6.20 in 2022. A dramatic increase is then observed in 2023, reaching 18.96, followed by a peak of 97.96 in 2024. The ratio then declines considerably to 17.16 in 2025.
- Enterprise Value to EBITDA – 2021-2023
- From 2021 to 2023, the ratio demonstrates an increasing trend, though relatively moderate through 2022. The most substantial increase occurs between 2022 and 2023, suggesting a disproportionate change in enterprise value relative to EBITDA during that period. This could indicate a decrease in EBITDA, an increase in enterprise value, or a combination of both.
- Enterprise Value to EBITDA – 2023-2025
- The period from 2023 to 2025 is characterized by extreme volatility. The ratio spikes to a high of 97.96 in 2024 before decreasing substantially to 17.16 in 2025. This suggests a significant shift in the relationship between enterprise value and EBITDA, potentially due to substantial changes in either metric or both. The decline in 2025 may indicate a recovery in EBITDA or a decrease in enterprise value.
- Underlying Component Analysis
- The substantial changes in the EV/EBITDA ratio are likely driven by concurrent movements in both Enterprise Value and EBITDA. Enterprise Value decreased from 2021 to 2022, then increased in 2023, decreased again in 2024, and increased in 2025. EBITDA followed a similar pattern of decline from 2021 to 2024, with a subsequent increase in 2025. The disproportionate changes in the ratio suggest that the fluctuations in EBITDA were more impactful than those in Enterprise Value, particularly in 2024.
In conclusion, the EV/EBITDA ratio demonstrates a period of instability, with a notable peak in 2024 followed by a considerable decline in 2025. Further investigation into the drivers of these changes in both Enterprise Value and EBITDA is warranted to fully understand the underlying dynamics.